SPECIAL ISSUE

OC
www.businesstoday.in
December 1, 2019 I `100
 SPECIAL ISSUE

India's Most
Valuable Companies
 FROM THE EDITOR
Hope Over Despair
J
ust as Business Today has assiduously chronicled the rise and fall of
India Inc year after year, this edition of BT 500 in your hands has a
legacy that dates back 27 years.
Such a long horizon not only tests robustness of businesses and
longevity of firms, but also narrates fascinating tales. For instance, just the
10-year trend of BT 500 reveals that six of the Top 10 firms have managed to
retain their position among India’s 10 most valuable companies. Even though
their ranks have swung wildly, No.1 Reliance Industries stayed at the top.
If HDFC and HDFC Bank have consolidated from ranks 8 and 10 to
5 and 3 today, ITC has stayed at No.6, TCS has climbed from No.4 to 2,
Kotak Mahindra Bank has risen from No.31 to an astounding 9 now and
Hindustan Unilever from 14 to 4. Meanwhile, Larsen & Toubro slipped from
No.5 to 12 and Infosys from No.3 to 7.
The other big trend is the decline of PSUs. Since 2011, when we
integrated PSUs into the main BT 500 list, the number of PSUs in the
rankings has fallen from 12 among India’s 50 most valuable firms to just
nine today. Coal India, which was newly listed then, has fallen from No.2 to
18 today; ONGC from No.3 to 13; and, NTPC has fallen from No.9 to 22.
SBI, No.8, is the only one among the Top 10.
But in this 2019 edition of BT 500, corporate India showed its mettle
against enormous odds such as regulatory speed breakers – GST and DeMo,
financial squeeze and economic downturn. All of which created an uncertain
economic environment and stasis.
Yet, total income of BT 500 companies rose 16.4 per cent in 2018/19
against 11 per cent in 2017/18. As they tightened their belts, profit after
tax recorded a healthy 19.4 per cent growth against a 12.2 per cent decline
in 2017/18. Still, poor sentiment contributed to 1.5 per cent fall in overall
market capitalisation of BT 500 companies – a first in seven years. It had
risen 23 per cent in the last edition.
But it is in tough times that corporate strategy, risk management and
innovation are put to test. Top 10 companies consolidated their presence in
BT 500, accounting for 31.3 per cent of overall market cap as against 26 per
cent in the 2018 edition. Eight of them recorded double-digit growth.
The leader, Reliance Industries, once a one-trick pony, is now the epitome
of multifactor business diversity. It relentlessly focussed on domestic markets
when other large firms ventured abroad and got singed. Chairman Mukesh
Ambani’s huge bets on retail and telecom are beginning to deliver results just
when refining and petrochemical margins have begun to dwindle.
But those with faulty strategy suffered. Overleveraged balance sheets,
poor governance standards, scams and credit squeeze caused some mighty
falls. Vakrangee, Dewan Housing, PC Jeweller, three Anil Ambani firms –
Reliance Capital, Reliance Power and Reliance Infrastructure – as well as
Indiabulls Real Estate and Rain Industries saw an erosion in their market
cap by 50-80 per cent.
The good news, though, is that within India Inc optimism still oversh-
adows pessimism; enthusiasm supercedes apathy and hope continues to
triumph over despair. That marks the vital difference between the mood at
the end of a tunnel and at the dawn of a new era. Our spiralling stock market
clearly points to the latter than the former.
rajeev.dubey@intoday.com
@rajeevdubey
http://www.businesstoday.in
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 DECEMBER
1, 2019

VOLUME COVER BY
28 Raj Verma

NUMBER
24

India's
Most Valuable
Companies
CRUNCH TIME FREE FALL
34 Corporate India strengthened 54 Top players in some sectors
its resolve and tightened its have seen a massive erosion in
belt, but slowdown hit m-cap market value. Most may never
of BT 500 companies for the go back to their past highs
first time in seven years
ILLUSTRATION BY NILANJAN DAS

ON A PATH TO REVIVAL MOTOWN’S SLOW RIDE

48 Tata Steel BSL has seen its

62 The domestic auto industry
fortunes turn around after the in India has endured its worst
acquisition, thus climbing the ever slowdown in history that
most positions in BT 500 has spared nobody

10 I BUSINESS TODAY I December 1 I 2019

 THE BUSINESS-
BUZZ >
TODAY.IN >
NHAI’S

14 MONETISATION
GAMBIT

The authority is
finding it difficult to STAY CONNECTED WITH US ON
sell assets due to www.facebook.com/BusinessToday@BT_India
economic slowdown
and banking crisis

PERSPECTIVES

16 What If Reliance Jio’s Wish to See Vodafone-Idea,

REAL ESTATE:
18 Airtel Fall Comes True?
Can the government afford to pull incumbents out
HELPING HAND of their mess? Bailing out private telcos, experts
COUNTING UNICORNS
believe, could set a wrong precedent, as more clarion
The ‘Special Window’ A robust addition of calls may come from other distressed sectors
fund will provide 1,300 start-ups in past businesstoday.in/jio-telcomess
priority debt financing, one year, taking the
particularly for stalled total tally in India to
affordable and middle- Investors’ Help May Not Be Enough to Revive
8,900-9,300, according
income housing Yes Bank’s Shrinking Balance Sheet
to a Nasscom report Yes Bank, with balance sheet size of `3.46 lakh
crore, is in danger of losing its fourth rank to Kotak
Mahindra Bank or IndusInd Bank in the near future
businesstoday.in/yesbank-balancesheet

THE BREAKOUT ZONE > The Cyrus Mistry Factor in Tata Trusts’ Income
Tax Trouble
The trusts are governed under the Maharashtra
Public Trust Act and the I-T Act. They are allowed
154 to hold shares in a commercial entity despite
being completely income tax exempt, given
their charity work
THE ODYSSEY FROM
businesstoday.in/tatatrusts-charity
CLASSICAL TO QUANTUM
Google’s Sycamore
machine just made a NEWS
calculation that Have GST Rate Cuts Made Hotels Affordable?
may take a super- Not Really!
computer 10,000 Experts believe that hotel operators are likely
years to complete to increase room tariffs so that the outgo for
customers remains in the same range as before
the GST rate cuts
businesstoday.in/gst-hoteloperators

158 Sugar Production Set to Fall 21.6% in 2019/20,

But It’s Not a Bad Thing
Mi Water Purifier:
The estimated consumption of sugar for 2019/20
Smart and has been pegged around 26 million tonnes,
Good-looking which will be the same as the amount of
sugar that will be produced
businesstoday.in/sugaroutput-consumption

An Feature Indian Pharma Accounts for Over Half of US FDA

From time to time, you will see pages titled “An Impact Feature”
or “Advertorial” in Business Today. This is no different from an
advertisement and the magazine’s editorial staff is not involved
in its creation in any way.
‘Warning Letters’ This Year
Most violations relate to rectifiable documentation,
data maintenance, data on supply chain, stability
issues, microbial contamination and quality checks
businesstoday.in/pharma-violations

12 I BUSINESS TODAY I December 1 I 2019

 RCEP: NOT YET READY
P.16
FOR COMPETITION
NHAI’S MONETISATION GAMBIT
THE AUTHORITY IS FINDING IT DIFFICULT TO SELL ASSETS DUE TO
ECONOMIC SLOWDOWN AND BANKING CRISIS.
THE NATIONAL HIGHWAYS
Authority of India (NHAI) has
drawn up an ambitious and
aggressive plan to raise over
`85,000 crore by fiscal 2025
by monetising assets under toll
operate transfer and infrastructure
investment trusts (InvITs).
However, after tasting initial
success in the first round, where
it raised `9,681 crore against a
target of `6,258 crore for 680
km of highways, it has found the
going tough. The banking system
HOSPITALITY
P.18
GETS A BOOST
HIGHWAYS
By SUMANT BANERJI
Illustration by RAJ VERMA
is reluctant to lend and with the
economic slowdown, investor
appetite for such long gestation
projects is low.
The NHAI’s second round of
auctions in February had to be
cancelled due to tepid response
from developers. At the same time,
pressure continues on the NHAI
to raise its own funds. Even as the
third round for 566 km is yet to
close — bidding window had to
be extended to October 31 from
September 11 — it has already
MFIS: GOING
P.20
FAR AND WIDE
floated a fourth round for 401 km.
The funding crunch is affecting
the pace of road construction,
which had hit an all time high
30 km per day in 2018/19. For
2019/20, the NHAI is likely
to miss its target of 4,500 km.
With the government too low on
revenues, the slow pace will delay
ambitious infrastructure schemes
like Bharatmala, unless the NHAI
can find a way to successfully
auction its assets.
@sumantbanerji
 RCEP

Not Yet
THE BUZZ
Ready For
REAL ESTATE
Competition
Helping FINALLY, INDIA has decided
not to be part of the Regional

Hand
Comprehensive Economic
Partnership (RCEP) agree-
ment. All other 15 countries
that were negotiating this
mega trade deal for about
seven years will formally seal
the deal early next year. The
sighs of relief from across
sections of domestic indus-
try prove two things. One,
the government did the right
thing. Two, Indian industry
in general is not competitive
enough to face the on-
slaught of duty-free imports
THE UNION CABINET has approved the establishment of a distress from countries like China,
fund to help developers complete unfinished residential real estate Australia and New Zealand
projects. The ‘Special Window’ fund will provide priority debt financ- (India has existing trade
agreements with others).
ing, particularly for stalled affordable and middle-income housing. The
While the government’s deci-
government would act as the sponsor and the total commitment to be sion needs to be applauded,
infused would be up to `10,000 crore. The fund would also bag invest- serious introspection is
ments from institutions such as LIC and SBI, which would expand the needed to understand and
corpus to `25,000 crore. overcome Indian industry’s
The approval brings cheer to homebuyers, many of whom have handicaps. Free trade agree-
experienced years of delay in the delivery of apartments. According to ments or not, Indian manu-
Anarock, a real estate consultancy, about 5.76 lakh units, launched in facturers need to become
2013 or before, across budget segments, are stuck in various stages of globally competitive in terms
of quality and prices. The
non-completion in the top seven Indian cities.
government may have dealt
Meanwhile, as the fund gets going, it could have a ripple effect on with external threats for now,
other industries that are reeling under the impact of the economic but internal ones remain.
slowdown. Cement and iron and steel sectors are expected to see a rise in -Joe C. Mathew
demand.– Goutam Das

GST

Falling Short of Target

THE GST collection lections reiterate this. as `1.34 lakh crore a
of `95,450 crore The September month. At the current
in September has collection this year rate of `98,000 crore
dashed all hopes of was lower than a year average monthly
the government get- ago by 5.3 per cent. collection, the central
ting anywhere near its This is the second government is star-
tax collection targets month in a row when ing at a shortfall of
for the current year. collections were lower `90,000-100,000
While there have been than last year. Now, crore in Central GST
talks of the govern- with the collections and Integrated GST
ment falling short of way off the target of collections. The state
tax revenue in the over `1.20 lakh crore GST collection could
current financial year every month, the re- fall short of the target
by `2 lakh crore, the quired rate for the rest by over `2 lakh crore.
September GST col- of the year is as high -Dipak Mondal

16 I BUSINESS TODAY I December 1 I 2019

 THE BUZZ
START-UPS
Counting
Unicorns
A REPORT by Nasscom men-
tions a robust addition of 1,300
start-ups in the past one year,
taking the total tally in India
to 8,900-9,300. Interestingly,
seven new companies joined the
coveted unicorn club, taking the
total unicorn tally in the country
to 24 from 17 in 2018. While
seed stage funding is still facing
a crunch, early stage funding
(series A and B) saw an uptick
of nearly half a billion from $1.1
billion in 2018 to $1.6 billion till
FESTIVAL SALES
Revival Trends
CONSUMER DURABLES retailers
such as Croma saw a 20 per cent
rise in sales during the festival
season (September and October).
Though this is close to 10 percent-
age points lower than the festival
season last year, retailers are happy
as the period this year saw more
footfalls compared to July-August
when both footfalls and sales
had shrunk. According to Ritesh
Ghosal, Chief Marketing Officer,
Croma Infiniti Retail, bulk of the
sales came from premium catego-
ries such as high-end smartphones,
refrigerators and 55-inch smart
September 2019. India remains
the world’s third-largest start-up
hub after the US and China with
nearly 52 start-ups having the
potential to become unicorns.
While IT industry body Nasscom
believes that by 2025, start-ups
could provide over 10-12 million
direct jobs and nearly 40 million
indirect jobs, the bigger prob-
lem of investor exit through the
market route requires attention
to ensure growth of the sector.
-Rukmini Rao
TVs, while sales of entry-level prod-
ucts in such categories were not
encouraging. Even in the premium
category, it was aggressive pric-
ing that wooed consumers. Apple,
for instance, dropped prices of its
new launches this year by close to
`25,000, while 55-inch smart tele-
visions, which earlier cost upwards
of `1.5 lakh, were priced `1 lakh
and upwards. The festival season
sales may have come on the back
of aggressive pricing by brands and
retailers, but it has at least set the
consumption ball rolling.
-Ajita Shashidhar
18 I BUSINESS TODAY I December 1 I 2019
GST CUT
HOSPITALITY
SECTOR
GETS A BOOST
THINGS ARE LOOKING up for the hos-
pitality sector. After years of flat growth,
hotel companies can expect higher
growth in revenues and net profits
in the current financial year. Ratings
agency CARE Ratings has predicted
6-8 per cent revenue growth for hotel
companies, whereas net profit margins
are expected to improve to 6-6.5 per
cent, up from 3.5 per cent in the previ-
ous financial year. The key drivers of
growth are going to be GST rate cuts
(particularly for boosting net profits) and
higher domestic leisure spending. The
GST rates were slashed right before the
beginning of the peak season – October
to March – and would benefit mid-scale
and upscale categories the most. At
present, nearly 94 per cent branded
hotel rooms in the country – over 1.33
lakh – are under these categories.
Though the aim of the GST rate cut was
lowering of room rates for end consum-
ers, it’s widely believed that the hotel
companies are going to gain more from
this. -Manu Kaushik
 SOLAR POWER THE BUZZ

Demand BANKING

for Level EXIT

Playing
Field
SOLAR TARIFFS are crashing and new
project auctions lack response. Solar
module and cell makers in India are
finding the going tough. No new big
capacities have come up in the past 5-6
years. The size of the domestic photo-
voltaic (PV) and cell manufacturing is
only 9 GW and 3 GW, respectively, and
India still imports about 85 per cent of
what it needs as 20-25 GW is added
every year to reach the target of 100 GW
by 2022.
Moreover, the domestic solar PV in-
dustry is facing a fall in demand for new
projects as tariff rates have come down
to as low as `2.63 per kWh.
The Indian solar PV and cell
manufacturing industry has about 100
companies, but modules and solar cells
imported from countries like China,
Taiwan, Vietnam and Malaysia are
cheaper by at least 10-20 per cent.
MFIs
Chinese manufacturers have the
advantage of cheap land and power
apart from subsidy and export incen-
tives. They also have economies of scale
as they have created huge capacities.
In India, land is not cheap, power is
not subsidised and the 20-25 per cent
capital subsidy offered takes years to
get. Plus, debt available to the solar
industry is at high interest rates and by
the time capital subsidies are released,
the subsidy advantage is neutralised by
the high interest already paid. On top
of this, many states want to revise the
existing power purchase agreements
(PPAs) to get cheaper solar power.
Keeping all these factors in mind, lo-
cal manufacturers want the government
to enforce high import barriers and also
urgently come up with a comprehensive
solar policy with incentives for local
manufacturing. -P.B. Jayakumar
AT 70
THERE WILL not be any more
extensions given to CEOs of
private banks after they turn
70. This means that CEOs
of two private banks – Ad-
itya Puri of HDFC Bank and
Romesh Sobti of IndusInd
Bank – will retire in the next
12 months. IndusInd Bank
has submitted the name of a
new MD and CEO to the RBI
for approval.
Five years ago, the central
bank had allowed private
bank CEOs to continue till
70 years. So, this time, too,
the banking industry was
expecting a relaxation in
rules as the corporate sector
is allowed to fix a higher
retirement age under the
Companies Act by passing a
special resolution.
The HDFC Bank CEO Ad-
itya Puri is set to retire in Oc-
tober next year. The bank has
also announced that the CFO
will be a “change agent”,
which many are interpreting
as the person who will be the
next CEO of the bank.
Both the banks had set
in motion a succession plan
well in advance. While some
argue that the RBI should
have relaxed the guidelines
as applicable to corporate
CEOs, there are also those
who say that these CEOs
can be part of the Board in a

GOING FAR AND WIDE non-executive capacity and

continue to guide and advise
the bank.-Anand Adhikari
THE ASSETS under `25,543 from `15,419 cal, at 40-45 per cent.
management (AUM) of in 2015/16. Last year, An adequate recovery
microfinance institu- MFIs also expanded model, availability of
tions industry grew 47 their presence in more credit and ex-
per cent y-o-y in 2018/19 under-penetrated states pectations of reduced
to reach `68,207 crore such as Rajasthan, interest rates by the RBI
from `46,546 crore, Assam, Jharkhand and could drive up growth.
according to a report by Gujarat as well as in The central bank’s
Brickwork Ratings. new districts in states recent plan to increase
The increase is due where they were already the annual rural house-
to various factors, the present. The NBFC hold income limit to
main being a wider liquidity crisis has also `1.25 lakh and to `2 lakh
client base, which went pushed some borrowers for urban households
up 34 per cent in the towards MFIs. for eligible borrowers
year. Added to this, the But the growth is could also influence an
average loan ticket size expected to slow down increase in borrowings.
per account went up to a bit in the current fis- -Shivani Sharma

20 I BUSINESS TODAY I December 1 I 2019

 THE BUZZ

INTELLIGENT TECH
WHAT: International Conference on
Intelligent Systems and Control
WHEN: January 9-10, Coimbatore
WHAT TO LOOK FOR: The participants
will exchange their knowledge and
find suitable solutions in areas such as
database management systems, data
warehousing, systems and mining,
grid computing and high performance
INNOVATION & IP computing and networks. PROJECT DEVELOPMENT
WHAT: Global IP Convention WHAT: Project Innovation Contest
Conference
WHEN: January 9-12, Bhubaneswar
WHEN: January 8-10, Delhi
WHAT TO LOOK FOR: Organised
WHAT TO LOOK FOR: The event by the International Conference on
will give an opportunity to in-house Distributed Computing and Internet
intellectual property (IP) counsels and Technologies, the contest invites
innovators to interact with IP attorneys contributions from students in order to
from around the world. The discussions motivate them to develop projects with
will focus on finding out best practices innovative ideas. The selected projects
and solutions to maximise the value of will be showcased at the conference.
innovation and IP.

0 11 12
9 1 13
8 14
7
15
6

16
5

17 18
4
3

CALENDAR
19
2

20
1

21
31

22

30 23
29 24
FRANCHISE PLAYERS 25 26 27 28 MARKETHON
WHAT: World Franchise Expo WHAT: International Conference
on Marketing
WHEN: January 3-5, Seoul
WHEN: January 9-11, Bengaluru
WHAT TO LOOK FOR: The event
focusses on establishing a platform WHAT TO LOOK FOR: Scholars
for international franchise brands to and practitioners of marketing
expand into the Korean and other Asian from around the world will attend
markets. It attracts many franchise the three-day event to discuss
brands from all over the world. contemporary issues in the
marketing ecosystem keeping India
and the global perspective in mind.

MODERN TREASURY
WHAT: Treasury Elite Conclave
WHEN: January 10, Mumbai
WHAT TO LOOK FOR: The conclave will
provide a platform to voice concerns in
the area of treasury management and
the needs of corporate treasuries. The
outcome of the event will be shared with
authorities concerned.

22 I BUSINESS TODAY I December 1 I 2019

 THE BUZZ

GLOBAL BUSINESS

US, CHINA GET CLOSER TO TRADE DEAL BOLD BETS PULL DOWN SOFTBANK

After trading tariff blows for months, the US and China are finally
discussing how to lower some taxes on each other’s goods and
may even remove some of the trade taxes. But this is likely to hap-
pen in stages – the first of which is due to be signed in December.
Tariff rollbacks will make goods cheaper and should encourage
spending by governments and companies alike, thus boosting
earnings and economic growth. US stocks reached all-time highs
after Beijing announced that both countries had agreed to gradu-
ally eliminate all existing tariffs as part of a ‘Phase I’ trade deal.
They will also work together on a probe into a fentanyl smug-
gling operation based in China, potentially paving the way for
further progress in bringing a mutual end to their trade war. The
International Monetary Fund is optimistic about the partial trade
deal reached while China called on the US to cancel all tariffs
ahead of any final agreement.
SoftBank’s bold bets on WeWork, Uber and the likes are not pay-
ing off. The Japan-based conglomerate posted a $6.5 billion loss
in the second quarter, the company’s biggest-ever quarterly loss,
according to The Wall Street Journal. SoftBank and its Vision Fund,
the famously risk-loving investment arm, collectively wrote down
$9.2 billion on WeWork, nearly 90 per cent of the $10.3 billion they
had invested in the co-working company. The Vision Fund further
wrote down its investments in more than 20 companies, includ-
ing Uber. SoftBank Chairman Masayoshi Son’s personal worth
also took a hit and tumbled to around $13.8 billion, according to
the Bloomberg Billionaires Index, after peaking at $20 billion in
July this year. A contrite Son blamed his own judgement for the
debacle but said, WeWork could still be salvaged. The long-term
impact is not clear yet, but the outcome may require a rethink on
the ‘growth before profitability’ strategy for funding unicorns.

US FED CUTS RATES BREXIT DRIVES UK TO WALGREENS BOOTS MAY

AGAIN SNAP POLLS GO PRIVATE

The US central bank has cut interest
rates again, in a bid to protect the
economy from the impact of trade
wars and an impending global slow-
down. The Federal Reserve lowered
its benchmark funds rate by 25 basis
point, to a range of 1.5-1.75 per cent.
It was the third cut this year as part
of ‘midcycle adjustment’, but the Fed
also indicated a pause in rate cuts
from now on. The latest move came
after the US economic growth slowed
to an annual rate of 1.9 per cent in the
most recent quarter.
The UK’s House of Commons approved
a bill to send Britain back to the polls on
December 12 in an attempt to break the
Brexit deadlock. Britain’s parliament tempo-
rarily dissolved as the move was necessary
to facilitate the snap election. Although
Boris Johnson hopes to win a large enough
majority to get his Brexit deal through, he
was under fire for choosing not to release
a report on Russian interference in UK
politics while MPs were still in session. The
election follows the confirmation of a Brexit
delay until January 31, 2020, after the EU
agreed to the UK’s extension request.
Walgreens Boots Alliance, a US-listed
global drugstore chain, is in talks with pri-
vate equity groups to take the company
private in a $70-billion deal, as per media
reports. If the deal goes through, it could
be the biggest take-private buyout in his-
tory. It would also allow the retail phar-
macy giant to adapt to competition from
online sellers without quarterly pressure
from shareholders. Led by Italian billionaire
Stefano Pessina who owns 16 per cent in
Walgreens, the group runs a retail and drug
wholesaling business across 25 countries
and has annual revenues of $137 billion.

24 I BUSINESS TODAY I December 1 I 2019

 THE BUZZ
SOCIAL UNIVERSE
SIMPLISTIC
SOLUTION
Twitter’s ban on political
advertising may not be
as bold as it sounds.
By Sonal Khetarpal
Illustration by Raj Verma
T
WITTER TOOK SOCIAL
media by storm when
its CEO Jack Dorsey an-
nounced that the com-
pany would ban political
advertising from November 22. He
announced the decision in a series of
tweets, highlighting the risks of politi-
cal ads as these “can be used to influ-
ence votes to affect the lives of mil-
lions”. The ban will cover paid tweets
as well as advertisements harping on
political issues, mostly developed by
special interest or advocacy groups.
It is a bold move (especially ahead
of the 2020 Presidential elections in
the US) and gets full points for trying
to curb the spread of fake news and
unhealthy propaganda on the micro-
blogging platform. But experts are not
convinced about its impact and con-
sider it mere window dressing.
For one, the action has moved from
overt advertising to covert targeting,
says Siddharth Deshmukh, Senior Ad-
visor and Adjunct Professor at MICA.
In other words, political parties do not
publish political ads anymore. Adver-
tising has taken the form of content
marketing, and users are micro-tar-
26 I BUSINESS TODAY I December 1 I 2019
geted, based on their affiliations and
preferences. Moreover, fringe com-
munities are more intensely targeted
and they get more easily swayed, as
revealed by the Cambridge Analytica
data scandal. According to Deshmukh,
when propaganda comes in the guise
of user-generated content (the way in-
fluencer marketing happens), it is dif-
ficult to classify it as political advertis-
ing. “Twitter’s ban on political ads does
not address this,” he says.
Or take the recent case of those
identical tweets, posted by top sports-
women, including Mary Kom, Saina
Nehwal, P.V. Sindhu and others. In-
terestingly, all of them lauded Prime
Minister Narendra Modi for his
Bharat ki Lakshmi campaign during
Diwali and thanked him in identical
words. “I thank @narendramodi for
his initiative to honour and empower
women this Diwali,” the tweet said.
This is not overtly political, nor it is
fake news, but it shows how organisa-
tions can put forward their agenda in-
sidiously and gain social media reach
organically.
Requesting anonymity, the policy
head of a social media company says
that the ban is a “smart move but not
a bold one”. Twitter’s revenue from
political ads during the mid-term
elections of 2018 was 0.1 per cent of
its $3 billion annual revenue of that
year. With this decision, Twitter has
grabbed attention, but it has not sac-
rificed profits for the greater common
good. “Twitter may have to pull back
its decision sooner or later as there
could be appeals in U.S. courts against
its latest policy. Politics is not illegal,
and this decision impinges on free-
dom of expression,” the person says.
But there can be a definitive impact in
India as the move may push the gov-
ernment to create regulations for on-
line advertising.
Ideally, what should social media
companies do? Instead of a blanket
ban on any kind of communication,
they should go all out to delete fake ac-
counts and focus more on fact-check-
ing to ensure false information goes
out of circulation. They should also use
tech measures to track and restrain the
high traffic generated by fake accounts
to push specific agendas.
@sonalkhetarpal7
 THE BUZZ

BIG BROTHER
IS WATCHING
Even as the RTI law is gradually losing its
power in India, another incident affirms that
digital surveillance is going up. According
No Liability, to the Facebook-owned messaging service
Says Facebook WhatsApp, Israeli spyware called Pegasus was
used to spy on activists and journalists for two
Facebook has agreed to pay weeks in May 2019. The company said it knew
a fine of $643,000 to In- who all had been targeted and informed them
formation Commissioner’s
Office (ICO), the UK’s in- of the surveillance. The Indian government also
formation rights regulator, asked WhatsApp how the breach happened.
to settle the privacy breach “We have asked WhatsApp to explain the kind
probe involving Cambridge of breach and what it is doing to safeguard the
Analytica. However, the so-
cial media giant has denied privacy of millions of Indian citizens,” tweeted
any liability in the case. Ravi Shankar Prasad, Minister of Electronics
Once the fine is paid, both and Information Technology.
Facebook and the ICO will
withdraw their respective
appeals. This settlement
will also allow Facebook to
retain the documents that
the ICO had disclosed to
continue its investigation
of Cambridge Analytica.
In October 2018, the ICO
had asked Facebook to pay
a fine which was appealed
against last November.

TIKTOK SEES DROP

IN USER GROWTH
THE SHORT VIDEO-SHARING APP

TIKTOK THAT HAD BECOME A
SENSATION ALL OVER THE GLOBE
SAW ITS USER GROWTH DECLINE
FOR THE FIRST TIME SINCE IT
STARTED TWO YEARS AGO. AS PER
DATA FROM SENSOR TOWER, THE
APP GOT 177 MILLION FIRST-TIME
USERS ACROSS THE APPLE APP
STORE AND GOOGLE PLAY FOR
THE THIRD QUARTER ENDED SEP-
TEMBER 2019. THIS IS 4 PER CENT
LESS THAN THE SAME PERIOD
LAST YEAR. OVERALL, THE APP
HAS BEEN INSTALLED 1.45 BILLION
TIMES SINCE ITS LAUNCH AND
HAS 564 MILLION USERS ON
ITS PLATFORM.
12times
INCREASE IN SHARECHAT’S LOSSES IN THE FISCAL ENDED MARCH
2019. AS PER REGULATORY FILINGS, THE PARENT COMPANY OF THE
HOMEGROWN SOCIAL MEDIA APP EARNED `25.8 CRORE IN REV-
ENUE FROM ‘OTHER INCOME’ WHILE ITS LOSSES SURGED 12 TIMES
TO `415 CRORE. THE COMPANY’S EMPLOYEE COST INCREASED
THREE TIMES TO `292 CRORE WHILE OTHER EXPENSES ROSE 16
TIMES TO `410 CRORE. THE FIRM WILL HAVE TO LOOK AT DIFFER-
ENT WAYS OF MONETISATION BESIDES ADVERTISING TO COMBAT
LOSSES AND RISING COMPETITION FROM CHINESE SOCIAL MEDIA
APPS SUCH AS VIGO, BIGO LIVE, LIKEE AND TIKTOK.

28 I BUSINESS TODAY I December 1 I 2019

 THE BUZZ
START-UP
eEXPEDISE
Medical Tours
Made Easy
THE GURGAON-BASED
COMPANY OFFERS END-TO-
END MEDICAL TOUR PACKAGES
FOR NON-RESIDENT INDIANS
AS WELL AS PATIENTS FROM
OTHER COUNTRIES.
By Sanghamitra Mandal
Photograph by Hardik Chhabra
1) Founders
Amit Sharma and Kapil Chadha.
Before starting their venture, the duo
had worked across several industries
and had decades of experience in
healthcare and health insurance.
2) The Trigger
“In healthcare, the clinical and business
sides have always thrived. But little
has been done to improve customer
experience. Even now, most people
do not know how to access quality
and affordable solutions. Medical
tourism is a good option, but you need
to know everything about treatments,
procedures, facilitators and costs to
make it work. Since India is emerging
as the go-to hub for healthcare, we
wanted to push this advantage and
launch a platform to connect all
stakeholders, with focus on technology
and transparency,” says Sharma.
3) The Business
eExpedise Healthcare is one of the few
NABH-accredited operators in India.
It follows a two-tier business model –
a B2B format to partner with health
insurance companies, third-party
assurance services and hospitals and a
B2C online interface to help patients
manage the entire life cycle of the
medical tour. “It is done in four stages,”
explains Sharma. The company has
an AI-powered CRM in place so that
people searching for treatments can
get the best options and compare
30 I BUSINESS TODAY I December 1 I 2019
eExpedise Co-founder
and CEO Amit Sharma
KEY costs. In the pre-hospitalisation stage, the
NUMBERS
company helps them connect with doctors,
discuss their cases and book everything.
It also handholds them throughout
FOUNDED IN:
2016; hospitalisation and post-hospitalisation
operations started phases (travel support, hospital stay,
from July 2017 documentation and more) to ensure a
seamless experience. “Besides, our doctors
review their medical bills to make sure
TEAM MEMBERS: there is no overcharging,” says Sharma.
50 The company started its operations with
a campaign called Home Country Treatment
and targeted NRIs but soon on-boarded
OPERATES IN: non-NRI patients from West Asia, South-
26 countries east Asia and the EU (Germany and the
UK). It is also tying up with corporate
houses and ministries who want to pay for
WORKS WITH:
their employees’ healthcare. Revenue comes
29 health from the B2B part of the business as the
insurers
and 13,000 start-up collects a service fee from insurance
hospitals companies and a marketing fee from
network hospitals on per-case basis. For all
other stakeholders, the service is free.
COVERS:
300 medical 4) Future Plans
treatments Growth is the keyword now and the
bootstrapped start-up is looking to raise
funding. In the next one year, eExpedise
GROSS REVENUE: is planning to enter another 25 countries
`8.6 crore (they are already operating in 26), double
in FY2018/19 as per
its revenue and bring on board ayurvedic
company data
and other traditional wellness treatments
which have a big following in the West.
 S P EC IA
A L IS
SSU E

Reliiance IT stocks jump

Industriees retain
ns the most in
the top spot market cap
pg. 40 pg. 50

SPONSORED BY
INDIA’S MOST VALUABLE COMPANIES
LEAD ESSAY

Crunch Time
Corporate India strengthened its resolve and
tightened its belt, but slowdown hit market
capitalisation of BT 500 companies for the first
time in seven years.
BY ANUP JAYARAM
ILLUSTRATION BY RAJ VERMA
 I
T’S BEEN A TOUGH YEAR, not just for the economy,
but for India Inc. too. As the economy wades through a
longish slowdown, India Inc. appears to have strength-
ened its resolve and tightened its belt. Total income of
BT 500 companies rose 16.4 per cent in 2018/19 as
against an 11 per cent in 2017/18. Profit after tax re-
corded a remarkable 19.4 per cent increase as opposed
to the 12.2 per cent decline last year.
However, the overall market cap of BT 500 com-
panies fell for the first time in seven years, down 1.5
per cent (October 2018-September 2019 period)
as against a 23.4 per cent increase in the same pe-
riod the previous year and 20.5 per cent in 2016/17;
though the decline is not as bad as the last recorded
drop of 6.5 per cent in 2011/12. Among the leading
indicators tracked in the BT 500 listing, a 10.04 per
cent growth in total assets during the year is lower
than the 12 per cent recorded in 2017/18, indicating a

December 1 I 2019 I BUSINESS TODAY I 35

 INDIA’S MOST VALUABLE COMPANIES
LEAD ESSAY
slowdown in asset creation.
The fall in overall market cap has, however, not
affected the leaders. The top three companies – Re-
liance Industries (RIL), Tata Consultancy Services
(TCS) and HDFC Bank – have retained their rank-
ings this year too. Both RIL and TCS have recorded a
24.2 per cent increase in average market cap. Among
the top six, only ITC has moved down two notches
Roaring Bears
Overall average market cap of BT 500 companies
has slipped 1.5 per cent this year
BT 500 market cap* (` lakh cr)
160
140
120
100
80
60
40
20
0
2010 2019
*Since 2002, average market cap between Apr 1 and Sept
30 was being used. Before 2011, state-run companies were
listed separately. Since 2015, figures considered have been the
average market cap for the Oct-Sept period. Source: Ace Equity
from rank 4 that it had retained for the last two years.
Both HDFC Bank and HDFC make it among India’s
leading five companies, again after 2016/17.
When the market is tough, the tough get going.
India Inc.’s leaders have strengthened their position
in the midst of a slowdown. The Top 10 in BT 500
recorded gains. Eight of them recorded double-digit
growth. This year, the average market cap of the Top
10 companies accounts for 31.3 per cent of the overall
average market cap of BT 500 companies, as opposed
to 26.1 per cent last year.
But lower down the line, the impact of the eco-
nomic slowdown has started to show. Among the Top
25 companies, the biggest loser is India’s largest au-
tomobile company, Maruti Suzuki India, which saw
its market cap fall 23.1 per cent. That’s not surprising
in a market where automobile sales have been sliding
for close to a year now, barring an uptick in October
due to Diwali.
36 I BUSINESS TODAY I December 1 I 2019
A slowing economy also meant there were fewer
new entrants to BT 500, just 11 this year as opposed
to 22 last year. More importantly, there is no new
entrant in the top 100 list; the first new entrant is
Dalmia Bharat at No. 136 with average market cap of
`19,334 crore.
One area of worry is the rise in debt levels. The
debt of the top 100 borrowers increased 15.4 per cent
during 2018/19, a sharp uptick from 6.4 per cent in
2017/18 and 6.9 per cent in 2016/17. Debt is not a wor-
ry in a growing economy as companies invest, but in a
slowing economy, it could be a huge liability.
Among private companies, Vodafone Idea led with
a 117.2 per cent increase in debt from `57,985 crore
to `125,940 crore during the year. It was followed by
Adani Power, which saw debt increase 103.5 per cent
to `19,491 crore during the year. In terms of absolute
debt levels, India’s largest company, Reliance Indus-
tries, tops this list at `1,61,720 crore, a 38.4 per cent
increase over last year.
The two big gainers in ranks this year are Procter &
Gamble Health and Tata Steel BSL, both of which have
risen 197 ranks. Tata BSL moved up the ranks as the
Tatas acquired ailing Bhushan Steel as part of the Insol-
vency and Bankruptcy Code (IBC) process and turned it
around. The biggest losers in this year’s ranking are PC
Jeweller, which fell 235 ranks to 466; Vakrangee, down
220 to 362; and Arvind, down 205 to 444.
Where From Here?
At a sectoral level, the big gains have been in BFSI
(banking, financial services and insurance) sec-
tor, which has seen its share rise to 26.3 per cent in
2018/19 from 24.8 per cent in 2017/18 and 21.8 per
cent in 2016/17. Not surprisingly, auto and ancillaries
has seen its share fall from 8.6 per cent in 2017/18 to
6.7 per cent in 2018/19. That’s going back to where it
was in 2013/14.
With the Indian economy being in a slowdown
mode for longer than expected, much will depend on
what the government can do to kick-start economic
activity and investment quickly. The recent decision
to not join the 16-nation Regional Comprehensive
Economic Partnership (RCEP) for the time being may
provide a small window for businesses. But the quicker
the government integrates the economy with the glob-
al value chain, the better it will be for businesses, small
and large. Similarly, Indian business should start look-
ing at being a global player and building economies of
scale rather than focusing only on the large domestic
market. Only then will the industry be in a position to
match the power that, say, China has with its immense
manufacturing capability.
It remains to be seen what steps the government
takes in that direction and India Inc. makes its corre-
sponding move.
@anupjayaram
TOP GAINERS
RANK
16
Number of
241
Number of
16.4
Y-o-Y increase
%
COMPANY UP
2019 2018 companies companies in the total
301 498 Procter & Gamble Health 197 that saw no whose rank income
423 620 Tata Steel BSL 197
change in slipped in 2019 of BT 500
their ranks compared to companies
493 684 Responsive Industries 191 last year in 2018/19
479 664 Den Networks 185 compared to
310 493 United Bank of India 183 2017/18

TOP LOSERS
RANK
COMPANY DOWN
2019 2018
466 231 PC Jeweller 235
362 142 Vakrangee 220
444 239 Arvind 205
452 251 Infibeam Avenues 201
349 150 Dewan Housing Finance 199

DIVIDEND BOUNTY
INDIA INC HAS BEEN GENEROUS WITH
DIVIDENDS EVEN IN RECENT TOUGH TIMES

Dividend amount Year-on-year

(` crore) change %
18,000 15

12,000 0

6,000 -15

0 -30
2014-15 2018-19 2014-15 2018-19

Based on the sample of 487 companies of BT 500

SECTORAL WINNERS Average mcap

In ` crore
Oct 2018 to Sept 2019
3 HDFC Bank 6,01,661

4 Hindustan Unilever 3,79,125

2 TCS 7,72,458

Rank 2019
9 Kotak Mahindra Bank 2,56,649

40 Godrej Consumer Products 70,697

11 Maruti Suzuki India 2,05,722

115 Bharat Heavy Electricals 23,208

33 Mahindra & Mahindra 82,569

111 Kansai Nerolac Paints 23,979

10 ICICI Bank 2,47,392
5 HDFC 3,44,325

46 Pidilite Industries 60,238

87 Berger Paints India 31,226

7 Infosys 3,15,855
21 Asian Paints 1,35,215
50 Hero MotoCorp 54,664

6 ITC 3,40,903
26 Nestle India 1,07,158
161 AIA Engineering 15,933

39 Tech Mahindra 71,095

49 Eicher Motors 55,356

19 HCL Tech 1,41,275

8 SBI 2,69,302

37 Dabur India 73,503

16 Wipro 1,57,874
34 Bajaj Auto 80,844

189 Thermax 12,323

96 ABB India 29,141
72 Siemens 39,100

64 UPL 43,056

AUTO & BFSI CAPITAL CHEMICALS FMCG IT & ITES

ANCILLARIES GOODS
 INDIA’S MOST VALUABLE COMPANIES
GRAPHITI 15.4 %
Y-o-Y increase in the

A MIXED BAG
total debt of top 100
companies by debt
in BT 500 in 2018/19
compared to 2017/18

AN ANALYSIS OF BT 500 DATA SHOWS DOUBLE-

19.4 %
Y-o-Y increase in the
DIGIT INCOME AND PROFIT GROWTH BUT MARKET aggregate profits of
VALUATIONS HAVE GONE FOR A TOSS BT 500 companies
in 2018/19 compared
Graphics by Tanmoy Chakraborty to 2017/18
Research by Niti Kiran
Source: Ace Equity

ON A TOUGH
ROAD
SHARE OF AUTO &
ANCILLARIES FELL IN TOTAL
BT 500 MARKET CAP
Leading sectors' share (%)
30
24 BFSI
18
12
2019

2010
18
12 IT & ITES
6
0
2019

2010
18
12 OIL & GAS
6
1 Reliance Ind. 7,78,973

0
2019

2010
28 Power Grid Corp. of India 1,01,285

18
FMCG
12
20 Indian Oil Corp. 1,35,686

145 Tata Power Company 18,612

6
58 Hindalco Industries 46,167
27 Hindustan Zinc 1,07,015

69 Aurobindo Pharma 41,275

35 Bharat Petroleum 76,767

68 Divi's Laboratories 41,692

25 Sun Pharma 1,08,153

0
18 Coal India 1,46,223

61 Dr. Reddys Lab. 43,790

2019
13 ONGC 1,90,617

38 GAIL (India) 72,958

137 Adani Power 19,333

42 JSW Steel 68,500
48 Tata Steel 58,576

22 NTPC 1,25,271

2010
108 NHPC 24,536
63 Cipla 43,140

18 AUTO &
ANCILLARIES
12
6
0
2019

2010
MINING & OIL & GAS PHARMA & POWER
METALS HEALTHCARE Source: Ace Equity
 INDIA’S MOST VALUABLE COMPANIES
TOPPER: RIL

Changing Course
Mukesh Ambani's conviction about the Indian
market is paying off as opposed to those who
invested abroad heavily.
BY NEVIN JOHN

NTIL A DECADE BACK, when Indian conglomerates were shopping

around the globe to ride on the economic boom, Mukesh Ambani,
Chairman and MD of Reliance Industries (RIL), had been reclusive. He
was criticised for an inward-looking business approach and not scaling
up RIL as a global player in petroleum. In the domestic market, after
building the second refinery in Jamnagar and investing in hydrocarbon
exploration and retailing in 2010, he took a second plunge into telecom.
Then it was silence again until 2014. But that was soon to change.
Reliance Jio tied up with original equipment manufacturers
(OEMs), original design manufacturers (ODMs) and chipset vendors
for end-to-end device design and engineering in late-2014 and started
rolling out physical infrastructure across India. Within two years, in
September 2016, it launched the commercial operation of Reliance Jio.
In three years, Jio acquired over 350 million customers and emerged as
the second-largest player in the telecom industry, after Vodafone Idea.
Jio is also second in terms of average revenue per user (ARPU) – `122
in the first quarter of this financial year.
RIL, which used to earn about 99 per cent EBITDA from just oil and
MUKESH AMBANI, CMD, RIL
PHOTOGRAPH BY ROHIT CHAWLA
 INDIA’S MOST VALUABLE COMPANIES
TOPPER: RIL
chemicals about a decade back, has grown its consumer
business in the last three years. The new verticals of
telecom and retail contributed 33 per cent to EBITDA
in the second quarter this fiscal. RIL’s earnings before
interest, tax, depreciation and amortisation (EBITDA)
were `5,166 crore, with EBITDA margin of 41.8 per
cent, in the second quarter.
In the first six months of this financial year, RIL’s
revenue increased by 13 per cent to `3.37 lakh crore,
while net profit increased 12.6 per cent to `21,366 crore.
“These excellent results reflect benefits of our integrated
oil to chemicals (O2C) value chain and the rapid scale-
up of our consumer businesses,” Ambani said after the
second quarter performance.
The company’s profit increased by 13.1 per cent to
6,22,809
has led to a rise in gross debt, which shot up by 438 per
cent to `2.88 lakh crore in the 10 years to March 2019.
This further went up to `2.92 lakh crore in September.
To trim debt, Ambani announced a debt reduction
plan at the AGM, saying he wants to make RIL “a zero
net debt company” by March 2021. As of end of Sep-
tember, RIL’s net debt was `1.57 lakh crore.
RIL is in the process of diluting stake in oil and pet-
rochemical, tower infrastructure and fuel retailing busi-
nesses. It had sold 30 per cent stake in the oil and gas
exploration and production (E&P) business to British
giant BP for $7.2 billion in 2011. In March, Brookfield
had announced the acquisition of RIL’s other asset – the
loss-making East West Pipeline (EWPL) – for an enter-
prise value of `13,000 crore.
Another challenge is falling refining margins, which
shrunk for seven consecutive quarters until June due to
volatile crude oil prices and demand fluctuations. They
bounced back in the July-September period to $9.40 a
barrel as against $8.10 in April-June.

