Fortune 500 is an annual ranking of listed and unlisted companies by total revenue for the latest financial year. (This year’s ranking is based on 2020-21 numbers). Data, including percentage change calculations for the list is sourced from Capitaline. Only audited financial numbers are considered for the ranking by the cut-off date of October 31 of the following financial year. Wherever applicable, figures are on a consolidated basis and include the results of subsidiaries, associates, and joint ventures as reported in their consolidated accounts from Capitaline. But this cannot be assured for unlisted and privately held entities and a few listed firms whose data was not available by the cut-off date. Subsidiaries are also not considered if the parent or the holding company makes it to the list.

In some cases, data may vary from a company’s annual report or those reported to the exchanges, owing to a normalisation process carried out by the data provider.


Total income (revenue) includes core operating income (net sales) plus other and extraordinary income. For trading companies, gross revenue has been arrived at by deducting the cost of purchase of traded and finished goods. This has been done to bring the results of Indian trading companies on par with international norms though there are no separate accounting rules for trading firms in India as yet. A similar criterion has been used for gems and jewellery makers and solvent extractors [edible-oil refiners]. Total income for banks and non-banking financial companies [NBFCs] comprise interest income and other income.


These are profit after tax numbers arrived at after deducting direct taxes, net of minority interest, but before dividends. These include extraordinary income and one-time gains from investments or disposal of assets, among other things.

Debt & D/E Ratio

Debt refers to gross debt, which includes short-term and long-term borrowing. D/E is computed by dividing a company’s total liabilities by stockholders’ equity. Total debt in case of banks and Nabard refers to deposits and borrowings and in case of NBFCs (except Nabard) it refers to total loan funds (short-term and long-term borrowings).

Cash & Bank Balance

These are as reported by companies in annual reports.

Interest Cost

Interest cost for banks refers to interest on deposits, RBI and inter-bank borrowings and other interest. For NBFCs, interest cost includes interest on deposits, debentures and other interest.

Total Assets

These are as reported at the end of the financial year. Calculated on a net basis, total assets include fixed as well as current assets minus non-current liabilities such as deferred tax liability. Total assets for banks, besides fixed and other assets, include cash and balances with the RBI, balances with banks, call money, investments, and advances.


RONW [return on net worth] is calculated through the following formula: Adjusted net profit – preference dividend)/( equity paid up + reserves) x 100

ROCE [return on capital employed] is calculated through the following formula: (Adjusted net profit + tax + interest) / (share capital + reserve + total debt-miscellaneous exp. Not written off) x 100.

For banks, ROCE refers to return on assets.


The figure shown is a fiscal year-end number as published by the company in its annual report. Where details of employees are not available or there is a discrepancy, we have mentioned NA, i.e, Not Available.


* FY21 figures are excluding Bharti Infratel due to its merger with Indus Towers. The Indus Merger was completed effective November 19, 2020. Following the merger, the 53.5% shareholding in Bharti Infratel was reduced to 36.7% in the merged entity. On December 2, 2020 and December 28, 2020, the company acquired an additional stake of 4.93% and 0.06%, respectively, in the merged entity, increasing its equity stake from 36.7% to 41.73%. Airtel no longer holds a controlling stake.

# Company is part of the RP-Sanjiv Goenka Group, which also publishes Fortune India.

** Total income and net operating income adjusted for the cost of traded/finished goods.

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