FORTUNE INDIA'S THE NEXT 500 is an annual ranking of listed and unlisted companies by total revenue. 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, 2022. Wherever applicable, figures are on a consolidated basis and include the results of subsidiaries, associates, and joint ventures as reported in consolidated accounts. Subsidiaries are not considered if the parent or the holding company makes it to The Next 500 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, Capitaline.


Total income (revenue) includes core operating income (net sales) plus other and extraordinary income for the latest financial year, FY22 in this case. 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 refers to deposits and borrowings and in case of NBFCs it refers to total loan funds (short-term and long-term borrowings).

Cash And Bank Balance

These are numbers 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. Interest cost as % of EBITDA is not applicable for banks, NBFCs, financial services, BFSI and for those companies whose EBITDA is negative or whose interest cost is zero.

Total Assets

These are as reported at the end of the financial year (FY22). 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 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 NAVL, i.e. Not Available.

Average MCap

Average market capitalisation (MCap) for trailing 12 months has been taken from January 31, 2022, to January 31, 2023, and is not applicable for unlisted- companies and companies with irregular trading sessions.


TSR has been calculated through the following formula: [((Dividend Adjusted close price (31-01-2023) - Dividend Adjusted Close price (31-01-2022)) / Dividend Adjusted Close price (31-01-2022)] X 100. Dividend Adjusted Close Price is calculated through the following formula ((Current Price + DPS) / Previous Price) X Previous NAV Series.

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