Consolidated Average
Financial Market Cap
Performance
Despite a slowdown in the
RIL’s average market cap
has grown slower `7.79
4,30,731

economy, RIL has seen than in 2017/18 LAKH CRORE

stable growth Average market cap
3,36,810

60 (Oct 2018-Sept 2019);

Figures in ` crore higher than the `6.27
Source: Company
% change lakh crore a year ago
2017/18 40
October to

23%
2018/19 September period
April-Sept 2019 Source: Ace Equity
20
92,656
73,097

50,306

Share of digital services

39,588
34,988

21,366

(Q2 FY20) in EBITDA,

60.90
66.80
35.30

0 higher than the 16.6% in

2010/11 2018/19 the same quarter
last year
Revenue PBDIT Net profit EPS (`) -20

`39,588 crore in the last financial year, on a revenue of
`6.23 lakh crore, up by 44.6 per cent. So, it is not sur-
prising that RIL is the most valued Indian company on
the stock market – its market cap was `9.24 lakh crore
as on November 1.
New Strides
At the annual general meeting (AGM) on August 11,
Ambani said RIL had invested `5.4 lakh crore in the last
five years – nearly `3.5 lakh crore in Reliance Jio and
`1 lakh crore in petrochemical expansion. According to
him, the investment cycle for telecom is complete and
Reliance Jio is adding over 10 million new customers
every month. The petrochemical expansion was com-
pleted in 2017/18 and resulted in 86 per cent jump in
the segmental revenue to `1.72 lakh crore in two finan-
cial years and 148 per cent rise in PBIT to `32,173 crore.
However, challenges exist. The massive investment
In retail, cut throat-discounting continues to be a
hurdle. The E&P business, in which BP Plc holds a 30
per cent stake, has been making losses for the last three
financial years. RIL and BP have completed an invest-
ment of around `25,000 crore at three offshore hydro-
carbon assets in Krishna Godavari D6 over the last two
years to revive production. Another `10,000 crore is to
be invested in blocks which are slated to commence pro-
duction between mid-next year and 2022.
RIL is also trying to rope in strategic and financial
investors in its consumer businesses Jio and Reliance
Retail, apart from scouting for buyers for some of its
real estate assets, and some financial investments. RIL
may also consider selling its shale gas assets in the US.
Ambani’s aim to make RIL an India-centric con-
glomerate continues. The wind is in his favour.
@nevinjl

42 I BUSINESS TODAY I December 1 I 2019

 INDIA’S MOST VALUABLE COMPANIES
BIG GAINER: IDBI BANK

44 I BUSINESS TODAY I December 1 I 2019

LIC’s Bank
LIC’s entry into IDBI Bank, the biggest
player among top m-cap gainers in
banking, brings hope for investors.
By ANAND ADHIKARI
ILLUSTRATION BY RAJ VERMA
I
F INVESTING IS entertaining, if you are having fun, you
are probably not making money. Good investment is bor-
ing,” said the legendary investor George Soros. The 51 per
cent investment by Life Insurance Corporation (LIC) in
the struggling IDBI Bank hardly fits into Soros’ “boring”
category. It is, in fact, risky – imagine the future of a bank
with one-fourth lending book in the non-performing asset
category, mounting losses and lending restrictions on ac-
count of the “weak bank” tag given by the Reserve Bank of
India (RBI).
Whichever way you look at it, the entry of LIC in the
state-owned bank has given hope to investors. The stock,
which was trading near the `200 mark in November 2010,
came under pressure after the bank faced asset quality pres-
sure and was trading around `53 in August 2018. Then, the
Cabinet approved acquisition of controlling stake by LIC
through a combination of preferential allotment and open
offer of equity. The stock rise after LIC’s entry is captured in
the BT500 study of market capitalisation between October
2018 and September 2019 as compared to the correspond-
ing period between 2017 and 2018.
The presence of LIC as a promoter makes IDBI a
turnaround candidate. The IDBI Bank story looks more
convincing among the top market cap gainers in the pack
where banks such as Corporation Bank , Allahabad Bank
and Oriental Bank of Commerce also feature (See The
Big Market Cap Gainers). Market experts say it wouldn’t
be wrong to say that IDBI Bank is the bank of hope
for investors.
December 1 I 2019 I BUSINESS TODAY I 45
ADVANTAGE
IDBI BANK
Government exempts IDBI
from merger plans, bank
retains independent identity
LIC with war chest comes in
as promoter
Huge synergy potential with
LIC for getting new accounts,
selling policies, etc
Strong legacy strength in
project finance
Good brand to exploit
retail franchise
Decent non-core assets in
books to generate liquidity
Support Factor
Limited capital infusion from the gov-
ernment was hampering the growth of
public sector banks, including IDBI.
The options to raise capital from the
market were also shut because of poor
financials and low valuations. The new
promoter is not short of funds to invest.
LIC has already pumped in `21,624
crore capital into the bank. As a result,
the capital adequacy of the bank rose
from a low of 8.14 per cent to 11.58 per
cent by March 2019 as against 9 per
cent mandated by RBI. This will help
the bank shed the RBI’s “weak bank”
tag and give it more freedom to lend.
RBI had put the bank under the prompt
corrective action (PCA) framework in
2017. The PCA allows only safe retail
lending till the bank shows improve-
ment in profitability and asset quality.
Many experts question the free-
dom the bank will get to hire talent
from outside and introduce variable
pay to encourage employees to per-
 INDIA’S MOST VALUABLE COMPANIES
BIG GAINER: IDBI BANK
form better. “It is public money and not government
money. But in spirit, there is no difference between LIC
and the government,” says Abizer Diwanji, Partner and
National Leader (Financial Services), EY India.
The new promoter also brings in stability in top
management. Unlike other PSBs where the senior
management team is drawn from different banks, LIC
has got the right to nominate chairman, MD&CEO and
also two deputy MDs. “This will be beneficial for imple-
menting a long-term strategy,” says a banker.
LIC is already working to bring its network, poli-
cyholders and premium collection system closer to the
bank. There are also plans for on-boarding LIC agents
The Merger Push
Most top market cap gainers in banking are going for a restructuring or merger
MARKET CAP
BANK GAIN (%)
Corporation Bank 128.8
Allahabad Bank 123.9
Oriental Bank of Commerce 104.9
United Bank of India 85.6
Bank of Maharashtra 75.2
UCO Bank 63.4
IDBI Bank 47.2
Market cap gain (%) is average rise between Oct ’18-Sept ’19 & Oct ’17-Sept ’18; Balance sheet figures for 2018/19. Source: Market
as home loan agents for the bank. Lakhs of LIC agents
can help in scaling up the bank’s retail business. At
present, retail constitutes over half the bank’s lend-
ing book, which includes retail, SME and agriculture.
“Our target is to take the retail contribution to 55 per
cent by next year from the current 51 per cent,” Rakesh
Sharma, MD&CEO, had told investors after joining
in October 2018. Sharma refused to participate in the
story as the company was in the silent period (its sec-
ond quarter results would be out by November 8). This
is the time to introduce new systems and processes for
the credit assessment and risk management vertical.
The low-cost current accounts and savings ac-
counts (CASA) keep a bank’s cost of funds low, increas-
ing net interest margins. IDBI is trying to get LIC’s ac-
counts which it maintains with many PSBs to increase
its CASA ratio, which is at 42 per cent.
The biggest challenge is on the asset quality front.
IDBI Bank’s gross NPAs are the highest among Indian
banks at 27.47 per cent. ICRA, which downgraded the
bank’s rating two months ago, said the high level of slip-
46 I BUSINESS TODAY I December 1 I 2019
pages and credit provisioning will continue to result
in losses in 2019/20. “It is mainly because of elevated
level of stressed assets that are yet to be provided for,” it
said. The bank is focussing on recovery and reviewing
risk management and credit policies to strengthen the
asset portfolio. However, monetisation of investments
in various financial services businesses under the erst-
while IDBI Ltd has been dragging for long. This will
not only generate liquidity but also contribute to prof-
itability, which is much needed now because of higher
provisioning for bad loans. The assets include a 19 per
cent stake in asset reconstruction company ARCIL. The
bank also plans to sell its stake in 19 unlisted companies.
It also owns a stake in a life insurance player IDBI Fed-
eral Life Insurance Co. “The bank has to do a lot more
to transform. It is effectively a PCA bank. It needs to
work on processes,” says a former banker. The bank will
come out of its problems in the next two-three years, but
BALANCE SHEET RECENT
SIZE (` LAKH CR) DEVELOPMENT
2.12 Merging with Union Bank of India
2.45 Merging with Indian Bank
2.71 Merging with Punjab National Bank
1.5 Merging with Punjab National Bank
1.64 Will look for regional niche
2.3 Will explore regional niche
3.13 Got LIC as new promoter, strong independent play
challenges remain as the PSB banking landscape is set
to change with half-a-dozen large banks with over `10
lakh crore balance sheet size, two national banks and
four regional banks. IDBI Bank, with a `3.13 lakh crore
balance sheet, has to decide its niche area to face the re-
vamped PSBs, private sector banks and small finance
banks. “IDBI has a competitive advantage in the new
PSB landscape. It has a manageable size. Possibly, it’s
a great opportunity when the other four banks (under
merger) stabilise. IDBI should get its act together and
start moving,” says Diwanji.
The bank is out of clutches of the government as far
as capital infusion is concerned. But will the govern-
ment also stay away from exercising control like what
it does with other PSBs? After all, LIC has often been
used by the government for bailing out other public
sector companies, including banks. This is something
that can come in the way of value creation for both LIC
and IDBI Bank’s shareholders.
@anandadhikari
 INDIA’S MOST VALUABLE COMPANIES
FASTEST CLIMBER: TATA STEEL BSL
On a Path
to Revival
Tata Steel BSL has seen its
fortunes turn around after the
acquisition, thus climbing the
most positions in BT 500.
BY NEVIN JOHN
T
he uncertainty in Bhushan Steel started in 2014,
when it had a hard time convincing its lenders that it can
pay off its `40,000-crore debt when Managing Direc-
tor and Promoter Neeraj Singhal was arrested in a brib-
ery case. The company had high credit ratings but that
changed after the arrest. The downgrade caught its lend-
ers unawares. In May 2018, Bamnipal Steel, a wholly
owned subsidiary of Tata Steel, acquired Bhushan Steel
by paying `35,200 crore in cash to its creditors.
Things started looking up. The total income of Tata
Turnaround Story 39,842
Tata Steel BSL’s profit has
climbed significantly
60.7% -0.6%
1,998 3,210
Avg. market cap* Total assets
Data in ` crore *For October to September period. Other numbers are for FY18 and FY19; Source: Ace Equity
48 I BUSINESS TODAY I December 1 I 2019
Steel BSL (new name of Bhushan Steel) increased 22.9
per cent to `21,024 crore in 2018/19. The loss before
exceptional items reduced to `1,264 crore from `5,791
crore. Including the exceptional gains, the company
posted a net profit of `1,713 crore vis-à-vis a loss of
`24,813 crore in the previous year.
The management change and the revival plan have
helped the company regain investor confidence and this
led to its rank in BT 500 climbing to 423 from 620.
The average market value improved to `3,210 crore in
the October 2018-September 2019 period from `1,998
crore in the previous year.
Since the acquisition by Tata Steel, the company has
adopted a three-tier integration strategy to stabilise the
plant, focus on capacity and cash flows and initiate stra-
tegic capital investments for sustainable returns.
Last year, the company also launched an accelerated
performance improvement plan to achieve benchmark
levels in operations and capabilities. It grew its presence
in the core automotive segment by enhancing customer
base and initiating commercial supplies to new auto
original equipment manufacturers (OEMs). It devel-
oped steel for outer panel applications of automobiles
from its Angul plant. The company also developed val-
ue-added and high-strength steels, thereby expanding
its product portfolio, company executives said.
Tata Steel BSL continued as a leading supplier for
appliance makers last year, growing its market share
to 50 per cent. For the first time, the company has set
up an organised distributor network with distributors
for each product category. Segment specific brands
like Tata Steelium, Tata Shaktee and Tata Kosh were
launched, which helped create value.
TSBSL has maintained its leadership position in
precision tubes for the automotive segment with 25 per
cent share of the business. The company has also been
focusing on the oil and gas segment and water pipeline
projects in domestic and exports market.
This financial year, the company is focusing on
downstream exports by increasing its presence in Eu-
rope, Africa, South East Asia and Latin America, and
creating a market for high-end hot rolled coil exports
like structural steel.
@nevinjl
39,586 2017/18
2018/19
Growth %
21,024
17,108
PAT
22.9% 1,713
Total income
-24,813
 Sound
INDIA’S MOST VALUABLE COMPANIES
IT STOCKS

Performance In spite of growing

challenges, information
technology majors
recorded the biggest jump
in average market cap
between October 2018

A
and September 2019.
BY RUKMINI RAO
ILLUSTRATION BY RAJ VERMA

areas in tune with global requirements. These initiatives

UTOMATION, REGULATORY PRESSURE and fears
of a downturn resulted in heightened volatility in the
IT/ITeS space. But unlike other industry segments such
as FMCG or automobile, market leaders in this sector
managed to do well, with leading stocks witnessing
a 16.6 per cent jump in average market cap, while the
aggregate market cap of BT 500 companies fell 1.5 per
cent. The numbers are not as strong as expected from
the once red-hot industry but analysts call it a tempo-
rary blip. In its ‘Outlook for the Global IT Market’, Gart-
ner predicts 3.7 per cent growth in 2020, primarily due
to enterprise software spending. “The slowdown in IT
spending in 2019 is not expected to stretch as far into
2020 despite concerns over recession and companies
cutting back on discretionary IT spending,” says John-
David Lovelock, Research Vice President at Gartner.
Closer home, things could be improving fast as IT
behemoths are pursuing talent localisation in markets
outside India to counter regulatory headwinds and
shifting their focus from legacy services to digital-only
mean there is not much fear of obsolescence and Indian
IT stocks remain expensive.
Three stocks, however, outshone the rest, with
high double-digit market cap surge and sustained
returns. These included Tata Consultancy Services
(TCS), Infosys and Wipro. IT sector leader TCS re-
tained its second spot in the BT 500 list as its aver-
age market cap grew 24.2 per cent to `7,72,458.2
crore during October 2018-September 2019 from
`6,22,142.9 crore in the year-ago period. But its recent
cautious commentary (led by weak BSFI outlook and
retail headwinds) worried several brokerages who rat-
ed it from ‘buy’ to ‘neutral’. In a report dated October
11, HDFC Securities said, “We downgrade TCS to ‘neu-
tral’ (‘buy’ earlier) and strike it off our list of conviction
picks following ~4 per cent earnings per share cut and
a weak growth trajectory (core verticals/deceleration
in digital).”
In 2018, the company completed a `16,000 crore
share buyback to distribute cash among shareholders.
With its valuation accelerating way beyond that of its
peers, Prabhudas Lilladher, in its October report, noted

50 I BUSINESS TODAY I December 1 I 2019

that TCS was the most expensive stock (~23.3x one-year
forward P/E) because of its sector-leading free cash flow
(FCF) generation and disciplined policy of returning all
of that to shareholders via dividend/buyback. The FCF
yield of TCS currently stands at 3-4 per cent. Although
the stock was downgraded from buy to hold, the note
said, “TCS’s predictable cash flow generation, strong
revenue momentum, stable margin, tight balance sheet
and stickiness of clients will help maintain its premium
valuations. We are seeing pricing pressure, and supply-
side constraints are creating headwinds for margins.
(But) we continue to like the best-in-class resilience of
the business model.”
Bengaluru-headquartered Infosys has retained its
7th spot in this year’s BT 500 list. Its average market
cap rose 22.2 per cent to `3,15,855 crore (October
2018-September 2019) from `2,58,459.5 crore in
the year-ago period. But the latest controversy over a
whistleblower’s letter that alleged accounting malprac-
tices to boost short-term revenue and profits led to one
of the biggest intraday losses, with the stock falling
nearly 16 per cent (eroding over $6 billion wealth) in
a single day. The company had faced a similar situa-
December 1 I 2019 I BUSINESS TODAY I 51
tion in 2017 when whistleblowers complained against
the then CEO, Vishal Sikka, regarding the acquisition
of Panaya and the severance pay to former CFO Rajiv
Bansal. But this time, the stock corrected after Infosys
said it would conduct an independent probe and no
proof had been submitted by the whistleblower yet.
Sharekhan observed that “in earlier whistleblower
allegations in 2017, the stock’s multiple was also de-
rated from 20x to 13x. Hence, we believe that the recent
issue is likely to loom over the stock in the near term
as it will divert management attention and affect per-
formance”. This year, Infosys also went for a share buy-
back, the second in the company’s history. The company
repurchased nearly 11 crore equity shares at an average
price of `747 each and spent around `8,260 crore. But
the stock remains attractive compared to TCS. Right
after the announcement of its second-quarter results,
Motilal Oswal said in its report that “over 1HFY20, it
had outperformed TCS on growth. However, over the
medium term, the performance of these companies is
likely to converge. We expect a CAGR (FY19/21) of 9.3
per cent in constant currency revenue and 11.5 per cent
in EPS (earnings per share). The stock price discounts
 INDIA’S MOST VALUABLE COMPANIES upgraded by 3 per cent due to the lower effective tax
IT STOCKS rate expectation. Wipro’s overall growth continues to
lag peers, given company-specific execution challenges.”

FY20/21 earnings by 21.5/18.5x – a 10 per cent discount About ITeS

to TCS (on FY21 multiples).” Several midcap stocks in the ITeS space failed to deliver
In spite of its weak financial performance, Wipro due to internal issues. Take, for instance, Mumbai-based
saw its market cap grow by 18. 5 per cent from `1,33,217 Vakrangee, which fell from 142 to 362 in this year’s BT
crore to `1,57,873.6 crore during the period under con- 500 ranking. Its market cap plummeted 78.7 per cent,
sideration. The company has also moved up three plac- from `19,741.9 crore (October 2017-September 2018)
es, from 19 to 16, in this year’s BT 500 list. Interestingly, to `4,206.4 crore (October 2018-September 2019) – it
Wipro saw a leadership change as Azim Premji stepped is not even a billion dollar firm now. After the company’s
down on July 31, making way for his son Rishad, who statutory auditor PwC flagged off compliance concerns
came in as the new Executive Chairman. In his last let- and resigned suddenly, the Ministry of Corporate Affairs
ter to Wipro’s shareholders, Chairman and MD Azim ordered an inspection of its books of accounts for three
financial years. However,
the investigation found no
wrongdoing. The Securities
The Top Gainers and Exchange Board of In-
Industry leaders continue to do well even in tough times
dia also investigated trading
RANK AVG MCAP OCT AVG MCAP OCT GROWTH activities of certain entities
2019 COMPANY 2018-SEPT 2019 2017-SEPT 2018 %
on the stock but did not find
2 Tata Consultancy Services 7,72,458.3 6,22,142.9 24.2 any instance of stock ma-
7 Infosys 3,15,855.3 2,58,459.6 22.2 nipulation by the promoter
16 Wipro 1,57,873.6 1,33,217.3 18.5 or promoter group entities.
A probe conducted by the
19 HCL Technologies 1,41,275 1,31,540.5 7.4
Economic Offences Wing on
39 Tech Mahindra 71,094.7 59,901.5 18.7 price and volume manipu-
94 Oracle Financial Services Software 29,514 33,627.2 -12.2 lation also found no merit.
Since then, the company’s
95 Larsen & Toubro Infotech 29,171.9 24,098.2 21.1
stock has been recovering.
147 Mphasis 18,211.6 18,016.2 1.1 The other IT stock that
174 Mindtree 14,219 13,395.6 6.1 eroded investor wealth was
210 Hexaware Technologies 10,468.6 11,624.9 -9.9 Infibeam Avenues, India’s
first listed e-commerce
Mcap in `crore; Source: Ace Equity company. Its ranking in
the BT 500 list has slipped
to 452 this year from last
year’s 251. Infibeam’s aver-
Premji said that the company would remain commit- age market cap fell 70.3
ted to enhancing shareholder value. “Our EPS for the per cent to `2,887.2 crore
year ended March 31, 2019, grew by 18.6 per cent YoY, (October 18- September 19)
which was the best in the last five years. We improved from `9,725.5 crore in Oct
our working capital substantially and our free cash flow 2017-Sept 2018. Last Sep-
was robust at 106 per cent of our net profits. We have tember, the stock fell 70 per
a capital allocation philosophy of providing a regular cent in intraday trading over
and stable payout to investors, keeping two important rumours that it was advancing huge unsecured loans to
considerations. One, that of building long-term stake- a subsidiary. Earlier this year, the company fired one of
holder value and two, making required investments for its joint statutory auditors, S.R.B.C & Co. (affiliated to
growth.” This year, Wipro, too, concluded a buyback of EY), for data breach. The company alleged that its audi-
32.31 crore equity shares, which resulted in a cash out- tors had leaked unpolished price-sensitive information,
flow of `10,500 crore. Post that, the company reported a thus resulting in a breakdown of trust in auditors. In the
YoY revenue growth of 3.8 per cent in constant currency latest quarterly earnings, Infibeam’s consolidated prof-
terms in the second quarter of FY2019/20. Brokerage its stood at `25.9 crore compared to `7.6 crore in the
Motilal Oswal said, “Our constant currency revenue es- corresponding period of the previous financial year. The
timates for FY19/21 have been moderated by 0.4-1.1 per company also declared a 10 per cent dividend.
cent. We do not make any meaningful revisions to our
margin estimates. However, our FY20 EPS estimate is @rukminirao

52 I BUSINESS TODAY I December 1 I 2019

Free
INDIA’S MOST VALUABLE COMPANIES
MARKET CAP LOSS

Top players in some

Fall
sectors have seen a
massive erosion in market
value. Most may never go
back to their past highs.
By RASHMI PRATAP
ILLUSTRATION BY AJAY THAKURI

T
HE YEAR 2019 saw the fall of some mighty
companies. While some were buried under
debt, some faced governance issues, and
others became victims of the liquidity crisis.
But the net result was the same – deep ero-
sion in market capitalisation.
According to BT research covering the
top 500 listed companies, 22 saw a fall of
more than 45 per cent in average market
cap (October 2018-September 2019 pe-
riod) over the previous year.
These companies cut across sectors
and include Vakrangee, PC Jeweller, Ar-
vind, Rain Industries and Indiabulls Real
Estate, among others.
“It is a very wide set of industries and
companies. The stress has aggravated, es-
pecially for entities whose balance sheets
have been leveraged a lot and where oper-
ating metrics had deteriorated. In terms of
stock price behaviour, mid- and small-caps
have been battered. As a result, there has
been a significant decline in investor inter-
est,” says Dhananjay Sinha, Head of Strat-
egy and Chief Economist, IDFC Securities.
Some companies have also seen issues
around reporting of numbers, whose cred-
ibility has been questioned, adds Sinha.
The biggest decline in average mar-
ket cap was witnessed by technology firm
Vakrangee, which runs one of India’s larg-
est networks of last-mile retail outlets. The
scrip first came under pressure in early
2018 after Price Waterhouse quit its audit
mandate and raised concerns about the
company’s books of accounts. The com-
pany also came under the scanner of the
Securities Exchange Board of India (Sebi)
for alleged stock manipulation issues but
was given a clean chit in November 2018
December 1 I 2019 I BUSINESS TODAY I 55
by Sebi as well as the Economic Offences
Wing. In the meanwhile, its stock took a
beating. From `420 on January 1, 2018, it
continued to fall and closed at `36.55 on
November 1, 2019.
Alongside, Vakrangee impacted the
scrip price of PC Jeweller, whose aver-
age market cap nosedived 75.2 per cent to
`2,691 crore during the October 2018-Sep-
tember 2019 period. On January 25,
Vakrangee had purchased two million
shares of PC Jeweller for a little over `112
crore through an open market transaction.
The slide in PC Jeweller began on February
2, 2018, after reports that Vakrangee was
being probed by Sebi for possible stock ma-
nipulation. Heavy selling put pressure on
the PC Jeweller stock.
Yes Bank, too, has seen its average mar-
ket cap become nearly half from `76,575
crore to `38,505 crore amid news of high
non-performing assets (NPAs), the bank’s
inability to raise adequate capital and ex-
cessive exposure to the real estate sector.
In August this year, Moody’s Investors
Service downgraded Yes Bank’s long-term
foreign-currency issuer rating to Ba3 from
Ba1, with negative outlook. It took into ac-
count “the lower-than-expected amount of
capital raised by the bank and the risk that
the substantial decline in the bank’s share
price will challenge its ability to raise suf-
ficient capital to maintain the rating at its
previous level.”
A Yes Bank spokesperson said: “While
the bank cannot comment on the share
price movement, we must understand that
any movement in share prices may not be
a reflection of the robustness of an insti-
tution’s business, profitability, liquidity or
stability. Yes Bank remains firmly on track
to raise transformational capital and is
in talks with quality investors to not only
bring in financial capital but a lot of strate-
gic input as well.”
The bank has recently received the
RBI’s go-ahead for increase in authorised
share capital, the spokesperson said.
DHFL, once among India’s top home
loan providers, saw a 76 per cent decline
in average market cap to `4,408 crore as
liquidity crisis after payment default by
IL&FS severely impacted the company’s
ability to roll over debt and raise fresh funds
for loans. Many others in the sector, includ-
ing Indiabulls Housing Finance, also had to
suffer in the wake of the liquidity crisis.
 INDIA’S MOST VALUABLE COMPANIES and Anup Engineering, between October 2018 and
MARKET CAP LOSS November 2019, says a company spokesperson. As a
result of this, Arvind’s shareholders received shares of
Arvind Fashions and Anup Engineering without any
payment. The price of Arvind was, thus, readjusted
“The IL&FS saga turned the tide for the sector. after removing the value of the two demerged compa-
Finance is all about trust and the moment trust van- nies and the stock started trading at `109.45 per share
ishes, lending as a business becomes very tough. Many from November 28, 2018, resulting in a market cap of
companies may get caught in this hurricane and those `2,831 crore. The demerger had an impact on Arvind
who cannot move ahead will sink,” says Umesh Mehta, since valuations of the two subsidiary companies were
Head of Research at Samco Securities. not a part of its market cap from this day onwards.
Arvind Fashions and Anup Engineering began
Obstacle Course trading independently and have current market cap of
In the case of Indiabulls Housing Finance, which `2,580 crore and `493 crore, respectively.
slipped 31 places to rank 92 this year, apart from the The downfall of some other companies has been due
NBFC crisis, two other factors impacted the company’s to lack of earnings growth.
market cap. One, its proposed merger with Lakshmi “Decline in earnings ham-
Vilas Bank (LVB), which required multiple clearances, pers cash flow and adversely
did not get all the approvals. The scrip continued to affects debt servicing capa-
take a beating till RBI declined its final go-ahead in bilities. This also hurts the
October. Second, three public interest litigations have companies’ ability to hire re-
sources, besides challenging
the expansion of operations.
Losing Their Hold So a lot of companies had
The 10 companies that slipped the most in BT 500 to downscale,” says Sinha of
IDFC Securities.
AVG. MARKET CAP
RANK
Tata Motors, Sun Phar-
OCT 2018 - OCT 2017 - ma, Jain Irrigation Systems
2019 2018 COMPANY SEPT 2019 SEPT 2018 FALL (%)
and NBCC are among com-
362 142 Vakrangee 4,206 19,742 -78.7
panies whose earnings have
349 150 Dewan Housing Finance Corp. 4,408 18,499 -76.2 taken a hit in the last two
466 231 PC Jeweller 2,691 10,831 -75.2 years due to a slowdown in
444 239 Arvind 10,594 -72.1
domestic and global econo-
2,960
mies. In NBCC, the real es-
452 251 Infibeam Avenues 2,887 9,726 -70.3 tate slowdown led to a fall in
390 223 Reliance Capital 3,748 11,406 -67.1 revenues and zero EBITDA
374 234 Reliance Power 4,009 10,779 -62.8 margins following execu-
tion woes in redevelopment
352 214 Reliance Infrastructure 4,365 11,712 -62.7
projects. Shashank Kanodia,
380 250 Rain Industries 3,932 9,814 -59.9 analyst at ICICI Securities,
372 268 Indiabulls Real Estate 4,049 8,957 -54.8 says protracted weakness in
In ` crore Source: Ace Equity the domestic commercial
vehicles space has adversely
affected Tata Motors. “The
been filed over the last one year, alleging financial ir- industry continues to reel under overcapacity, lower
regularities in the company. economic growth and inherent cyclicality, with recovery
“Multiple attacks have come our way over the last seen only after FY21,” he says, giving a forecast of nega-
six months due to the merger, resulting in perception tive volume growth for the company’s India business.
disturbance. So we have to work with lenders and “A plethora of negative factors coincided with in-
stakeholders to make sure that the perception goes tensification of global trade conflict, especially after
back to appreciating that between 2008 and 2018, October 2018. This led to a significant correction in
we created from scratch the second-largest housing fi- stock prices, tanking market cap and making some
nance company in India. It will take four-five months stocks very illiquid,” Sinha adds.
to get back the perception,” says Gagan Banga, Vice Till there is a change in the overall economic condi-
Chairman and MD of Indiabulls Housing Finance. tions and sector specific factors, a significant improve-
In contrast, Ahmedabad-based Arvind has seen a ment in market caps seems unlikely.
steep fall in average market cap due to the demerger
of two of its subsidiary companies, Arvind Fashions @RashmiPratap3

56 I BUSINESS TODAY I December 1 I 2019

 HE AVERAGE MARKET capitalisation of BT 500 companies has fallen
for the first time since 2012 reflecting the economic slowdown, a decline
in corporate earnings and the liquidity crisis that have taken the sheen

T
off Dalal Street.
BT 500 is a list of top 500 companies by average market cap. For the
October 2018 to September 2019 period, the average market cap was
`137.5 lakh crore, down 1.5 per cent over the previous year. “Broadly,
lack of earnings is the major reason behind the decline,” says Siddharth
Sedani, Vice President-Equity Advisory, Anand Rathi Shares and Stock
Brokers. Corporate earnings grew only 6 per cent in 2018/19 and de-
clined 8.9 per cent in the first quarter of this fiscal, excluding banks,
non-banking finance companies and oil firms. When corporate earnings
growth takes a hit, valuations suffer, leading to a lower market cap and

58 I BUSINESS TODAY I December 1 I 2019

 investors booking losses.
Sedani says while earnings were not
growing rapidly in earlier years too, “there
was a lot of ‘hope trade’ and expansion of
price-to-earnings or P/E”. (A market rally
on basis of positive expectations is called
INDIA’S MOST VALUABLE COMPANIES hope trade.)
SLOW GROWTH
Index Speak
Barring a select 10 or 12 stocks, other
large caps have not performed well. “P/E
expansion is unlikely as India’s macroeco-
nomic parameters have not been stable,”
Sedani says.

Feeling
The overall economic situation is
not encouraging either with GDP grow-
ing 5 per cent in the September quarter.
The Index of Industrial Production (IIP)
in August was the lowest in seven years
— a negative 1.1 per cent. Umesh Mehta,
Head of Research, Samco Securities, says

The Heat
the past year has been a whirlwind with
liquidity crisis, consumption slowdown
and election uncertainty. “If this wasn’t
enough, macros followed global cues like
trade wars and volatile commodity prices.
All these caused wealth erosion across D-
Street,” he says.
Indian stocks have also been hit by
US and China dispute over trade and for-
eign policy. In times of international un-
certainty, investors tend to look for a safe
Average market haven for investments and withdraw from

cap of BT 500 equity markets, precipitating a decline in

market cap.

companies has fallen. Ajit Mishra, Vice President-Research,

Religare Broking, says the decline in mar-
Unless corporate ket cap could also be largely due to under-
performance of mid-cap and small-cap
earnings grow and stocks. According to BSE data, the col-
lective market cap of BSE B group shares
performance of (small- and mid-caps) was `20.63 lakh
crore in 2017/18; it fell to `7.72 lakh crore
mid- and small-caps in October 2019, below the 2007/08 level
of `8.3 lakh crore.
improves, there seems Sedani says the economic slowdown is
visible in mid-cap and small-cap spaces as
no recovery in sight. well. “Broadly, mid-caps and small-caps
have not performed in the last one year. In
the last calendar year, the mid-cap index
BY RASHMI PRATAP was down 15 per cent. This year, too, these
ILLUSTRATION BY AJAY THAKURI stocks have not been performing,” he says.
U.R. Bhat, Fund Manager, Dalton
Capital Advisors, says small- and mid-
cap stocks have fallen sharply from their
peaks. “They are not as well-equipped to
face adversity in the economy as large-

December 1 I 2019 I BUSINESS TODAY I 59

 INDIA’S MOST VALUABLE COMPANIES
SLOW GROWTH
caps. So, they are quoting at a discount now,” he says.
According to BSE data, the BSE midcap index is
now valued at 27 times its underlying earnings in the
trailing 12 months, a sharp decline from of 35 times a
year ago. In comparison, the benchmark BSE Sensex
is trading at 27.3 times its trailing earnings. This is
the first time in over two years that the mid-cap index
is trading at a discount to the benchmark index.
Sectors Under Pressure
“Underperformance of a few sectors like automobile,
pharma and metals, which together constitute over
12 per cent of the index (the NSE 500), would have
also contributed to the decline,” says Mishra.
Vehicle sales plunged for the 11th straight month
in September. Passenger vehicle sales fell 23.69 per
cent and commercial vehicle sales declined 62.11
per cent in September as the auto sector faced one
of its worst slowdowns in decades. The reasons are
60 I BUSINESS TODAY I December 1 I 2019
structural (push for electric vehicles, implementa-
tion of Bharat Stage VI or BS-VI emission norms
from 2020) and transient (rising cost of ownership),
besides the overall gloom due to increased job losses
and reduced incomes.
The BSE Auto index fell over 25 per cent to 15,400
in July 2019 over December 2018. Similarly, the BSE
Metal index fell from a high of 13,000 in November
2018 to 8,500 in August 2019.
Another factor that has led to the steep fall in
market cap of companies has been the liquidity crisis
that erupted after the collapse of shadow banking gi-
ant IL&FS in September last year. That dried up the
funding source for non-banking finance companies
(NBFCs), curtailing their ability to expand their port-
folio. They were unable to roll over short-term debt,
leading to defaults in many cases.
G. Chokkalingam, Founder and MD of Equinom-
ics Research and Advisory, says it is not only small-
and mid-caps that have suffered. “Large-cap indices,
too, have been beaten down due to the skewed perfor-
mance of several stocks. This kind of narrow perfor-
mance has not been seen in the last four to five years,”
he says. The companies that have been hit include
those that were among the top players in their sec-
tors like Dewan Housing and Finance and Indiabulls
Housing Finance in the housing finance sector;
Bharti Airtel in telecom; and Yes Bank and Reliance
Capital, among others, in the financial services sector.
“Even large-cap stocks in telecom, banking, hous-
ing finance and real estate have been butchered. This
narrow performance is getting reflected as pain in the
boarder markets,” adds Chokkalingam.
Samco’s Mehta says that unless growth picks up
and consumer spending rises, there won’t be a sig-
nificant multiplier effect on corporate earnings and,
therefore, the market cap of companies. “It will take
some time before rosy times return and translate into
stock prices which will then bring the average market
cap up just like the period of 2016-18 when Nifty rose
from lows of 6,960 to highs of 11,753,” he says.
For now, the road to recovery seems slow and
long winding. Sedani does not expect things to
change immediately. “We expect the December quar-
ter to be better than the September quarter. In fact,
some companies have already started showing reviv-
al. But, while green shoots are visible, they will not
convert into big earnings in the December quarter,”
he says.
The March quarter could show some improve-
ment but that’s only towards the end of the year. “So,
this year will not be great but we are expecting some
revival in the March quarter on the back of the rabi
season and higher procurement by the government.
And in anticipation of that, the market will remain
stable,” Sedani adds.
@RashmiPratap3
 INDIA’S MOST VALUABLE COMPANIES
AUTO SECTOR

Motown’s Slow Ride

The domestic automobile industry
in India has endured its worst ever slowdown
in history that has spared nobody.
BY SUMANT BANERJI
ILLUSTRATION BY SAFIA ZAHID

OR YEARS I THOUGHT what was good for our country was

good for General Motors, and vice versa.” This is how Charles
Erwin Wilson, the legendary former CEO of General Motors
and US Defence Secretary after World War II, reacted to a

F
question how he would handle a decision involving a conflict
between his former company and the country.
India of 2019 could do well to be mindful of Wilson’s
reply as it grapples with an automobile slowdown that is so
severe that it can bring its growth story to a sorry end. With
overall revenues of $119 billion that account for 7.1 per cent
of the country's gross domestic product, 49 per cent of its
manufacturing GDP and 37 million directly and indirect jobs,
the sector has a direct bearing on the economy at large. And
vice versa.
The distress in the industry, say experts, is unprecedented,
if not totally unforeseen. Passenger vehicle sales declined on a
year-on-year basis every month from July 2018 till September
2019. In October, there was marginal growth. It took only a
little longer for the slowdown to show up in other segments.
Sales of commercial vehicles, one of the barometers of over-
all economic growth, started declining in December last year.
They have declined in seven of the nine months since then.
Sales of two-wheelers, the biggest pie in the automobile indus-

62 I BUSINESS TODAY I December 1 I 2019

try in India, have been in the red since December. The
slowdown that is on the verge of turning into a full-
blown recession in the sector has not spared tractors
either. After growing a healthy 18.5 per cent and 23.7
per cent in 2016/17 and 2017/18, respectively, tractor
sales growth fell to just 7.8 per cent in 2018/19. In the
first half of 2019/20, sales fell 14.6 per cent, match-
ing the performance of the other industry segments.
The stock market has been unsparing. The auto
and ancillary index saw the biggest fall in market
capitalisation in the 12 months between October
and September of 2017/18 and 2018/19. A near 23
per cent fall led to a `2,71,278.7 crore erosion in mar-
ket value. “This is unprecedented. We have never
seen all the segments of the industry decline at the
same time like this. And for this long,” says Rajan
Wadhera, President, Society of Indian Automobile
December 1 I 2019 I BUSINESS TODAY I 63
Manufacturers (SIAM).
There are numerous reasons for this mess. To
begin with, retail prices of petrol and diesel hit re-
cord highs in October 2018 due to high international
crude oil prices. At the same time, bankers became
risk averse in the aftermath of the IL&FS default and
the ensuing NBFC crisis and decided to lend less.
On top of these were a raft of regulatory changes in
the sector. Insurance regulations mandated payment
of three-year premium in the year of purchase for
third-party liability and increase in personal accident
cover from `2 lakh to `15 lakh. This meant increase
of `6,000 for an entry-level car such as Maruti Alto.
New safety norms that mandated anti-lock braking
system for two-wheelers and airbags for cars in-
creased the cost of vehicles. Many state governments
also increased the road tax on vehicles. All in all, the
 INDIA’S MOST VALUABLE COMPANIES uncertainty in minds of consumers have severe-
AUTO SECTOR ly hurt the sector. Block closure (when factories
are shut for days on end) has become the word of
the year,” adds Butschek.
The ancillary industry, the back-
bone of the sector, has fared worse.
2,67,579.8

Cumulatively much bigger than the

vehicle manufacturers, it operates
TOP MCAP
at relatively lower margins. The in-
LOSERS
2,05,722.5

dividual companies' lack of scale

Figures in ` crore makes them more vulnerable to
Source: Ace Equity slumps. A slowdown of this magni-
AVG MCAP OCT 2018-SEP 2019 tude has tested the mettle of even the
AVG MCAP OCT 2017-SEP 2018
best. “We are facing an unprecedent-
% CHANGE ed slowdown. Vehicle sales in all seg-
1,00,474.4

ments have continued to plummet

99,554.6

for the last several months,” says Ram

86,480.8
80,843.5
82,569.0

79,324.6

Venkataramani, Managing Director,

70,967.6

69,868.9
58,940.3

India Piston Rings. “Considering the

55,356.4

54,664.2

48,868.4
52,199.7

auto component industry grows on

43,556.7

38,657.2

30,489.0
the back of the vehicle industry, a 15-
25,286.0
26,268.1

20 per cent cut in vehicle production

-23.1 -17.8 -6.5 -30.2 -23 -11.4 -50.9 -37.7
Maruti M&M Bajaj Eicher Hero Bosch Tata Motherson Ashok
Suzuki Auto Motors MotoCorp Motors Sumi
India Systems
cost of owning and operating a vehicle became sig-
nificantly higher.
In commercial vehicles, change in norms in the
middle of last year permitting higher loads at a time
when there was less freight to ferry around came in as
a demand dampener. “Let's actually take it in a very
dramatic way and let’s conclude, the Indian automo-
tive growth story is about to collapse. I have seen the
statistics published by the entire automotive industry
in the first quarter, then the continuing statistics on
wholesale in the month of July, August. I don't say
it has collapsed…(but) it’s about to,” says Guenter
Butschek, CEO and Managing Director, Tata Motors,
India’s largest automobile company.
“Low economic activity leading to subdued
demand, triggered by liquidity crisis and in-
crease in axle load for commercial vehicles and
has led to a crisis-like situation in the
auto components sector. If the trend
-32 -17.1
continues, an estimated ten lakh
MRF people could be laid-off.”
Leyland
The ancillary industry grew a re-
spectable 14.5 per cent to $57 billion
in 2018/19 but the downturn, when
it came in the second half, hit them hard. While
vehicle manufacturers, with their deeper pockets,
have somehow weathered the storm so far and re-
trenched only temporary or contractual workers,
layoffs in this side of the business have been more
significant. “The first half of 2018/19 witnessed ro-
bust double-digit growth. However, the second-half
saw a significant slump in vehicles sales,” says Vinnie
Mehta, Director General, Automotive Component
Manufacturers Association (ACMA). “This industry
employs about five million people and 70 per cent of
them are on contract. That is where retrenchments
have begun but it is likely to get worse if the slow-
down persists. We are looking at a possible 15-20
per cent reduction in workforce if things do not im-
prove soon.”
@sumantbanerji
 KENICHI
AYUKAWA,
MD & CEO,
MARUTI
SUZUKI
INDIA
PHOTOGRAPH BY REUBEN SINGH

