MNC 500 2026: How we did it

THE WAY Fortune India has defined multinational corporations (MNCs) is: • Indian-registered entities, typically classified as subsidiaries or associates of foreign companies, where a foreign promoter holds a majority stake of over 50% or is a significant shareholder. For instance, we have considered British American Tobacco (BAT) which has a significant but not a majority stake in the two companies: ITC and VST. • The ultimate parent entity is the main entity that would be holding the stakes in the Indian entity directly or through either a single entity or multiple entities registered in a different geography or geographies. For instance, in the case of Flipkart, Walmart is the ultimate parent entity even as the stake in the Indian operations is held through an entity registered in Singapore. • The list has also considered joint ventures between foreign and Indian promoters, including a three-way joint venture where there are two foreign entities and one Indian company. • In cases where there are several entities of a particular MNC, we have clubbed them together under the parent’s name and is adequately highlighted in the table. For instance, in the case of Hyundai we have clubbed four different entities operating in India under Hyundai Motor Group. Also, in the case of group companies and other JVs, we have considered the entire revenue of a JV and not its proportionate share, except in the case of BAT. In case where the parent company/group has more than one operating entity in the country, we have listed the name of the parent entity both in the company and ultimate holding/parent company columns. • The sector classification for a business group or its ultimate holding company is based on the dominant revenue-contributing entity within the group. EXCLUSIONS • Companies whose latest financials were available on multiple databases, including Capitaline, Tofler, and the MCA, have been considered. • However, this year, because of an extension in the filing of FY25 financials, a number of companies’ financials were not updated, and as a result we had to reconsider numbers published last year. We have identified these companies with an asterisk (*) symbol. But in the case of some MNC groups where a majority of group companies’ financials were updated for FY25, we have not put an asterisk even though some of their group companies’ results were not updated. For example, in the case of Hitachi group, which has 24 entities in India, 20 companies’ results were for FY25, and the remaining companies’ financials were for the previous year. • As a result, we are not considering rank changes over the previous year for the entire set of 500 companies. But for reference, last year’s rankings have been displayed in the last column of this year’s listing. • While we have considered subsidiaries of MNCs operating in India, there could be instances where the list might display just a single entity, the reason could be that latest financials were not available or updated by the database providers. • Also, MNCs whose revenue cut-off is below the 500th rank, will not feature in the list. • We have excluded global captive and capability centres primarily engaged in the business of facilitation and back-end support services, including operation, marketing, and sales support services for different geographies of the parent entity. • We have also excluded foreign banks and their associate or fellow subsidiaries, such as broking houses and investment banks, primarily because the banks operate under “controlled conditions,” wherein the Reserve Bank of India regulates the number of branches that they can open in a year, unlike in other sectors where MNCs do not have such restrictions on operations or expansions. • Notable exclusions will also include multinationals owned by private equity funds, directly or indirectly. For instance, Tenneco, which has three entities in India, has not been considered as it is owned by the U.S.-based private equity firm, Apollo Global Management. • Similarly, the list excludes the Indian-owned domestic franchisees of foreign QSR brands such as McDonald’s, Burger King, KFC, and the like. FINANCIA METRICS Total Income (Revenue) includes core operating income (net sales) plus other extraordinary income. Total income considered for non-banking financial companies (NBFCs) is the interest income and other income. For asset management companies, total income refers to revenue from operations (asset management fees, etc.) and other income. For insurance companies, total income includes net premium earned, income from investments and other income. Profit After Tax (PAT) is 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. Cash & Bank Balance as reported by companies in their annual reports. Total Assets as reported by companies 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. 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. MCap & PE: Market capitalisation is as of January 23, 2026. It is not applicable for unlisted companies, and firms with irregular trading sessions. In case of MNCs with several group companies, only the MCap and PE of its prominently listed company have been considered, even if there are two or more listed entities within the group. For e.g., in case of Suzuki Motor Corp., Maruti Suzuki’s MCap is considered, but in the case of BAT, the MCap of ITC is considered and not that of VST. For MNCs with multiple companies, we have not computed the RoNW and RoCE, but total income, net income, PBIDT, profit/loss, cash and bank balances, total assets, share capital, and net worth, representing the cumulative numbers of their respective group companies. DISCLAIMER While Fortune India has taken utmost care and ensured enough diligence in identifying group ownership and assimilating relevant data, considering the magnitude and scale of the special issue that required months of sifting through piles of filings and excel sheets, it’s only human to admit that errors, if any, are more likely to arise from unintentional omissions rather than acts of commission. Readers are advised to verify the information independently before relying on it for any purpose, including making investments in the case of listed companies. The creators of the list or Fortune India are not responsible for any discrepancies, or decisions made based on this information. FEEDBACK For any queries, comments and feedback related to the listing, please reach out at: MNC500@fortuneindia.com, sourav.majumdar1@rpsg.in and vkeshavdev@fortuneindia.com. FOOTNOTE TO THE TABLE 1. Rs crore numbers have been rounded to the nearest integer. 2. An exchange rate of $1 = Rs 91.905 has been considered. 3. L2P refers to companies transitioning from loss to profit. 4. HL indicates companies with higher losses compared to the previous year. 5. LL indicates companies with lower losses compared to the previous year. 6. P2L refers to companies transitioning from profit to loss. 7. NAP stands for “not applicable.” 8. Year-on-year (YoY) change (%) is NAP for the following companies because their last two years’ financials do not cover the same 12-month period: •Nestlé India •Knorr-bremse India •Benetton India •Sakata Inx India 9. YoY change (%) is NAP for: Technip Energies India •Tata Bluescope Steel •CGI Information Systems & Mgt Consultants •Hubergroup India •Kirby Building Systems & Structures India •Carrier Airconditioning & Refrigeration •Sulzer India •HNI Autotech because their financials are not comparable due to different reporting structures (standalone for the latest year, consolidated for the previous year). 10. In the case of Gemini Edibles & Fats India, consolidated figures are available for the latest year, while standalone figures are available for the previous year. 11. Somic ZF Components is a 50:50 joint venture between Somic Japan and ZF Group. The 50% value has been considered for both groups. 12. Profit as a percentage of total income and RoNW (%) are NAP for companies that reported HL, LL, or P2L. 13. Market capitalisation and P/E are NAP for unlisted companies. 14. RoNW (%) is NAP for loss-making companies, companies with negative net worth, or business group companies. 15. Market capitalisation and P/E data are as of January 23, 2026.

MNC 500 2026: How we did it

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