66 I BUSINESS TODAY I December 1 I 2019

 INDIA’S MOST VALUABLE COMPANIES
TOP 10 EXIT: MARUTI SUZUKI

Tipping
Point
Maruti Suzuki finds itself
at the receiving end of the
unprecedented slowdown
in India’s automobile
market. It has slipped out
of the top 10 list.
BY SUMANT BANERJI
M
ARUTI SUZUKI INDIA’S second quar-
ter financial performance was its worst
in almost five years. The reason for the
slump that the company finds itself
in is low demand for its vehicles. Sales
tumbled by close to a third during the
three-month period.
The cyclical automobile sector routine-
Out of Top 10 ly goes through crests and troughs. What
Maruti Suzuki India’s ranking in BT 500 list set Maruti apart from the other players
over the last 10 years was its ability to perform better than the
industry even in tough times. Not this
5
time, though. The second quarter was not
10
15 11 a one-off either.
19 Rank
20 In the first half of this fiscal, Maruti’s
25 sales fell 27 per cent as against the indus-
30 try average of 23.6 per cent. This resulted
35 in the company losing 2.33 percentage
40 points market share (from 52.1 per cent
2009 2019
to 49.77 per cent). This is the most Maruti
Between 2002 and 2014, rankings were based on average market cap has lost in a six-month time frame, barring
between April 1 and September 30. Since 2015, rankings have been based
on the average market cap for the October-September period the period in 2012/13 and 2013/14, when
it was facing labour issues at Gurgaon and

December 1 I 2019 I BUSINESS TODAY I 67

 INDIA’S MOST VALUABLE COMPANIES vehicle segment also hurt the company. An ill-timed
TOP 10 EXIT: MARUTI SUZUKI announcement last April that it is discontinuing its
smaller 1.3 litre diesel engine in the BS VI regime
from April 2020, with no clarity on whether another
engine will be offered in its compact SUV Brezza, has
Manesar factories. been a major faux pax. It came at a time when Hyun-
The stock market has not taken kindly to this. dai Venue was getting ready for launch and immedi-
The company’s average market capitalisation fell ately hit the fortunes of Brezza, one of Maruti’s best-
over 23 per cent in the one year between October selling and most profitable new models. “It would not
2017-September 2018 and October 2018-September have hurt that much had the market generally been
2019. The four-position fall in the company’s BT 500 good, but in the context of the current situation, it
ranking has pushed it out of the top 10 list of India's was a self-goal,” says an industry analyst who does not
most valuable companies this year. wish to be identified.
“The confusion that this created in minds of con-
The Triggers sumers was exploited well by Hyundai. Controlling
There are several reasons for Maruti’s under-per- that damage proved to be very costly as Maruti had
formance over the last 18 months. The automobile to offer five-year warranty on all its diesel models and
industry has seen widespread changes during this steep discounts on Brezza.
period. Right from new safety regulations to in- In a matter of a few months,
tense public debate on electric vehicles as choice of we saw a car that was being
the future and transition from BS IV to BS VI emis-
sion norms in April 2020, everything has conspired
Most launches sold without any marketing
effort being offered at sky-
to discourage people from buying a car. At the same
time, insurance and finance costs have gone up. The of late have high discounts,” says the
analyst.
fall in overall consumption on the back of dimin-
ished economic activity, low wage increases and high been refreshed On a more long-term
perspective, too, given the
unemployment have not helped either. The biggest
impact has been in the entry-level segment, where versions of disruptions the industry is
poised to witness, Maru-
Maruti is the king, as the budget consumer is the one
who has seen his growth prospects dampen sharply older models ti's future is a tad uncer-
tain. The first question is

like the new

in the last few months. “The main reason for the whether it will be able to
slowdown is that the cost of buying a car has gone compensate for the loss

Swift, Ertiga
up substantially this year. The safety and emission
norms being implemented at the same time (Maruti
has proactively launched BS VI petrol cars ahead of
the April deadline), change in regulations for insur-
ance where consumers have to buy for three years in
and Wagon R
the first year itself and as many as nine states increas-
ing road tax have made owning a car more expensive,”
says R.C. Bhargava, Chairman, Maruti Suzuki India
Ltd. “On top of it, availability of finance for cars went
down by almost a third. Higher interest rates resulted
in an increase in initial deposit at the time of buying
by up to 11 percentage points from 10 per cent earlier,
an over two-fold jump.”
Not everything, however, can be blamed on the
external environment. The company has had a rela-
tively lean two years as far as new launches are con-
cerned. Most of its launches were refreshed versions
of older models like the new Swift, Ertiga and Wagon
R. Before the S Presso last month, the last time the
company had launched a new brand in India was in
January 2017 (Ignis). During this period, not only
did new competitors like Kia Motors and MG Motors
enter the fray, older rivals like Hyundai, Tata and Ma-
hindra launched new brands like Venue, Nexon and
Harrier and Marazzo and XUV3OO, respectively.
Maruti’s relatively weaker position in the utility
of the diesel market with
either a commensurate
growth in petrol models or
by pushing its CNG portfo-
lio. The growth of electrifi-
cation of mobility in India
and the role that Maruti
will play in it are also unknowns. While its market
leadership is a given for at least the next decade,
holding on to a 50 per cent share, a high, will be a
tough ask. “It’s a challenge. Globally, one company
has never been able to get 50 per cent share in one
country,” admitted Toshihiro Suzuki, the President
of parent Suzuki Motor Corporation and the son
of patriarch Osamu Suzuki. “The Indian market is
very special to us and we will try to keep the 50 per
cent share but there are varied challenges. General
Motors in the US has around 16 per cent market share.
The same is the case with Volkswagen in Europe.
But I will try to keep the 50 per cent market share
(in India).”
If the company manages to do that, its financials,
stock market performance and market capitalisation
will take care of themselves.
@sumantbanerji

68 I BUSINESS TODAY I December 1 I 2019

 INDIA’S MOST VALUABLE COMPANIES
NEW ENTRANTS

Shrinking Level
There are fewer new entrants in BT 500 this year,
and their market value is also lower.
BY NEVIN JOHN
ILLUSTRATION BY AJAY THAKURI

S VARIOUS INVESTMENT avenues like real estate, gold

and fixed deposits were going through a series of crises,

A
the stock market was thriving, mainly due to domestic in-
vestors. The BSE Sensex went up by around 16 per cent
and seven per cent in the years ending September 2018
and 2019, respectively. But the fast-paced ride was not
enough to enthuse companies to come out with initial
public offerings (IPOs).
The number of new entrants in the stock market has
almost halved in the last one year. Until mid-October, 14

70 I BUSINESS TODAY I December 1 I 2019

 INDIA’S MOST VALUABLE COMPANIES insurance companies – SBI Life Insurance, General
NEW ENTRANTS Insurance Corp. of India and The New India Assur-
ance Co. – were added for the first time in the top
100 list. Another new entrant last year was Bandhan
companies have raised about `11,300 crore compared Bank, which had launched its IPO in March 2018,
to `31,000 crore raised by 24 companies in 2018. and entered the top 50 with an average market cap of
In 2017, 36 companies had raised a record `67,150 `67,666 crore in 2017-18.
crore. In one way, this is reflected in this year’s BT This year, the second biggest addition this time
500 too, which has only 11 new entrants (between has been Adani Gas. It stands at the 178th position
October 2018 and September 2019), compared to 22 with an average market value of `13,943 crore. The
in the year ago period. latest numbers show that its value went up further to
Besides, the new entrants have a total market cap `16,145 crore (November 5), after news of a strategic
(full year average) of `81,646 crore, just one-sixth of investment by French oil major Total SA, which will
buy 37.4 per cent stake in the company for
`5,700 crore, came out.
Polycab India is the third largest new
entrant, which is at the 241st spot with a
ELEVEN NEW ENTRIES market cap of `9,083 crore. The company
The biggest entrant this year is Dalmia Bharat, is in the business of manufacturing and
whose average market cap is `19,334 crore. In
2018, six of the 22 new entrants had a market selling wires and cables and fast moving
cap higher than this. electrical goods under the Polycab brand.
The stock surged 24 per cent in the last
RANK AVERAGE MARKET two weeks of October, based on doubling
2019 COMPANY CAP (` CR)
of profit to `194 crore in the September
136 Dalmia Bharat 19,334
quarter versus last year.
178 Adani Gas 13,943 Jaipur-based lender Aavas Financiers
241 Polycab India 9,083 is another noticeable entrant in BT 500.
It is primarily in the business of provid-
247 Aavas Financiers 8,936
ing housing loans to customers in low and
287 Chalet Hotels 6,484 middle income segments in semi-urban
323 Metropolis Healthcare 5,185 and rural areas. The average market valu-
324 Rail Vikas Nigam 5,179 ation of Aavas stood at `8,936 crore in the
one-year period until September 2019.
359 Arvind Fashions 4,249
However, the value went up further to
381 Indiamart Intermesh 3,889 `11,536 crore (November 5).
460 Techno Electric & Engineering Co. 2,781 Chalet Hotels, a K. Raheja group
473 KPIT Technologies 2,584 company, is the fifth largest new entrant
in BT 500 at an average market cap of
Data is for Oct 2018-Sept 2019 period. Source: Ace Equity `6,484 crore. The hospitality giant, which
develops and manages high-end hotels of
Marriott group in key metro cities, came
out with its IPO in January 2019, which
was fully subscribed.
the valuation of new entrants in the 2017-18 period. Metropolis Healthcare and Rail Vikas Nigam are
the only two other new companies in BT 500 which
Fresh Names crossed `5,000 crore valuation. The remaining four
The biggest new player in the list this year is cement of the new entrants this year – Arvind Fashions, In-
manufacturer Dalmia Bharat, which had a full-year diamart Intermesh, Techno Electric & Engineering
(October 2018-September 2019) average market value Co. and KPIT Technologies – have average market
of `19,334 crore and stands at 136th position in BT caps in the `2,500-4,200 crore range.
500. However, its value has seen a fall of almost 20 per Lower-than-expected valuations have forced
cent to `15,844 crore (as on November 5). The compa- many companies to defer their IPO plans in 2019.
ny posted a consolidated profit of `349 crore on a rev- Market analysts say that the current stretch of weak-
enue of `9,484 crore in the quarter ended September. ness in the IPO market is likely to continue for some
Last year, the highest ranked new entrant in time and fund raising through IPOs in 2019 could
BT 500 was HDFC Life Insurance, with an average well be the lowest in five years.
market valuation of `90,909 crore. In fact, includ-
ing the life insurance arm of HDFC, a total of four @nevinjl

72 I BUSINESS TODAY I December 1 I 2019

 INDIA’S MOST VALUABLE COMPANIES
METHODOLOGY
How We Did It
USINESS TODAY has been ranking India’s larg-
est companies – BT 500 – since 1993 based on their
market capitalisation. In the early days we based it on
the market cap of companies as on March 31. Like in
everything else, there is change. In 1997, we took a close
look at the methodology to make the first change. We
then started ranking companies based on their market-
cap during the fiscal – April 1 to March 31. In 2002, we
began using average market cap between April 1 and
September 30. In 2016, we reverted to the 12-month
ranking, taking the period from October 1 to Septem-
ber 30. This gives you the advantage of looking at not
just the 12 months’ numbers but also the most recent
numbers from the stock exchanges.
In the main tables, along with the October-Septem-
ber market cap, we have also provided the average mar-
ket cap over the past two fiscals for a better understand-
ing of how the company performed.
Later, from page 106 we have a series of tables that
74 I BUSINESS TODAY I December 1 I 2019
rank the companies by assets, profit after tax, total in-
come and debt. Companies in the banking, financial
services and insurance (BFSI) sector have not been
ranked on these parameters as their method of captur-
ing and measuring these metrics is markedly different
from all other sectors. In the tables, companies that fall
under the BFSI sector have been highlighted so that
you can easily identify them.
The Process
For the purpose of our study, we used the Accord Fin-
tech’s Ace Equity database. To arrive at our listing,
we began with a master sample of 3,997 listed and
actively traded companies. We used BSE market cap
in all cases, except for those companies that are listed
only on the National Stock Exchange or NSE, which
are very few. Companies that were not traded on a
minimum of 20 per cent of the 245 trading days in the
October 2018-September 2019 period were excluded.
This reduced the number of companies to 3,325.
Thereafter, we extracted the average market cap of
each company over this period (October 2018-Sep-
tember 2019) and used it to rank the top 1,000 com-
panies. You can find the Top 500 from page 76, and
the ranking of 501-1,000 companies can be accessed
online at www.businesstoday.in.
Other Parameters
The study is not limited to market cap. Metrics such
as total income, net profits and total assets, debt, re-
turn on net worth (RONW) and return on capital
employed (ROCE) have also been showcased for the
reader to make discerning comparisons. For most
companies, the financial year ending is on March
31. Where there are exceptions, they have been men-
tioned in the footnotes.
 INDIA’S MOST
VALUABLE COMPANIES
THE LIST (1-15 / 500)

MOST

500
VALUABLE

THE MARKET CHURN

THROWS UP NEW WINNERS
AND LOSERS IN BT 500.
Illustrations by Raj Verma

RANK AVERAGE MARKET CAPITALISATION (` CRORE)

2019 2018 COMPANY Oct ’18 - Sept ’19 Oct ’17 - Sept ’18 Growth % FY 2018/19 FY 2017/18

1 1 Reliance Industries 7,78,973 6,27,315 24.2 7,08,766 5,28,977

2 2 Tata Consultancy Services 7,72,458 6,22,143 24.2 7,23,030 5,01,506
3 3 HDFC Bank 6,01,661 5,11,218 17.7 5,53,055 4,55,322
4 5 Hindustan Unilever 3,79,125 3,15,599 20.1 3,59,970 2,60,070
5 6 Housing Development Finance Corporation 3,44,325 3,01,766 14.1 3,21,553 2,73,208
6 4 ITC 3,40,903 3,34,439 1.9 3,45,935 3,37,938
7 8 Infosys 3,15,855 2,58,460 22.2 2,93,608 2,25,690
8 9 State Bank of India 2,69,302 2,47,041 9.0 2,46,900 2,47,011
9 11 Kotak Mahindra Bank 2,56,649 2,20,053 16.6 2,37,352 1,90,071
10 12 ICICI Bank 2,47,392 1,94,983 26.9 2,09,997 1,90,502
11 7 Maruti Suzuki India 2,05,722 2,67,580 (23.1) 2,43,049 2,42,068
12 13 Larsen & Toubro 1,93,199 1,81,554 6.4 1,86,520 1,69,658
13 10 Oil & Natural Gas Corporation 1,90,617 2,29,190 (16.8) 2,05,859 2,28,133
14 18 Axis Bank 1,79,775 1,38,854 29.5 1,55,152 1,28,067
15 23 Bajaj Finance 1,69,788 1,17,616 44.4 1,40,124 91,958

Overall ranks are based on average market capitalisation (October 2018 to September 2019); “Rank 2018” is as published in last year’s
BT 500. Parameter ranks are for within the top 1,000 companies; Ranks have been assigned based on multiple decimals; Because of
rounding off, some ranks may appear incorrect; Results are audited and standalone; Figures in brackets denote negative value; ROCE:
return on capital employed; RONW: return on net worth; na: not available; NA: not applicable; NL: not listed on bourses; NR: not ranked
 TOTAL ASSETS (` CRORE) TOTAL INCOME (` CRORE) PROFIT AFTER TAX (` CRORE) PROFIT AS 2018/19
% OF TOTAL
FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 SALES RONW (%) ROCE (%)

7,75,745 6,17,525 1 3,80,438 2,98,299 2 35,163 33,612 1 8.77 9.77 11.44

97,403 88,005 15 1,30,797 1,03,159 6 30,065 25,241 2 24.41 38.91 52.81
12,44,541 10,63,934 NA 1,16,598 95,462 NA 21,078 17,487 NA 21.30 16.50 NA
17,526 16,894 68 38,888 35,094 25 6,036 5,237 18 15.79 82.24 116.06
4,57,947 3,97,630 NA 43,378 40,707 NA 9,632 10,959 NA 22.22 13.71 NA
69,798 62,381 18 47,490 42,781 20 12,464 11,223 6 27.22 23.63 33.83
77,816 74,749 17 75,965 66,094 12 14,702 16,155 5 20.11 23.36 31.58
36,80,914 34,54,752 NA 2,79,644 2,65,100 NA 862 (6,547) NA 0.36 0.44 NA
3,12,172 2,64,933 NA 28,547 23,801 NA 4,865 4,084 NA 20.32 12.18 NA
9,64,459 8,79,189 NA 77,913 72,386 NA 3,363 6,777 NA 5.30 3.24 NA
62,932 59,370 22 88,703 81,907 9 7,501 7,722 15 8.72 17.07 23.91
1,24,884 1,15,206 10 90,378 79,224 8 6,678 5,387 17 7.68 13.16 18.20
3,02,235 2,91,228 4 1,35,427 1,10,950 5 26,716 19,945 3 24.36 13.48 19.14
8,00,997 6,91,330 NA 68,116 56,747 NA 4,677 276 NA 8.51 7.19 NA
1,07,839 80,852 NA 17,401 12,665 NA 3,890 2,485 NA 22.38 22.13 NA

last year; All the latest data for FY 2018/19 unless otherwise indicated; * 12 months ended September 2018; ** 12 months ended March
2018; ^12 months ended June 2018; # 12 months ended December 2018; ##15 months ended March 2019. BFSI (banking, financial services
and insurance) companies have a different way of earning and presenting financial data, so their income, profit and asset numbers have
not been ranked. See BT500 companies over the past 20 years at: www.businesstoday.in/bt500. Source: Ace Equity
 RANK AVERAGE MARKET CAPITALISATION (` CRORE)
2019 2018 COMPANY Oct ’18 - Sept ’19 Oct ’17 - Sept ’18 Growth % FY 2018/19 FY 2017/18

16 19 Wipro 1,57,874 1,33,217 18.5 1,40,479 1,35,393

17 16 Bharti Airtel 1,48,989 1,68,729 (11.7) 1,37,870 1,70,469
18 14 Coal India 1,46,223 1,74,427 (16.2) 1,61,912 1,69,326
19 21 HCL Technologies 1,41,275 1,31,541 7.4 1,36,614 1,23,669
20 15 Indian Oil Corporation 1,35,686 1,74,313 (22.2) 1,46,317 1,95,512
21 24 Asian Paints 1,35,215 1,17,549 15.0 1,27,175 1,10,001
22 17 NTPC 1,25,271 1,38,928 (9.8) 1,28,939 1,39,228
23 25 Ultratech Cement 1,12,059 1,12,666 (0.5) 1,07,000 1,14,281
24 33 Bajaj Finserv 1,09,608 89,444 22.5 97,324 77,903
25 20 Sun Pharmaceutical Industries 1,08,153 1,31,816 (18.0) 1,24,198 1,32,097
26 36 Nestle India # 1,07,158 84,384 27.0 98,606 69,209
27 22 Hindustan Zinc 1,07,015 1,27,526 (16.1) 1,18,946 1,22,978
28 28 Power Grid Corporation of India 1,01,285 1,03,898 (2.5) 1,00,648 1,07,828
29 26 IndusInd Bank 94,817 1,07,640 (11.9) 1,04,113 96,712

INDIA’S MOST
VALUABLE COMPANIES
THE LIST (16-47 / 500)

30 42 Titan Company 93,577 75,357 24.2 81,975 59,266

31 35 Avenue Supermarts 89,712 84,574 6.1 92,447 64,052
32 32 HDFC Life Insurance Corporation 85,174 90,909 (6.3) 86,052 84,327
33 29 Mahindra & Mahindra 82,569 1,00,474 (17.8) 1,00,528 86,757
34 34 Bajaj Auto 80,844 86,481 (6.5) 80,394 87,158
35 31 Bharat Petroleum Corporation 76,767 94,866 (19.1) 78,606 1,04,708
36 37 Adani Ports and SEZ 76,733 81,169 (5.5) 75,710 80,036
37 50 Dabur India 73,503 64,893 13.3 72,070 55,763
38 39 GAIL (India) 72,958 78,903 (7.5) 78,512 72,120
39 55 Tech Mahindra 71,095 59,901 18.7 69,628 46,381
40 41 Godrej Consumer Products 70,697 75,743 (6.7) 78,954 65,795
41 52 Britannia Industries 69,750 64,229 8.6 72,057 51,207
42 43 JSW Steel 68,500 74,126 (7.6) 77,943 59,323
43 27 Vedanta 65,696 1,04,712 (37.3) 81,399 1,07,499
44 48 SBI Life Insurance Company 65,562 67,757 (3.2) 63,003 67,960
45 54 Shree Cement 62,960 60,190 4.6 57,551 62,345
46 63 Pidilite Industries 60,238 49,758 21.1 55,525 42,285
47 49 Bandhan Bank 59,523 67,666 (12.0) 61,991 56,390

Overall ranks are based on average market capitalisation (October 2018 to September 2019); “Rank 2018” is as published in last year’s
BT 500. Parameter ranks are for within the top 1,000 companies; Ranks have been assigned based on multiple decimals; Because of
rounding off, some ranks may appear incorrect; Results are audited and standalone; Figures in brackets denote negative value; ROCE:
return on capital employed; RONW: return on net worth; na: not available; NA: not applicable; NL: not listed on bourses; NR: not ranked

78 I BUSINESS TODAY I December 1 I 2019

 TOTAL ASSETS (` CRORE) TOTAL INCOME (` CRORE) PROFIT AFTER TAX (` CRORE) PROFIT AS 2018/19
% OF TOTAL
FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 SALES RONW (%) ROCE (%)

66,607 58,219 19 50,692 47,225 19 7,614 7,723 14 15.82 16.69 20.27

2,17,534 2,03,513 7 53,705 54,740 18 (1,829) 79 868 (3.69) (1.82) 1.51
19,041 18,465 60 11,595 10,319 71 10,470 9,293 9 903.06 78.45 79.28
35,349 31,312 41 26,817 22,775 38 8,185 7,362 12 31.47 28.23 34.24
3,35,482 3,00,820 2 5,30,821 4,27,453 1 16,894 21,346 4 2.73 15.44 16.23
13,152 11,588 90 16,671 14,431 50 2,135 1,895 38 11.37 25.59 38.38
3,02,326 2,75,862 3 91,388 87,647 7 11,750 10,343 7 13.01 11.38 5.75
58,436 54,373 27 36,175 29,957 28 2,456 2,231 34 6.88 9.12 11.14
3,211 2,918 NA 449 252 NA 307 142 NA 72.61 10.18 NA
38,052 37,130 37 11,589 10,234 72 817 306 86 6.58 3.62 4.31
8,088 7,363 141 11,552 10,187 73 1,607 1,225 50 14.23 45.30 70.93
40,533 40,724 34 22,900 23,798 40 7,956 9,276 13 37.67 22.88 29.33
2,54,050 2,30,553 5 35,733 30,770 29 9,939 8,245 10 29.13 22.71 9.96
2,77,819 2,21,626 NA 27,908 22,031 NA 3,301 3,606 NA 14.83 13.25 NA

Vedanta

43
# Sharp slide in rank from last year.
Market cap shrank 37% between
October 2018 and September 2019

11,385 9,348 104 19,252 15,708 47 1,374 1,163 59 7.21 24.16 25.83
6,998 5,612 165 19,968 15,082 46 936 785 79 4.28 18.40 26.29
NA NA NA NA NA NA 1,277 1,109 NA NA 24.61 NA
52,697 47,447 28 55,399 49,815 17 4,796 4,356 22 8.95 14.98 18.66
27,380 23,819 47 31,900 26,712 32 4,675 4,068 23 15.46 22.87 32.62
1,15,627 1,00,131 11 3,00,259 2,39,477 3 7,132 7,976 16 2.11 20.13 19.07
46,620 39,702 32 7,735 8,141 106 2,638 2,408 31 49.43 13.61 12.26
5,579 5,813 194 6,548 5,876 128 1,264 1,072 66 18.93 31.50 34.88
66,370 59,561 20 76,785 54,680 11 6,026 4,618 20 8.02 14.28 21.34
30,121 26,555 44 28,180 25,420 36 4,380 3,994 25 16.09 22.25 25.50
6,290 6,624 171 5,774 5,343 145 1,755 1,000 44 30.90 36.69 32.15
5,653 4,619 191 10,700 9,460 76 1,122 948 72 10.71 30.99 47.16
1,04,902 85,551 13 77,246 66,677 10 8,259 4,625 11 10.76 26.30 21.92
1,50,864 1,47,169 8 44,802 49,083 22 5,075 7,256 21 13.13 6.47 7.25
1,42,998 1,18,156 NA NA NA NA 1,327 1,150 NA NA 19.18 NA
14,581 14,629 80 11,968 10,222 67 951 1,384 77 8.11 10.28 10.76
7,500 6,448 151 6,286 5,491 132 979 955 76 16.07 25.33 35.70
56,442 44,310 NA 7,707 5,508 NA 1,952 1,346 NA 29.37 18.96 NA

last year; All the latest data for FY 2018/19 unless otherwise indicated; * 12 months ended September 2018; ** 12 months ended March
2018; ^12 months ended June 2018; # 12 months ended December 2018; ##15 months ended March 2019. BFSI (banking, financial services
and insurance) companies have a different way of earning and presenting financial data, so their income, profit and asset numbers have
not been ranked. See BT500 companies over the past 20 years at: www.businesstoday.in/bt500. Source: Ace Equity

December 1 I 2019 I BUSINESS TODAY I 79

 RANK AVERAGE MARKET CAPITALISATION (` CRORE)
2019 2018 COMPANY Oct ’18 - Sept ’19 Oct ’17 - Sept ’18 Growth % FY 2018/19 FY 2017/18

48 46 Tata Steel 58,576 70,837 (17.3) 66,084 62,558

49 38 Eicher Motors 55,356 79,325 (30.2) 69,375 79,238
50 45 Hero MotoCorp 54,664 70,968 (23.0) 63,325 73,140
51 44 Grasim Industries 54,233 72,087 (24.8) 61,017 69,895
52 56 Bosch 52,200 58,940 (11.4) 57,517 65,438
53 68 Interglobe Aviation 51,070 45,007 13.5 42,659 44,405
54 57 ICICI Prudential Life Insurance 50,920 56,663 (10.1) 51,612 59,077
55 53 Bharti Infratel 50,732 62,282 (18.5) 53,697 69,778
56 30 Tata Motors 48,868 99,555 (50.9) 67,561 1,20,681
57 69 Marico 46,497 42,001 10.7 44,413 40,571
58 58 Hindalco Industries 46,167 53,966 (14.5) 49,924 51,795
59 84 ICICI Lombard General Insurance 45,346 34,589 31.1 37,092 34,341
60 83 Havells India 44,020 34,697 26.9 39,663 31,402
61 77 Dr. Reddy’s Laboratories 43,790 37,519 16.7 39,998 39,634
62 47 Motherson Sumi Systems 43,557 69,869 (37.7) 57,498 69,124
63 64 Cipla 43,140 48,450 (11.0) 46,391 46,454

INDIA’S MOST
VALUABLE COMPANIES
THE LIST (48-81 / 500)

64 78 UPL 43,056 36,341 18.5 36,864 40,075

65 51 General Insurance Corporation of India 42,652 64,512 (33.9) 54,762 67,649
66 65 Ambuja Cements # 42,517 48,067 (11.5) 43,196 51,713
67 67 United Spirits 41,834 46,315 (9.7) 44,128 40,196
68 104 Divis Laboratories 41,692 28,982 43.9 35,411 22,548
69 75 Aurobindo Pharma 41,275 38,001 8.6 40,679 39,247
70 66 Piramal Enterprises 41,136 46,981 (12.4) 44,488 46,680
71 59 Hindustan Petroleum Corporation 39,109 53,273 (26.6) 40,149 60,810
72 71 Siemens * 39,100 39,673 (1.4) 35,662 45,438
73 60 Zee Entertainment Enterprises 38,595 52,888 (27.0) 47,265 52,114
74 40 Yes Bank 38,505 76,575 (49.7) 63,133 74,339
75 NR HDFC Asset Management 36,658 35,383 3.6 31,580 NA
76 76 DLF 36,304 37,760 (3.9) 33,326 36,526
77 72 Lupin 36,165 38,842 (6.9) 37,819 45,595
78 79 Bank of Baroda 36,068 36,097 (0.1) 33,130 37,059
79 93 Bajaj Holdings & Investment 35,544 31,754 11.9 32,632 28,650
80 102 United Breweries 35,490 29,627 19.8 33,275 24,264
81 80 Petronet LNG 34,901 35,431 (1.5) 33,408 34,997

Overall ranks are based on average market capitalisation (October 2018 to September 2019); “Rank 2018” is as published in last year’s
BT 500. Parameter ranks are for within the top 1,000 companies; Ranks have been assigned based on multiple decimals; Because of
rounding off, some ranks may appear incorrect; Results are audited and standalone; Figures in brackets denote negative value; ROCE:
return on capital employed; RONW: return on net worth; na: not available; NA: not applicable; NL: not listed on bourses; NR: not ranked
 TOTAL ASSETS (` CRORE) TOTAL INCOME (` CRORE) PROFIT AFTER TAX (` CRORE) PROFIT AS 2018/19
% OF TOTAL
FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 SALES RONW (%) ROCE (%)

1,37,498 1,25,114 9 73,017 60,500 13 10,533 4,170 8 14.92 15.98 19.62

9,477 7,795 123 10,303 9,290 80 2,054 1,713 39 20.98 33.19 49.54
19,233 18,186 59 34,342 32,756 30 3,385 3,697 26 10.06 27.51 40.76
51,813 53,718 29 21,120 16,250 42 515 1,769 121 2.51 1.19 3.25
13,032 14,113 91 12,853 12,202 59 1,598 1,371 52 13.04 16.73 24.64
25,012 21,129 50 29,822 23,968 33 156 2,242 306 0.55 2.24 4.38
NA NA NA NA NA NA 1,141 1,620 NA NA 17.02 NA
18,069 20,150 65 8,585 8,100 97 2,779 2,414 30 40.74 16.65 22.27
60,910 59,212 25 71,757 60,498 14 2,021 (1,035) 40 2.92 9.55 10.56
4,463 4,020 238 6,272 5,388 133 1,132 718 71 17.55 34.73 35.25
81,502 82,729 16 46,983 44,160 21 1,205 1,436 70 2.63 2.46 5.07
NA NA NA NA NA NA 1,049 862 NA NA 21.28 NA
7,179 6,541 159 10,185 8,256 82 792 713 90 7.87 19.83 28.62
16,248 17,007 73 10,899 9,621 75 1,277 567 64 12.02 10.50 12.49
9,014 8,703 126 7,768 7,597 105 814 879 87 10.73 12.90 16.63
18,419 17,048 61 12,952 11,725 58 1,888 1,469 43 14.48 12.67 16.69

Havells India
#
60 Rises 23 ranks from 83 last year.
Market cap rose 27% between
October 2018 and September 2019

13,903 12,050 87 9,275 7,729 86 405 548 160 4.68 5.08 7.76
53,792 52,309 NA NA NA NA 2,224 3,234 NA NA 9.71 NA
25,187 24,627 49 11,733 10,817 69 1,487 1,250 56 13.09 7.26 7.74
8,927 8,684 129 9,076 8,376 90 659 562 110 2.31 23.37 21.13
8,800 8,370 131 5,036 3,928 170 1,333 870 61 27.31 20.61 28.06
18,141 15,794 64 12,457 10,351 63 1,530 1,813 54 12.48 14.34 14.85
42,515 41,262 33 4,133 3,931 196 (862) 518 862 (23.48) (4.22) 1.93
1,03,751 86,807 14 2,76,833 2,21,230 4 6,029 6,357 19 2.01 23.13 20.06
19,755 18,155 57 13,005 11,310 57 894 1,134 82 7.02 11.17 17.82
10,869 9,048 108 7,067 6,777 116 1,655 1,912 48 24.13 25.56 34.94
3,80,826 3,12,446 NA 34,215 25,491 NA 1,720 4,225 NA 5.81 6.53 NA
3,224 2,472 NA 2,097 1,870 NA 931 711 NA 48.59 35.08 NA
33,481 31,323 42 3,715 3,850 214 688 365 106 20.86 3.06 5.32
19,690 18,681 58 11,648 10,219 70 1,539 1,345 53 12.71 9.48 14.44
7,80,987 7,20,000 NA 56,065 50,306 NA 434 (2,432) NA 0.87 0.97 NA
10,906 10,101 NA 1,003 954 NA 788 800 NA 78.92 7.43 NA
5,379 4,719 201 6,504 5,642 129 563 394 116 3.98 19.17 28.45
17,729 17,509 67 38,846 30,916 26 2,155 2,078 37 5.61 21.79 30.33

last year; All the latest data for FY 2018/19 unless otherwise indicated; * 12 months ended September 2018; ** 12 months ended March
2018; ^12 months ended June 2018; # 12 months ended December 2018; ##15 months ended March 2019. BFSI (banking, financial services
and insurance) companies have a different way of earning and presenting financial data, so their income, profit and asset numbers have
not been ranked. See BT500 companies over the past 20 years at: www.businesstoday.in/bt500. Source: Ace Equity
 RANK AVERAGE MARKET CAPITALISATION (` CRORE)
2019 2018 COMPANY Oct ’18 - Sept ’19 Oct ’17 - Sept ’18 Growth % FY 2018/19 FY 2017/18

82 86 Biocon 34,211 33,958 0.7 37,581 25,650

83 95 Procter & Gamble Hygiene & Health Care ^ 33,215 30,913 7.4 31,930 27,720
84 99 Colgate-Palmolive (India) 33,073 30,202 9.5 32,280 29,038
85 91 Container Corporation of India 31,563 32,142 (1.8) 31,568 30,968
86 103 Punjab National Bank 31,362 29,383 6.7 25,573 33,722
87 112 Berger Paints India 31,226 26,712 16.9 29,291 24,513
88 113 GlaxoSmithKline Consumer Healthcare 31,194 26,540 17.5 28,929 23,978
89 74 NMDC 31,169 38,532 (19.1) 33,639 40,159
90 100 Vodafone Idea 30,918 31,167 (0.8) 29,437 32,470
91 70 Cadila Healthcare 30,831 41,914 (26.4) 37,365 47,508
92 61 Indiabulls Housing Finance 29,746 52,553 (43.4) 42,459 50,427
93 140 IDBI Bank 29,586 20,097 47.2 27,908 14,919
94 87 Oracle Financial Services Software 29,514 33,627 (12.2) 32,681 31,845
95 121 Larsen & Toubro Infotech 29,172 24,098 21.1 29,294 16,006
96 105 ABB India # 29,141 28,450 2.4 27,157 30,278

INDIA’S MOST
VALUABLE COMPANIES
THE LIST (82-115 / 500)

97 122 Torrent Pharmaceuticals 28,817 23,956 20.3 27,521 22,077

98 101 ACC # 28,600 29,741 (3.8) 27,488 31,759
99 114 Power Finance Corporation 28,514 26,217 8.8 23,923 33,421
100 62 The New India Assurance 27,796 51,319 (45.8) 40,778 53,577
101 115 REC 26,275 26,178 0.4 23,110 33,206
102 73 Ashok Leyland 26,268 38,657 (32.0) 34,666 32,857
103 108 Page Industries 25,578 27,771 (7.9) 29,666 21,168
104 98 MRF 25,286 30,489 (17.1) 29,170 28,689
105 88 L&T Finance Holdings 25,212 32,809 (23.2) 30,216 30,214
106 96 Shriram Transport Finance 25,136 30,827 (18.5) 28,768 26,551
107 126 3M India 24,614 22,059 11.6 24,381 17,363
108 107 NHPC 24,536 27,795 (11.7) 25,812 30,404
109 106 Mahindra & Mahindra Financial Services 24,464 28,207 (13.3) 27,813 23,933
110 110 LIC Housing Finance 24,216 27,158 (10.8) 24,493 31,819
111 111 Kansai Nerolac Paints 23,979 26,772 (10.4) 25,057 25,314
112 90 Hindustan Aeronautics 23,937 32,317 (25.9) 28,671 37,731
113 125 RBL Bank 23,760 22,094 7.5 23,606 20,848
114 138 Adani Transmission 23,316 20,309 14.8 20,201 17,420
115 94 Bharat Heavy Electricals 23,208 31,044 (25.2) 26,404 34,777

Overall ranks are based on average market capitalisation (October 2018 to September 2019); “Rank 2018” is as published in last year’s
BT 500. Parameter ranks are for within the top 1,000 companies; Ranks have been assigned based on multiple decimals; Because of
rounding off, some ranks may appear incorrect; Results are audited and standalone; Figures in brackets denote negative value; ROCE:
return on capital employed; RONW: return on net worth; na: not available; NA: not applicable; NL: not listed on bourses; NR: not ranked
 TOTAL ASSETS (` CRORE) TOTAL INCOME (` CRORE) PROFIT AFTER TAX (` CRORE) PROFIT AS 2018/19
% OF TOTAL
FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 SALES RONW (%) ROCE (%)

8,039 7,625 142 3,002 2,544 259 493 239 129 17.08 7.17 7.89
1,402 1,134 510 2,481 2,399 305 375 433 169 15.26 57.17 88.18
4,914 4,490 221 4,500 4,225 182 776 673 93 17.38 52.37 74.97
12,607 10,706 95 7,216 6,460 112 1,215 1,044 68 17.40 12.31 16.53
7,74,949 7,65,830 NA 58,688 56,877 NA (9,975) (12,283) NA (19.44) (25.38) NA
5,041 4,459 214 5,569 4,770 151 439 432 147 7.96 19.46 29.26
9,271 8,093 125 5,215 4,574 163 983 700 75 20.55 25.93 39.92
35,998 34,009 39 12,741 12,135 60 4,642 3,806 24 38.20 18.46 28.29
2,24,118 1,01,951 6 37,941 28,469 27 (14,056) (4,458) 875 (38.13) (29.92) (5.86)
13,914 13,249 85 7,109 6,018 115 1,602 1,091 51 24.68 19.18 17.79
1,20,103 1,26,899 NA 15,575 13,817 NA 3,729 3,185 NA 24.20 22.73 NA
3,20,284 3,50,086 NA 25,372 30,040 NA (15,116) (8,238) NA (68.49) (64.27) NA
4,404 4,545 243 3,789 3,977 212 1,282 1,006 62 35.81 34.98 51.68
6,070 4,827 178 9,239 7,434 88 1,475 1,160 57 16.56 36.08 46.58
8,962 8,771 127 10,959 9,218 74 511 420 122 4.70 13.42 21.32

Indiabulls Housing Finance

#
92 Market cap falls 43.4% between
October 2018 and September 2019
to `29,746 crore

12,027 11,819 99 6,144 4,577 135 745 482 97 12.80 15.58 13.46
16,025 14,889 75 14,943 13,422 54 1,507 915 55 10.18 15.15 15.87
3,40,795 2,75,361 NA 29,731 25,994 NA 6,953 4,387 NA 24.11 17.33 NA
NA NA NA NA NA NA 580 2,201 NA NA 3.72 NA
2,97,167 2,40,944 NA 25,344 22,481 NA 5,764 4,420 NA 22.77 17.31 NA
18,224 17,336 63 29,206 26,550 34 1,983 1,718 41 6.74 25.59 29.45
1,351 1,412 525 2,889 2,573 268 394 347 163 13.81 48.57 70.20
18,228 16,302 62 16,254 15,104 51 1,097 1,092 73 6.93 10.83 15.63
10,015 9,152 NA 526 478 NA 267 266 NA 55.39 3.49 NA
1,08,129 1,04,029 NA 15,546 13,367 NA 2,564 2,461 NA 16.52 17.44 NA
2,470 2,124 360 2,842 2,600 276 323 311 185 11.50 19.02 29.16
61,708 56,883 24 9,749 8,361 84 2,631 2,769 32 32.23 11.87 11.13
66,706 52,165 NA 9,940 7,148 NA 1,557 1,076 NA 17.85 15.21 NA
2,00,030 1,70,648 NA 17,362 14,841 NA 2,431 2,003 NA 14.01 15.94 NA
4,306 4,068 251 5,236 4,659 162 467 516 136 8.22 14.27 21.69
50,426 47,661 30 20,270 19,280 44 2,282 1,987 35 11.47 22.45 29.92
80,359 61,851 NA 7,743 5,576 NA 867 635 NA 13.76 12.19 NA
12,824 12,248 94 1,631 1,610 435 42 (25) 621 5.09 2.26 6.57
63,790 62,421 21 34,125 32,302 31 1,215 807 69 3.49 3.80 7.30

last year; All the latest data for FY 2018/19 unless otherwise indicated; * 12 months ended September 2018; ** 12 months ended March
2018; ^12 months ended June 2018; # 12 months ended December 2018; ##15 months ended March 2019. BFSI (banking, financial services
and insurance) companies have a different way of earning and presenting financial data, so their income, profit and asset numbers have
not been ranked. See BT500 companies over the past 20 years at: www.businesstoday.in/bt500. Source: Ace Equity
 RANK AVERAGE MARKET CAPITALISATION (` CRORE)
2019 2018 COMPANY Oct ’18 - Sept ’19 Oct ’17 - Sept ’18 Growth % FY 2018/19 FY 2017/18

116 82 Bharat Electronics 22,942 34,811 (34.1) 24,629 40,595

117 97 TVS Motor Company 22,718 30,509 (25.5) 26,326 29,834
118 109 Future Retail 22,669 27,211 (16.7) 25,839 22,870
119 92 Bharat Forge 22,643 31,998 (29.2) 27,734 29,806
120 171 Info Edge (India) 22,433 15,614 43.7 17,849 13,311
121 123 GlaxoSmithKline Pharmaceuticals 22,379 22,236 0.6 23,615 20,787
122 135 Gillette India ^ 22,279 21,161 5.3 21,304 18,483
123 160 Muthoot Finance 22,154 17,079 29.7 18,093 17,628
124 157 Bank of India 21,992 17,668 24.5 17,198 17,633
125 120 Alkem Laboratories 21,806 24,290 (10.2) 23,111 23,633
126 85 Sun TV Network 21,707 34,198 (36.5) 27,976 33,998
127 81 Aditya Birla Capital 21,010 35,127 (40.2) 26,418 39,849
128 89 Steel Authority of India 20,862 32,498 (35.8) 27,374 29,014
129 136 Indraprastha Gas 20,684 20,474 1.0 19,135 18,894
130 127 Cholamandalam Investment & Finance Co 20,568 21,975 (6.4) 21,523 18,753

INDIA’S MOST
VALUABLE COMPANIES
THE LIST (116-149 / 500)

131 167 Honeywell Automation India 20,213 16,206 24.7 18,097 12,925
132 130 Cummins India 20,192 21,755 (7.2) 20,392 25,066
133 132 Gruh Finance 20,178 21,596 (6.6) 21,917 17,853
134 163 IDFC First Bank 19,548 16,672 17.3 16,182 19,423
135 117 Oil India 19,438 25,733 (24.5) 22,645 25,158
136 NL Dalmia Bharat 19,334 NA NA 18,533 NA
137 225 Adani Power 19,333 11,265 71.6 13,478 12,489
138 144 Voltas 19,141 19,510 (1.9) 18,628 17,889
139 131 Indiabulls Ventures 18,938 21,664 (12.6) 26,509 9,772
140 139 Exide Industries 18,782 20,147 (6.8) 21,455 18,408
141 145 Whirlpool of India 18,766 19,399 (3.3) 19,163 16,777
142 134 Rajesh Exports 18,765 21,213 (11.5) 18,149 21,797
143 169 Godrej Properties 18,725 16,048 16.7 15,849 13,572
144 141 Canara Bank 18,693 19,985 (6.5) 18,872 20,695
145 124 Tata Power Company 18,612 22,156 (16.0) 20,232 22,844
146 148 AU Small Finance Bank 18,277 18,785 (2.7) 18,347 17,411
147 153 Mphasis 18,212 18,016 1.1 19,871 13,154
148 161 Oberoi Realty 18,046 16,850 7.1 16,797 14,767
149 147 The Federal Bank 18,014 18,916 (4.8) 16,952 20,609

Overall ranks are based on average market capitalisation (October 2018 to September 2019); “Rank 2018” is as published in last year’s
BT 500. Parameter ranks are for within the top 1,000 companies; Ranks have been assigned based on multiple decimals; Because of
rounding off, some ranks may appear incorrect; Results are audited and standalone; Figures in brackets denote negative value; ROCE:
return on capital employed; RONW: return on net worth; na: not available; NA: not applicable; NL: not listed on bourses; NR: not ranked
 TOTAL ASSETS (` CRORE) TOTAL INCOME (` CRORE) PROFIT AFTER TAX (` CRORE) PROFIT AS 2018/19
% OF TOTAL
FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 SALES RONW (%) ROCE (%)

19,992 18,092 56 12,396 10,779 64 1,927 1,399 42 15.95 22.97 32.21

8,369 7,156 135 18,217 15,274 48 670 663 108 3.68 21.52 23.63
10,528 8,194 113 20,185 18,493 45 733 11 99 3.32 21.17 19.02
9,939 8,366 120 6,716 5,435 124 1,071 707 74 16.43 21.40 21.96
3,620 3,191 286 1,209 1,013 497 282 182 204 25.65 12.86 18.22
7,778 7,598 145 3,230 2,925 238 425 352 152 13.60 20.15 31.45
1,193 979 559 1,690 1,772 423 229 253 230 13.66 38.56 58.93
38,051 30,786 NA 6,881 6,333 NA 1,972 1,778 NA 28.67 22.45 NA
6,25,223 6,09,575 NA 45,900 43,805 NA (5,547) (6,044) NA (13.61) (16.96) NA
6,656 6,236 167 5,782 5,382 144 800 716 88 13.41 15.45 17.05
6,069 5,190 179 3,896 3,002 208 1,395 1,093 58 38.08 27.67 42.41
8,899 8,084 NA 199 191 NA (10) 36 NA (5.31) (0.13) NA
1,13,539 1,10,009 12 67,500 58,043 15 2,179 (482) 36 3.25 5.90 7.90
5,949 4,928 182 5,911 4,636 142 787 671 91 12.37 20.59 31.74
56,973 43,728 NA 6,993 5,484 NA 1,186 918 NA 16.96 21.04 NA

Oil India
#
135 Down 18 ranks as market
cap drops by 24.5% between
October 2018 and September 2019

3,750 3,094 275 3,269 2,724 236 359 250 173 11.30 22.73 35.46
5,854 5,531 186 5,956 5,311 140 723 708 100 12.77 17.80 24.12
19,542 16,494 NA 2,048 1,694 NA 447 403 NA 22.07 26.13 NA
1,67,185 1,26,520 NA 12,887 10,048 NA (1,944) 859 NA (16.27) (11.64) NA
50,220 45,684 31 15,170 12,141 53 2,590 2,668 33 18.86 9.31 11.52
7,677 7,746 146 258 216 790 101 72 408 61.59 2.40 1.60
28,928 19,707 45 3,470 8,584 229 (225) (24) 842 (9.37) (2.41) 4.25
6,764 6,462 166 6,956 6,057 119 464 501 137 6.94 12.80 17.67
6,429 2,738 NA 317 204 NA 105 49 NA 33.86 2.90 NA
8,172 7,397 140 10,627 9,245 77 844 668 84 7.97 14.84 21.91
3,675 3,198 282 5,502 4,919 154 407 351 159 6.18 21.12 32.27
21,170 19,929 55 42,722 33,699 23 442 441 145 1.04 10.15 6.72
7,403 6,759 155 1,894 1,050 384 209 105 248 14.60 10.22 9.48
6,94,767 6,16,886 NA 53,385 48,195 NA 347 (4,222) NA 0.74 1.18 NA
38,135 36,502 36 8,867 8,760 94 1,709 (3,151) 47 21.16 12.76 10.26
32,623 18,833 NA 3,411 2,155 NA 382 292 NA 12.95 14.66 NA
4,207 4,583 255 3,639 3,399 221 769 740 94 21.86 21.71 25.98
7,069 5,805 161 1,158 1,083 506 454 417 140 44.11 8.64 10.95
1,59,340 1,38,314 NA 12,770 10,912 NA 1,244 879 NA 10.89 9.77 NA

last year; All the latest data for FY 2018/19 unless otherwise indicated; * 12 months ended September 2018; ** 12 months ended March
2018; ^12 months ended June 2018; # 12 months ended December 2018; ##15 months ended March 2019. BFSI (banking, financial services
and insurance) companies have a different way of earning and presenting financial data, so their income, profit and asset numbers have
not been ranked. See BT500 companies over the past 20 years at: www.businesstoday.in/bt500. Source: Ace Equity
 RANK AVERAGE MARKET CAPITALISATION (` CRORE)
2019 2018 COMPANY Oct ’18 - Sept ’19 Oct ’17 - Sept ’18 Growth % FY 2018/19 FY 2017/18

150 178 Apollo Hospitals Enterprise 17,608 15,057 16.9 15,616 16,160
151 116 Emami 17,061 25,858 (34.0) 21,806 25,903
152 198 Abbott India 17,058 13,066 30.6 15,558 10,077
153 173 The Indian Hotels Company 16,942 15,381 10.1 16,192 13,651
154 202 L&T Technology Services 16,745 12,654 32.3 15,364 9,303
155 129 Balkrishna Industries 16,628 21,781 (23.7) 20,508 17,826
156 177 Jubilant FoodWorks 16,628 15,062 10.4 17,169 9,875
157 146 Sundaram Finance 16,620 18,977 (12.4) 17,182 18,876
158 143 Godrej Industries 16,441 19,730 (16.7) 18,573 19,911
159 159 The Ramco Cements 16,373 17,221 (4.9) 16,002 16,829
160 242 Bata India 16,357 10,337 58.2 12,739 8,612
161 184 AIA Engineering 15,933 14,432 10.4 15,331 13,616
162 151 Tata Chemicals 15,911 18,283 (13.0) 17,500 16,986
163 166 Glenmark Pharmaceuticals 15,858 16,382 (3.2) 17,182 17,956
164 158 Adani Enterprises 15,852 17,357 (8.7) 16,375 16,078
165 155 Endurance Technologies 15,772 17,934 (12.1) 17,692 14,878

INDIA’S MOST
VALUABLE COMPANIES
THE LIST (150-184 / 500)

166 206 Aditya Birla Fashion and Retail 15,696 12,186 28.8 13,836 12,738
167 209 Varun Beverages # 15,631 12,031 29.9 13,822 9,937
168 271 Schaeffler India # 15,064 8,869 69.9 12,174 8,251
169 118 Edelweiss Financial Services 14,987 25,591 (41.4) 21,065 21,120
170 137 Jindal Steel & Power 14,824 20,453 (27.5) 18,674 15,408
171 156 Tata Communications 14,472 17,840 (18.9) 15,873 19,237
172 164 Tata Global Beverages 14,370 16,568 (13.3) 14,702 13,782
173 152 Castrol India # 14,327 18,124 (21.0) 16,022 19,750
174 194 Mindtree 14,219 13,396 6.1 15,513 9,211
175 210 City Union Bank 14,107 11,970 17.9 12,953 10,847
176 230 Astral Poly Technik 14,018 10,930 28.3 12,456 8,625
177 180 Crompton Greaves Consumer Electricals 14,017 14,998 (6.5) 14,108 14,536
178 NL Adani Gas 13,943 NA NA 10,963 NA
179 233 SRF 13,914 10,784 29.0 11,523 9,846
180 236 Pfizer 13,848 10,733 29.0 12,727 8,678
181 133 PNB Housing Finance 13,823 21,450 (35.6) 18,034 23,200
182 213 Sanofi India # 13,639 11,720 16.4 13,341 10,156
183 217 PI Industries 13,635 11,595 17.6 11,445 11,472
184 175 Supreme Industries 13,548 15,342 (11.7) 14,353 14,863

Overall ranks are based on average market capitalisation (October 2018 to September 2019); “Rank 2018” is as published in last year’s
BT 500. Parameter ranks are for within the top 1,000 companies; Ranks have been assigned based on multiple decimals; Because of
rounding off, some ranks may appear incorrect; Results are audited and standalone; Figures in brackets denote negative value; ROCE:
return on capital employed; RONW: return on net worth; na: not available; NA: not applicable; NL: not listed on bourses; NR: not ranked
 TOTAL ASSETS (` CRORE) TOTAL INCOME (` CRORE) PROFIT AFTER TAX (` CRORE) PROFIT AS 2018/19
% OF TOTAL
FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 SALES RONW (%) ROCE (%)

9,278 8,581 124 8,349 7,196 99 303 233 191 3.63 7.99 10.58
2,583 2,598 352 2,526 2,459 302 305 310 190 12.29 15.13 19.03
2,928 2,402 324 3,793 3,417 211 450 401 142 12.24 24.66 37.88
7,881 7,704 143 2,871 2,639 272 264 148 208 9.48 5.94 9.26
3,215 2,567 309 4,863 3,707 172 700 489 103 14.86 32.46 42.42
6,430 5,845 169 5,459 4,783 156 782 739 92 14.91 17.83 22.88
1,914 1,568 421 3,578 3,003 224 323 206 186 9.14 27.37 41.77
30,569 25,757 NA 3,418 2,855 NA 1,126 563 NA 33.15 24.56 NA
5,319 4,984 202 2,186 1,992 334 (91) 242 831 (4.23) (5.28) 3.18
8,296 7,297 137 5,175 4,443 166 506 556 123 9.83 11.90 13.63
2,369 2,039 372 2,997 2,680 260 330 224 181 11.26 20.44 30.54
3,609 3,206 288 2,954 2,367 262 415 470 156 14.59 13.98 19.75
13,998 14,174 84 5,175 7,811 167 910 1,767 80 19.33 7.87 10.56
16,431 14,604 72 7,485 6,589 111 1,622 1,014 49 23.14 14.54 15.78
14,322 15,197 82 15,939 11,861 52 487 197 130 3.13 13.62 14.50
2,959 2,606 322 5,434 4,509 157 358 272 174 6.61 18.48 25.74

Abbott India
#
152 Up 46 ranks as market cap rises
30.6% to `17,058 crore between
October 2018 and September 2019

6,358 5,665 170 8,183 7,205 100 321 118 187 3.96 25.92 12.28
6,130 5,333 175 3,958 3,110 203 332 236 178 8.61 13.61 13.92
3,735 3,164 276 4,696 3,997 177 420 388 154 9.20 16.74 24.79
4,051 3,653 NA 336 441 NA 103 138 NA 33.95 3.11 NA
60,640 63,045 26 27,923 17,277 37 (263) (362) 844 (0.74) (1.16) 5.57
12,378 12,724 97 5,509 5,629 153 (442) 267 853 (8.21) (5.20) (2.67)
4,971 4,793 218 3,612 3,365 223 411 534 157 11.98 9.54 13.54
2,054 1,922 406 3,989 3,668 201 708 692 102 18.14 65.56 100.60
4,140 3,705 261 7,111 5,653 114 754 570 96 10.74 25.09 31.17
45,259 39,937 NA 4,282 3,935 NA 683 592 NA 18.13 15.17 NA
1,785 1,431 435 1,927 1,593 380 141 119 332 7.38 13.96 20.42
2,610 2,377 348 4,527 4,110 180 403 324 161 8.99 47.94 39.00
2,058 2,812 404 1,806 1,454 403 229 165 231 12.54 21.40 23.94
8,672 7,274 132 6,502 4,686 130 517 406 120 8.01 14.04 13.40
3,940 3,690 264 2,249 2,083 326 429 360 150 20.61 15.07 23.22
84,152 63,409 NA 7,485 5,489 NA 1,081 842 NA 14.46 15.54 NA
4,769 4,324 226 2,861 2,562 275 381 326 168 13.74 18.18 28.76
4,577 3,783 233 2,910 2,337 267 408 367 158 14.35 19.56 25.12
3,069 2,774 313 5,640 4,993 149 461 410 138 8.22 24.75 34.35

last year; All the latest data for FY 2018/19 unless otherwise indicated; * 12 months ended September 2018; ** 12 months ended March
2018; ^12 months ended June 2018; # 12 months ended December 2018; ##15 months ended March 2019. BFSI (banking, financial services
and insurance) companies have a different way of earning and presenting financial data, so their income, profit and asset numbers have
not been ranked. See BT500 companies over the past 20 years at: www.businesstoday.in/bt500. Source: Ace Equity
 RANK AVERAGE MARKET CAPITALISATION (` CRORE)
2019 2018 COMPANY Oct ’18 - Sept ’19 Oct ’17 - Sept ’18 Growth % FY 2018/19 FY 2017/18

185 183 Bayer CropScience 13,370 14,670 (8.9) 14,904 14,755

186 257 Aarti Industries 13,036 9,396 38.7 11,008 7,841
187 227 Trent 12,774 11,070 15.4 11,374 9,763
188 208 Torrent Power 12,559 12,064 4.1 11,753 11,204
189 197 Thermax 12,323 13,137 (6.2) 12,620 12,324
190 186 Coromandel International 12,273 14,035 (12.6) 12,748 13,618
191 191 Wabco India 12,000 13,610 (11.8) 13,035 12,157
192 174 Reliance Nippon Life Asset Management 11,992 15,367 (22.0) 12,232 16,814
193 220 Syngene International 11,988 11,569 3.6 11,797 10,296
194 192 Amara Raja Batteries 11,842 13,596 (12.9) 13,247 13,840
195 179 Apollo Tyres 11,590 15,001 (22.7) 13,991 13,590
196 149 Mangalore Refinery & Petrochemicals 11,537 18,746 (38.5) 14,287 22,008
197 193 Max Financial Services 11,243 13,557 (17.1) 11,874 15,481
198 168 Indian Bank 11,238 16,145 (30.4) 13,571 15,526
199 203 JSW Energy 11,188 12,621 (11.4) 11,367 12,227

INDIA’S MOST
VALUABLE COMPANIES
THE LIST (185-218 / 500)

200 172 Natco Pharma 11,122 15,474 (28.1) 13,488 15,981

201 241 Union Bank of India 11,118 10,547 5.4 9,742 10,755
202 278 Ipca Laboratories 10,839 8,184 32.4 9,412 6,806
203 371 Allahabad Bank 10,829 4,837 123.9 5,689 5,460
204 219 Hatsun Agro Products 10,769 11,587 (7.1) 10,856 10,633
205 207 Sundram Fasteners 10,713 12,090 (11.4) 12,054 9,885
206 128 IIFL Finance 10,658 21,808 (51.1) 18,109 19,673
207 196 CRISIL # 10,595 13,177 (19.6) 12,044 13,528
208 280 Atul 10,535 8,135 29.5 9,262 7,363
209 229 Gujarat State Petronet 10,526 10,973 (4.1) 10,122 10,846
210 216 Hexaware Technologies # 10,469 11,625 (9.9) 11,693 8,665
211 181 Graphite India 10,465 14,923 (29.9) 15,596 8,116
212 388 Corporation Bank 10,403 4,547 128.8 5,738 5,152
213 245 Alembic Pharmaceuticals 10,333 10,038 2.9 10,477 10,136
214 222 Gujarat Gas 10,306 11,408 (9.7) 9,939 11,358
215 189 Shriram City Union Finance 10,290 13,720 (25.0) 12,331 14,195
216 185 National Aluminium Company 10,272 14,322 (28.3) 12,567 14,320
217 256 EIH 10,132 9,451 7.2 10,013 8,440
218 324 UCO Bank 10,049 6,150 63.4 7,358 5,596

Overall ranks are based on average market capitalisation (October 2018 to September 2019); “Rank 2018” is as published in last year’s
BT 500. Parameter ranks are for within the top 1,000 companies; Ranks have been assigned based on multiple decimals; Because of
rounding off, some ranks may appear incorrect; Results are audited and standalone; Figures in brackets denote negative value; ROCE:
return on capital employed; RONW: return on net worth; na: not available; NA: not applicable; NL: not listed on bourses; NR: not ranked
 TOTAL ASSETS (` CRORE) TOTAL INCOME (` CRORE) PROFIT AFTER TAX (` CRORE) PROFIT AS 2018/19
% OF TOTAL
FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 SALES RONW (%) ROCE (%)

4,729 4,230 228 2,723 2,749 286 238 300 222 8.85 12.98 20.55
5,628 4,182 192 4,552 3,701 179 481 316 133 10.58 23.62 18.15
2,553 2,312 355 2,568 2,109 296 127 117 354 4.62 7.69 11.39
23,825 22,102 51 13,263 11,722 55 889 922 83 6.84 10.69 12.24
6,018 5,271 181 5,312 3,974 160 275 238 206 5.30 10.38 16.11
10,647 9,873 110 13,240 11,124 56 714 685 101 5.41 22.53 22.19
2,334 2,169 377 2,927 2,620 264 282 273 203 9.89 17.11 24.86
2,700 2,582 NA 1,589 1,681 NA 475 448 NA 33.57 19.56 NA
3,611 3,116 287 1,902 1,559 382 331 305 180 18.11 18.21 16.89
4,496 4,169 237 6,841 6,126 122 483 471 132 7.12 15.42 23.06
15,440 14,900 77 12,465 10,422 62 592 622 113 4.79 7.95 9.39
32,519 31,406 43 62,217 48,668 16 332 2,224 179 0.46 3.05 5.43
2,424 2,299 NA 318 264 NA 49 144 NA 15.60 2.53 NA
2,80,065 2,52,716 NA 21,068 19,519 NA 322 1,259 NA 1.68 2.00 NA
17,017 17,352 70 5,553 4,706 152 251 (444) 218 4.91 2.51 6.17

Trent

187
# Up 40 ranks, market cap rises
15.4% between October 2018
and September 2019

4,356 3,736 248 2,116 2,131 349 667 698 109 33.59 20.11 23.91
4,94,039 4,87,380 NA 38,541 37,738 NA (2,947) (5,247) NA (8.65) (12.54) NA
4,458 4,108 239 3,677 3,251 216 455 233 139 12.52 15.60 16.76
2,48,576 2,52,662 NA 18,564 19,051 NA (8,334) (4,674) NA (49.42) (119.93) NA
2,246 2,032 383 4,766 4,296 175 115 91 382 2.41 19.63 14.12
3,395 2,780 300 4,034 3,449 199 437 367 149 10.92 25.01 27.12
1,067 1,493 NA 151 271 NA 147 215 NA 97.73 11.56 NA
1,086 1,089 590 1,272 1,225 484 278 237 205 23.48 37.36 47.11
3,590 3,015 290 3,947 3,146 204 429 270 151 10.95 17.69 27.05
8,950 8,949 128 1,937 1,405 376 795 668 89 42.33 14.71 17.52
1,860 1,639 427 1,848 1,581 393 453 411 141 25.25 29.16 33.74
5,943 3,496 183 6,934 3,047 120 2,806 914 29 41.65 77.34 110.46
2,13,578 2,21,891 NA 17,495 19,941 NA (6,333) (4,054) NA (40.54) (48.98) NA
4,549 3,678 234 3,686 2,985 215 611 422 111 16.70 24.91 23.66
7,127 6,633 160 7,866 6,210 103 417 291 155 5.24 20.69 18.70
29,367 29,591 NA 5,784 5,158 NA 989 711 NA 17.10 16.56 NA
15,147 14,614 78 11,831 9,812 68 1,732 1,342 45 15.07 16.51 25.99
3,852 3,782 269 1,631 1,434 436 113 112 387 7.34 4.00 6.38
2,30,484 2,16,056 NA 15,844 15,141 NA (4,321) (4,436) NA (30.15) (45.68) NA

last year; All the latest data for FY 2018/19 unless otherwise indicated; * 12 months ended September 2018; ** 12 months ended March
2018; ^12 months ended June 2018; # 12 months ended December 2018; ##15 months ended March 2019. BFSI (banking, financial services
and insurance) companies have a different way of earning and presenting financial data, so their income, profit and asset numbers have
not been ranked. See BT500 companies over the past 20 years at: www.businesstoday.in/bt500. Source: Ace Equity
 RANK AVERAGE MARKET CAPITALISATION (` CRORE)
2019 2018 COMPANY Oct ’18 - Sept ’19 Oct ’17 - Sept ’18 Growth % FY 2018/19 FY 2017/18

219 205 Jubilant Life Sciences 9,967 12,204 (18.3) 11,922 11,855
220 279 Relaxo Footwears 9,922 8,153 21.7 9,012 6,608
221 199 SJVN 9,918 12,978 (23.6) 10,948 13,909
222 200 Century Textiles & Industries 9,894 12,772 (22.5) 10,239 13,774
223 195 CESC 9,730 13,240 (26.5) 11,245 12,938
224 290 Fortis Healthcare 9,725 7,504 29.6 8,568 8,329
225 154 NBCC (India) 9,711 17,976 (46.0) 12,607 19,638
226 226 GMR Infrastructure 9,685 11,099 (12.7) 10,352 10,910
227 301 Indian Overseas Bank 9,654 7,023 37.4 8,067 6,401
228 246 Solar Industries (India) 9,642 10,006 (3.6) 9,699 8,725
229 165 Central Bank of India 9,590 16,417 (41.6) 13,776 16,515
230 267 SKF India 9,537 8,961 6.4 9,291 8,514
231 188 NLC India 9,523 13,821 (31.1) 11,329 15,481
232 212 Godrej Agrovet 9,515 11,724 (18.8) 10,914 11,271
233 260 Phoenix Mills 9,501 9,266 2.5 9,375 7,952
234 384 Oriental Bank of Commerce 9,429 4,601 104.9 6,142 4,550

INDIA’S MOST
VALUABLE COMPANIES
THE LIST (219-253 / 500)

235 170 Motilal Oswal Financial Services 9,356 15,932 (41.3) 11,027 17,357
236 218 HEG 9,325 11,592 (19.6) 13,707 5,304
237 182 Quess Corporation 9,298 14,684 (36.7) 13,036 12,380
238 266 Manappuram Finance 9,274 8,971 3.4 8,433 8,589
239 201 Sterlite Technologies 9,186 12,688 (27.6) 12,336 9,770
240 258 V-Guard Industries 9,136 9,345 (2.2) 8,859 8,738
241 NL Polycab India 9,083 NA NA NA NA
242 211 Cholamandalam Financial Holdings 9,044 11,935 (24.2) 10,504 12,494
243 355 Vinati Organics 9,042 5,128 76.3 6,620 4,787
244 228 Ajanta Pharma 9,001 10,980 (18.0) 9,692 12,417
245 237 Prestige Estate Projects 8,980 10,691 (16.0) 8,819 10,480
246 270 GFL 8,938 8,910 0.3 9,328 8,566
247 NL Aavas Financiers 8,936 NA NA 6,680 NA
248 286 TTK Prestige 8,742 7,617 14.8 7,844 7,759
249 292 Dr. Lal Pathlabs 8,682 7,411 17.1 7,841 7,205
250 253 Mahanagar Gas 8,640 9,630 (10.3) 8,619 10,339
251 162 KIOCL 8,564 16,783 (49.0) 11,107 18,689
252 263 Mahindra CIE Automotive # 8,511 9,222 (7.7) 9,393 8,986
253 247 Minda Industries 8,500 9,963 (14.7) 9,414 7,589

Overall ranks are based on average market capitalisation (October 2018 to September 2019); “Rank 2018” is as published in last year’s
BT 500. Parameter ranks are for within the top 1,000 companies; Ranks have been assigned based on multiple decimals; Because of
rounding off, some ranks may appear incorrect; Results are audited and standalone; Figures in brackets denote negative value; ROCE:
return on capital employed; RONW: return on net worth; na: not available; NA: not applicable; NL: not listed on bourses; NR: not ranked
 TOTAL ASSETS (` CRORE) TOTAL INCOME (` CRORE) PROFIT AFTER TAX (` CRORE) PROFIT AS 2018/19
% OF TOTAL
FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 SALES RONW (%) ROCE (%)

4,864 4,625 223 3,517 3,353 226 148 263 319 4.29 6.43 8.10
1,605 1,250 461 2,305 1,946 319 175 161 283 7.65 18.93 25.79
16,522 16,073 71 3,123 2,638 253 1,364 1,225 60 51.37 12.44 15.53
10,133 10,331 116 8,867 8,509 95 681 372 107 7.76 22.50 16.80
26,089 26,030 48 7,938 7,985 102 937 862 78 12.09 9.76 11.33
10,066 4,952 117 1,181 797 503 123 (64) 363 18.75 1.96 5.09
8,427 8,213 134 7,493 6,079 110 384 334 167 5.30 22.69 36.71
22,293 26,407 53 1,149 1,158 513 (1,034) (588) 865 (134.68) (7.18) (0.92)
2,50,008 2,47,968 NA 21,838 21,662 NA (3,738) (6,299) NA (21.20) (29.85) NA
1,292 1,101 534 1,684 1,292 425 191 134 259 11.51 23.29 30.43
3,30,718 3,26,225 NA 25,052 26,658 NA (5,641) (5,105) NA (24.92) (36.73) NA
2,274 2,426 381 3,127 2,822 252 336 296 177 11.06 19.00 28.68
35,504 32,977 40 9,294 9,885 85 1,267 1,849 65 17.73 9.80 10.58
2,885 2,565 329 4,345 3,703 187 208 191 249 4.63 15.52 21.91
3,751 3,489 274 503 450 696 173 155 285 39.31 6.54 8.41
2,71,910 2,33,344 NA 20,537 20,181 NA 55 (5,872) NA 0.31 0.40 NA

NBCC India
#
225 Rank falls from 154 last year.
Market cap shrinks 46% between
October 2018 and September 2019

5,706 5,277 NA 1,260 1,503 NA 316 504 NA 25.74 12.86 NA

5,070 2,640 213 6,702 2,785 125 3,050 1,081 27 46.27 110.37 144.65
3,827 3,672 272 5,660 4,457 147 231 259 227 4.12 9.37 9.98
17,580 14,528 NA 3,427 2,961 NA 790 689 NA 23.12 19.40 NA
5,926 3,384 184 4,897 2,902 171 535 255 119 11.01 41.06 33.89
1,359 1,155 524 2,585 2,323 294 166 133 298 6.45 21.01 25.95
5,595 4,424 193 8,004 6,826 101 501 358 125 6.34 19.35 27.94
1,068 1,022 NA 74 65 NA 67 59 NA 90.52 6.39 NA
1,228 980 547 1,158 760 507 282 144 202 25.49 30.57 45.79
2,522 2,292 357 1,875 1,898 387 392 428 164 22.10 19.25 25.21
18,015 13,778 66 2,579 3,104 295 289 232 196 11.85 6.31 7.97
5,720 4,852 190 2,863 2,159 274 1,277 487 63 46.78 31.20 15.14
5,627 4,040 NA 711 494 NA 176 93 NA 24.78 11.78 NA
1,532 1,406 476 1,994 1,760 371 190 257 261 9.67 17.66 26.86
1,045 879 600 1,211 1,056 496 195 168 257 16.78 23.53 34.34
3,441 3,010 297 2,869 2,291 273 546 478 117 17.87 24.32 37.25
2,407 2,574 367 2,013 1,750 368 112 81 389 5.93 5.40 8.95
4,188 4,093 258 2,559 1,973 297 36 69 648 1.40 1.01 3.61
1,993 1,531 414 2,148 1,898 341 145 136 326 6.92 14.08 15.69

last year; All the latest data for FY 2018/19 unless otherwise indicated; * 12 months ended September 2018; ** 12 months ended March
2018; ^12 months ended June 2018; # 12 months ended December 2018; ##15 months ended March 2019. BFSI (banking, financial services
and insurance) companies have a different way of earning and presenting financial data, so their income, profit and asset numbers have
not been ranked. See BT500 companies over the past 20 years at: www.businesstoday.in/bt500. Source: Ace Equity
 RANK AVERAGE MARKET CAPITALISATION (` CRORE)
2019 2018 COMPANY Oct ’18 - Sept ’19 Oct ’17 - Sept ’18 Growth % FY 2018/19 FY 2017/18

254 288 Future Lifestyle Fashions 8,426 7,588 11.0 8,059 6,531
255 235 Symphony 8,385 10,757 (22.1) 8,819 10,646
256 261 Kajaria Ceramics 8,250 9,235 (10.7) 7,733 10,714
257 187 Housing & Urban Development Corporation 8,180 13,839 (40.9) 10,150 15,884
258 240 Bombay Burmah Trading Corporation 8,108 10,580 (23.4) 9,817 8,463
259 269 ITI ** 7,953 8,921 (10.8) 8,294 7,466
260 190 Varroc Engineering 7,923 13,691 (42.1) 10,727 NA
261 244 Eris Lifesciences 7,903 10,051 (21.4) 9,619 9,253
262 255 Thomas Cook (India) 7,849 9,469 (17.1) 9,061 8,654
263 334 NIIT Technologies 7,840 5,735 36.7 7,240 3,774
264 232 Future Consumer 7,812 10,786 (27.6) 9,227 9,186
265 275 Akzo Nobel India 7,747 8,544 (9.3) 8,084 8,556
266 NR Escorts 7,703 10,139 (24.0) 9,586 8,646
267 307 Syndicate Bank 7,626 6,849 11.3 6,088 6,980
268 224 ICICI Securities 7,474 11,367 (34.2) 9,572 NA
269 322 PVR 7,397 6,272 17.9 6,567 6,516
270 265 KEC International 7,328 8,989 (18.5) 8,054 7,933

INDIA’S MOST
VALUABLE COMPANIES
THE LIST (254-289 / 500)

271 272 Aster DM Healthcare 7,258 8,622 (15.8) 8,277 8,289

272 249 Engineers India 7,180 9,830 (27.0) 7,957 10,792
273 215 KRBL 7,174 11,707 (38.7) 8,700 11,982
274 378 Zydus Wellness 7,011 4,724 48.4 5,612 3,695
275 221 JM Financial 6,839 11,451 (40.3) 8,757 11,101
276 259 Blue Dart Express 6,811 9,316 (26.9) 7,870 10,401
277 277 Aegis Logistics 6,802 8,337 (18.4) 7,514 7,503
278 248 Finolex Cables 6,655 9,872 (32.6) 8,275 9,020
279 310 Carborundum Universal 6,593 6,790 (2.9) 6,743 6,493
280 375 Tube Investments of India 6,583 4,792 37.4 5,394 5,000
281 314 Chambal Fertilisers & Chemicals 6,571 6,529 0.7 6,584 5,755
282 NR CreditAccess Grameen 6,555 5,197 26.1 5,390 NA
283 300 DCM Shriram 6,551 7,145 (8.3) 5,725 7,399
284 313 Kalpataru Power Transmission 6,525 6,532 (0.1) 5,954 6,042
285 295 Adani Green Energy 6,525 7,336 (11.1) 6,520 NA
286 287 Sheela Foam 6,518 7,617 (14.4) 7,177 7,031
287 NL Chalet Hotels 6,484 NA NA 6,129 NA
288 302 Blue Star 6,474 7,020 (7.8) 6,311 6,925
289 299 Jyothy Labs 6,456 7,145 (9.7) 7,252 6,789

Overall ranks are based on average market capitalisation (October 2018 to September 2019); “Rank 2018” is as published in last year’s
BT 500. Parameter ranks are for within the top 1,000 companies; Ranks have been assigned based on multiple decimals; Because of
rounding off, some ranks may appear incorrect; Results are audited and standalone; Figures in brackets denote negative value; ROCE:
return on capital employed; RONW: return on net worth; na: not available; NA: not applicable; NL: not listed on bourses; NR: not ranked
 TOTAL ASSETS (` CRORE) TOTAL INCOME (` CRORE) PROFIT AFTER TAX (` CRORE) PROFIT AS 2018/19
% OF TOTAL
FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 SALES RONW (%) ROCE (%)

4,537 3,379 235 5,416 4,252 158 145 111 325 2.46 9.66 14.81
808 748 658 557 729 677 101 183 408 19.28 15.88 22.05
2,047 1,831 408 2,761 2,604 282 246 252 219 9.02 16.80 25.44
73,415 49,358 NA 5,591 4,234 NA 1,180 1,010 NA 21.27 11.29 NA
718 689 696 277 245 783 (20) (26) 813 (8.13) (7.19) 2.29
7,008 5,513 164 1,803 2,069 404 231 266 228 15.53 0.00 189.48
2,038 1,960 411 2,625 2,076 288 120 70 372 4.65 11.18 14.15
1,403 1,342 509 929 781 574 285 294 201 31.83 28.21 25.98
2,746 2,834 335 2,311 1,943 317 26 531 693 1.17 1.57 4.33
2,364 2,080 373 2,153 1,762 340 299 226 192 14.96 19.04 23.40
2,370 2,086 371 3,050 2,480 256 61 32 549 2.02 4.61 5.46
3,407 3,462 299 2,961 3,201 261 211 401 244 7.23 17.42 26.36
4,997 4,269 217 6,299 5,066 131 485 345 131 7.82 17.42 25.15
3,11,279 3,23,977 NA 23,949 24,582 NA (2,588) (3,223) NA (11.91) (18.31) NA
5,839 4,062 NA 1,727 1,858 NA 487 549 NA 28.55 53.35 NA
3,279 2,276 306 2,779 2,278 281 173 121 286 6.29 15.31 18.28
11,100 9,735 106 10,346 9,073 79 498 430 127 4.92 21.96 29.59

Zydus Wellness

274
# Up 104 ranks as market cap
rises 48% between October
2018 and September 2019

3,376 3,293 301 679 546 634 48 (87) 597 8.08 1.64 1.93
5,022 4,691 216 2,672 1,976 287 370 378 171 15.13 16.29 25.10
4,627 3,849 230 4,134 3,286 195 503 462 124 12.22 20.14 20.88
4,957 742 220 315 292 765 96 134 417 37.82 4.80 4.53
2,652 2,679 NA 272 427 NA 111 192 NA 77.79 4.54 NA
2,030 1,850 412 3,185 2,814 246 88 142 446 2.77 13.62 17.98
1,255 1,258 538 727 529 620 89 101 441 12.53 11.22 14.36
2,769 2,476 333 3,223 2,948 240 344 358 176 11.18 14.85 22.99
1,526 1,436 477 1,810 1,607 400 166 143 296 9.32 13.65 20.36
3,013 2,934 320 5,352 4,626 159 244 136 220 4.61 18.55 21.68
13,846 9,436 88 10,261 7,682 81 545 480 118 5.40 17.78 10.25
7,630 5,225 NA 1,283 1,002 NA 322 212 NA 25.11 16.99 NA
7,581 5,850 148 7,784 6,875 104 907 688 81 11.80 27.39 28.88
8,236 7,246 138 7,188 5,790 113 401 322 162 5.64 13.55 22.11
5,402 5,321 198 625 1,786 656 (35) (46) 819 (11.00) (2.62) 5.36
1,023 888 608 1,846 1,681 394 124 126 361 6.82 20.35 30.07
3,506 3,622 296 1,031 840 541 (10) (101) 808 (1.03) (1.04) 7.86
3,162 3,091 312 4,845 4,361 173 122 132 367 2.55 12.78 17.34
1,600 1,611 463 1,797 1,670 406 193 161 258 10.92 25.66 22.87

last year; All the latest data for FY 2018/19 unless otherwise indicated; * 12 months ended September 2018; ** 12 months ended March
2018; ^12 months ended June 2018; # 12 months ended December 2018; ##15 months ended March 2019. BFSI (banking, financial services
and insurance) companies have a different way of earning and presenting financial data, so their income, profit and asset numbers have
not been ranked. See BT500 companies over the past 20 years at: www.businesstoday.in/bt500. Source: Ace Equity
 RANK AVERAGE MARKET CAPITALISATION (` CRORE)
2019 2018 COMPANY Oct ’18 - Sept ’19 Oct ’17 - Sept ’18 Growth % FY 2018/19 FY 2017/18

290 311 JK Cement 6,419 6,681 (3.9) 5,730 7,151

291 291 Cyient 6,411 7,421 (13.6) 7,679 6,199
292 204 Dilip Buildcon 6,370 12,360 (48.5) 9,306 9,563
293 342 VIP Industries 6,360 5,557 14.4 6,534 3,728
294 284 Finolex Industries 6,331 7,835 (19.2) 6,960 7,849
295 294 Spicejet 6,259 7,343 (14.8) 5,580 7,748
296 262 GE T&D India 6,222 9,229 (32.6) 7,480 9,842
297 238 Dish TV India 6,211 10,666 (41.8) 10,104 8,607
298 273 IDFC 6,144 8,613 (28.7) 7,156 9,310
299 338 Grindwell Norton 6,128 5,607 9.3 5,751 4,981
300 281 Security And Intelligence Services India 6,111 8,055 (24.1) 7,174 7,270
301 498 Procter & Gamble Health # 6,015 3,057 96.7 4,514 2,008
302 282 Karur Vysya Bank 5,970 7,936 (24.8) 6,907 8,312
303 298 Vardhman Textiles 5,950 7,205 (17.4) 6,431 7,348
304 330 Sunteck Realty 5,950 5,883 1.1 5,718 4,317
305 344 DCB Bank 5,939 5,466 8.6 5,345 5,671

INDIA’S MOST
VALUABLE COMPANIES
THE LIST (290-324 / 500)

306 276 BASF India 5,869 8,512 (31.1) 7,490 7,431

307 274 Asahi India Glass 5,823 8,560 (32.0) 7,382 7,835
308 297 Delta Corp 5,799 7,225 (19.7) 6,551 6,105
309 393 Andhra Bank 5,750 4,508 27.6 4,441 4,561
310 493 United Bank of India 5,721 3,083 85.6 3,715 2,748
311 289 Lakshmi Machine Works 5,710 7,559 (24.5) 7,370 6,172
312 252 Sundaram-Clayton 5,694 9,691 (41.2) 7,720 9,644
313 317 Welspun India 5,677 6,430 (11.7) 5,988 7,589
314 483 Bank of Maharashtra 5,573 3,181 75.2 3,444 3,248
315 347 GE Power India 5,502 5,302 3.8 5,428 4,755
316 303 Tata Elxsi 5,499 6,982 (21.2) 7,039 5,486
317 331 Lemon Tree Hotels 5,439 5,863 (7.2) 5,774 NA
318 346 Westlife Development 5,364 5,339 0.5 5,725 4,258
319 363 Rites 5,325 4,974 7.0 5,054 NA
320 374 Zensar Technologies 5,290 4,816 9.9 5,515 3,816
321 264 TV18 Broadcast 5,261 9,201 (42.8) 7,591 8,013
322 304 Bharat Dynamics 5,225 6,852 (23.7) 5,954 7,241
323 NL Metropolis Healthcare 5,185 NA NA NA NA
324 NL Rail Vikas Nigam 5,179 NA NA NA NA

Overall ranks are based on average market capitalisation (October 2018 to September 2019); “Rank 2018” is as published in last year’s
BT 500. Parameter ranks are for within the top 1,000 companies; Ranks have been assigned based on multiple decimals; Because of
rounding off, some ranks may appear incorrect; Results are audited and standalone; Figures in brackets denote negative value; ROCE:
return on capital employed; RONW: return on net worth; na: not available; NA: not applicable; NL: not listed on bourses; NR: not ranked
 TOTAL ASSETS (` CRORE) TOTAL INCOME (` CRORE) PROFIT AFTER TAX (` CRORE) PROFIT AS 2018/19
% OF TOTAL
FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 SALES RONW (%) ROCE (%)

7,056 6,078 162 5,061 4,719 169 325 342 184 6.52 12.89 14.27
2,561 2,384 354 1,777 1,632 410 441 402 146 27.29 20.65 25.24
10,907 8,721 107 9,165 7,761 89 765 620 95 8.39 27.02 21.92
1,024 761 607 1,795 1,420 407 129 119 351 7.22 25.33 36.27
3,274 3,455 307 3,133 2,763 250 350 299 175 11.32 13.22 19.98
4,795 4,032 225 9,258 7,888 87 (316) 567 847 (3.47) 0.00 (15.11)
5,145 5,567 210 4,277 4,572 189 213 209 243 5.04 16.25 29.99
10,844 11,402 109 4,050 3,654 198 (1,289) 33 866 (32.74) (21.38) (22.56)
9,878 10,174 NA 204 243 NA 128 184 NA 66.70 1.31 NA
1,423 1,318 503 1,605 1,434 440 164 147 300 10.46 15.96 24.68
1,451 1,052 491 2,525 2,143 303 119 73 374 4.76 18.37 13.18
2,583 1,516 353 1,857 782 391 839 94 85 98.79 73.79 100.08
69,340 66,941 NA 6,779 6,600 NA 211 346 NA 3.63 3.32 NA
8,369 7,696 136 6,633 6,036 126 696 546 104 10.85 14.14 15.40
2,399 1,997 368 299 198 772 185 124 268 77.56 10.97 10.96
35,792 30,222 NA 3,392 2,723 NA 325 245 NA 10.70 11.99 NA

VIP Industries
#
293 Up 49 ranks as there is a 14%
increase in market cap between
October 2018 and September 2019

3,813 3,848 273 6,135 5,614 136 82 247 470 1.36 5.94 10.46
3,665 3,228 283 2,879 2,616 270 190 185 262 6.65 16.11 15.76
2,110 1,933 399 542 400 684 183 105 271 31.48 10.24 14.45
2,49,311 2,42,171 NA 20,977 20,347 NA (2,786) (3,413) NA (14.72) (25.11) NA
1,51,530 1,44,749 NA 10,944 10,556 NA (2,316) (1,454) NA (27.06) (25.32) NA
2,594 2,911 350 2,739 2,605 285 189 211 264 7.18 11.09 16.85
1,712 1,774 448 1,933 1,737 377 120 55 371 6.53 17.69 13.54
6,264 6,248 172 5,478 5,032 155 142 304 331 2.63 5.76 5.29
1,64,536 1,56,329 NA 12,397 12,602 NA (4,784) (1,146) NA (44.09) (72.59) NA
4,178 4,460 259 2,035 1,473 363 76 27 484 4.00 8.86 23.32
1,137 941 575 1,640 1,431 433 290 240 195 18.16 34.50 51.68
1,395 1,347 513 285 243 782 63 22 535 23.14 6.67 6.59
481 481 772 1 0.04 874 (0.04) (1) 794 na (0.01) (0.002)
5,181 4,979 206 2,164 1,586 339 445 332 144 22.58 19.40 29.71
1,715 1,523 446 1,493 1,366 455 258 193 213 18.83 19.24 25.02
3,877 3,404 267 1,112 973 521 85 (59) 455 6.72 3.12 1.91
5,397 6,406 200 3,208 4,929 242 423 528 153 13.77 20.24 32.33
740 607 687 602 501 663 101 96 406 17.46 26.18 38.29
11,479 7,752 102 10,411 7,882 78 607 470 112 6.03 17.11 14.37

last year; All the latest data for FY 2018/19 unless otherwise indicated; * 12 months ended September 2018; ** 12 months ended March
2018; ^12 months ended June 2018; # 12 months ended December 2018; ##15 months ended March 2019. BFSI (banking, financial services
and insurance) companies have a different way of earning and presenting financial data, so their income, profit and asset numbers have
not been ranked. See BT500 companies over the past 20 years at: www.businesstoday.in/bt500. Source: Ace Equity
 RANK AVERAGE MARKET CAPITALISATION (` CRORE)
2019 2018 COMPANY Oct ’18 - Sept ’19 Oct ’17 - Sept ’18 Growth % FY 2018/19 FY 2017/18

325 315 NCC 5,127 6,487 (21.0) 5,733 5,818

326 377 VST Industries 5,076 4,768 6.5 4,732 4,807
327 306 Cochin Shipyard 4,920 6,849 (28.2) 5,666 7,353
328 345 Bajaj Electricals 4,914 5,365 (8.4) 5,416 4,175
329 254 Avanti Feeds 4,913 9,540 (48.5) 6,403 9,036
330 312 Bajaj Consumer Care 4,869 6,672 (27.0) 5,859 6,343
331 328 Coffee Day Enterprises ** 4,843 5,984 (19.1) 5,948 5,442
332 243 Sun Pharma Advanced Research 4,824 10,238 (52.9) 7,739 9,515
333 422 TeamLease Services 4,821 4,041 19.3 4,654 2,877
334 316 Johnson Controls – Hitachi Air Conditioning India 4,781 6,442 (25.8) 5,566 5,952
335 381 Radico Khaitan 4,766 4,647 2.6 5,344 2,823
336 385 Godfrey Phillips India 4,762 4,598 3.6 4,418 5,489
337 326 Persistent Systems 4,727 6,086 (22.3) 5,667 5,344
338 372 Indian Energy Exchange 4,610 4,826 (4.5) 4,907 4,697
339 323 Himadri Speciality Chemical 4,605 6,195 (25.7) 5,378 5,045
340 368 Sobha 4,601 4,879 (5.7) 4,470 4,437
341 491 Astrazeneca Pharma India 4,598 3,089 48.8 3,811 2,526

INDIA’S MOST
VALUABLE COMPANIES
THE LIST (325-359 / 500)

342 283 Wockhardt 4,595 7,924 (42.0) 6,352 7,741

343 352 Timken India 4,585 5,233 (12.4) 4,525 5,222
344 333 Raymond 4,525 5,785 (21.8) 5,175 5,303
345 424 Linde India # 4,515 3,923 15.1 4,205 3,910
346 NR TCNS Clothing 4,474 3,994 12.0 4,211 NA
347 305 Gujarat Narmada Valley Fert. & Chemicals 4,472 6,851 (34.7) 5,872 5,810
348 339 Narayana Hrudayalaya 4,447 5,595 (20.5) 4,743 6,185
349 150 Dewan Housing Finance Corporation 4,408 18,499 (76.2) 12,548 16,190
350 336 Prism Johnson 4,393 5,720 (23.2) 4,832 5,903
351 308 Birla Corporation 4,371 6,831 (36.0) 5,002 7,370
352 214 Reliance Infrastructure 4,365 11,712 (62.7) 8,924 13,071
353 285 IRB Infrastructure Developers 4,343 7,777 (44.2) 6,312 7,956
354 320 Gujarat Pipavav Port 4,330 6,322 (31.5) 5,204 6,972
355 359 Star Cement 4,329 5,068 (14.6) 4,598 5,059
356 387 Tata Investment Corporation 4,317 4,553 (5.2) 4,423 4,415
357 321 Ceat 4,301 6,317 (31.9) 5,202 6,988
358 452 V-Mart Retail 4,256 3,646 16.7 4,493 2,432
359 NL Arvind Fashions 4,249 NA NA 5,012 NA

Overall ranks are based on average market capitalisation (October 2018 to September 2019); “Rank 2018” is as published in last year’s
BT 500. Parameter ranks are for within the top 1,000 companies; Ranks have been assigned based on multiple decimals; Because of
rounding off, some ranks may appear incorrect; Results are audited and standalone; Figures in brackets denote negative value; ROCE:
return on capital employed; RONW: return on net worth; na: not available; NA: not applicable; NL: not listed on bourses; NR: not ranked
 TOTAL ASSETS (` CRORE) TOTAL INCOME (` CRORE) PROFIT AFTER TAX (` CRORE) PROFIT AS 2018/19
% OF TOTAL
FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 SALES RONW (%) ROCE (%)

12,986 10,621 92 12,198 7,675 66 564 287 115 4.67 12.57 21.69
1,176 1,039 565 1,138 972 515 227 182 233 19.16 36.41 56.28
5,178 5,435 208 3,190 2,544 244 481 397 134 16.24 14.61 22.44
5,097 3,399 212 6,739 4,772 123 167 84 294 2.50 16.68 17.34
1,277 1,268 535 2,783 2,851 280 223 415 236 8.16 22.35 33.74
622 617 725 934 859 571 226 216 234 24.87 45.79 56.24
2,920 2,904 326 145 101 832 (61) (80) 825 (42.97) (3.34) 2.21
402 313 796 196 83 816 (145) (197) 836 (79.53) (74.72) (59.95)
965 787 620 4,162 3,466 193 97 73 414 2.35 20.40 20.68
1,744 1,423 440 2,257 2,193 323 86 100 454 3.83 14.97 20.00
2,231 2,231 385 2,110 1,853 350 188 123 265 2.33 15.31 18.99
2,644 2,316 345 2,556 2,365 298 241 161 221 8.97 13.37 19.80
2,483 2,276 359 2,072 1,877 358 315 342 188 16.07 14.80 20.50
1,000 857 613 294 256 776 165 132 299 64.96 50.52 71.10
3,023 2,562 318 2,387 1,979 312 307 243 189 12.93 19.64 24.15
10,528 8,888 112 3,435 2,646 231 287 194 199 8.53 12.21 13.94
591 575 739 745 583 618 54 26 573 7.48 20.03 26.53

Dewan Housing Finance Corp

#
349 Crashes 199 ranks as market
cap slumps 76% between
October 2018 and September 2019

4,399 4,342 246 2,181 2,534 335 (82) 69 827 (3.81) (6.68) (0.16)
2,233 1,386 384 1,680 1,254 426 149 92 315 8.93 14.55 21.67
4,241 3,982 252 3,441 3,137 230 74 98 498 2.25 5.50 8.88
3,375 3,369 302 2,215 2,050 329 33 19 655 1.53 2.36 5.65
888 671 635 1,155 1,004 508 131 98 345 10.63 30.38 30.87
7,542 7,172 150 6,117 5,979 137 741 790 98 12.57 15.68 16.57
2,074 1,994 403 2,095 1,866 354 50 58 590 2.41 4.41 7.46
1,06,032 1,06,216 NA 13,154 11,025 NA (1,036) 1,240 NA (8.04) (12.00) NA
4,412 4,147 242 5,976 5,475 139 146 70 323 2.45 13.47 15.80
7,800 7,665 144 4,505 3,797 181 138 115 339 3.11 4.10 6.47
28,252 58,787 46 7,558 4,089 109 (913) 1,664 864 (92.41) (5.27) 0.56
10,013 10,634 119 3,623 3,326 222 329 444 182 9.71 12.79 9.11
2,656 2,529 344 747 686 617 206 198 251 29.29 10.19 15.92
1,517 1,634 482 1,735 1,468 416 256 211 214 15.09 27.08 24.35
9,702 10,026 NA 182 161 NA 148 127 NA 81.08 1.85 NA
6,062 4,769 180 6,888 6,285 121 289 279 198 4.23 10.91 13.26
620 541 728 1,440 1,227 463 62 78 543 4.30 16.40 27.81
1,820 1,513 432 1,012 1,002 548 62 53 545 4.39 4.79 5.99

last year; All the latest data for FY 2018/19 unless otherwise indicated; * 12 months ended September 2018; ** 12 months ended March
2018; ^12 months ended June 2018; # 12 months ended December 2018; ##15 months ended March 2019. BFSI (banking, financial services
and insurance) companies have a different way of earning and presenting financial data, so their income, profit and asset numbers have
not been ranked. See BT500 companies over the past 20 years at: www.businesstoday.in/bt500. Source: Ace Equity
 RANK AVERAGE MARKET CAPITALISATION (` CRORE)
2019 2018 COMPANY Oct ’18 - Sept ’19 Oct ’17 - Sept ’18 Growth % FY 2018/19 FY 2017/18

360 400 Ratnamani Metals & Tubes 4,220 4,407 (4.2) 4,217 4,141
361 337 Can Fin Homes 4,215 5,637 (25.2) 4,184 7,067
362 142 Vakrangee 4,206 19,742 (78.7) 5,438 27,529
363 383 Monsanto India 4,197 4,606 (8.9) 4,680 4,448
364 348 The Great Eastern Shipping Company 4,195 5,294 (20.8) 4,604 5,994
365 360 KPR Mill 4,188 5,067 (17.3) 4,407 5,580
366 401 PNC Infratech 4,145 4,352 (4.8) 3,891 4,118
367 398 Gulf Oil Lubricants India 4,135 4,432 (6.7) 4,159 4,246
368 369 Galaxy Surfactants 4,129 4,866 (15.1) 4,377 5,563
369 376 Shoppers Stop 4,128 4,778 (13.6) 4,677 3,785
370 362 Equitas Holdings 4,099 5,013 (18.2) 4,563 5,216
371 309 Hindustan Copper 4,070 6,805 (40.2) 5,277 6,755
372 268 Indiabulls Real Estate 4,049 8,957 (54.8) 5,688 9,746
373 399 Elgi Equipments 4,011 4,408 (9.0) 4,183 3,946
374 234 Reliance Power 4,009 10,779 (62.8) 8,112 12,044
375 492 Maharashtra Scooters 3,999 3,085 29.6 3,254 2,745
376 404 Multi Commodity Exchange of India 3,994 4,310 (7.3) 3,862 5,083

INDIA’S MOST
VALUABLE COMPANIES
THE LIST (360-394 / 500)

377 343 MOIL 3,976 5,478 (27.4) 4,524 5,354

378 535 Hathway Cable & Datacom 3,952 2,625 50.5 2,782 3,056
379 515 Fine Organic Industries 3,944 2,808 40.5 3,271 NA
380 250 Rain Industries # 3,932 9,814 (59.9) 6,218 7,897
381 NL Indiamart Intermesh 3,889 NA NA NA NA
382 469 Heidelberg Cement India 3,885 3,411 13.9 3,413 3,168
383 471 Just Dial 3,882 3,390 14.5 3,415 3,087
384 350 Laurus Labs 3,882 5,287 (26.6) 4,468 5,785
385 341 Strides Pharma Science 3,857 5,577 (30.8) 4,108 7,938
386 329 MMTC 3,840 5,927 (35.2) 4,778 6,268
387 358 Gujarat State Fertilizers & Chemicals 3,822 5,090 (24.9) 4,351 5,365
388 423 Omaxe 3,773 4,019 (6.1) 3,959 3,812
389 386 JK Lakshmi Cement 3,760 4,569 (17.7) 3,824 5,193
390 223 Reliance Capital 3,748 11,406 (67.1) 7,859 14,742
391 366 Gujarat Alkalies & Chemicals 3,721 4,954 (24.9) 4,197 4,294
392 318 Century Plyboards (India) 3,699 6,394 (42.2) 4,883 6,461
393 NR Ircon International 3,681 3,919 (6.1) 3,775 NA
394 335 Redington (India) 3,671 5,728 (35.9) 4,086 6,091

Overall ranks are based on average market capitalisation (October 2018 to September 2019); “Rank 2018” is as published in last year’s
BT 500. Parameter ranks are for within the top 1,000 companies; Ranks have been assigned based on multiple decimals; Because of
rounding off, some ranks may appear incorrect; Results are audited and standalone; Figures in brackets denote negative value; ROCE:
return on capital employed; RONW: return on net worth; na: not available; NA: not applicable; NL: not listed on bourses; NR: not ranked
 TOTAL ASSETS (` CRORE) TOTAL INCOME (` CRORE) PROFIT AFTER TAX (` CRORE) PROFIT AS 2018/19
% OF TOTAL
FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 SALES RONW (%) ROCE (%)

2,052 1,746 407 2,796 1,800 278 253 152 217 9.18 17.88 25.91
18,756 15,706 NA 1,731 1,522 NA 297 286 NA 17.18 18.15 9.81
2,689 2,966 341 1,535 6,430 450 20 663 718 1.39 0.81 1.63
1,177 997 564 692 682 629 152 165 311 22.65 22.57 25.21
10,341 10,538 115 2,913 2,399 265 (19) 160 812 (0.73) (0.38) 3.82
2,397 1,930 369 3,016 2,528 258 289 225 197 9.68 20.30 23.32
3,548 2,663 294 3,140 1,880 249 325 251 183 10.49 16.57 18.28
1,235 1,101 545 1,736 1,359 415 178 159 278 10.42 34.66 36.61
1,307 1,238 530 2,036 1,697 362 168 112 292 8.44 23.26 30.14
2,443 1,743 362 3,906 4,028 207 79 12 479 2.03 8.16 15.58
1,838 1,816 NA 23 20 NA 9 11 NA 45.18 0.53 NA
3,318 2,772 305 1,853 1,712 392 146 80 324 8.01 13.17 14.58
10,620 10,110 111 555 383 679 106 (20) 397 90.55 1.57 4.65
966 919 619 1,193 1,040 501 85 77 458 7.20 13.43 17.88
21,186 26,042 54 349 494 752 (602) 2 855 (1,386.95) (3.93) (0.60)
11,723 8,243 101 96 82 846 73 61 503 502.24 0.74 0.76
2,362 2,696 NA 391 346 NA 137 106 NA 45.75 9.04 NA

Vakrangee
#
362 Slumps 220 ranks, the
most in this year’s listing.
Market cap down 79%

3,591 3,241 289 1,631 1,497 434 474 422 135 32.89 16.11 24.47
5,290 2,176 203 586 559 667 211 78 246 39.91 7.86 1.34
709 537 697 1,068 873 530 129 101 349 12.36 28.14 41.73
1,455 1,376 488 209 119 810 60 32 550 57.39 6.58 7.74
733 434 691 538 422 686 13 (72) 754 2.53 0.00 0.00
2,696 2,533 340 2,168 1,909 336 221 133 237 10.34 19.90 24.83
1,549 1,398 472 992 849 553 207 143 250 23.20 21.89 29.09
3,269 2,959 308 2,252 2,056 324 95 173 427 4.25 6.14 8.18
4,583 4,232 232 1,652 2,957 432 110 892 393 7.18 3.45 4.15
4,224 5,182 254 28,997 16,514 35 81 49 472 0.28 5.54 8.44
10,351 10,240 114 8,679 6,365 96 494 476 128 5.76 6.80 8.71
6,189 5,399 173 928 1,314 575 23 64 709 3.01 1.32 9.76
4,433 4,469 241 3,939 3,480 205 80 84 477 2.05 5.36 8.84
29,745 32,348 NA 8,550 2,612 NA 157 (5,760) NA 6.79 1.74 NA
5,532 4,972 195 3,222 2,560 241 690 535 105 21.81 16.99 23.93
1,705 1,590 450 2,270 1,974 321 159 157 305 6.68 17.57 17.71
12,825 12,550 93 4,738 4,209 176 445 388 143 10.07 11.55 9.03
5,183 4,434 205 16,909 14,890 49 152 184 309 0.90 9.24 15.07

last year; All the latest data for FY 2018/19 unless otherwise indicated; * 12 months ended September 2018; ** 12 months ended March
2018; ^12 months ended June 2018; # 12 months ended December 2018; ##15 months ended March 2019. BFSI (banking, financial services
and insurance) companies have a different way of earning and presenting financial data, so their income, profit and asset numbers have
not been ranked. See BT500 companies over the past 20 years at: www.businesstoday.in/bt500. Source: Ace Equity
 RANK AVERAGE MARKET CAPITALISATION (` CRORE)
2019 2018 COMPANY Oct ’18 - Sept ’19 Oct ’17 - Sept ’18 Growth % FY 2018/19 FY 2017/18

395 466 Excel Crop Care ** 3,624 3,434 5.5 3,932 2,372
396 476 Deepak Nitrite 3,581 3,301 8.5 3,367 2,604
397 373 ISGEC Heavy Engineering 3,560 4,826 (26.2) 4,090 4,944
398 421 Essel Propack 3,554 4,055 (12.4) 3,496 4,163
399 357 eClerx Services 3,526 5,108 (31.0) 4,469 5,287
400 332 Sadbhav Engineering 3,502 5,857 (40.2) 4,514 5,738
401 430 Firstsource Solutions 3,499 3,873 (9.7) 4,131 2,741
402 349 Chennai Petroleum Corp. 3,494 5,289 (33.9) 4,187 5,962
403 436 Welspun Corporation 3,487 3,795 (8.1) 3,552 3,404
404 431 CCL Products (India) 3,476 3,871 (10.2) 3,653 4,024
405 365 BEML 3,475 4,957 (29.9) 3,512 6,292
406 395 Ujjivan Financial Services 3,468 4,485 (22.7) 3,863 4,250
407 425 Triveni Turbine 3,467 3,922 (11.6) 3,620 4,384
408 364 Dishman Carbogen Amcis 3,464 4,971 (30.3) 4,178 5,161
409 405 Ashoka Buildcon 3,454 4,308 (19.8) 3,908 3,938
410 487 Sonata Software 3,431 3,131 9.6 3,473 2,162
411 437 Nesco 3,423 3,795 (9.8) 3,434 3,714

INDIA’S MOST
VALUABLE COMPANIES
THE LIST (395-429 / 500)

412 351 Network 18 Media & Investment 3,415 5,259 (35.1) 4,497 5,351
413 451 Mahindra Logistics 3,387 3,661 (7.5) 3,771 3,286
414 418 Cera Sanitaryware 3,375 4,109 (17.9) 3,461 4,178
415 356 E.I.D. Parry (India) 3,371 5,126 (34.2) 3,927 5,879
416 457 Navin Fluorine International 3,359 3,593 (6.5) 3,368 3,442
417 540 Kama Holdings 3,305 2,596 27.3 3,114 2,061
418 367 IFB Industries 3,282 4,907 (33.1) 4,179 3,862
419 408 Lux Industries 3,242 4,230 (23.4) 4,067 3,160
420 443 Trident 3,237 3,729 (13.2) 3,237 4,343
421 391 APL Apollo Tubes 3,236 4,521 (28.4) 3,609 4,177
422 439 KNR Construction 3,230 3,780 (14.6) 3,249 3,430
423 620 Tata Steel BSL 3,210 1,998 60.7 2,985 1,494
424 480 Greaves Cotton 3,195 3,248 (1.6) 3,200 3,480
425 490 KEI Industries 3,182 3,092 2.9 3,052 2,342
426 504 Orient Electric 3,160 2,923 8.1 2,937 NA
427 527 Suven Life Sciences 3,157 2,657 18.8 2,907 2,369
428 462 Brigade Enterprises 3,157 3,457 (8.7) 2,905 3,656
429 397 Rashtriya Chemicals & Fertilizers 3,137 4,462 (29.7) 3,640 4,898

Overall ranks are based on average market capitalisation (October 2018 to September 2019); “Rank 2018” is as published in last year’s
BT 500. Parameter ranks are for within the top 1,000 companies; Ranks have been assigned based on multiple decimals; Because of
rounding off, some ranks may appear incorrect; Results are audited and standalone; Figures in brackets denote negative value; ROCE:
return on capital employed; RONW: return on net worth; na: not available; NA: not applicable; NL: not listed on bourses; NR: not ranked
 TOTAL ASSETS (` CRORE) TOTAL INCOME (` CRORE) PROFIT AFTER TAX (` CRORE) PROFIT AS 2018/19
% OF TOTAL
FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 SALES RONW (%) ROCE (%)

912 729 629 1,150 950 512 81 70 474 6.85 17.02 25.52
1,828 1,800 429 1,797 1,467 405 138 83 338 7.70 13.79 18.44
4,332 3,377 250 4,166 2,672 192 128 119 352 3.11 9.99 17.32
1,006 990 612 864 852 587 64 81 529 7.57 9.65 14.02
1,484 1,279 486 1,196 1,188 499 210 278 247 18.39 17.76 23.76
4,498 4,271 236 3,650 3,595 219 187 221 267 5.26 9.58 12.43
2,142 2,032 395 831 874 596 199 192 255 25.91 9.07 10.11
15,906 14,820 76 41,397 32,566 24 (213) 913 840 (0.41) (5.99) 1.35
4,401 5,596 245 5,832 5,375 143 (277) 126 846 (4.86) (15.62) (11.02)
1,213 982 554 839 828 594 125 98 358 15.50 20.17 19.11
4,883 4,569 222 3,504 3,270 227 63 129 534 1.82 2.89 7.56
2,077 2,046 NA 31 8 NA 22 1 NA 98.10 1.23 NA
720 742 694 845 750 591 88 98 447 10.56 20.33 32.20
5,816 5,807 187 621 548 657 56 37 568 10.19 1.16 2.37
5,257 3,892 204 3,936 2,544 206 286 237 200 7.49 13.83 19.96
646 599 717 848 732 589 172 151 287 20.79 33.66 46.74
1,346 1,179 526 392 340 734 180 177 277 50.18 16.56 23.19

Tata Steel BSL

#
423 Jumps 197 ranks as market cap
rises 61% between October 2018
and September 2019

4,119 4,242 262 129 189 839 (635) (74) 856 (568.78) (31.35) (13.37)
1,103 899 585 3,673 3,227 217 84 62 460 2.30 18.40 28.44
1,089 949 588 1,359 1,193 475 115 100 381 8.56 17.63 27.22
3,830 3,974 271 2,266 2,270 322 163 101 302 8.79 9.75 11.55
1,706 1,566 449 990 964 554 148 179 316 15.55 14.67 22.37
571 543 NA 38 37 NA 38 36 NA 100.59 6.94 NA
1,204 1,082 557 2,555 2,168 299 74 83 497 2.31 12.65 17.10
803 872 663 1,218 1,079 494 101 78 407 8.38 27.68 28.69
6,103 6,129 177 5,265 4,662 161 371 266 170 7.11 13.19 12.25
2,657 2,195 343 5,913 4,371 141 126 113 355 2.11 13.31 16.36
2,153 1,914 394 2,201 1,971 332 263 272 209 12.32 20.47 20.95
39,586 39,842 35 21,024 17,108 43 1,713 (24,813) 46 8.20 0.00 18.55
1,409 1,342 508 2,034 1,840 364 169 203 289 8.52 17.55 25.88
2,851 2,282 330 4,234 3,468 191 182 145 275 4.30 26.48 29.41
869 784 641 1,874 1,605 388 69 64 512 3.60 24.33 28.69
1,325 1,119 529 688 649 632 150 158 313 22.62 16.13 23.35
7,460 5,756 152 1,929 1,368 379 234 181 226 12.97 10.11 12.62
8,920 6,324 130 9,016 7,375 92 139 79 334 1.57 4.67 7.29

last year; All the latest data for FY 2018/19 unless otherwise indicated; * 12 months ended September 2018; ** 12 months ended March
2018; ^12 months ended June 2018; # 12 months ended December 2018; ##15 months ended March 2019. BFSI (banking, financial services
and insurance) companies have a different way of earning and presenting financial data, so their income, profit and asset numbers have
not been ranked. See BT500 companies over the past 20 years at: www.businesstoday.in/bt500. Source: Ace Equity
 RANK AVERAGE MARKET CAPITALISATION (` CRORE)
2019 2018 COMPANY Oct ’18 - Sept ’19 Oct ’17 - Sept ’18 Growth % FY 2018/19 FY 2017/18

430 402 Rallis India 3,136 4,321 (27.4) 3,621 4,650

431 458 Kaveri Seed Company 3,118 3,569 (12.6) 3,466 3,733
432 390 Indostar Capital Finance 3,084 4,532 (32.0) 3,676 NA
433 340 DB Corp 3,083 5,592 (44.9) 3,963 6,655
434 478 MAS Financial Services 3,070 3,277 (6.3) 3,042 3,370
435 392 BSE 3,046 4,514 (32.5) 3,664 5,221
436 414 FDC 3,046 4,176 (27.1) 3,689 3,692
437 486 Maharashtra Seamless 3,034 3,143 (3.5) 3,125 2,899
438 370 Jagran Prakashan 3,033 4,846 (37.4) 3,812 5,502
439 407 Caplin Point Laboratories 3,028 4,251 (28.8) 3,332 4,624
440 444 The Karnataka Bank 3,009 3,717 (19.0) 3,222 4,316
441 394 Birlasoft 3,002 4,507 (33.4) 4,573 3,010
442 453 Gayatri Projects 2,971 3,632 (18.2) 3,406 3,289
443 448 ICRA 2,968 3,670 (19.1) 3,288 3,914
444 239 Arvind 2,960 10,594 (72.1) 7,320 10,349
445 447 Sharda Cropchem 2,940 3,688 (20.3) 3,196 4,129
446 573 Intellect Design Arena 2,935 2,341 25.4 2,719 1,663
447 409 Mahindra Holidays & Resorts India 2,911 4,222 (31.0) 3,396 4,594

INDIA’S MOST
VALUABLE COMPANIES
THE LIST (430-464 / 500)

448 611 JSW Holdings 2,902 2,086 39.1 2,441 1,946

449 433 Suprajit Engineering 2,900 3,849 (24.7) 3,341 3,845
450 396 Sadbhav Infrastructure Project 2,891 4,462 (35.2) 3,878 4,128
451 417 Shilpa Medicare 2,890 4,112 (29.7) 3,320 4,940
452 251 Infibeam Avenues 2,887 9,726 (70.3) 7,036 7,379
453 389 The India Cements 2,877 4,533 (36.5) 3,317 5,645
454 548 Inox Leisure 2,854 2,508 13.8 2,450 2,594
455 564 Balrampur Chini Mills 2,852 2,398 19.0 2,057 3,482
456 536 Federal-Mogul Goetze (India) 2,829 2,625 7.8 2,530 2,967
457 416 VenkyS (India) 2,819 4,126 (31.7) 3,729 3,201
458 419 Magma Fincorp 2,814 4,081 (31.1) 3,557 3,765
459 434 Phillips Carbon Black 2,785 3,835 (27.4) 3,666 2,788
460 NL Techno Electric & Engineering 2,781 3,890 (28.5) 3,129 4,262
461 327 Suzlon Energy 2,779 6,009 (53.8) 3,739 8,578
462 441 Minda Corporation 2,761 3,745 (26.3) 3,385 3,076
463 549 JB Chemicals & Pharmaceuticals 2,721 2,498 8.9 2,493 2,595
464 467 Thyrocare Technologies 2,710 3,431 (21.0) 3,112 3,697

Overall ranks are based on average market capitalisation (October 2018 to September 2019); “Rank 2018” is as published in last year’s
BT 500. Parameter ranks are for within the top 1,000 companies; Ranks have been assigned based on multiple decimals; Because of
rounding off, some ranks may appear incorrect; Results are audited and standalone; Figures in brackets denote negative value; ROCE:
return on capital employed; RONW: return on net worth; na: not available; NA: not applicable; NL: not listed on bourses; NR: not ranked
 TOTAL ASSETS (` CRORE) TOTAL INCOME (` CRORE) PROFIT AFTER TAX (` CRORE) PROFIT AS 2018/19
% OF TOTAL
FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 SALES RONW (%) ROCE (%)

2,362 2,227 374 1,697 1,507 420 129 141 350 7.72 10.63 15.52
1,537 1,452 474 813 797 602 215 210 241 27.92 21.11 22.30
12,260 7,131 NA 1,183 797 NA 255 212 NA 21.67 10.22 NA
3,860 3,773 268 2,487 2,335 304 274 324 207 11.12 14.61 21.87
3,770 2,749 NA 573 451 NA 152 103 NA 26.58 18.07 NA
3,116 3,317 NA 612 652 NA 201 564 NA 34.93 7.45 NA
2,156 1,950 391 1,131 1,113 517 172 168 288 15.94 12.73 17.63
4,332 3,449 249 3,131 2,198 251 262 198 210 8.57 8.52 15.29
2,216 2,151 386 1,967 1,925 373 220 266 239 11.34 15.37 22.03
539 411 754 572 450 672 148 102 318 27.60 41.30 55.76
79,046 70,374 NA 6,908 6,378 NA 477 326 NA 8.08 9.21 NA
1,554 2,023 470 1,653 1,484 431 168 178 293 10.36 12.74 15.33
5,864 4,986 185 3,503 2,958 228 211 188 245 6.09 17.19 16.55
981 964 617 275 273 784 96 100 420 41.70 17.17 23.51
7,014 7,044 163 6,597 6,407 127 199 250 254 3.07 6.70 8.04
2,352 2,386 375 1,660 1,503 428 144 193 328 8.96 12.87 19.55
1,332 1,097 527 993 703 552 137 33 340 14.72 16.91 16.35
5,400 3,274 199 963 1,094 561 64 134 531 6.95 42.60 65.02

Arvind
#
444 Down 205 ranks as
market cap slumps 72%

8,897 8,858 NA 107 89 NA 88 68 NA 81.84 1.08 NA

1,052 975 599 1,089 988 522 115 105 383 10.85 17.64 22.92
3,418 3,112 298 368 385 741 57 68 564 19.17 3.98 9.08
1,668 1,547 454 681 776 633 124 133 360 18.69 10.18 11.28
2,994 2,847 321 554 333 680 39 13 637 7.15 1.52 2.53
11,105 10,699 105 5,659 5,195 148 69 101 511 1.23 1.33 4.94
1,426 1,204 501 1,707 1,363 418 133 115 342 7.89 15.75 21.89
5,033 3,911 215 4,329 4,370 188 571 221 114 13.31 31.10 19.89
1,089 1,019 589 1,347 1,329 478 83 83 465 6.26 11.95 18.10
1,557 1,431 469 3,072 2,715 255 174 200 284 5.72 21.73 27.75
14,847 13,323 NA 2,423 2,101 NA 275 201 NA 12.32 12.64 NA
3,735 3,091 277 3,550 2,585 225 389 230 165 11.01 25.73 25.41
2,266 2,057 382 1,045 1,320 537 182 200 276 18.37 13.82 19.55
8,523 12,841 133 3,043 6,411 257 (7,413) (1,156) 873 (291.46) 0.00 (173.16)
1,982 1,500 415 2,412 1,972 309 161 103 304 6.77 17.65 20.04
2,326 2,228 380 1,541 1,311 446 182 128 273 12.13 12.39 18.27
486 485 771 384 356 736 95 96 424 25.75 21.11 32.41

last year; All the latest data for FY 2018/19 unless otherwise indicated; * 12 months ended September 2018; ** 12 months ended March
2018; ^12 months ended June 2018; # 12 months ended December 2018; ##15 months ended March 2019. BFSI (banking, financial services
and insurance) companies have a different way of earning and presenting financial data, so their income, profit and asset numbers have
not been ranked. See BT500 companies over the past 20 years at: www.businesstoday.in/bt500. Source: Ace Equity
 RANK AVERAGE MARKET CAPITALISATION (` CRORE)
2019 2018 COMPANY Oct ’18 - Sept ’19 Oct ’17 - Sept ’18 Growth % FY 2018/19 FY 2017/18

465 379 Kirloskar Oil Engines 2,696 4,713 (42.8) 3,493 5,444
466 231 PC Jeweller 2,691 10,831 (75.2) 4,386 12,904
467 426 Care Ratings 2,678 3,908 (31.5) 3,377 4,288
468 432 Forbes & Company 2,646 3,855 (31.4) 3,312 3,020
469 464 Himachal Futuristic Communications 2,629 3,435 (23.5) 2,974 2,830
470 652 Capri Global Capital 2,621 1,790 46.4 1,926 1,589
471 600 Orient Refractories 2,608 2,142 21.8 2,513 1,826
472 477 Amber Enterprises India 2,591 3,301 (21.5) 2,913 3,597
473 NL KPIT Technologies 2,584 NA NA NA NA
474 455 Dixon Technologies (India) 2,567 3,621 (29.1) 2,980 3,728
475 456 Jindal Saw 2,567 3,620 (29.1) 2,851 3,504
476 445 Allcargo Logistics 2,564 3,715 (31.0) 2,811 4,343
477 411 Swan Energy 2,553 4,216 (39.5) 3,257 3,904
478 382 The South Indian Bank 2,533 4,636 (45.4) 3,291 5,143
479 664 Den Networks 2,524 1,726 46.3 1,741 1,833
480 403 Gujarat Mineral Development Corp. 2,500 4,311 (42.0) 3,247 4,627

INDIA’S MOST
VALUABLE COMPANIES
THE LIST (465-500)

481 511 Granules India 2,495 2,851 (12.5) 2,456 3,163

482 563 JK Paper 2,482 2,401 3.4 2,596 2,008
483 591 Garware Technical Fibres 2,461 2,207 11.5 2,414 1,938
484 354 Jain Irrigation Systems 2,454 5,160 (52.4) 3,907 5,225
485 468 VRL Logistics 2,454 3,428 (28.4) 2,837 3,350
486 474 Navneet Education 2,446 3,325 (26.5) 2,752 3,791
487 603 TCI Express 2,436 2,136 14.1 2,315 1,966
488 465 Entertainment Network (India) 2,434 3,435 (29.1) 3,042 3,832
489 496 Fertilisers & Chemicals Travancore 2,432 3,058 (20.5) 2,713 3,009
490 528 Future Supply Chain Solutions 2,421 2,657 (8.9) 2,594 2,714
491 459 The Jammu & Kashmir Bank 2,413 3,548 (32.0) 2,645 4,274
492 513 KSB # 2,412 2,836 (15.0) 2,648 2,702
493 684 Responsive Industries 2,386 1,620 47.2 2,244 1,505
494 588 Vaibhav Global 2,386 2,232 6.9 2,242 1,931
495 442 Repco Home Finance 2,372 3,731 (36.4) 3,015 4,263
496 560 Indiabulls Integrated Services 2,333 2,453 (4.9) 3,400 578
497 501 Sudarshan Chemical Industries 2,331 3,023 (22.9) 2,820 2,707
498 545 Mishra Dhatu Nigam 2,328 2,562 (9.1) 2,434 NA
499 517 Apar Industries 2,318 2,795 (17.1) 2,490 3,003
500 482 Central Depository Services (India) 2,315 3,225 (28.2) 2,636 3,587

Overall ranks are based on average market capitalisation (October 2018 to September 2019); “Rank 2018” is as published in last year’s
BT 500. Parameter ranks are for within the top 1,000 companies; Ranks have been assigned based on multiple decimals; Because of
rounding off, some ranks may appear incorrect; Results are audited and standalone; Figures in brackets denote negative value; ROCE:
return on capital employed; RONW: return on net worth; na: not available; NA: not applicable; NL: not listed on bourses; NR: not ranked
 TOTAL ASSETS (` CRORE) TOTAL INCOME (` CRORE) PROFIT AFTER TAX (` CRORE) PROFIT AS 2018/19
% OF TOTAL
FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 FY 2018/19 FY 2017/18 RANK 2019 SALES RONW (%) ROCE (%)

2,437 2,259 364 3,266 2,901 237 225 150 235 7.02 13.19 19.74
7,627 8,942 147 8,461 9,585 98 (3) 567 799 (0.03) (0.07) 6.34
621 1,156 727 327 347 759 135 161 341 45.40 24.13 34.47
696 518 698 246 301 798 10 41 761 4.52 4.01 5.26
3,064 2,427 314 4,414 3,097 186 184 155 270 4.21 14.00 20.28
3,513 2,774 NA 504 337 NA 129 72 NA 25.76 10.00 NA
664 556 707 766 639 608 90 86 439 12.01 25.70 39.68
2,107 1,516 400 2,197 1,931 333 93 62 435 4.23 9.96 14.28
1,239 na 542 266 na 788 74 (0.3) 492 32.33 16.13 16.59
1,103 668 584 2,530 2,214 301 56 57 566 2.23 17.05 25.90
13,307 11,783 89 10,135 7,547 83 500 386 126 5.09 8.15 11.85
2,054 1,795 405 1,667 1,247 427 191 29 260 12.66 14.36 13.31
1,211 1,662 555 874 432 583 2 73 787 0.27 0.24 4.78
92,279 82,686 NA 7,603 7,030 NA 248 335 NA 3.60 4.90 NA
3,930 2,201 265 1,064 1,101 533 (219) (31) 841 (21.71) (12.76) (7.34)
5,172 5,439 209 2,022 2,170 365 139 428 336 7.35 3.20 7.12

Fertilisers and Chemicals

489
# Travancore
Rises seven ranks despite
market cap falling 20%

2,824 2,639 332 2,127 1,670 345 162 139 303 7.71 12.04 11.56
4,236 3,608 253 3,312 2,890 234 437 260 148 12.52 23.72 25.24
1,077 984 593 1,048 918 536 126 105 357 12.34 21.19 27.34
8,220 7,750 139 4,561 4,359 178 235 281 225 4.88 5.05 10.44
978 862 618 2,117 1,937 348 92 93 436 4.36 14.84 20.78
1,295 1,133 533 1,380 1,160 474 177 153 279 13.04 21.12 25.97
379 344 805 1,027 887 543 73 58 502 7.11 30.89 44.10
1,142 1,155 573 635 548 651 54 35 576 8.69 5.94 9.13
2,327 1,816 378 2,416 1,972 308 163 (129) 301 8.12 0.00 61.00
1,184 824 561 1,231 943 490 65 31 525 5.32 11.55 11.98
1,01,406 89,688 NA 8,488 7,117 NA 465 203 NA 6.06 8.04 NA
1,189 1,012 560 1,120 976 519 74 68 496 6.77 10.76 16.12
797 970 665 643 1,099 648 28 13 683 4.52 4.53 7.47
721 642 693 489 474 699 33 31 659 6.86 6.14 7.21
10,957 9,731 NA 1,195 1,110 NA 235 201 NA 19.73 16.55 NA
1,645 998 457 44 13 866 22 2 712 0.00 1.96 2.28
1,517 1,262 481 1,509 1,450 453 152 88 312 10.09 28.84 26.87
1,825 1,365 430 748 691 615 131 131 346 18.37 16.08 21.75
4,747 3,999 227 7,602 5,527 108 147 144 321 1.94 13.72 33.43
609 570 NA 188 179 NA 84 78 NA 55.39 16.15 NA

last year; All the latest data for FY 2018/19 unless otherwise indicated; * 12 months ended September 2018; ** 12 months ended March
2018; ^12 months ended June 2018; # 12 months ended December 2018; ##15 months ended March 2019. BFSI (banking, financial services
and insurance) companies have a different way of earning and presenting financial data, so their income, profit and asset numbers have
not been ranked. See BT500 companies over the past 20 years at: www.businesstoday.in/bt500. Source: Ace Equity
 TOTAL ASSETS (` cr) BT
1,000
ASSETS Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019
INDIA’S MOST 43 Mangalore Refinery & Petrochem 32,519 31,406 3.5 196
VALUABLE COMPANIES
44 Tech Mahindra 30,121 26,555 13.4 39
THE LIST (1-100 / 500) 45 Adani Power 28,928 19,707 46.8 137
46 Reliance Infrastructure 28,252 58,787 (51.9) 352
47 Bajaj Auto 27,380 23,819 14.9 34
48 CESC 26,089 26,030 0.2 223
49 Ambuja Cements # 25,187 24,627 2.3 66

TOTAL
50 Interglobe Aviation 25,012 21,129 18.4 53
51 Torrent Power 23,825 22,102 7.8 188
52 Jaiprakash Power Ventures 22,867 22,870 (0.0) 676

ASSETS 53
54
55
GMR Infrastructure
Reliance Power
Rajesh Exports
22,293
21,186
21,170
26,407
26,042
19,929
(15.6)
(18.6)
6.2
226
374
142
56 Bharat Electronics 19,992 18,092 10.5 116

BT 57 Siemens * 19,755 18,155 8.8 72

TOTAL ASSETS (` cr)
1,000
ASSETS Growth Rank 58 Lupin 19,690 18,681 5.4 77
RANK COMPANY 2018/19 2017/18 % 2019 59 Hero MotoCorp 19,233 18,186 5.8 50
1 Reliance Industries 7,75,745 6,17,525 25.6 1 60 Coal India 19,041 18,465 3.1 18
2 Indian Oil Corporation 3,35,482 3,00,820 11.5 20 61 Cipla 18,419 17,048 8.0 63
3 NTPC 3,02,326 2,75,862 9.6 22 62 MRF 18,228 16,302 11.8 104
4 Oil & Natural Gas Corporation 3,02,235 2,91,228 3.8 13 63 Ashok Leyland 18,224 17,336 5.1 102
5 Power Grid Corporation of India 2,54,050 2,30,553 10.2 28 64 Aurobindo Pharma 18,141 15,794 14.9 69
6 Vodafone Idea 2,24,118 1,01,951 119.8 90 65 Bharti Infratel 18,069 20,150 (10.3) 55
7 Bharti Airtel 2,17,534 2,03,513 6.9 17 66 Prestige Estate Projects 18,015 13,778 30.7 245
8 Vedanta 1,50,864 1,47,169 2.5 43 67 Petronet LNG 17,729 17,509 1.3 81
9 Tata Steel 1,37,498 1,25,114 9.9 48 68 Hindustan Unilever 17,526 16,894 3.7 4
10 Larsen & Toubro 1,24,884 1,15,206 8.4 12 69 Alok Industries ** 17,155 30,939 (44.6) 945
11 Bharat Petroleum Corporation 1,15,627 1,00,131 15.5 35 70 JSW Energy 17,017 17,352 (1.9) 199
12 Steel Authority of India 1,13,539 1,10,009 3.2 128 71 SJVN 16,522 16,073 2.8 221
13 JSW Steel 1,04,902 85,551 22.6 42 72 Glenmark Pharmaceuticals 16,431 14,604 12.5 163
14 Hindustan Petroleum Corporation 1,03,751 86,807 19.5 71 73 Dr. Reddy’s Laboratories 16,248 17,007 (4.5) 61
15 Tata Consultancy Services 97,403 88,005 10.7 2 Housing Development &
74 16,102 16,525 (2.6) 755
16 Hindalco Industries 81,502 82,729 (1.5) 58 Infrastructure
17 Infosys 77,816 74,749 4.1 7 75 ACC # 16,025 14,889 7.6 98
18 ITC 69,798 62,381 11.9 6 76 Chennai Petroleum Corporation 15,906 14,820 7.3 402
19 Wipro 66,607 58,219 14.4 16 77 Apollo Tyres 15,440 14,900 3.6 195
20 GAIL (India) 66,370 59,561 11.4 38 78 National Aluminium Company 15,147 14,614 3.6 216
21 Bharat Heavy Electricals 63,790 62,421 2.2 115 79 Mahanagar Telephone Nigam 14,677 16,250 (9.7) 835
22 Maruti Suzuki India 62,932 59,370 6.0 11 80 Shree Cement 14,581 14,629 (0.3) 45
23 Reliance Communications 62,082 52,391 18.5 570 81 Bajaj Hindusthan Sugar 14,408 14,611 (1.4) 736
24 NHPC 61,708 56,883 8.5 108 82 Adani Enterprises 14,322 15,197 (5.8) 164
25 Tata Motors 60,910 59,212 2.9 56 83 Shipping Corporation of India 14,148 14,369 (1.5) 573
26 Jindal Steel & Power 60,640 63,045 (3.8) 170 84 Tata Chemicals 13,998 14,174 (1.2) 162
27 Ultratech Cement 58,436 54,373 7.5 23 85 Cadila Healthcare 13,914 13,249 5.0 91
28 Mahindra & Mahindra 52,697 47,447 11.1 33 86 National Fertilizers 13,912 9,628 44.5 586
29 Grasim Industries 51,813 53,718 (3.5) 51 87 UPL 13,903 12,050 15.4 64
30 Hindustan Aeronautics 50,426 47,661 5.8 112 88 Chambal Fertilisers & Chemicals 13,846 9,436 46.7 281
31 Oil India 50,220 45,684 9.9 135 89 Jindal Saw 13,307 11,783 12.9 475
32 Adani Ports and SEZ 46,620 39,702 17.4 36 90 Asian Paints 13,152 11,588 13.5 21
33 Piramal Enterprises 42,515 41,262 3.0 70 91 Bosch 13,032 14,113 (7.7) 52
34 Hindustan Zinc 40,533 40,724 (0.5) 27 92 NCC 12,986 10,621 22.3 325
35 Tata Steel BSL 39,586 39,842 (0.6) 423 93 Ircon International 12,825 12,550 2.2 393
36 Tata Power Company 38,135 36,502 4.5 145 94 Adani Transmission 12,824 12,248 4.7 114
37 Sun Pharmaceutical Industries 38,052 37,130 2.5 25 95 Container Corporation of India 12,607 10,706 17.8 85
38 Jaiprakash Associates 37,821 36,396 3.9 672 96 Jet Airways (India) ** 12,501 12,648 (1.2) 541
39 NMDC 35,998 34,009 5.8 89 97 Tata Communications 12,378 12,724 (2.7) 171
40 NLC India 35,504 32,977 7.7 231 98 Future Enterprises 12,070 10,903 10.7 607
41 HCL Technologies 35,349 31,312 12.9 19 99 Torrent Pharmaceuticals 12,027 11,819 1.8 97
42 DLF 33,481 31,323 6.9 76 100 RattanIndia Power 11,916 14,449 (17.5) 809

For keys to symbols used and other notes, see footnotes on page 76; NA: Not applicable;
The list excludes BFSI companies; Standalone data; Source: Ace Equity
 Zydus Wellness
INDIA’S MOST
VALUABLE COMPANIES
THE LIST (101-200 / 500)
568% Rise on total assets
to `4,957 crore
in 2018/19

TOTAL ASSETS (` cr) BT TOTAL ASSETS (` cr) BT

1,000 1,000
ASSETS Growth Rank ASSETS Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019 RANK COMPANY 2018/19 2017/18 % 2019
101 Maharashtra Scooters 11,723 8,243 42.2 375 151 Pidilite Industries 7,500 6,448 16.3 46
102 Rail Vikas Nigam 11,479 7,752 48.1 324 152 Brigade Enterprises 7,460 5,756 29.6 428
103 Sintex Industries 11,453 10,420 9.9 974 153 CG Power & Industrial Solutions ** 7,415 7,391 0.3 527
104 Titan Company 11,385 9,348 21.8 30 154 JK Tyre & Industries 7,405 7,178 3.2 529
105 The India Cements 11,105 10,699 3.8 453 155 Godrej Properties 7,403 6,759 9.5 143
106 KEC International 11,100 9,735 14.0 270 156 Anant Raj 7,339 6,960 5.4 732
107 Dilip Buildcon 10,907 8,721 25.1 292 157 PTC India 7,334 6,205 18.2 519
108 Zee Entertainment Enterprises 10,869 9,048 20.1 73 158 Patel Engineering 7,289 6,773 7.6 993
109 Dish TV India 10,844 11,402 (4.9) 297 159 Havells India 7,179 6,541 9.7 60
110 Coromandel International 10,647 9,873 7.8 190 160 Gujarat Gas 7,127 6,633 7.4 214
111 Indiabulls Real Estate 10,620 10,110 5.0 372 161 Oberoi Realty 7,069 5,805 21.8 148
112 Sobha 10,528 8,888 18.5 340 162 JK Cement 7,056 6,078 16.1 290
113 Future Retail 10,528 8,194 28.5 118 163 Arvind 7,014 7,044 (0.4) 444
114 Guj State Fertilizers & Chemicals 10,351 10,240 1.1 387 164 ITI ** 7,008 5,513 27.1 259
115 The Great Eastern Shipping Co. 10,341 10,538 (1.9) 364 165 Avenue Supermarts 6,998 5,612 24.7 31
116 Century Textiles & Industries 10,133 10,331 (1.9) 222 166 Voltas 6,764 6,462 4.7 138
117 Fortis Healthcare 10,066 4,952 103.3 224 167 Alkem Laboratories 6,656 6,236 6.7 125
118 Jindal Stainless 10,021 10,164 (1.4) 568 168 Shree Renuka Sugars 6,578 6,219 5.8 537
119 IRB Infrastructure Developers 10,013 10,634 (5.8) 353 169 Balkrishna Industries 6,430 5,845 10.0 155
120 Bharat Forge 9,939 8,366 18.8 119 170 Aditya Birla Fashion and Retail 6,358 5,665 12.2 166
121 Hindustan Construction Company 9,828 11,303 (13.1) 574 171 Godrej Consumer Products 6,290 6,624 (5.0) 40
122 Simplex Infrastructures 9,617 9,331 3.1 769 172 Welspun India 6,264 6,248 0.2 313
123 Eicher Motors 9,477 7,795 21.6 49 173 Omaxe 6,189 5,399 14.6 388
124 Apollo Hospitals Enterprise 9,278 8,581 8.1 150 174 Puravankara 6,150 5,432 13.2 576
125 Glaxosmithkline Cons Healthcare 9,271 8,093 14.6 88 175 Varun Beverages # 6,130 5,333 15.0 167
126 Motherson Sumi Systems 9,014 8,703 3.6 62 176 Jindal Stainless (Hisar) 6,118 6,380 (4.1) 539
127 ABB India # 8,962 8,771 2.2 96 177 Trident 6,103 6,129 (0.4) 420
128 Gujarat State Petronet 8,950 8,949 0.0 209 178 Larsen & Toubro Infotech 6,070 4,827 25.8 95
129 United Spirits 8,927 8,684 2.8 67 179 Sun TV Network 6,069 5,190 16.9 126
130 Rashtriya Chemicals & Fertilizers 8,920 6,324 41.1 429 180 Ceat 6,062 4,769 27.1 357
131 Divis Laboratories 8,800 8,370 5.1 68 181 Thermax 6,018 5,271 14.2 189
132 SRF 8,672 7,274 19.2 179 182 Indraprastha Gas 5,949 4,928 20.7 129
133 Suzlon Energy 8,523 12,841 (33.6) 461 183 Graphite India 5,943 3,496 70.0 211
134 NBCC (India) 8,427 8,213 2.6 225 184 Sterlite Technologies 5,926 3,384 75.1 239
135 TVS Motor Company 8,369 7,156 17.0 117 185 Gayatri Projects 5,864 4,986 17.6 442
136 Vardhman Textiles 8,369 7,696 8.7 303 186 Cummins India 5,854 5,531 5.8 132
137 The Ramco Cements 8,296 7,297 13.7 159 187 Dishman Carbogen Amcis 5,816 5,807 0.2 408
138 Kalpataru Power Transmission 8,236 7,246 13.7 284 188 Usha Martin 5,781 6,430 (10.1) 726
139 Jain Irrigation Systems 8,220 7,750 6.1 484 189 Zuari Agro Chemicals 5,735 4,968 15.4 813
140 Exide Industries 8,172 7,397 10.5 140 190 GFL 5,720 4,852 17.9 246
141 Nestle India # 8,088 7,363 9.9 26 191 Britannia Industries 5,653 4,619 22.4 41
142 Biocon 8,039 7,625 5.4 82 192 Aarti Industries 5,628 4,182 34.6 186
143 The Indian Hotels Company 7,881 7,704 2.3 153 193 Polycab India 5,595 4,424 26.5 241
144 Birla Corporation 7,800 7,665 1.8 351 194 Dabur India 5,579 5,813 (4.0) 37
145 GlaxoSmithKline Pharmaceuticals 7,778 7,598 2.4 121 195 Gujarat Alkalies & Chemicals 5,532 4,972 11.3 391
146 Dalmia Bharat 7,677 7,746 (0.9) 136 196 Tamil Nadu Newsprint & Papers 5,531 5,525 0.1 629
147 PC Jeweller 7,627 8,942 (14.7) 466 197 Cox & Kings ** 5,433 4,504 20.6 538
148 DCM Shriram 7,581 5,850 29.6 283 198 Adani Green Energy 5,402 5,321 1.5 285
149 GTL Infrastructure 7,566 8,752 (13.6) 702 199 Mahindra Holidays & Resorts India 5,400 3,274 64.9 447
150 Guj Narmada Valley Fert. & Chem 7,542 7,172 5.2 347 200 Bharat Dynamics 5,397 6,406 (15.8) 322

For keys to symbols used and other notes, see footnotes on page 76; NA: Not applicable;
The list excludes BFSI companies; Standalone data; Source: Ace Equity
 Hathway Cable
INDIA’S MOST
VALUABLE COMPANIES
THE LIST (201-300 / 500)
143% & Datacom
Rise in assets
to `5,290 crore

TOTAL ASSETS (` cr) BT TOTAL ASSETS (` cr) BT

1,000 1,000
ASSETS Growth Rank ASSETS Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019 RANK COMPANY 2018/19 2017/18 % 2019
201 United Breweries 5,379 4,719 14.0 80 251 Kansai Nerolac Paints 4,306 4,068 5.9 111
202 Godrej Industries 5,319 4,984 6.7 158 252 Raymond 4,241 3,982 6.5 344
203 Hathway Cable & Datacom 5,290 2,176 143.1 378 253 JK Paper 4,236 3,608 17.4 482
204 Ashoka Buildcon 5,257 3,892 35.1 409 254 MMTC 4,224 5,182 (18.5) 386
205 Redington (India) 5,183 4,434 16.9 394 255 Mphasis 4,207 4,583 (8.2) 147
206 Rites 5,181 4,979 4.1 319 256 Garden Reach Shipbuilders 4,190 4,319 (3.0) 669
207 Bombay Dyeing & Manufacturing 5,178 4,147 24.9 510 257 Hotel Leela Venture 4,189 4,565 (8.2) 837
208 Cochin Shipyard 5,178 5,435 (4.7) 327 258 Mahindra CIE Automotive # 4,188 4,093 2.3 252
209 Gujarat Mineral Development 5,172 5,439 (4.9) 480 259 GE Power India 4,178 4,460 (6.3) 315
210 GE T&D India 5,145 5,567 (7.6) 296 260 GHCL 4,157 3,732 11.4 511
211 Kesoram Industries 5,114 5,662 (9.7) 733 261 Mindtree 4,140 3,705 11.8 174
212 Bajaj Electricals 5,097 3,399 49.9 328 262 Network 18 Media & Investment 4,119 4,242 (2.9) 412
213 HEG 5,070 2,640 92.0 236 263 JMC Projects (India) 4,029 3,485 15.6 564
214 Berger Paints India 5,041 4,459 13.1 87 264 Pfizer 3,940 3,690 6.8 180
215 Balrampur Chini Mills 5,033 3,911 28.7 455 265 Den Networks 3,930 2,201 78.6 479
216 Engineers India 5,022 4,691 7.1 272 266 Dhampur Sugar Mills 3,882 3,212 20.9 674
217 Escorts 4,997 4,269 17.0 266 267 TV18 Broadcast 3,877 3,404 13.9 321
218 Tata Global Beverages 4,971 4,793 3.7 172 268 DB Corp 3,860 3,773 2.3 433
219 Electrosteel Castings 4,969 5,600 (11.3) 814 269 EIH 3,852 3,782 1.8 217
220 Zydus Wellness 4,957 742 568.3 274 270 Gujarat Industries Power Co 3,831 3,786 1.2 697
221 Colgate-Palmolive (India) 4,914 4,490 9.5 84 271 E.I.D. Parry (India) 3,830 3,974 (3.6) 415
222 BEML 4,883 4,569 6.9 405 272 Quess Corp 3,827 3,672 4.2 237
223 Jubilant Life Sciences 4,864 4,625 5.2 219 273 BASF India 3,813 3,848 (0.9) 306
224 Himatsingka Seide 4,836 3,827 26.4 549 274 Phoenix Mills 3,751 3,489 7.5 233
225 SpiceJet 4,795 4,032 18.9 295 275 Honeywell Automation India 3,750 3,094 21.2 131
226 Sanofi India # 4,769 4,324 10.3 182 276 Schaeffler India # 3,735 3,164 18.1 168
227 Apar Industries 4,747 3,999 18.7 499 277 Phillips Carbon Black 3,735 3,091 20.8 459
228 Bayer CropScience 4,729 4,230 11.8 185 278 Triveni Engineering & Industries 3,734 2,967 25.9 633
229 Monnet Ispat & Energy 4,701 8,210 (42.7) 663 279 Prakash Industries ** 3,732 3,262 14.4 660
230 KRBL 4,627 3,849 20.2 273 280 India Glycols 3,715 3,345 11.1 771
231 Tata Teleservices (Maharashtra) 4,602 3,380 36.2 843 281 Inox Wind 3,689 3,295 12.0 627
232 Strides Pharma Science 4,583 4,232 8.3 385 282 Whirlpool Of India 3,675 3,198 14.9 141
233 PI Industries 4,577 3,783 21.0 183 283 Asahi India Glass 3,665 3,228 13.6 307
234 Alembic Pharmaceuticals 4,549 3,678 23.7 213 284 HT Media 3,663 3,524 3.9 777
235 Future Lifestyle Fashions 4,537 3,379 34.3 254 285 DB Realty 3,648 3,475 5.0 999
236 Sadbhav Engineering 4,498 4,271 5.3 400 286 Info Edge (India) 3,620 3,191 13.4 120
237 Amara Raja Batteries 4,496 4,169 7.9 194 287 Syngene International 3,611 3,116 15.9 193
238 Marico 4,463 4,020 11.0 57 288 AIA Engineering 3,609 3,206 12.6 161
239 Ipca Laboratories 4,458 4,108 8.5 202 289 MOIL 3,591 3,241 10.8 377
240 Mcleod Russel India 4,436 3,668 20.9 818 290 Atul 3,590 3,015 19.1 208
241 JK Lakshmi Cement 4,433 4,469 (0.8) 389 291 J Kumar Infraproject 3,569 3,424 4.3 713
242 Prism Johnson 4,412 4,147 6.4 350 292 HSIL 3,561 3,475 2.5 599
243 Oracle Fina Services Software 4,404 4,545 (3.1) 94 293 Jindal Poly Films 3,558 3,555 0.1 701
244 Uflex 4,404 4,428 (0.5) 567 294 PNC Infratech 3,548 2,663 33.3 366
245 Welspun Corp 4,401 5,596 (21.4) 403 295 Ballarpur Industries 3,509 4,051 (13.4) 994
246 Wockhardt 4,399 4,342 1.3 342 296 Chalet Hotels 3,506 3,622 (3.2) 287
247 Mukand 4,389 4,392 (0.1) 830 297 Mahanagar Gas 3,441 3,010 14.3 250
248 Natco Pharma 4,356 3,736 16.6 200 298 Sadbhav Infrastructure Project 3,418 3,112 9.8 450
249 Maharashtra Seamless 4,332 3,449 25.6 437 299 Akzo Nobel India 3,407 3,462 (1.6) 265
250 ISGEC Heavy Engineering 4,332 3,377 28.3 397 300 Sundram Fasteners 3,395 2,780 22.1 205

For keys to symbols used and other notes, see footnotes on page 76; NA: Not applicable;
The list excludes BFSI companies; Standalone data; Source: Ace Equity
 Vodafone Idea
INDIA’S MOST
119%
Asset growth,
VALUABLE COMPANIES
the steepest
THE LIST (301-400 / 500) in the top 100
companies

TOTAL ASSETS (` cr) BT TOTAL ASSETS (` cr) BT

1,000 1,000
ASSETS Growth Rank ASSETS Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019 RANK COMPANY 2018/19 2017/18 % 2019
301 Aster DM Healthcare 3,376 3,293 2.5 271 351 Welspun Enterprises 2,592 1,908 35.9 587
302 Linde India # 3,375 3,369 0.2 345 352 Emami 2,583 2,598 (0.6) 151
303 Reliance Naval and Engineering 3,360 11,432 (70.6) 872 353 Procter & Gamble Health # 2,583 1,516 70.4 301
304 Nava Bharat Ventures 3,336 3,150 5.9 554 354 Cyient 2,561 2,384 7.4 291
305 Hindustan Copper 3,318 2,772 19.7 371 355 Trent 2,553 2,312 10.5 187
306 PVR 3,279 2,276 44.1 269 356 MEP Infrastructure Developers 2,538 2,026 25.3 833
307 Finolex Industries 3,274 3,455 (5.2) 294 357 Ajanta Pharma 2,522 2,292 10.0 244
308 Laurus Labs 3,269 2,959 10.5 384 358 Hinduja Global Solutions 2,502 2,151 16.4 651
309 L&T Technology Services 3,215 2,567 25.2 154 359 Persistent Systems 2,483 2,276 9.1 337
310 Dalmia Bharat Sugar & Industries 3,207 2,857 12.2 786 360 3M India 2,470 2,124 16.3 107
311 Hindusthan National Glass & Ind 3,199 3,336 (4.1) 896 361 Dredging Corporation of India 2,466 2,646 (6.8) 711
312 Blue Star 3,162 3,091 2.3 288 362 Shoppers Stop 2,443 1,743 40.2 369
313 Supreme Industries 3,069 2,774 10.6 184 363 GVK Power & Infrastructure 2,443 2,455 (0.5) 714
314 Himachal Futuristic Comm. 3,064 2,427 26.2 469 364 Kirloskar Oil Engines 2,437 2,259 7.9 465
315 Eros International Media 3,056 2,834 7.9 900 365 Time Technoplast 2,421 2,241 8.0 522
316 Unichem Laboratories 3,030 3,108 (2.5) 647 366 Mahindra Lifespace Developers 2,411 2,504 (3.7) 532
317 Surya Roshni 3,029 2,855 6.1 682 367 KIOCL 2,407 2,574 (6.5) 251
318 Himadri Speciality Chemical 3,023 2,562 18.0 339 368 Sunteck Realty 2,399 1,997 20.1 304
319 Deepak Fertilisers & Petrochem 3,017 3,637 (17.1) 686 369 KPR Mill 2,397 1,930 24.2 365
320 Tube Investments of India 3,013 2,934 2.7 280 370 Kolte Patil Developers 2,377 1,629 45.9 561
321 Infibeam Avenues 2,994 2,847 5.2 452 371 Future Consumer 2,370 2,086 13.6 264
322 Endurance Technologies 2,959 2,606 13.5 165 372 Bata India 2,369 2,039 16.2 160
323 63 Moons Technologies 2,943 3,061 (3.8) 964 373 NIIT Technologies 2,364 2,080 13.7 263
324 Abbott India 2,928 2,402 21.9 152 374 Rallis India 2,362 2,227 6.1 430
325 Orient Cement 2,927 2,937 (0.3) 553 375 Sharda Cropchem 2,352 2,386 (1.4) 445
326 Coffee Day Enterprises ** 2,920 2,904 0.6 331 376 3I Infotech ** 2,344 2,486 (5.7) 922
327 Mangalore Chemicals & Fertilizers 2,918 2,508 16.4 987 377 Wabco India 2,334 2,169 7.6 191
328 State Trading Corporation of India 2,904 4,556 (36.2) 838 378 Fertilisers & Chem Travancore 2,327 1,816 28.1 489
329 Godrej Agrovet 2,885 2,565 12.5 232 379 Navkar Corporation 2,327 2,173 7.1 861
330 KEI Industries 2,851 2,282 25.0 425 380 JB Chemicals & Pharmaceuticals 2,326 2,228 4.4 463
331 Force Motors 2,836 2,519 12.6 533 381 SKF India 2,274 2,426 (6.3) 230
332 Granules India 2,824 2,639 7.0 481 382 Techno Electric & Engineering 2,266 2,057 10.2 460
333 Finolex Cables 2,769 2,476 11.8 278 383 Hatsun Agro Products 2,246 2,032 10.5 204
334 Sanghi Industries 2,748 2,567 7.0 618 384 Timken India 2,233 1,386 61.1 343
335 Thomas Cook (India) 2,746 2,834 (3.1) 262 385 Radico Khaitan 2,231 2,231 (0.0) 335
336 Arshiya 2,745 2,697 1.8 840 386 Jagran Prakashan 2,216 2,151 3.0 438
337 Hinduja Ventures 2,743 3,092 (11.3) 805 387 Sutlej Textiles & Industries 2,211 2,312 (4.4) 882
338 VA Tech Wabag 2,715 2,534 7.1 602 388 Bannari Amman Sugars 2,202 1,786 23.3 555
339 Avadh Sugar & Energy 2,704 2,192 23.4 955 389 Ramkrishna Forgings 2,190 2,037 7.5 605
340 Heidelberg Cement India 2,696 2,533 6.4 382 390 Srikalahasthi Pipes 2,185 1,896 15.3 765
341 Vakrangee 2,689 2,966 (9.3) 362 391 FDC 2,156 1,950 10.6 436
342 Godawari Power & Ispat 2,663 2,526 5.4 767 392 Capacite Infraprojects 2,155 1,800 19.7 610
343 APL Apollo Tubes 2,657 2,195 21.1 421 393 Steel Strips Wheels 2,153 2,176 (1.0) 644
344 Gujarat Pipavav Port 2,656 2,529 5.0 354 394 KNR Construction 2,153 1,914 12.5 422
345 Godfrey Phillips India 2,644 2,316 14.2 336 395 Firstsource Solutions 2,142 2,032 5.4 401
346 Indian Metals & Ferro Alloys 2,638 2,632 0.2 884 396 Shriram EPC 2,134 2,258 (5.5) 735
347 Texmaco Rail & Engineering 2,621 2,214 18.4 649 397 ITD Cementation India ## 2,120 2,292 (7.5) 560
348 Crompton Greaves 2,610 2,377 9.8 177 398 Emami Paper Mills 2,111 1,964 7.4 763
349 Vindhya Telelinks 2,609 1,617 61.3 591 399 Delta Corp 2,110 1,933 9.2 308
350 Lakshmi Machine Works 2,594 2,911 (10.9) 311 400 Amber Enterprises India 2,107 1,516 38.9 472

For keys to symbols used and other notes, see footnotes on page 76; NA: Not applicable;
The list excludes BFSI companies; Standalone data; Source: Ace Equity
 Reliance Naval
INDIA’S MOST
VALUABLE COMPANIES
-70.6% Fall in assets, the
steepest dip
THE LIST (401-500)
in the list

TOTAL ASSETS (` cr) BT TOTAL ASSETS (` cr) BT

1,000 1,000
ASSETS Growth Rank ASSETS Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019 RANK COMPANY 2018/19 2017/18 % 2019
401 Sical Logistics 2,082 1,955 6.5 845 451 LT Foods 1,697 1,608 5.5 705
402 Sarda Energy & Minerals 2,080 1,962 6.0 758 452 Asian Star Company 1,697 1,890 (10.2) 681
403 Narayana Hrudayalaya 2,074 1,994 4.0 348 453 HCL Infosystems 1,681 2,242 (25.0) 892
404 Adani Gas 2,058 2,812 (26.8) 178 454 Shilpa Medicare 1,668 1,547 7.8 451
405 Allcargo Logistics 2,054 1,795 14.4 476 455 Jai Corp 1,660 1,669 (0.6) 557
406 Castrol India # 2,054 1,922 6.9 173 456 Skipper 1,653 1,744 (5.2) 829
407 Ratnamani Metals & Tubes 2,052 1,746 17.5 360 457 Indiabulls Integrated Services 1,645 998 64.9 496
408 Kajaria Ceramics 2,047 1,831 11.8 256 458 Shriram Pistons & Rings 1,635 1,563 4.6 506
409 Ramky Infrastructure 2,044 2,258 (9.5) 844 459 HG Infra Engineering 1,618 1,519 6.5 617
410 Kirloskar Brothers ** 2,041 1,925 6.0 646 460 Technocraft Industries (India) 1,613 1,472 9.6 679
411 Varroc Engineering 2,038 1,960 4.0 260 461 Relaxo Footwears 1,605 1,250 28.4 220
412 Blue Dart Express 2,030 1,850 9.7 276 462 Seya Industries 1,602 1,310 22.3 691
413 Novartis India 2,018 2,113 (4.5) 581 463 Jyothy Labs 1,600 1,611 (0.7) 289
414 Minda Industries 1,993 1,531 30.2 253 464 Titagarh Wagons 1,598 1,399 14.2 823
415 Minda Corporation 1,982 1,500 32.2 462 465 Heritage Foods 1,595 1,685 (5.3) 520
416 West Coast Paper Mills 1,970 1,658 18.8 558 466 Panacea Biotec 1,593 1,822 (12.6) 722
417 Elecon Engineering Company 1,947 1,955 (0.4) 893 467 Garware Polyester 1,590 1,509 5.4 918
418 Solara Active Pharma Science 1,935 1,817 6.5 731 468 Ajmera Realty & Infra India 1,568 1,323 18.5 904
419 Power Mech Projects 1,935 1,546 25.1 655 469 VenkyS (India) 1,557 1,431 8.8 457
420 Indian Hume Pipe Company 1,923 1,641 17.1 637 470 Birlasoft 1,554 2,023 (23.2) 441
421 Jubilant FoodWorks 1,914 1,568 22.1 156 471 Indo Count Industries 1,552 1,644 (5.6) 740
422 India Power Corporation 1,913 2,158 (11.4) 684 472 Just Dial 1,549 1,398 10.8 383
423 Southern Petrochem Industries 1,908 1,334 43.0 944 473 Vipul 1,541 1,408 9.5 952
424 Siti Networks 1,899 2,297 (17.3) 947 474 Kaveri Seed Company 1,537 1,452 5.9 431
425 Balmer Lawrie & Company 1,882 1,852 1.6 524 475 CESC Ventures 1,537 1,459 5.3 677
426 Orient Paper & Industries 1,867 1,842 1.4 816 476 TTK Prestige 1,532 1,406 9.0 248
427 Hexaware Technologies # 1,860 1,639 13.5 210 477 Carborundum Universal 1,526 1,436 6.3 279
428 Tata Steel Long Products 1,829 1,653 10.6 635 478 Maithan Alloys 1,526 1,222 24.9 630
429 Deepak Nitrite 1,828 1,800 1.5 396 479 Nirlon 1,520 1,173 29.6 562
430 Mishra Dhatu Nigam 1,825 1,365 33.7 498 480 Transport Corporation of India 1,520 1,278 18.9 515
431 Goodyear India 1,821 1,729 5.3 521 481 Sudarshan Chemical Industries 1,517 1,262 20.3 497
432 Arvind Fashions 1,820 1,513 20.3 359 482 Star Cement 1,517 1,634 (7.1) 355
433 Wheels India 1,803 1,533 17.6 530 483 Siyaram Silk Mills 1,505 1,553 (3.1) 609
434 TVS Srichakra 1,800 1,441 24.9 588 484 Meghmani Organics 1,504 1,378 9.1 615
435 Astral Poly Technik 1,785 1,431 24.7 176 485 Sagar Cements 1,502 1,314 14.3 656
436 Hikal 1,775 1,597 11.1 540 486 eClerx Services 1,484 1,279 16.0 399
437 Andhra Sugars 1,770 1,510 17.2 762 487 Parag Milk Foods 1,479 1,415 4.5 545
438 Sunflag Iron & Steel Company 1,763 1,561 13.0 785 488 Rain Industries # 1,455 1,376 5.7 380
439 Max India 1,758 1,757 0.0 550 489 Ahluwalia Contracts (India) 1,453 1,231 18.0 525
440 Johnson Controls - Hitachi AC 1,744 1,423 22.5 334 490 HIL 1,453 1,019 42.6 653
441 Hindustan Media Ventures 1,739 1,650 5.4 795 491 Security And Intel Services India 1,451 1,052 37.9 300
442 Pennar Industries 1,738 1,513 14.9 985 492 Indo Rama Synthetics (India) 1,451 1,508 (3.8) 869
443 Sanwaria Consumer ** 1,732 1,512 14.5 890 493 Somany Ceramics 1,447 1,430 1.1 619
444 Uttam Sugar Mills 1,715 1,403 22.3 989 494 Huhtamaki PPL 1,446 1,425 1.5 593
445 Gujarat Ambuja Exports 1,715 1,895 (9.5) 503 495 Gateway Distriparks 1,444 886 63.1 639
446 Zensar Technologies 1,715 1,523 12.6 320 496 Tejas Networks 1,442 1,202 20.0 601
447 Prime Focus 1,714 1,640 4.5 575 497 Subros 1,440 1,321 9.0 596
448 Sundaram-Clayton 1,712 1,774 (3.5) 312 498 Nitin Spinners 1,436 929 54.7 998
449 Navin Fluorine International 1,706 1,566 8.9 416 499 Savita Oil Technologies 1,431 1,284 11.5 623
450 Century Plyboards (India) 1,705 1,590 7.2 392 500 Nocil 1,428 1,316 8.5 514

For keys to symbols used and other notes, see footnotes on page 76; NA: Not applicable;
The list excludes BFSI companies; Standalone data; Source: Ace Equity
 PROFIT AFTER TAX (` cr) BT
1,000
PROFIT Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019
INDIA’S MOST
43 Cipla 1,888 1,469 28.6 63
VALUABLE COMPANIES
44 Godrej Consumer Products 1,755 1,000 75.5 40
THE LIST (1-100 / 500) 45 National Aluminium Company 1,732 1,342 29.1 216
46 Tata Steel BSL 1,713 (24,813) NA 423
47 Tata Power Company 1,709 (3,151) NA 145
48 Zee Entertainment Enterprises 1,655 1,912 (13.4) 73
49 Glenmark Pharmaceuticals 1,622 1,014 59.9 163

PROFIT 50
51
52
Nestle India #
Cadila Healthcare
Bosch
1,607
1,602
1,598
1,225
1,091
1,371
31.2
46.9
16.6
26
91
52

AFTER TAX 53
54
55
Lupin
Aurobindo Pharma
ACC #
1,539
1,530
1,507
1,345
1,813
915
14.4
(15.6)
64.6
77
69
98
56 Ambuja Cements # 1,487 1,250 19.0 66
PROFIT AFTER TAX (` cr) BT
1,000 57 Larsen & Toubro Infotech 1,475 1,160 27.2 95
PROFIT Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019 58 Sun TV Network 1,395 1,093 27.6 126
1 Reliance Industries 35,163 33,612 4.6 1 59 Titan Company 1,374 1,163 18.2 30
2 Tata Consultancy Services 30,065 25,241 19.1 2 60 SJVN 1,364 1,225 11.4 221
3 Oil & Natural Gas Corporation 26,716 19,945 33.9 13 61 Divis Laboratories 1,333 870 53.3 68
4 Indian Oil Corporation 16,894 21,346 (20.9) 20 62 Oracle Fin. Services Software 1,282 1,006 27.5 94
5 Infosys 14,702 16,155 (9.0) 7 63 GFL 1,277 487 162.1 246
6 ITC 12,464 11,223 11.1 6 64 Dr. Reddy’s Laboratories 1,277 567 125.3 61
7 NTPC 11,750 10,343 13.6 22 65 NLC India 1,267 1,849 (31.5) 231
8 Tata Steel 10,533 4,170 152.6 48 66 Dabur India 1,264 1,072 17.9 37
9 Coal India 10,470 9,293 12.7 18 67 Bombay Dyeing & Manufacturing 1,230 34 3,474.5 510
10 Power Grid Corporation of India 9,939 8,245 20.5 28 68 Container Corporation of India 1,215 1,044 16.4 85
11 JSW Steel 8,259 4,625 78.6 42 69 Bharat Heavy Electricals 1,215 807 50.7 115
12 HCL Technologies 8,185 7,362 11.2 19 70 Hindalco Industries 1,205 1,436 (16.1) 58
13 Hindustan Zinc 7,956 9,276 (14.2) 27 71 Marico 1,132 718 57.7 57
14 Wipro 7,614 7,723 (1.4) 16 72 Britannia Industries 1,122 948 18.4 41
15 Maruti Suzuki India 7,501 7,722 (2.9) 11 73 MRF 1,097 1,092 0.4 104
16 Bharat Petroleum Corporation 7,132 7,976 (10.6) 35 74 Bharat Forge 1,071 707 51.5 119
17 Larsen & Toubro 6,678 5,387 24.0 12 75 GlaxoSmithKline Cons. Healthcare 983 700 40.4 88
18 Hindustan Unilever 6,036 5,237 15.3 4 76 Pidilite Industries 979 955 2.5 46
19 Hindustan Petroleum Corporation 6,029 6,357 (5.2) 71 77 Shree Cement 951 1,384 (31.3) 45
20 GAIL (India) 6,026 4,618 30.5 38 78 CESC 937 862 8.7 223
21 Vedanta 5,075 7,256 (30.1) 43 79 Avenue Supermarts 936 785 19.3 31
22 Mahindra & Mahindra 4,796 4,356 10.1 33 80 Tata Chemicals 910 1,767 (48.5) 162
23 Bajaj Auto 4,675 4,068 14.9 34 81 DCM Shriram 907 688 31.7 283
24 NMDC 4,642 3,806 22.0 89 82 Siemens * 894 1,134 (21.1) 72
25 Tech Mahindra 4,380 3,994 9.7 39 83 Torrent Power 889 922 (3.5) 188
26 Hero MotoCorp 3,385 3,697 (8.5) 50 84 Exide Industries 844 668 26.3 140
27 HEG 3,050 1,081 182.1 236 85 Procter & Gamble Health # 839 94 793.1 301
28 Reliance Communications 2,847 (9,870) NA 570 86 Sun Pharmaceutical Industries 817 306 167.2 25
29 Graphite India 2,806 914 207.1 211 87 Motherson Sumi Systems 814 879 (7.4) 62
30 Bharti Infratel 2,779 2,414 15.1 55 88 Alkem Laboratories 800 716 11.7 125
31 Adani Ports and SEZ 2,638 2,408 9.5 36 89 Gujarat State Petronet 795 668 18.9 209
32 NHPC 2,631 2,769 (5.0) 108 90 Havells India 792 713 11.1 60
33 Oil India 2,590 2,668 (2.9) 135 91 Indraprastha Gas 787 671 17.3 129
34 Ultratech Cement 2,456 2,231 10.1 23 92 Balkrishna Industries 782 739 5.8 155
35 Hindustan Aeronautics 2,282 1,987 14.8 112 93 Colgate-Palmolive (India) 776 673 15.2 84
36 Steel Authority of India 2,179 (482) NA 128 94 Mphasis 769 740 4.0 147
37 Petronet LNG 2,155 2,078 3.7 81 95 Dilip Buildcon 765 620 23.3 292
38 Asian Paints 2,135 1,895 12.7 21 96 Mindtree 754 570 32.3 174
39 Eicher Motors 2,054 1,713 19.9 49 97 Torrent Pharmaceuticals 745 482 54.6 97
40 Tata Motors 2,021 (1,035) NA 56 98 Guj Narmada Fert. & Chems 741 790 (6.1) 347
41 Ashok Leyland 1,983 1,718 15.5 102 99 Future Retail 733 11 6,379.3 118
42 Bharat Electronics 1,927 1,399 37.7 116 100 Cummins India 723 708 2.0 132

For keys to symbols used and other notes, see footnotes on page 76; NA: Not applicable; The list
excludes BFSI companies; Standalone data; Source: Ace Equity
 Tata Steel
INDIA’S MOST Rise in profit
VALUABLE COMPANIES
THE LIST (101-200 / 500)
152% after tax, from
`4,170 crore to
`10,533 crore

BT PROFIT AFTER TAX (` cr) BT

PROFIT AFTER TAX (` cr) 1,000 1,000
PROFIT Growth Rank PROFIT Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019 RANK COMPANY 2018/19 2017/18 % 2019
101 Coromandel International 714 685 4.2 190 151 Atul 429 270 58.5 208
102 Castrol India # 708 692 2.4 173 152 GlaxoSmithKline Pharmaceuticals 425 352 20.8 121
103 L&T Technology Services 700 489 43.1 154 153 Bharat Dynamics 423 528 (20.0) 322
104 Vardhman Textiles 696 546 27.5 303 154 Schaeffler India # 420 388 8.1 168
105 Gujarat Alkalies & Chemicals 690 535 28.9 391 155 Gujarat Gas 417 291 43.1 214
106 DLF 688 365 88.3 76 156 AIA Engineering 415 470 (11.7) 161
107 Century Textiles & Industries 681 372 83.3 222 157 Tata Global Beverages 411 534 (23.1) 172
108 TVS Motor Company 670 663 1.1 117 158 PI Industries 408 367 11.2 183
109 Natco Pharma 667 698 (4.5) 200 159 Whirlpool of India 407 351 16.1 141
110 United Spirits 659 562 17.3 67 160 UPL 405 548 (26.1) 64
111 Alembic Pharmaceuticals 611 422 44.8 213 161 Crompton Greaves Cons Elect 403 324 24.3 177
112 Rail Vikas Nigam 607 470 29.2 324 162 Kalpataru Power Transmission 401 322 24.6 284
113 Apollo Tyres 592 622 (4.9) 195 163 Page Industries 394 347 13.5 103
114 Balrampur Chini Mills 571 221 158.1 455 164 Ajanta Pharma 392 428 (8.4) 244
115 NCC 564 287 96.6 325 165 Phillips Carbon Black 389 230 69.1 459
116 United Breweries 563 394 42.8 80 166 Prakash Industries ** 386 81 376.9 660
117 Mahanagar Gas 546 478 14.3 250 167 NBCC (India) 384 334 15.1 225
118 Chambal Fertilisers & Chemicals 545 480 13.6 281 168 Sanofi India # 381 326 16.7 182
119 Sterlite Technologies 535 255 110.2 239 169 P & G Hygiene & Health Care ^ 375 433 (13.4) 83
120 SRF 517 406 27.5 179 170 Trident 371 266 39.5 420
121 Grasim Industries 515 1,769 (70.9) 51 171 Engineers India 370 378 (2.1) 272
122 ABB India # 511 420 21.7 96 172 GHCL 361 365 (1.0) 511
123 The Ramco Cements 506 556 (9.0) 159 173 Honeywell Automation India 359 250 43.7 131
124 KRBL 503 462 9.0 273 174 Endurance Technologies 358 272 31.8 165
125 Polycab India 501 358 39.9 241 175 Finolex Industries 350 299 17.2 294
126 Jindal Saw 500 386 29.6 475 176 Finolex Cables 344 358 (3.9) 278
127 KEC International 498 430 15.7 270 177 SKF India 336 296 13.5 230
128 Gujarat State Fert & Chemicals 494 476 3.8 387 178 Varun Beverages # 332 236 41.1 167
129 Biocon 493 239 106.6 82 179 Mangalore Refinery & Petrochem 332 2,224 (85.1) 196
130 Adani Enterprises 487 197 147.3 164 180 Syngene International 331 305 8.4 193
131 Escorts 485 345 40.7 266 181 Bata India 330 224 47.4 160
132 Amara Raja Batteries 483 471 2.6 194 182 IRB Infrastructure Developers 329 444 (26.0) 353
133 Aarti Industries 481 316 52.1 186 183 PNC Infratech 325 251 29.4 366
134 Cochin Shipyard 481 397 21.3 327 184 JK Cement 325 342 (5.0) 290
135 MOIL 474 422 12.3 377 185 3M India 323 311 4.0 107
136 Kansai Nerolac Paints 467 516 (9.5) 111 186 Jubilant FoodWorks 323 206 56.4 156
137 Voltas 464 501 (7.3) 138 187 Aditya Birla Fashion and Retail 321 118 172.7 166
138 Supreme Industries 461 410 12.6 184 188 Persistent Systems 315 342 (7.9) 337
139 Ipca Laboratories 455 233 95.1 202 189 Himadri Speciality Chemical 307 243 26.7 339
140 Oberoi Realty 454 417 8.8 148 190 Emami 305 310 (1.4) 151
141 Hexaware Technologies # 453 411 10.2 210 191 Apollo Hospitals Enterprise 303 233 29.8 150
142 Abbott India 450 401 12.2 152 192 NIIT Technologies 299 226 32.2 263
143 Ircon International 445 388 14.6 393 193 National Fertilizers 298 213 40.3 586
144 Rites 445 332 34.0 319 194 West Coast Paper Mills 296 223 32.6 558
145 Rajesh Exports 442 441 0.2 142 195 Tata Elxsi 290 240 20.8 316
146 Cyient 441 402 9.7 291 196 Prestige Estate Projects 289 232 24.7 245
147 Berger Paints India 439 432 1.7 87 197 KPR Mill 289 225 28.5 365
148 JK Paper 437 260 68.1 482 198 Ceat 289 279 3.7 357
149 Sundram Fasteners 437 367 19.0 205 199 Sobha 287 194 47.7 340
150 Pfizer 429 360 19.2 180 200 Ashoka Buildcon 286 237 20.7 409

For keys to symbols used and other notes, see footnotes on page 76; NA: Not applicable;
The list excludes BFSI companies; Standalone data; Source: Ace Equity
 Future Retail
INDIA’S MOST Rise in profit after
VALUABLE COMPANIES 6,379% tax, the highest
THE LIST (201-300 / 500) among the top
100 companies

PROFIT AFTER TAX (` cr) BT PROFIT AFTER TAX (` cr) BT

1,000 1,000
PROFIT Growth Rank PROFIT Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019 RANK COMPANY 2018/19 2017/18 % 2019
201 Eris Lifesciences 285 294 (2.8) 261 251 Gujarat Pipavav Port 206 198 3.6 354
202 Vinati Organics 282 144 96.3 243 252 JK Tyre & Industries 204 43 374.4 529
203 Wabco India 282 273 3.4 191 253 International Paper APPM 200 83 140.9 563
204 Info Edge (India) 282 182 54.5 120 254 Arvind 199 250 (20.2) 444
205 CRISIL # 278 237 17.0 207 255 Firstsource Solutions 199 192 3.7 401
206 Thermax 275 238 15.5 189 256 Gujarat Ambuja Exports 198 180 10.2 503
207 DB Corp 274 324 (15.6) 433 257 Dr. Lal Pathlabs 195 168 16.1 249
208 The Indian Hotels Company 264 148 78.5 153 258 Jyothy Labs 193 161 20.3 289
209 KNR Construction 263 272 (3.2) 422 259 Solar Industries (India) 191 134 42.6 228
210 Maharashtra Seamless 262 198 32.2 437 260 Allcargo Logistics 191 29 561.0 476
211 PTC India 262 319 (17.8) 519 261 TTK Prestige 190 257 (25.9) 248
212 Jindal Stainless (Hisar) 262 396 (33.9) 539 262 Asahi India Glass 190 185 2.5 307
213 Zensar Technologies 258 193 34.0 320 263 Seshasayee Paper & Boards 190 123 54.6 668
214 Star Cement 256 211 21.4 355 264 Lakshmi Machine Works 189 211 (10.5) 311
215 Maithan Alloys 255 292 (12.5) 630 265 Radico Khaitan 188 123 52.3 335
216 Dhampur Sugar Mills 255 157 62.2 674 266 Dalmia Bharat Sugar & Industries 187 134 39.7 786
217 Ratnamani Metals & Tubes 253 152 66.6 360 267 Sadbhav Engineering 187 221 (15.3) 400
218 JSW Energy 251 (444) NA 199 268 Sunteck Realty 185 124 49.3 304
219 Kajaria Ceramics 246 252 (2.5) 256 269 Nocil 184 169 9.2 514
220 Tube Investments of India 244 136 78.4 280 270 Himachal Futuristic Comm 184 155 18.7 469
221 Godfrey Phillips India 241 161 49.9 336 271 Delta Corp 183 105 75.3 308
222 Bayer CropScience 238 300 (20.8) 185 272 Balmer Lawrie & Company 182 186 (2.1) 524
223 IOL Chemicals & Pharmaceuticals 237 28 754.5 716 273 JB Chemicals & Pharmaceuticals 182 128 42.2 463
224 Himatsingka Seide 236 215 9.8 549 274 Tata Metaliks 182 159 14.3 597
225 Jain Irrigation Systems 235 281 (16.6) 484 275 KEI Industries 182 145 25.8 425
226 Brigade Enterprises 234 181 29.8 428 276 Techno Electric & Engineering 182 200 (9.3) 460
227 Quess Corp 231 259 (10.8) 237 277 Nesco 180 177 2.0 411
228 ITI ** 231 266 (13.4) 259 278 Gulf Oil Lubricants India 178 159 12.1 367
229 Hinduja Global Solutions 230 213 8.4 651 279 Navneet Education 177 153 15.8 486
230 Gillette India ^ 229 253 (9.5) 122 280 J Kumar Infraproject 177 137 29.7 713
231 Adani Gas 229 165 39.0 178 281 Gujarat Industries Power 176 245 (27.9) 697
232 Polyplex Corporation 228 59 287.3 594 282 Cox & Kings ** 176 181 (2.9) 538
233 VST Industries 227 182 24.7 326 283 Relaxo Footwears 175 161 8.9 220
234 Bajaj Consumer Care 226 216 4.6 330 284 VenkyS (India) 174 200 (12.8) 457
235 Kirloskar Oil Engines 225 150 49.9 465 285 Phoenix Mills 173 155 11.8 233
236 Avanti Feeds 223 415 (46.1) 329 286 PVR 173 121 42.3 269
237 Heidelberg Cement India 221 133 65.7 382 287 Sonata Software 172 151 14.0 410
238 Triveni Engineering & Industries 221 110 101.0 633 288 FDC 172 168 1.9 436
239 Jagran Prakashan 220 266 (17.3) 438 289 Greaves Cotton 169 203 (16.4) 424
240 Sarda Energy & Minerals 215 188 14.4 758 290 Meghmani Organics 169 77 119.3 615
241 Kaveri Seed Company 215 210 2.1 431 291 Vindhya Telelinks 169 83 102.4 591
242 Godawari Power & Ispat 213 182 17.2 767 292 Galaxy Surfactants 168 112 49.9 368
243 GE T&D India 213 209 1.9 296 293 Birlasoft 168 178 (5.6) 441
244 Akzo Nobel India 211 401 (47.3) 265 294 Bajaj Electricals 167 84 99.8 328
245 Gayatri Projects 211 188 12.1 442 295 Nava Bharat Ventures 166 162 2.9 554
246 Hathway Cable & Datacom 211 78 171.2 378 296 Carborundum Universal 166 143 15.8 279
247 eClerx Services 210 278 (24.6) 399 297 Andhra Sugars 166 99 66.9 762
248 Godrej Properties 209 105 99.3 143 298 V-Guard Industries 166 133 24.4 240
249 Godrej Agrovet 208 191 8.9 232 299 Indian Energy Exchange 165 132 25.3 338
250 Just Dial 207 143 44.4 383 300 Grindwell Norton 164 147 11.3 299

For keys to symbols used and other notes, see footnotes on page 76; NA: Not applicable;
The list excludes BFSI companies; Standalone data; Source: Ace Equity
 Bombay Dyeing
INDIA’S MOST & Manufacturing
VALUABLE COMPANIES
THE LIST (301-400 / 500)
3,474% Rise in profit from
`34 crore to
`1,230 crore

PROFIT AFTER TAX (` cr) BT PROFIT AFTER TAX (` cr) BT

1,000 1,000
PROFIT Growth Rank PROFIT Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019 RANK COMPANY 2018/19 2017/18 % 2019
301 Fert & Chemicals Travancore 163 (129) NA 489 351 VIP Industries 129 119 8.6 293
302 E.I.D. Parry (India) 163 101 61.5 415 352 ISGEC Heavy Engineering 128 119 7.8 397
303 Granules India 162 139 16.3 481 353 Transport Corporation of India 128 104 23.0 515
304 Minda Corporation 161 103 56.5 462 354 Trent 127 117 9.2 187
305 Century Plyboards (India) 159 157 1.4 392 355 APL Apollo Tubes 126 113 12.2 421
306 Interglobe Aviation 156 2,242 (93.0) 53 356 Time Technoplast 126 113 11.4 522
307 Welspun Enterprises 154 110 40.0 587 357 Garware Technical Fibres 126 105 19.5 483
308 National Peroxide 153 95 60.9 583 358 CCL Products (India) 125 98 28.3 404
309 Redington (India) 152 184 (17.3) 394 359 Tata Steel Long Products 124 141 (11.7) 635
310 Excel Industries 152 73 109.6 632 360 Shilpa Medicare 124 133 (6.9) 451
311 Monsanto India 152 165 (7.8) 363 361 Sheela Foam 124 126 (1.8) 286
312 Sudarshan Chemical Industries 152 88 72.2 497 362 HG Infra Engineering 124 84 46.6 617
313 Suven Life Sciences 150 158 (5.3) 427 363 Fortis Healthcare 123 (64) NA 224
314 Hindustan Oil Exploration Co 149 38 293.7 606 364 Banco Products (India) 123 120 2.7 707
315 Timken India 149 92 61.6 343 365 Simplex Infrastructures 123 117 4.8 769
316 Navin Fluorine International 148 179 (17.0) 416 366 Insecticides (India) 122 84 45.8 671
317 India Glycols 148 98 51.1 771 367 Blue Star 122 132 (7.9) 288
318 Caplin Point Laboratories 148 102 44.8 439 368 Surya Roshni 121 108 11.9 682
319 Jubilant Life Sciences 148 263 (44.0) 219 369 Kiri Industries 120 103 17.1 622
320 Force Motors 147 147 0.2 533 370 Avadh Sugar & Energy 120 88 36.0 955
321 Apar Industries 147 144 2.1 499 371 Sundaram-Clayton 120 55 117.9 312
322 Tejas Networks 147 107 36.9 601 372 Varroc Engineering 120 70 71.2 260
323 Prism Johnson 146 70 107.3 350 373 Ramkrishna Forgings 119 95 26.0 605
324 Hindustan Copper 146 80 82.8 371 374 Security & Intelligence India 119 73 63.3 300
325 Future Lifestyle Fashions 145 111 31.5 254 375 Automotive Axles 119 82 44.2 579
326 Minda Industries 145 136 7.0 253 376 Yuken India 118 9 1,260.3 825
327 Bodal Chemicals 144 128 13.0 659 377 Balaji Amines 118 113 4.3 657
328 Sharda Cropchem 144 193 (25.5) 445 378 Srikalahasthi Pipes 118 147 (20.3) 765
329 Sandur Manganese & Iron Ores 142 107 33.7 787 379 Ahluwalia Contracts (India) 117 115 1.6 525
330 JMC Projects (India) 142 106 33.9 564 380 IG Petrochemicals 116 147 (20.5) 743
331 Welspun India 142 304 (53.4) 313 381 Cera Sanitaryware 115 100 14.8 414
332 Astral Poly Technik 141 119 18.8 176 382 Hatsun Agro Products 115 91 26.4 204
333 Jamna Auto Industries 140 125 11.5 513 383 Suprajit Engineering 115 105 9.7 449
334 Rashtriya Chemicals & Fertilizers 139 79 76.6 429 384 Savita Oil Technologies 114 126 (9.5) 623
335 Jindal Stainless 139 318 (56.3) 568 385 Parag Milk Foods 114 78 45.3 545
336 Gujarat Mineral Development 139 428 (67.6) 480 386 GVK Power & Infrastructure 114 (36) NA 714
337 Shriram Pistons & Rings 138 139 (0.3) 506 387 EIH 113 112 0.9 217
338 Deepak Nitrite 138 83 65.4 396 388 Dhanuka Agritech 113 126 (10.8) 547
339 Birla Corporation 138 115 19.7 351 389 KIOCL 112 81 37.3 251
340 Intellect Design Arena 137 33 317.3 446 390 Bharat Rasayan 112 98 13.4 536
341 Care Ratings 135 161 (16.2) 467 391 Nilkamal 111 117 (5.0) 542
342 Inox Leisure 133 115 16.4 454 392 Sunflag Iron & Steel Company 111 129 (14.1) 785
343 Valiant Organics 133 16 715.5 661 393 Strides Pharma Science 110 892 (87.6) 385
344 Kalyani Steels 132 115 14.9 753 394 Garden Reach Shipbuilders 110 92 19.0 669
345 TCNS Clothing Co 131 98 34.0 346 395 Man InfraConstruction 109 74 47.3 784
346 Mishra Dhatu Nigam 131 131 (0.5) 498 396 Lumax Industries 107 63 69.8 634
347 Gallantt Ispat 130 54 142.9 751 397 Indiabulls Real Estate 106 (20) NA 372
348 TV Today Network 130 123 5.2 543 398 TVS Srichakra 103 118 (12.3) 588
349 Fine Organic Industries 129 101 27.3 379 399 Hikal 103 77 33.5 540
350 Rallis India 129 141 (8.8) 430 400 Siyaram Silk Mills 103 111 (7.9) 609

For keys to symbols used and other notes, see footnotes on page 76; NA: Not applicable;
The list excludes BFSI companies; Standalone data; Source: Ace Equity
 Interglobe
Aviation
93%
INDIA’S MOST
VALUABLE COMPANIES
Fall in profit from
THE LIST (401-500) `2,242 crore
to `156 crore

PROFIT AFTER TAX (` cr) BT PROFIT AFTER TAX (` cr) BT

1,000 1,000
PROFIT Growth Rank PROFIT Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019 RANK COMPANY 2018/19 2017/18 % 2019
401 VA Tech Wabag 102 117 (12.6) 602 451 Mayur Uniquoters 87 94 (7.4) 628
402 Technocraft Industries (India) 102 109 (5.8) 679 452 Indian Hume Pipe Company 86 66 30.7 637
403 Goodyear India 102 130 (21.5) 521 453 Shemaroo Entertainment 86 69 23.9 718
404 Orient Paper & Industries 102 49 106.2 816 454 Johnson Cont. - Hitachi AC India 86 100 (14.2) 334
405 HIL 102 81 25.7 653 455 TV18 Broadcast 85 (59) NA 321
406 Metropolis Healthcare 101 96 6.0 323 456 Filatex India 85 60 41.9 715
407 Lux Industries 101 78 30.1 419 457 Voltamp Transformers 85 73 15.5 703
408 Dalmia Bharat 101 72 40.3 136 458 Elgi Equipments 85 77 10.2 373
408 Symphony 101 183 (44.8) 255 459 Sanwaria Consumer ** 85 44 93.9 890
410 Manpasand Beverages ** 100 73 37.7 780 460 Mahindra Logistics 84 62 35.8 413
411 NRB Bearings 99 82 20.6 598 461 Quick Heal Technologies 84 79 6.4 665
412 Beekay Steel Industries 98 71 38.8 886 462 Alkyl Amines Chemicals 84 64 30.3 608
413 Kirloskar Ferrous Industries 98 38 158.2 690 463 Heritage Foods 83 60 38.2 520
414 TeamLease Services 97 73 33.7 333 464 Patel Engineering 83 59 40.3 993
415 Tide Water Oil Company (India) 97 97 (0.2) 569 465 Federal-Mogul Goetze (India) 83 83 (0.5) 456
416 LG Balakrishnan & Brothers 97 80 20.7 688 466 Swaraj Engines 82 80 2.9 590
417 Zydus Wellness 96 134 (28.0) 274 467 Steel Strips Wheels 82 75 9.7 644
418 Housing Development & Infra 96 95 0.9 755 468 GM Breweries 82 73 12.9 728
419 Thirumalai Chemicals 96 144 (33.3) 752 469 ITD Cementation India ## 82 73 12.4 560
420 ICRA 96 100 (4.3) 443 470 BASF India 82 247 (66.8) 306
421 Newgen Software Technologies 96 71 35.7 526 471 Kitex Garments 81 70 16.3 849
422 Power Mech Projects 96 66 45.3 655 472 MMTC 81 49 66.7 386
423 Capacite Infraprojects 96 79 21.4 610 473 MM Forgings 81 69 18.7 666
424 Thyrocare Technologies 95 96 (0.9) 464 474 Excel Crop Care ** 81 70 15.4 395
425 Sandhar Technologies 95 68 40.8 577 475 Ingersoll-Rand (India) 81 89 (9.0) 552
426 Dwarikesh Sugar Industries 95 101 (6.3) 951 476 Kewal Kiran Clothing 80 73 9.6 625
427 Laurus Labs 95 173 (45.1) 384 477 JK Lakshmi Cement 80 84 (5.2) 389
428 Gabriel India 95 94 0.8 551 478 Kolte Patil Developers 79 105 (24.3) 561
429 Accelya Solutions India ^ 95 95 (0.0) 645 479 Shoppers Stop 79 12 578.7 369
430 NR Agarwal Industries 95 90 4.9 911 480 Seamec 77 0.3 26,171.6 761
431 Tamil Nadu Newsprint & Papers 94 (42) NA 629 481 Century Enka 77 70 9.3 931
432 Sasken Technologies 94 83 13.3 695 482 Rane Holdings 76 49 56.5 589
433 Rupa & Company 93 95 (1.3) 508 483 Subros 76 61 25.6 596
434 Vesuvius India # 93 94 (2.0) 509 484 GE Power India 76 27 186.3 315
435 Amber Enterprises India 93 62 49.3 472 485 Bannari Amman Sugars 76 87 (13.0) 555
436 VRL Logistics 92 93 (0.7) 485 486 Wheels India 76 72 5.4 530
437 Puravankara 92 77 18.8 576 487 Nucleus Software Exports 76 66 15.3 719
438 PSP Projects 90 64 40.2 595 488 Sadhana Nitro Chem 75 31 140.1 906
439 Orient Refractories 90 86 4.7 471 489 Texmaco Rail & Engineering 75 13 462.4 649
440 Oriental Hotels 89 6 1,391.3 827 490 Dollar Industries 75 64 17.6 621
441 Aegis Logistics 89 101 (12.2) 277 491 MPS 75 68 9.6 748
442 Seya Industries 88 52 68.9 691 492 KPIT Technologies 74 (0.3) NA 473
443 Gateway Distriparks 88 38 132.0 639 493 Bliss GVS Pharma 74 57 30.6 603
444 Sharda Motor Industries 88 79 11.8 794 494 Garware Polyester 74 34 120.2 918
445 Satia Industries 88 69 27.8 875 495 La Opala RG 74 73 0.8 507
446 Blue Dart Express 88 142 (38.4) 276 496 KSB # 74 68 9.3 492
447 Triveni Turbine 88 98 (10.9) 407 497 IFB Industries 74 83 (11.2) 418
448 Eros International Media 87 77 13.4 900 498 Raymond 74 98 (24.7) 344
449 Kirloskar Brothers ** 87 66 33.1 646 499 Oriental Carbon & Chemicals 74 57 29.9 696
450 Aarti Drugs 87 73 18.9 654 500 WPIL 73 48 54.4 803

For keys to symbols used and other notes, see footnotes on page 76; NA: Not applicable;
The list excludes BFSI companies; Standalone data; Source: Ace Equity
 TOTAL INCOME (` cr) BT
1,000
INCOME Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019
INDIA’S MOST
VALUABLE COMPANIES 43 Tata Steel BSL 21,024 17,108 22.9 423
44 Hindustan Aeronautics 20,270 19,280 5.1 112
THE LIST (1-100 / 500)
45 Future Retail 20,185 18,493 9.2 118
46 Avenue Supermarts 19,968 15,082 32.4 31
47 Titan Company 19,252 15,708 22.6 30
48 TVS Motor Company 18,217 15,274 19.3 117
49 Redington (India) 16,909 14,890 13.6 394

TOTAL 50
51
52
Asian Paints
MRF
Adani Enterprises
16,671
16,254
15,939
14,431
15,104
11,861
15.5
7.6
34.4
21
104
164

INCOME 53
54
55
Oil India
ACC #
Torrent Power
15,170
14,943
13,263
12,141
13,422
11,722
25.0
11.3
13.1
135
98
188
56 Coromandel International 13,240 11,124 19.0 190
TOTAL INCOME (` cr) BT
1,000 57 Siemens * 13,005 11,310 15.0 72
INCOME Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019 58 Cipla 12,952 11,725 10.5 63
1 Indian Oil Corporation 5,30,821 4,27,453 24.2 20 59 Bosch 12,853 12,202 5.3 52
2 Reliance Industries 3,80,438 2,98,299 27.5 1 60 NMDC 12,741 12,135 5.0 89
3 Bharat Petroleum Corporation 3,00,259 2,39,477 25.4 35 61 Jindal Stainless 12,613 10,830 16.5 568
4 Hindustan Petroleum Corporation 2,76,833 2,21,230 25.1 71 62 Apollo Tyres 12,465 10,422 19.6 195
5 Oil & Natural Gas Corporation 1,35,427 1,10,950 22.1 13 63 Aurobindo Pharma 12,457 10,351 20.4 69
6 Tata Consultancy Services 1,30,797 1,03,159 26.8 2 64 Bharat Electronics 12,396 10,779 15.0 116
7 NTPC 91,388 87,647 4.3 22 65 National Fertilizers 12,302 9,052 35.9 586
8 Larsen & Toubro 90,378 79,224 14.1 12 66 NCC 12,198 7,675 58.9 325
9 Maruti Suzuki India 88,703 81,907 8.3 11 67 Shree Cement 11,968 10,222 17.1 45
10 JSW Steel 77,246 66,677 15.9 42 68 National Aluminium Company 11,831 9,812 20.6 216
11 GAIL (India) 76,785 54,680 40.4 38 69 Ambuja Cements # 11,733 10,817 8.5 66
12 Infosys 75,965 66,094 14.9 7 70 Lupin 11,648 10,219 14.0 77
13 Tata Steel 73,017 60,500 20.7 48 71 Coal India 11,595 10,319 12.4 18
14 Tata Motors 71,757 60,498 18.6 56 72 Sun Pharmaceutical Industries 11,589 10,234 13.2 25
15 Steel Authority of India 67,500 58,043 16.3 128 73 Nestle India # 11,552 10,187 13.4 26
16 Mangalore Refinery & Petrochem 62,217 48,668 27.8 196 74 ABB India # 10,959 9,218 18.9 96
17 Mahindra & Mahindra 55,399 49,815 11.2 33 75 Dr. Reddy’s Laboratories 10,899 9,621 13.3 61
18 Bharti Airtel 53,705 54,740 (1.9) 17 76 Britannia Industries 10,700 9,460 13.1 41
19 Wipro 50,692 47,225 7.3 16 77 Exide Industries 10,627 9,245 14.9 140
20 ITC 47,490 42,781 11.0 6 78 Rail Vikas Nigam 10,411 7,882 32.1 324
21 Hindalco Industries 46,983 44,160 6.4 58 79 KEC International 10,346 9,073 14.0 270
22 Vedanta 44,802 49,083 (8.7) 43 80 Eicher Motors 10,303 9,290 10.9 49
23 Rajesh Exports 42,722 33,699 26.8 142 81 Chambal Fertilisers & Chemicals 10,261 7,682 33.6 281
24 Chennai Petroleum Corporation 41,397 32,566 27.1 402 82 Havells India 10,185 8,256 23.4 60
25 Hindustan Unilever 38,888 35,094 10.8 4 83 Jindal Saw 10,135 7,547 34.3 475
26 Petronet LNG 38,846 30,916 25.6 81 84 NHPC 9,749 8,361 16.6 108
27 Vodafone Idea 37,941 28,469 33.3 90 85 NLC India 9,294 9,885 (6.0) 231
28 Ultratech Cement 36,175 29,957 20.8 23 86 UPL 9,275 7,729 20.0 64
29 Power Grid Corporation of India 35,733 30,770 16.1 28 87 Spicejet 9,258 7,888 17.4 295
30 Hero MotoCorp 34,342 32,756 4.8 50 88 Larsen & Toubro Infotech 9,239 7,434 24.3 95
31 Bharat Heavy Electricals 34,125 32,302 5.6 115 89 Dilip Buildcon 9,165 7,761 18.1 292
32 Bajaj Auto 31,900 26,712 19.4 34 90 United Spirits 9,076 8,376 8.4 67
33 Interglobe Aviation 29,822 23,968 24.4 53 91 Jindal Stainless (Hisar) 9,052 9,371 (3.4) 539
34 Ashok Leyland 29,206 26,550 10.0 102 92 Rashtriya Chemicals & Fertilizers 9,016 7,375 22.3 429
35 MMTC 28,997 16,514 75.6 386 93 State Trading Corporation of India 9,015 11,172 (19.3) 838
36 Tech Mahindra 28,180 25,420 10.9 39 94 Tata Power Company 8,867 8,760 1.2 145
37 Jindal Steel & Power 27,923 17,277 61.6 170 95 Century Textiles & Industries 8,867 8,509 4.2 222
38 HCL Technologies 26,817 22,775 17.7 19 96 Gujarat State Fertilizers & Chem 8,679 6,365 36.4 387
39 Jet Airways (India) ** 23,958 23,041 4.0 541 97 Bharti Infratel 8,585 8,100 6.0 55
40 Hindustan Zinc 22,900 23,798 (3.8) 27 98 PC Jeweller 8,461 9,585 (11.7) 466
41 PTC India 22,524 18,392 22.5 519 99 Apollo Hospitals Enterprise 8,349 7,196 16.0 150
42 Grasim Industries 21,120 16,250 30.0 51 100 Aditya Birla Fashion and Retail 8,183 7,205 13.6 166

For keys to symbols used and other notes, see footnotes on page 76; NA: Not applicable;
The list excludes BFSI companies; Standalone data; Source: Ace Equity
 Polycab India
INDIA’S MOST

101
The company is a new
VALUABLE COMPANIES # entrant to the BT 500 list.
THE LIST (101-200 / 500) Its average market cap in
2018/19 was `9,083 crore

TOTAL INCOME (` cr) BT TOTAL INCOME (` cr) BT

1,000 1,000
INCOME Growth Rank INCOME Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019 RANK COMPANY 2018/19 2017/18 % 2019
101 Polycab India 8,004 6,826 17.3 241 151 Berger Paints India 5,569 4,770 16.7 87
102 CESC 7,938 7,985 (0.6) 223 152 JSW Energy 5,553 4,706 18.0 199
103 Gujarat Gas 7,866 6,210 26.7 214 153 Tata Communications 5,509 5,629 (2.1) 171
104 DCM Shriram 7,784 6,875 13.2 283 154 Whirlpool of India 5,502 4,919 11.9 141
105 Motherson Sumi Systems 7,768 7,597 2.3 62 155 Welspun India 5,478 5,032 8.9 313
106 Adani Ports and SEZ 7,735 8,141 (5.0) 36 156 Balkrishna Industries 5,459 4,783 14.1 155
107 JK Tyre & Industries 7,690 6,486 18.6 529 157 Endurance Technologies 5,434 4,509 20.5 165
108 Apar Industries 7,602 5,527 37.5 499 158 Future Lifestyle Fashions 5,416 4,252 27.4 254
109 Reliance Infrastructure 7,558 4,089 84.8 352 159 Tube Investments of India 5,352 4,626 15.7 280
110 NBCC (India) 7,493 6,079 23.3 225 160 Thermax 5,312 3,974 33.7 189
111 Glenmark Pharmaceuticals 7,485 6,589 13.6 163 161 Trident 5,265 4,662 12.9 420
112 Container Corporation of India 7,216 6,460 11.7 85 162 Kansai Nerolac Paints 5,236 4,659 12.4 111
113 Kalpataru Power Transmission 7,188 5,790 24.2 284 163 GlaxoSmithKline Cons. Healthcare 5,215 4,574 14.0 88
114 Mindtree 7,111 5,653 25.8 174 164 Zuari Agro Chemicals 5,195 4,729 9.9 813
115 Cadila Healthcare 7,109 6,018 18.1 91 165 CG Power & Industrial Solutions ** 5,179 4,608 12.4 527
116 Zee Entertainment Enterprises 7,067 6,777 4.3 73 166 The Ramco Cements 5,175 4,443 16.5 159
117 Jaiprakash Associates 6,984 6,194 12.8 672 167 Tata Chemicals 5,175 7,811 (33.8) 162
118 Bajaj Hindusthan Sugar 6,967 6,009 15.9 736 168 Sanwaria Consumer ** 5,067 3,526 43.7 890
119 Voltas 6,956 6,057 14.8 138 169 JK Cement 5,061 4,719 7.3 290
120 Graphite India 6,934 3,047 127.5 211 170 Divi's Laboratories 5,036 3,928 28.2 68
121 Ceat 6,888 6,285 9.6 357 171 Sterlite Technologies 4,897 2,902 68.8 239
122 Amara Raja Batteries 6,841 6,126 11.7 194 172 L&T Technology Services 4,863 3,707 31.2 154
123 Bajaj Electricals 6,739 4,772 41.2 328 173 Blue Star 4,845 4,361 11.1 288
124 Bharat Forge 6,716 5,435 23.6 119 174 Future Enterprises 4,783 4,523 5.7 607
125 HEG 6,702 2,785 140.6 236 175 Hatsun Agro Products 4,766 4,296 11.0 204
126 Vardhman Textiles 6,633 6,036 9.9 303 176 Ircon International 4,738 4,209 12.6 393
127 Arvind 6,597 6,407 3.0 444 177 Schaeffler India # 4,696 3,997 17.5 168
128 Dabur India 6,548 5,876 11.4 37 178 Jain Irrigation Systems 4,561 4,359 4.6 484
129 United Breweries 6,504 5,642 15.3 80 179 Aarti Industries 4,552 3,701 23.0 186
130 SRF 6,502 4,686 38.7 179 180 Crompton Greaves Cons. Elec. 4,527 4,110 10.1 177
131 Escorts 6,299 5,066 24.3 266 181 Birla Corporation 4,505 3,797 18.6 351
132 Pidilite Industries 6,286 5,491 14.5 46 182 Colgate-Palmolive (India) 4,500 4,225 6.5 84
133 Marico 6,272 5,388 16.4 57 183 Shree Renuka Sugars 4,496 5,888 (23.6) 537
134 Simplex Infrastructures 6,153 5,903 4.2 769 184 Bombay Dyeing & Manufacturing 4,486 2,714 65.3 510
135 Torrent Pharmaceuticals 6,144 4,577 34.3 97 185 Hindustan Construction Company 4,459 4,826 (7.6) 574
136 BASF India 6,135 5,614 9.3 306 186 Himachal Futuristic Comm. 4,414 3,097 42.5 469
137 Gujarat Narmada Valley Fert. & Ch. 6,117 5,979 2.3 347 187 Godrej Agrovet 4,345 3,703 17.3 232
138 Surya Roshni 5,981 4,934 21.2 682 188 Balrampur Chini Mills 4,329 4,370 (1.0) 455
139 Prism Johnson 5,976 5,475 9.2 350 189 GE T&D India 4,277 4,572 (6.4) 296
140 Cummins India 5,956 5,311 12.1 132 190 Uflex 4,243 3,807 11.4 567
141 APL Apollo Tubes 5,913 4,371 35.3 421 191 KEI Industries 4,234 3,468 22.1 425
142 Indraprastha Gas 5,911 4,636 27.5 129 192 ISGEC Heavy Engineering 4,166 2,672 55.9 397
143 Welspun Corp 5,832 5,375 8.5 403 193 TeamLease Services 4,162 3,466 20.1 333
144 Alkem Laboratories 5,782 5,382 7.4 125 194 Shipping Corporation of India 4,144 3,618 14.5 573
145 Godrej Consumer Products 5,774 5,343 8.1 40 195 KRBL 4,134 3,286 25.8 273
146 Usha Martin 5,747 4,845 18.6 726 196 Piramal Enterprises 4,133 3,931 5.1 70
147 Quess Corp 5,660 4,457 27.0 237 197 Tamil Nadu Newsprint & Papers 4,122 3,132 31.6 629
148 The India Cements 5,659 5,195 8.9 453 198 Dish TV India 4,050 3,654 10.8 297
149 Supreme Industries 5,640 4,993 13.0 184 199 Sundram Fasteners 4,034 3,449 17.0 205
150 Alok Industries ** 5,570 8,297 (32.9) 945 200 Gujarat Ambuja Exports 4,033 3,374 19.6 503

For keys to symbols used and other notes, see footnotes on page 76; NA: Not applicable;
The list excludes BFSI companies; Standalone data; Source: Ace Equity
 DLF
INDIA’S MOST

214
The real estate major’s overall
VALUABLE COMPANIES # ranking remains the same at
THE LIST (201-300 / 500) 76, but its total income and av-
erage market cap have slipped

TOTAL INCOME (` cr) BT TOTAL INCOME (` cr) BT

1,000 1,000
INCOME Growth Rank INCOME Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019 RANK COMPANY 2018/19 2017/18 % 2019
201 Castrol India # 3,989 3,668 8.7 173 251 Maharashtra Seamless 3,131 2,198 42.4 437
202 Kesoram Industries 3,988 3,816 4.5 733 252 SKF India 3,127 2,822 10.8 230
203 Varun Beverages # 3,958 3,110 27.3 167 253 SJVN 3,123 2,638 18.4 221
204 Atul 3,947 3,146 25.5 208 254 Mangalore Chemicals & Fertilizers 3,102 2,733 13.5 987
205 JK Lakshmi Cement 3,939 3,480 13.2 389 255 Venky’s (India) 3,072 2,715 13.2 457
206 Ashoka Buildcon 3,936 2,544 54.7 409 256 Future Consumer 3,050 2,480 23.0 264
207 Shoppers Stop 3,906 4,028 (3.0) 369 257 Suzlon Energy 3,043 6,411 (52.5) 461
208 Sun TV Network 3,896 3,002 29.8 126 258 KPR Mill 3,016 2,528 19.3 365
209 Jaiprakash Power Ventures 3,874 3,730 3.9 676 259 Biocon 3,002 2,544 18.0 82
210 Jindal Poly Films 3,798 3,028 25.4 701 260 Bata India 2,997 2,680 11.8 160
211 Abbott India 3,793 3,417 11.0 152 261 Akzo Nobel India 2,961 3,201 (7.5) 265
212 Oracle Financial Serv. Software 3,789 3,977 (4.7) 94 262 AIA Engineering 2,954 2,367 24.8 161
213 Force Motors 3,734 3,491 6.9 533 263 Prakash Industries ** 2,950 2,177 35.5 660
214 DLF 3,715 3,850 (3.5) 76 264 Wabco India 2,927 2,620 11.7 191
215 Alembic Pharmaceuticals 3,686 2,985 23.5 213 265 The Great Eastern Shipping Co 2,913 2,399 21.4 364
216 Ipca Laboratories 3,677 3,251 13.1 202 266 Sintex Industries 2,912 2,156 35.1 974
217 Mahindra Logistics 3,673 3,227 13.8 413 267 PI Industries 2,910 2,337 24.5 183
218 Mukand 3,667 3,382 8.4 830 268 Page Industries 2,889 2,573 12.3 103
219 Sadbhav Engineering 3,650 3,595 1.5 400 269 Filatex India 2,886 1,939 48.9 715
220 HCL Infosystems 3,642 3,005 21.2 892 270 Asahi India Glass 2,879 2,616 10.0 307
221 Mphasis 3,639 3,399 7.1 147 271 Godawari Power & Ispat 2,878 2,134 34.8 767
222 IRB Infrastructure Developers 3,623 3,326 8.9 353 272 The Indian Hotels Company 2,871 2,639 8.8 153
223 Tata Global Beverages 3,612 3,365 7.3 172 273 Mahanagar Gas 2,869 2,291 25.2 250
224 Jubilant FoodWorks 3,578 3,003 19.1 156 274 GFL 2,863 2,159 32.6 246
225 Phillips Carbon Black 3,550 2,585 37.3 459 275 Sanofi India # 2,861 2,562 11.6 182
226 Jubilant Life Sciences 3,517 3,353 4.9 219 276 3M India 2,842 2,600 9.3 107
227 BEML 3,504 3,270 7.1 405 277 J Kumar Infraproject 2,815 2,079 35.4 713
228 Gayatri Projects 3,503 2,958 18.4 442 278 Ratnamani Metals & Tubes 2,796 1,800 55.3 360
229 Adani Power 3,470 8,584 (59.6) 137 279 Dhampur Sugar Mills 2,787 3,307 (15.7) 674
230 Raymond 3,441 3,137 9.7 344 280 Avanti Feeds 2,783 2,851 (2.4) 329
231 Sobha 3,435 2,646 29.8 340 281 PVR 2,779 2,278 22.0 269
232 GHCL 3,385 2,917 16.0 511 282 Kajaria Ceramics 2,761 2,604 6.0 256
233 India Glycols 3,384 3,145 7.6 771 283 Cox & Kings ** 2,743 3,211 (14.6) 538
234 JK Paper 3,312 2,890 14.6 482 284 HSIL 2,740 2,259 21.3 599
235 JMC Projects (India) 3,305 2,798 18.1 564 285 Lakshmi Machine Works 2,739 2,605 5.1 311
236 Honeywell Automation India 3,269 2,724 20.0 131 286 Bayer CropScience 2,723 2,749 (0.9) 185
237 Kirloskar Oil Engines 3,266 2,901 12.6 465 287 Engineers India 2,672 1,976 35.2 272
238 Glaxosmithkline Pharmaceuticals 3,230 2,925 10.4 121 288 Varroc Engineering 2,625 2,076 26.4 260
239 Triveni Engineering & Industries 3,224 3,403 (5.3) 633 289 Heritage Foods 2,625 2,746 (4.4) 520
240 Finolex Cables 3,223 2,948 9.3 278 290 Tinplate Company of India 2,614 1,938 34.9 631
241 Gujarat Alkalies & Chemicals 3,222 2,560 25.9 391 291 Mahanagar Telephone Nigam 2,607 3,117 (16.4) 835
242 Bharat Dynamics 3,208 4,929 (34.9) 322 292 Sutlej Textiles & Industries 2,589 2,487 4.1 882
243 Supreme Petrochem 3,204 3,035 5.6 535 293 Transport Corp. of India 2,585 2,202 17.4 515
244 Cochin Shipyard 3,190 2,544 25.4 327 294 V-Guard Industries 2,585 2,323 11.3 240
245 Wheels India 3,189 2,470 29.1 530 295 Prestige Estate Projects 2,579 3,104 (16.9) 245
246 Blue Dart Express 3,185 2,814 13.2 276 296 Trent 2,568 2,109 21.8 187
247 Southern Petrochem. Industries 3,177 1,999 58.9 944 297 Mahindra CIE Automotive # 2,559 1,973 29.7 252
248 Deepak Fertilisers & Petrochem 3,172 3,254 (2.5) 686 298 Godfrey Phillips India 2,556 2,365 8.1 336
249 PNC Infratech 3,140 1,880 67.1 366 299 IFB Industries 2,555 2,168 17.9 418
250 Finolex Industries 3,133 2,763 13.4 294 300 Orient Cement 2,536 2,243 13.1 553

For keys to symbols used and other notes, see footnotes on page 76; NA: Not applicable;
The list excludes BFSI companies; Standalone data; Source: Ace Equity
 Spencer’s Retail

330
INDIA’S MOST The company's
VALUABLE COMPANIES # income saw a sharp
THE LIST (301-400 / 500) uptick of 110.6 per
cent in 2018/19

TOTAL INCOME (` cr) BT TOTAL INCOME (` cr) BT

1,000 1,000
INCOME Growth Rank INCOME Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019 RANK COMPANY 2018/19 2017/18 % 2019
301 Dixon Technologies (India) 2,530 2,214 14.3 474 351 Vindhya Telelinks 2,109 1,352 56.0 591
302 Emami 2,526 2,459 2.7 151 352 Dalmia Bharat Sugar & Industries 2,105 2,282 (7.7) 786
303 Security & Intelligence Serv. India 2,525 2,143 17.8 300 353 INEOS Styrolution India 2,104 1,902 10.6 720
304 DB Corp 2,487 2,335 6.5 433 354 Narayana Hrudayalaya 2,095 1,866 12.2 348
305 P & G Hygiene Health Care ^ 2,481 2,399 3.4 83 355 RattanIndia Power 2,089 2,239 (6.7) 809
306 Asian Star Company 2,459 2,820 (12.8) 681 356 Gabriel India 2,086 1,840 13.3 551
307 Electrosteel Castings 2,455 2,102 16.8 814 357 Jamna Auto Industries 2,084 1,649 26.3 513
308 Fertilisers & Chemicals Travancore 2,416 1,972 22.5 489 358 Persistent Systems 2,072 1,877 10.4 337
309 Minda Corporation 2,412 1,972 22.3 462 359 Steel Strips Wheels 2,059 1,532 34.4 644
310 Hindusthan National Glass & Ind 2,411 1,965 22.7 896 360 Sakuma Exports 2,046 2,199 (6.9) 916
311 TVS Srichakra 2,393 2,168 10.4 588 361 Sandhar Technologies 2,043 1,689 21.0 577
312 Himadri Speciality Chemical 2,387 1,979 20.6 339 362 Galaxy Surfactants 2,036 1,697 20.0 368
313 Huhtamaki PPL 2,386 2,145 11.2 593 363 GE Power India 2,035 1,473 38.2 315
314 Shankara Building Products 2,358 2,249 4.9 678 364 Greaves Cotton 2,034 1,840 10.5 424
315 Parag Milk Foods 2,350 1,924 22.2 545 365 Gujarat Mineral Dev. Corporation 2,022 2,170 (6.8) 480
316 Nilkamal 2,321 2,079 11.7 542 366 HG Infra Engineering 2,021 1,398 44.6 617
317 Thomas Cook (India) 2,311 1,943 18.9 262 367 Maithan Alloys 2,014 1,896 6.2 630
318 ITD Cementation India ## 2,306 1,907 20.9 560 368 KIOCL 2,013 1,750 15.0 251
319 Relaxo Footwears 2,305 1,946 18.5 220 369 West Coast Paper Mills 2,000 1,728 15.7 558
320 Savita Oil Technologies 2,281 1,792 27.3 623 370 Jay Bharat Maruti 1,997 1,734 15.2 917
321 Century Plyboards (India) 2,270 1,974 15.0 392 371 TTK Prestige 1,994 1,760 13.3 248
322 E.I.D. Parry (India) 2,266 2,270 (0.2) 415 372 Shriram Pistons & Rings 1,979 1,754 12.8 506
323 Johnson Controls - Hitachi AC India 2,257 2,193 2.9 334 373 Jagran Prakashan 1,967 1,925 2.2 438
324 Laurus Labs 2,252 2,056 9.6 384 374 Goodyear India 1,950 1,702 14.6 521
325 Patel Engineering 2,252 3,991 (43.6) 993 375 Automotive Axles 1,942 1,524 27.4 579
326 Pfizer 2,249 2,083 8.0 180 376 Gujarat State Petronet 1,937 1,405 37.8 209
327 Sunflag Iron & Steel Company 2,241 2,091 7.1 785 377 Sundaram-Clayton 1,933 1,737 11.3 312
328 Hinduja Global Solutions 2,239 2,079 7.7 651 378 Kirloskar Brothers ** 1,931 1,754 10.1 646
329 Linde India # 2,215 2,050 8.1 345 379 Brigade Enterprises 1,929 1,368 41.0 428
330 Spencer's Retail 2,215 1,052 110.6 745 380 Astral Poly Technik 1,927 1,593 21.0 176
331 LT Foods 2,210 2,157 2.5 705 381 Monnet Ispat & Energy 1,906 1,395 36.6 663
332 KNR Construction 2,201 1,971 11.7 422 382 Syngene International 1,902 1,559 22.0 193
333 Amber Enterprises India 2,197 1,931 13.8 472 383 Texmaco Rail & Engineering 1,895 1,186 59.8 649
334 Godrej Industries 2,186 1,992 9.7 158 384 Godrej Properties 1,894 1,050 80.4 143
335 Wockhardt 2,181 2,534 (13.9) 342 385 MEP Infrastructure Developers 1,882 1,491 26.3 833
336 Heidelberg Cement India 2,168 1,909 13.6 382 386 Lumax Industries 1,877 1,659 13.2 634
337 Tata Metaliks 2,165 1,900 14.0 597 387 Ajanta Pharma 1,875 1,898 (1.2) 244
338 Kirloskar Ferrous Industries 2,165 1,771 22.2 690 388 Orient Electric 1,874 1,605 16.7 426
339 Rites 2,164 1,586 36.4 319 389 Skipper 1,872 2,104 (11.0) 829
340 NIIT Technologies 2,153 1,762 22.2 263 390 Balmer Lawrie & Company 1,864 1,828 2.0 524
341 Minda Industries 2,148 1,898 13.1 253 391 Procter & Gamble Health # 1,857 782 137.5 301
342 Pennar Industries 2,142 1,767 21.2 985 392 Hindustan Copper 1,853 1,712 8.3 371
343 Subros 2,135 1,920 11.2 596 393 Hexaware Technologies # 1,848 1,581 16.9 210
344 Avadh Sugar & Energy 2,134 2,340 (8.8) 955 394 Sheela Foam 1,846 1,681 9.8 286
345 Granules India 2,127 1,670 27.3 481 395 Siyaram Silk Mills 1,845 1,759 4.9 609
346 Jindal Worldwide 2,120 1,651 28.4 643 396 Capacite Infraprojects 1,825 1,360 34.2 610
347 Time Technoplast 2,119 1,810 17.1 522 397 Indo Count Industries 1,823 1,808 0.8 740
348 VRL Logistics 2,117 1,937 9.3 485 398 Himatsingka Seide 1,813 1,653 9.7 549
349 Natco Pharma 2,116 2,131 (0.7) 200 399 Century Enka 1,813 1,434 26.4 931
350 Radico Khaitan 2,110 1,853 13.9 335 400 Carborundum Universal 1,810 1,607 12.6 279

For keys to symbols used and other notes, see footnotes on page 76; NA: Not applicable;
The list excludes BFSI companies; Standalone data; Source: Ace Equity
 Inox Wind

472
INDIA’S MOST The wind energy
VALUABLE COMPANIES # company's income
THE LIST (401-500) rises more than
463 per cent

TOTAL INCOME (` cr) BT TOTAL INCOME (` cr) BT

1,000 1,000
INCOME Growth Rank INCOME Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019 RANK COMPANY 2018/19 2017/18 % 2019
401 Ramkrishna Forgings 1,810 1,440 25.7 605 451 Gujarat Industries Power Co 1,524 1,405 8.5 697
402 Tata Teleservices (Maharashtra) 1,809 2,079 (13.0) 843 452 HIL 1,514 1,304 16.1 653
403 Adani Gas 1,806 1,454 24.2 178 453 Sudarshan Chemical Industries 1,509 1,450 4.0 497
404 ITI ** 1,803 2,069 (12.9) 259 454 Eveready Industries (India) 1,501 1,476 1.7 706
405 Deepak Nitrite 1,797 1,467 22.5 396 455 Zensar Technologies 1,493 1,366 9.3 320
406 Jyothy Labs 1,797 1,670 7.6 289 456 Reliance Communications 1,466 2,231 (34.3) 570
407 VIP Industries 1,795 1,420 26.4 293 457 Aarti Drugs 1,461 1,142 27.9 654
408 Welspun Enterprises 1,794 1,093 64.2 587 458 Meghmani Organics 1,449 1,264 14.6 615
409 JTEKT India 1,786 1,532 16.5 517 459 HT Media 1,447 1,615 (10.4) 777
410 Cyient 1,777 1,632 8.9 291 460 Thangamayil Jewellery 1,446 1,379 4.9 973
411 VA Tech Wabag 1,770 1,879 (5.8) 602 461 Fiem Industries 1,445 1,243 16.3 867
412 Ahluwalia Contracts (India) 1,762 1,653 6.6 525 462 International Paper APPM 1,442 1,269 13.6 563
413 Precision Wires India 1,760 1,410 24.8 968 463 V-Mart Retail 1,440 1,227 17.4 358
414 Power Mech Projects 1,751 1,317 32.9 655 464 Nava Bharat Ventures 1,438 1,355 6.1 554
415 Gulf Oil Lubricants India 1,736 1,359 27.8 367 465 Schneider Electric Infrastructure 1,434 1,339 7.1 502
416 Star Cement 1,735 1,468 18.2 355 466 Universal Cables 1,429 1,192 19.8 810
417 Somany Ceramics 1,720 1,684 2.1 619 467 Kalyani Steels 1,420 1,362 4.2 753
418 Inox Leisure 1,707 1,363 25.2 454 468 SML Isuzu 1,414 1,138 24.2 724
419 Indo Rama Synthetics (India) 1,699 2,259 (24.8) 869 469 Everest Industries 1,411 1,252 12.6 850
420 Rallis India 1,697 1,507 12.6 430 470 Solara Active Pharma Science 1,396 563 148.1 731
421 IOL Chemicals & Pharmaceuticals 1,696 990 71.3 716 471 Bodal Chemicals 1,394 1,133 23.1 659
422 Munjal Showa 1,693 1,602 5.7 864 472 Inox Wind 1,391 247 463.4 627
423 Gillette India ^ 1,690 1,772 (4.6) 122 473 Rane (Madras) 1,381 1,220 13.2 986
424 Sarda Energy & Minerals 1,685 1,540 9.4 758 474 Navneet Education 1,380 1,160 18.9 486
425 Solar Industries (India) 1,684 1,292 30.4 228 475 Cera Sanitaryware 1,359 1,193 13.9 414
426 Timken India 1,680 1,254 34.0 343 476 Action Construction Equipment 1,352 1,094 23.6 710
427 Allcargo Logistics 1,667 1,247 33.6 476 477 Seshasayee Paper & Boards 1,348 1,114 21.0 668
428 Sharda Cropchem 1,660 1,503 10.4 445 478 Federal-Mogul Goetze (India) 1,347 1,329 1.4 456
429 Indian Hume Pipe Company 1,657 1,554 6.6 637 479 NR Agarwal Industries 1,327 1,197 10.9 911
430 Indian Metals & Ferro Alloys 1,655 1,803 (8.2) 884 480 IG Petrochemicals 1,315 1,148 14.5 743
431 Birlasoft 1,653 1,484 11.3 441 481 Greenply Industries 1,291 1,684 (23.3) 565
432 Strides Pharma Science 1,652 2,957 (44.1) 385 482 NCL Industries 1,277 1,123 13.7 894
433 Tata Elxsi 1,640 1,431 14.6 316 483 HBL Power Systems 1,274 1,616 (21.1) 846
434 MOIL 1,631 1,497 9.0 377 484 CRISIL # 1,272 1,225 3.8 207
435 Adani Transmission 1,631 1,610 1.3 114 485 Renaissance Global 1,260 1,063 18.6 912
436 EIH 1,631 1,434 13.7 217 486 Nitin Spinners 1,245 1,147 8.5 998
437 Mcleod Russel India 1,625 1,920 (15.4) 818 487 Uttam Sugar Mills 1,237 1,255 (1.4) 989
438 Ramky Infrastructure 1,616 1,666 (3.0) 844 488 Bhansali Engineering Polymers 1,232 1,045 17.8 670
439 Srikalahasthi Pipes 1,610 1,632 (1.4) 765 489 Gallantt Ispat 1,231 577 113.4 751
440 Grindwell Norton 1,605 1,434 11.9 299 490 Future Supply Chain Solutions 1,231 943 30.6 490
441 Hikal 1,592 1,301 22.4 540 491 Tide Water Oil Company (India) 1,229 1,105 11.2 569
442 LG Balakrishnan & Brothers 1,585 1,320 20.1 688 492 Rico Auto Industries 1,225 1,101 11.2 778
443 Sical Logistics 1,572 1,185 32.7 845 493 Mangalam Cement 1,223 1,108 10.5 865
444 Garden Reach Shipbuilders & Engg 1,558 1,531 1.7 669 494 Lux Industries 1,218 1,079 12.9 419
445 Emami Paper Mills 1,542 1,371 12.5 763 495 KSE 1,217 1,309 (7.0) 949
446 JB Chemicals & Pharmaceuticals 1,541 1,311 17.6 463 496 Dr. Lal Pathlabs 1,211 1,056 14.8 249
447 Puravankara 1,540 992 55.3 576 497 Info Edge (India) 1,209 1,013 19.4 120
448 GTL Infrastructure 1,540 2,567 (40.0) 702 498 Greenlam Industries 1,198 1,063 12.7 528
449 Polyplex Corporation 1,540 1,153 33.6 594 499 eClerx Services 1,196 1,188 0.7 399
450 Vakrangee 1,535 6,430 (76.1) 362 500 Insecticides (India) 1,194 1,076 10.9 671

For keys to symbols used and other notes, see footnotes on page 76; NA: Not applicable;
The list excludes BFSI companies; Standalone data; Source: Ace Equity
 TOTAL DEBT (` cr) BT
1,000
DEBT Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019
INDIA’S MOST 43 Future Enterprises 6,479 5,731 13.1 607
VALUABLE COMPANIES
44 National Fertilizers 6,464 3,061 111.2 586
THE LIST (1-100) 45 Sun Pharmaceutical Industries 6,437 6,884 (6.5) 25
46 Jaiprakash Associates 6,186 6,409 (3.5) 672
47 Reliance Infrastructure 6,079 12,229 (50.3) 352
48 Rajesh Exports 6,072 8,595 (29.3) 142
49 CESC 6,045 5,947 1.7 223

TOTAL 50
51
52
Bajaj Hindusthan Sugar
Sintex Industries
Torrent Pharmaceuticals
6,022
5,951
5,623
6,791
5,443
5,845
(11.3)
9.3
(3.8)
736
974
97

DEBT 53
54
55
Shipping Corporation of India
Wipro
GTL Infrastructure
5,277
5,128
4,913
5,585
5,803
4,956
(5.5)
(11.6)
(0.9)
573
16
702
56 Prestige Estate Projects 4,771 4,040 18.1 245
TOTAL DEBT (` cr) BT
1,000 57 IRB Infrastructure Developers 4,611 5,415 (14.8) 353
DEBT Growth Rank
RANK COMPANY 2018/19 2017/18 % 2019 58 Aurobindo Pharma 4,520 3,719 21.5 69
1 Reliance Industries 1,61,720 1,16,881 38.4 1 59 DLF 4,332 5,707 (24.1) 76
2 Power Grid Corporation of India 1,46,086 1,31,213 11.3 28 60 Hindustan Aeronautics 4,198 905 364.2 112
3 NTPC 1,42,933 1,21,605 17.5 22 61 Jindal Saw 4,175 4,445 (6.1) 475
4 Vodafone Idea 1,25,940 57,985 117.2 90 62 Jindal Stainless 4,118 4,729 (12.9) 568
5 Indian Oil Corporation 86,359 58,030 48.8 20 63 The Great Eastern Shipping Co 4,104 4,223 (2.8) 364
6 Bharti Airtel 83,790 65,416 28.1 17 64 Indiabulls Real Estate 4,007 3,212 24.8 372
7 Steel Authority of India 45,170 45,409 (0.5) 128 65 Bombay Dyeing & Manufacturing 3,971 2,803 41.7 510
8 Vedanta 42,204 40,713 3.7 43 66 Hotel Leela Venture 3,610 3,781 (4.5) 837
9 JSW Steel 42,069 36,519 15.2 42 67 Dilip Buildcon 3,576 2,941 21.6 292
10 Reliance Communications 39,928 35,876 11.3 570 68 Zuari Agro Chemicals 3,521 3,140 12.1 813
11 Tata Steel 29,701 28,126 5.6 48 69 Godrej Properties 3,516 3,703 (5.1) 143
12 Bharat Petroleum Corporation 29,099 23,351 24.6 35 70 Rashtriya Chemicals & Fertilizers 3,462 1,331 160.1 429
13 Hindustan Petroleum Corporation 27,240 20,991 29.8 71 71 Simplex Infrastructures 3,453 3,537 (2.4) 769
14 Alok Industries ** 26,221 24,140 8.6 945 72 The India Cements 3,368 3,100 8.6 453
15 Adani Ports and SEZ 24,994 20,119 24.2 36 73 JK Tyre & Industries 3,320 3,498 (5.1) 529
16 Oil & Natural Gas Corporation 21,594 25,592 (15.6) 13 74 Usha Martin 3,318 3,803 (12.8) 726
17 Mahanagar Telephone Nigam 19,737 17,019 16.0 835 75 Grasim Industries 3,311 2,969 11.5 51
18 Jindal Steel & Power 19,700 23,180 (15.0) 170 76 Hindustan Construction Company 3,300 3,725 (11.4) 574
19 Hindalco Industries 19,534 20,297 (3.8) 58 77 Apollo Hospitals Enterprise 3,238 2,991 8.2 150
20 Adani Power 19,491 9,577 103.5 137 78 Godrej Industries 3,195 2,704 18.1 158
21 NHPC 19,056 18,602 2.4 108 79 Bharat Forge 3,189 2,510 27.1 119
22 Tata Motors 18,640 18,464 1.0 56 80 Glenmark Pharmaceuticals 3,134 2,981 5.1 163
23 Ultratech Cement 18,118 17,420 4.0 23 81 Adani Green Energy 3,113 3,487 (10.7) 285
24 Tata Teleservices (Maharashtra) 18,027 16,521 9.1 843 82 SRF 3,103 2,483 25.0 179
25 Piramal Enterprises 17,474 14,600 19.7 70 83 Cadila Healthcare 3,097 2,873 7.8 91
26 Tata Power Company 17,453 16,571 5.3 145 84 Ircon International 3,077 3,200 (3.9) 393
27 Tata Steel BSL 17,028 49,641 (65.7) 423 85 Rail Vikas Nigam 3,024 2,259 33.9 324
28 NLC India 13,166 8,720 51.0 231 86 Century Textiles & Industries 3,001 4,369 (31.3) 222
29 Oil India 11,624 9,004 29.1 135 87 Coromandel International 2,957 2,731 8.3 190
30 Jaiprakash Power Ventures 11,149 11,310 (1.4) 676 88 Kesoram Industries 2,948 3,460 (14.8) 733
31 Reliance Naval and Engineering 10,916 9,878 10.5 872 89 Adani Enterprises 2,865 6,683 (57.1) 164
32 Larsen & Toubro 10,192 10,561 (3.5) 12 90 JSW Energy 2,818 3,140 (10.2) 199
33 Mangalore Refinery & Petrochem 9,131 7,950 14.9 196 91 Shree Cement 2,798 3,403 (17.8) 45
34 Torrent Power 9,116 9,216 (1.1) 188 92 Apollo Tyres 2,750 2,545 8.1 195
35 Chambal Fertilisers & Chemicals 8,545 5,609 52.3 281 93 Shree Renuka Sugars 2,687 2,364 13.7 537
36 Jet Airways (India) ** 8,403 9,078 (7.4) 541 94 Future Retail 2,657 1,286 106.5 118
37 Reliance Power 7,540 7,912 (4.7) 374 95 Arvind 2,652 2,562 3.5 444
38 GMR Infrastructure 7,246 6,775 7.0 226 96 Bharat Heavy Electricals 2,611 99 2,525.6 115
39 Adani Transmission 7,154 7,797 (8.2) 114 97 United Spirits 2,583 3,251 (20.6) 67
40 RattanIndia Power 6,979 7,761 (10.1) 809 98 Mahindra & Mahindra 2,571 2,958 (13.1) 33
41 Suzlon Energy 6,783 7,357 (7.8) 461 99 Hindustan Zinc 2,538 - NA 27
42 Chennai Petroleum Corporation 6,668 4,491 48.5 402 100 Sobha 2,536 2,258 12.3 340

For keys to symbols used and other notes, see footnotes on page 76; NA: Not applicable;
The list excludes BFSI companies; Standalone data; Source: Ace Equity
BEST MUTUAL FUNDS

S TAY
THE
COURSE
Mutual fund investors must stick to
disciplined and systematic investing
to do well in the coming year.
pg. 138

FASTAG TRAVEL EXTERNAL FACTORS:

FASTAGS BECOME MANDATORY DOES IT MAKE
ON NATIONAL HIGHWAY TOLL SENSE TO OPT FOR
BOOTHS FROM DECEMBER 1. LOANS LINKED TO
HERE'S WHAT YOU NEED TO DO. EXTERNAL BENCHMARKS?
Pg 144 Pg 146
 S TAY T H E
COURSE
Mutual fund investors must stick to disciplined
and systematic investing to do well in the coming year.
By RENU YADAV

138 I BUSINESS TODAY I December 1 I 2019

 MONEY TODAY > MUTUAL FUNDS
R
etail investors have been flocking to mu-
tual funds, especially equity funds, over
the past two-three years. This is thanks
partly to campaigns such as Mutual
Fund Sahi Hai by the Association of
Mutual Funds in India or AMFI. Their
preferred route has been systematic in-
vestment plans or SIPs. “Between April
2016 – when AMFI started disclosing
monthly SIP contributions – and June
2019, the route helped rake in a whop-
ping `2.3 lakh crore. That is nearly 19
per cent of the `11.9 lakh crore increase
in assets under management (AUM)
of the industry,” says a Crisil-AMFI re-
port. “The surge has come on the back
of scores of new retail investors joining
the ranks, too, as reflected in the almost
3x growth in the number of SIP ac-
counts to 27.3 million from 10 million
over this period,” says the report.
However, SIP registrations have
slowed down this year. AMFI data
shows that last year, monthly SIP in-
vestments grew 16 per cent between
April and September from `6,690
crore to `7,985 crore, while in 2019,
the growth during the period was a
marginal 0.30 per cent. This can be
partially due to the performance of eq-
uity markets. Equity markets have been
range-bound over the past two years.
This has hit the enthusiasm of inves-
tors. The average return given by diver-
sified funds in the year to September
30, 2019, was around 4 per cent. The
December 1 I 2019 I BUSINESS TODAY I 139
large-cap funds gave 6 per cent while
the small-cap funds returned minus
3 per cent. However, a few funds have
done exceptionally well. Axis Small Cap
fund delivered 18 per cent. The second
best performing fund in the category,
ICICI Prudential Smallcap, returned
8.30 per cent. The best large-cap fund,
Axis Bluechip, gave 17 per cent. In the
diversified category, multi-cap funds
delivered the best performance, albeit
by a small margin. The category aver-
age return was around 6 per cent. The
best performing fund, IIFL Focused
Equity, delivered around 20 per cent.
Passive Investing
Equity funds have lagged their bench-
marks in the recent past. Ninety per
cent large-cap funds underperformed
the S&P BSE Sensex Total Return In-
dex in one year to September 30. This
has again ignited the debate whether
passive investing — where a fund fol-
lows an index and so fund manage-
ment costs are minuscule — is better
than active investing. So far, in India,
equity funds meant only active funds.
As active funds have lagged their
benchmarks over the past couple of
years, a section of investors has started
questioning the need to pay extra to
fund managers. In fact, in the large-cap
category, two of the five funds that have
delivered the highest SIP returns over
five years are index funds or exchange
traded funds. Experts say this is due to
the uneven market rally in which only a
few stocks have risen and say that this is
only a short-term trend. “One of the key
0.3 %
Rise in SIP investments
between April and
September 2019 over the
year-ago period
factors responsible for shrinking alpha
in the short term, especially in actively
managed equity funds, is the polarisa-
tion seen in the recent market rally.
However, we are of the view that this is
not a permanent phenomenon, as this
was seen in 1999 and 2007 also. We
believe that the alpha created by active
funds is likely to return once this po-
larisation subsides,” says Nimesh Shah,
MD & CEO, ICICI Prudential AMC.
However, Radhika Gupta, CEO,
Edelweiss AMC, says it will be difficult
for large-cap funds to generate alpha
due to structural changes. The Securi-
ties and Exchange Board of India, or
Sebi, has standardised definitions of
equity and debt mutual funds across
categories. This has left no scope for
funds to deviate from their mandate
even slightly in order to generate alpha.
For example, large-cap funds can in-
vest only in top 100 stocks by market
capitalisation. “Structurally, active fund
management will find it difficult to
generate alpha, but there will be years
where there is no alpha generation and
years which will compensate and see
good alpha generation. Multicap, mid-
cap and smallcap spaces will continue
to generate healthy alpha in coming
years,” she says.
Also, equity funds are now bench-
marked against the total return index,
whose returns are higher than the
standalone index. So, their perfor-
mance may look less attractive com-
pared with what the benchmarks have
delivered.
Recovery in Sight?
The sluggish market performance
is in line with the current economic
slowdown. India's GDP grew 5 per
cent in the June quarter, the lowest
in over six years. The government has
implemented a number of reforms to
revive the economy such as reducing
the corporate tax rate. Stock markets
rose sharply after the announcements.
Experts say they may recover in the
medium to long term on the basis of
earnings growth and add the govern-
ment needs to carry out reforms that
 MONEY TODAY > MUTUAL FUNDS

TOP PERFORMING EQUITY

increase consumption demand. “Stock AND HYBRID SCHEMES LARGE CAP
markets have responded positively to 5-YEAR 1 3 5 10 AUM
big announcements such as tax cuts SCHEME NAME SIP YEAR YEARS YEARS YEARS (` CR)
but sustainable earnings growth is a Axis Bluechip Fund 13.81 17.12 15.24 11.81 - 8,049.93
key driver for markets. They are still Mirae Asset Large 10.87 7.19 11.77 11.93 14.77 1,4917.15
waiting for clarity on this front. Earn- Cap Fund - Regular
ings growth is a function of economic Plan
growth and recovery of the economy is SBI ETF Sensex 10.86 7.98 12.84 9.25 - 1,9028.77
taking time. Though recent initiatives HDFC Index Fund - 10.46 7.52 12.40 8.76 9.14 506.32
will help revive investments over the Sensex Plan
medium term, the markets are waiting Sundaram Select 9.90 7.59 12.44 8.78 8.29 1,005.94
for more steps from the government Focus Fund - Regu-
lar Plan
to revive consumption and address li-
quidity issues arising out of the NBFC LARGE & MID-CAP
crisis. On the consumption side, the
5-YEAR 1 3 5 10 AUM
government has to do a tough job of SCHEME NAME SIP YEAR YEARS YEARS YEARS (`CR)
striking a balance between fiscal dis-
Mirae Asset Emerg- 13.13 11.25 12.39 16.48 - 8,218.90
cipline and ensuring that people have ing Bluechip Fund
more disposable incomes,” says Srini- - Regular Plan
vas Rao Ravuri, CIO-Equity, PGIM Sundaram Large 10.91 9.30 12.44 12.08 10.55 794.43
India Mutual Fund. and Mid Cap Fund
Invesco India 10.23 7.36 11.54 11.02 12.69 1,821.69
Growth Opportuni-
Debt Fund Fiasco ties Fund
Debt funds were considered less risky
DSP Equity Oppor- 9.16 8.19 8.53 11.33 12.11 5,488.64
than equity funds till last year when tunities Fund
IL&FS defaulted on loans. This led to
Canara Robeco 8.86 2.97 8.82 13.11 18.33 4,979.70
a liquidity crisis with people avoiding Emerging Equities
debt papers fearing more defaults and Fund - Regular Plan
downgrades and a consequent fall in
NAVs of debt funds. Fund houses had
MID-CAP
to resort to desperate measures such as 5-YEAR 1 3 5 10 AUM
SCHEME NAME SIP YEAR YEARS YEARS YEARS (`CR)
allowing only part redemption in fixed
maturity plans and rollovers and uni- Axis Midcap Fund 11.08 9.95 12.10 11.43 - 3,199.73
lateral agreements with promoters to DSP Midcap Fund - 8.10 7.38 7.04 12.08 15.32 6,348.00
Regular Plan
not sell pledged shares for some time.
For investors, the experience of the past Kotak Emerging 7.69 6.99 6.61 12.42 14.77 4,959.95
Equity Scheme
few months has been shocking. Regular Plan
Should one write off debt funds
Tata Midcap Growth 7.02 10.96 7.18 10.53 13.97 718.02
completely?: The developments high- Fund - Regular Plan
lighted the inherent risk in debt funds, Invesco India Mid 6.84 1.69 7.21 10.06 15.89 528.46
including credit risk and interest rate Cap Fund
risk, which investors need to be aware
of. Credit risk is the risk of default while M U LT I - C A P
interest rate risk is the risk of fall in 5-YEAR 1 3 5 10 AUM
prices of debt papers due to change in SCHEME NAME SIP YEAR YEARS YEARS YEARS (`CR)
interest rates. Credit risk can be man- Axis Focused 25 13.05 9.79 14.01 13.76 - 8,383.71
aged by owning a diversified portfolio Fund
and investing in higher rated papers SBI Focused Equity 11.77 13.83 11.71 12.20 17.48 5,725.65
Fund
but can’t be avoided. “It’s hard to say
if all the troubles are behind us but JM Multicap Fund 11.59 15.66 11.45 11.69 8.63 138.99
it seems that most large stressed as- Tata Retirement 10.76 10.80 11.18 12.58 - 680.57
sets are known. That is not to say that Savings Fund -
Progressive Plan
newer names can’t come to light but - Regular Plan
they could be potentially smaller in the Parag Parikh Long 10.40 4.10 11.57 11.57 - 2,205.09
overall scheme of things,” says Kaus- Term Equity Fund -
tubh Belapurkar, Director Manager Regular Plan

140 I BUSINESS TODAY I December 1 I 2019

 MONEY TODAY > MUTUAL FUNDS

SMALL-CAP Research, Morningstar Investment

5-YEAR 1 3 5 10 AUM Adviser India.
SCHEME NAME SIP YEAR YEARS YEARS YEARS (`CR) However, the debt defaults and fall
SBI Small Cap Fund 11.50 4.04 11.97 16.77 17.66 2,703.66 in NAVs of debt funds have been a les-
Axis Small Cap 11.14 17.79 10.92 12.40 - 1,037.25
son for both investors and fund houses.
Fund - Regular Plan “The biggest outcome of the crisis is
HDFC Small Cap 7.24 -6.47 8.55 10.97 12.71 8,844.54 better focus on risk management and
Fund - Regular Plan portfolio diversification. These events
L&T Emerging 6.91 -7.06 7.22 12.12 - 5,984.53 have highlighted that just as volatility is
Businesses Fund an integral part of equity investments,
Nippon India Small 6.72 -4.66 8.10 11.25 - 8,114.33 rating upgrades and downgrades are
Cap Fund part and parcel of credit investments,”
says Nimesh Shah.
ELSS Regulations Tightened: Sebi has
5-YEAR 1 3 5 10 AUM brought in a series of regulations to
SCHEME NAME SIP YEAR YEARS YEARS YEARS (`CR) make debt funds more transparent
Axis Long Term 11.53 12.05 12.34 12.55 - 20,425.31 and less risky. Among other things, it
Equity Fund has allowed mutual funds to do side
DSP Tax Saver Fund 10.02 12.02 9.01 11.45 13.32 5,840.90 pocketing in case a debt asset falls
Tata India Tax Sav- 9.97 11.98 9.37 12.27 13.24 1,919.17 below investment grade. This allows
ings Fund funds to segregate good and bad in-
Canara Robeco Eq- 9.23 7.99 10.20 9.20 12.15 965.21 vestments. The investors are issued
uity Tax Saver Fund units of both the portfolio. This helps
- Regular Plan
investors benefit from any future re-
Invesco India Tax 8.82 3.60 9.46 10.31 13.74 911.50
Plan covery and doesn’t impact the rest of
the portfolio. Also, Sebi has asked debt
AGGRESSIVE HYBRID funds to mark-to-market debt instru-
ments with maturity over 30 days. Till
5-YEAR 1 3 5 10 AUM
SCHEME NAME SIP YEAR YEARS YEARS YEARS (`CR) now, instruments with maturity up to
60 days were valued on an amortisa-
SBI Equity Hybrid 9.90 12.35 9.98 10.85 11.77 30,550.52
Fund tion basis. Under this, the difference
Tata Retirement 9.23 8.16 9.53 11.79 - 1,105.07 in the price of the debt instrument at
Savings Fund the time of purchase and redemption
- Moderate Plan - is spread evenly across the tenure of the
Regular Plan
paper. This results in a linear increase
DSP Equity & Bond 9.16 13.63 7.99 10.75 10.97 6,148.92
Fund in the NAV of the fund and makes it
less volatile. “Mark-to-market will en-
Canara Robeco 8.77 8.13 8.69 9.96 12.07 2,487.89
Equity Hybrid Fund sure that bonds are always fairly val-
- Regular Plan ued. It will ensure that investors get a
Sundaram Equity 8.76 6.57 8.71 8.72 7.94 1,764.13 fair NAV,” says Kaustubh Belapurkar
Hybrid Fund - Reg- of Morningstar India. Sebi has also
ular Plan
brought in graded exit load for liq-
Figures show returns in %
uid mutual funds. Now, exit load will
Returns over one year are annualised start at between 0.0070 and 0.0045
Funds with AUM above `500 Cr were considered per cent up to the first six days, reduc-
All data as on September 30, 2019
Direct plans and plans suspended for sale excluded. ing by .0005 by every day. This means
Source: ValueResearchonline.com those investing for one-two days will
shift to overnight funds. “Money be-
ing invested in liquid funds for less
than seven days can move to overnight
funds and other options. Liquid funds
will continue to get money for greater
than seven days but liquid funds’ AUM
volatility will come down,” says Kaus-
tubh. Liquid funds have also been
asked to hold at least 20 per cent assets
TOP PERFORMING DEBT SCHEMES
C O R P O R AT E B O N D
5 -YEAR 1 3 5 10 AUM in cash and receivables or government
SCHEME NAME SIP YEAR YEARS YEARS YEARS (`CR) securities to ensure liquidity. Sebi has
L&T Triple Ace Bond 8.62 14.34 7.85 6.47 7.92 1,616.02 also capped exposure of debt funds to
Fund unlisted non-convertible debenture at
Kotak Corporate Bond 8.38 10.11 8.05 7.99 9.26 2,756.74 10 per cent and unrated debt papers
Fund - Standard Plan at 5 per cent; earlier, the cap was 25
HDFC Corporate Bond 8.37 11.35 7.61 7.78 8.69 1,3111.59 per cent.
Fund
Aditya Birla Sun Life 8.22 10.57 7.66 7.76 8.67 1,6604.88 What Should Investors Do
Corporate Bond Fund
Debt funds carry risk and there is noth-
Franklin India Corpo- 7.98 10.32 7.45 8.03 8.67 1,054.46 ing called a guaranteed return. In order
rate Debt Fund
to avoid a negative surprise, investors
DYNAMIC BOND should make an informed decision.
5 -YEAR 1 3 5 10 AUM "They should be aware of the dura-
SCHEME NAME SIP YEAR YEARS YEARS YEARS (`CR) tion risk (volatility risk) and credit risk
Kotak Dynamic Bond 9.01 12.96 8.17 8.02 9.19 824.22 (default risk) in debt funds. The longer
Fund - Regular Plan the portfolio maturity, the higher is the
SBI Dynamic Bond 8.73 13.90 7.08 7.75 9.40 1,122.17 duration risk. The better a portfolio's
Fund credit rating (AAA / A1+), the lower
IDFC Dynamic Bond 8.63 14.30 7.07 7.56 9.32 2,061.95 is the credit risk. Investors should be
Fund - Regular Plan aware of the risks," says Joydeep Sen,
Franklin India Dy- 7.66 8.87 7.24 8.12 9.32 4,012.33 Founder, Wiseinvestor.in. “They should
namic Accrual Fund
choose fund categories that match their
ICICI Prudential All 7.48 10.05 6.36 7.36 9.73 2,815.62 risk profile and investment horizon,”
Seasons Bond Fund
says Kaustubh.
LIQUID Still, debt funds have the potential
to deliver better returns than bank fixed
5 -YEAR 1 3 5 10 AUM
SCHEME NAME SIP YEAR YEARS YEARS YEARS (`CR) deposits, especially in a falling inter-
est rate scenario when fixed deposits
Franklin India Liquid 7.22 7.41 7.26 7.10 7.60 10,082.86
Fund - Super Institu- may not be the best choice. Long-term
tional Plan debt funds have delivered double-digit
Nippon India Liquid 7.14 7.29 7.20 7.05 7.53 21,996.82 returns this year as the RBI cut inter-
Fund est rates by 135 basis points (100 basis
Aditya Birla Sun Life 7.14 7.27 7.19 7.04 7.54 46,653.61 points is equal to one per cent). They
Liquid Fund
are also more tax efficient due to index-
Axis Liquid Fund 7.12 7.21 7.18 7.05 7.52 24,003.73 ation benefit if you remain invested for
Mahindra Liquid Fund 7.12 7.26 7.16 7.03 - 2,459.05 more than three years. This significant-
- Regular Plan ly reduces the tax liability.
On the equity front, stay invested
S H O R T D U R AT I O N and continue with SIPs to benefit from
5 -YEAR 1 3 5 10 AUM volatility (a depressed market means a
SCHEME NAME SIP YEAR YEARS YEARS YEARS (`CR)
lower NAV, which means you will get
HDFC Short Term Debt 8.02 9.94 7.58 7.60 8.31 8,296.06 more units). Stick to your asset alloca-
Fund
tion. “It is important to stay invested
IDFC Bond Fund Short 7.90 10.52 7.32 7.26 7.95 1,0051.77
Term Plan - Regular not only in equity but also in debt.
Plan Within equity, if an investor is ready to
Axis Short Term Fund 7.78 10.09 7.23 7.32 8.09 2,346.52 stay put for over five years, he can con-
sider investing in mid-caps and small-
L&T Short Term Bond 7.70 9.95 7.21 7.20 7.87 4,329.63
Fund caps and value and multi-caps in a sys-
Aditya Birla Sun Life 7.64 9.60 7.01 7.05 8.42 3,095.65
tematic manner. This is because of the
Short Term Opportu- relative attractive valuations in these
nities Fund pockets,” says Nimesh Shah of ICICI
Prudential AMC.
Returns over one year are annualised; Funds with AUM above `1,000 Cr were considered
All data as on September 30, 2019; Source: ValueResearchonline.com @renuyadav08

December 1 I 2019 I BUSINESS TODAY I 143

 MONEY TODAY > FASTAG
T
ravel on Indian roads is going to
get digital as toll payments through
FASTag will become mandatory at toll
plazas on National Highways from
December 1. If you pay using other
modes, the toll amount will be double.
To implement smooth functioning, the
government is enabling all lanes at toll
plazas on National Highways to ac-
cept FASTag. Many toll plazas on state
highways are also being made ready.
But are you ready for the change?
FASTag uses RFID (radio-frequen-
cy identification) technology. It is used
to pay toll through the linked prepaid
or savings/current account. You have
to affix the tag on the windscreen of
your vehicle. It enables your vehicle
to drive through toll plazas, without
having to stop to pay. Toll charges are
deducted directly from the linked ac-
count. The linked savings or current
account should be adequately funded.
But if it is linked to a prepaid account,
you need to recharge or top-up as per
usage. Inadequate amount in the tag
will lead to it getting blacklisted at the
toll plaza and you may end up pay-
ing double the amount. You will also
receive SMS alerts on your registered
mobile number.
144 I BUSINESS TODAY I December 1 I 2019
TIME TO GET
D I G I TA L W H E N
Y O U T R AV E L
FASTags become mandatory on national
highway toll booths from December 1.
Here's what you need to do.
By NAVEEN KUMAR
Get FASTag Ready
• From December 1, it is
mandatory to pay toll
through FASTag on national
highways
• You do not have to
stop at toll plazas as the
toll is automatically deducted
through FASTag
• 526 toll plazas across the
country have been enabled
to accept FASTag payments
• Soon, many state highways
will also get FASTag tolls
• If payment is not through
FASTag, the toll amount
is double
• FASTag can be purchased at
toll booths and also through
banks
• You can link it to your bank
account or make it prepaid
According to National Payments
Corporation of India (NPCI), around
526 toll plazas across the country
have been enabled to accept FASTag
payments. While most of these are at
National Highways, many toll plazas
are on state highways in Maharash-
tra, Madhya Pradesh, Telangana and
Uttar Pradesh. FAStags are already
in use; 967,000 transactions were
processed daily on National Highway
toll plazas in September. This is a total
of 34 per cent of all the transactions
done by vehicles commuting on Na-
tional Highways.
To get and manage FASTags, you
may visit any Point of Sale (PoS) at
toll plazas to get your FASTag account
created. You can also purchase it from
any National Electronic Toll Collection
member bank.
If you have a prepaid FASTag ac-
count you can recharge it online and
through UPI, credit card, debit card or
Net banking. The minimum recharge
amount is `100 and maximum is `1
lakh. There is a cashback scheme of
2.5 per cent cashback on toll payments
using FASTag at National Highway
toll plazas.
FASTag is vehicle specific and once
affixed to a vehicle, it cannot be trans-
ferred to another vehicle. If you lose it,
you will have to call the customer care
number of the issuer agency to block
your FASTag. Once you take a new ac-
count, the issuer agency will transfer
the balance to the new account. In case
the FASTag gets damaged, you can ap-
proach the issuer agency for replace-
ment. If you sell or transfer the owner-
ship of your car, you need to inform the
issuer agency.
@naveenkumar80
MONEY TODAY > LOAN RATES

EXTERNAL
FA C T O R S
Does it make sense to opt for external
benchmark-linked loans?
By NAVEEN KUMAR
Illustration by RAJ VERMA
 MONEY TODAY > LOAN RATES
A
fter getting delayed by six months
from the original implementation date
of April 1, external benchmark-linked
floating rate loans became a reality on
October 1. All banks have now started
offering retails borrowers floating rate
loans linked to external benchmarks.
The Reserve Bank of India (RBI) had
been pursuing this for long to improve
the way banks change interest rates for
retail loans.
“There are multiple benefits for
borrowers of loans linked to external
benchmarks. For starters, it drives
transparency for all borrowers (new
or old), and builds standardisation,”
says Shantanu Sengupta, Managing
Director and Head-Consumer Bank-
ing Group, DBS Bank India. “Earlier,
only new borrowers got the benefit of
better rates in a declining interest rate
scenario while old loans used to run
at higher rates. The new regime of ex-
ternal benchmark-linked loans with a
fixed spread ensures better transmis-
sion across borrowers with similar risk
profiles,” he adds.
How do these loans work? How
will they impact your loans? Do you
stand to gain from this change or not?
Benchmark and Your Home Loan
The frequency of interest rate revi-
sion will depend upon the changes in
the benchmark. As the majority of the
banks have selected the repo rate as
their external benchmark, your home
loan rate will change as per the changes
in the repo rate. According to the RBI
guidelines, banks will set the external
benchmark rate at the beginning of a
quarter, and it will remain there for the
next three months.
As the RBI’s Monetary Policy Com-
mittee meets every two months, the
repo rate decided at the previous MPC
at the beginning of a new quarter will
December 1 I 2019 I BUSINESS TODAY I 148
be applicable for the next three months. interest rates. Those with loans linked
For instance, for the October-Decem- to external benchmarks might witness
ber quarter, State Bank of India took a a faster increase in their loan rate than
repo rate of 5.4 per cent (prevailing till those under MCLR (Marginal Cost of
September) as the benchmark for its Funds Lending Rate) and other old-
floating rate loans. The MPC reduced er interest rate setting mechanisms.
the repo rate to 5.15 per cent on Oc- Hence, those comfortable with fre-
tober 4, but there is another meeting quent and swift changes in their inter-
scheduled in December. So, for quarter est rates can consider shifting to exter-
beginning January 2020, the repo rate nal benchmarks,” he adds.
decided on December 5, 2019, will be
taken as the benchmark. If there is no Change in Spread
change in that meeting, borrowers will The cushion that a bank keeps above its
see a 0.25 per cent reduction in rates. external benchmark rate is called the
You do not need to depend on your spread. There may be other mark-ups
bank to tell you the rates. Just follow above this. “Banks decide their spread
the changes in the benchmark. “As over floating rate loans based on their
loans linked to external benchmarks operating cost, cost of funds, expected
will see faster transmission of policy rate of return, market competition,
and other broader market interest rates etc. Any changes in these factors can
than in the previous regimes, existing influence banks to change their exist-
borrowers switching to external bench- ing spreads,” says Kukreja. SBI, for
marks will witness a faster reduction in instance, has kept a spread of 2.65 per
interest rates in the event of a reduction cent above the repo rate.
in policy rate or other broader market “For spreads charged to existing
rates,” says Naveen Kukreja, CEO and borrowers under external benchmarks,
Co-founder, Paisabazaar.com. RBI guidelines allow banks to change
With repo rate, banks may not be the spread once in three years,” adds
able to delay the rate transmission by Kukreja. Once decided, the spread can-
more than three months or beginning not be changed for three years. There-
of the next quarter. “However, the op- fore, any change in the spread which
posite will hold true in case of rising can substantially impact the effective
C O M PA R E Y O U R H O M E L O A N I N T E R E S T R AT E
LOWEST LOWEST
SPREAD EFFECTIVE
ABOVE LOAN OTHER INTEREST
BANK REPO RATE AMOUNT MARK-UP RATE*
State Bank of India 2.65% UP TO `30 0.15% 7.95%#
LAKH
Bank of Baroda 2.95% UP TO `75 0 8.10%
LAKH
Canara Bank 2.90% NA 0.05% 8.10%#
Punjab National Bank 2.65% UP TO `30 0.30% 8.10%
LAKH
Union Bank of India 2.85% UP TO `75 0.20% 8.20%
LAKH
Axis Bank 3.45% NA 0.00% 8.60%#
ICICI Bank 3.50% UP TO RS 35 0.00% 8.65%
LAKH
Rates are for general salaried male home loan borrower. For ease of
comparison, a uniform repo rate of 5.15 per cent has been taken
*A premium for higher loan amount and higher risk profile may be added
# Applicable from January 2020 if the current repo rate of 5.15 per cent does
not change; Source: Websites of respective banks
 MONEY TODAY > LOAN RATES

M C L R V E R S U S E X T E R N A L B E N C H M A R K R AT E
If external benchmark-linked loans had been available a few years back, in the past three-and-a-half
years, SBI's MCLR would have mostly been lower than this virtual external benchmark.
In the same period, the difference between MCLR and repo rate has ranged from 1.95 per cent to 2.9
per cent now. So, the external benchmark rate has been introduced at a time when this difference is at
its peak. This has led to banks charging higher spread — mostly above 2.5 per cent

SBI 1-year MCLR Repo rate (Virtual) External Benchmark Rate

9.50

9.00

8.50

8.00

7.50
1.95% 2.65%
7.00

6.50
2.90%
6.00

5.50

5.00
6

Au 6
16

16

16

17

17

17

17

17

18

Au 8
18

18

18

19

Au 9
19

19
-1
-1

-1

-1

1
-1

1
b-

n-

g-

t-

c-
g-

t-

c-

b-

n-

g-

t-
b-

n-

g-

t-

c-
pr
pr

pr
pr
Oc
Oc

Oc
Oc
De
Au
Fe
De

Ju

De

Fe
Fe
Ju

Ju
Ju
A
A

A
A

For ease of comparison, SBI's MCLR and virtual external benchmrk rate have been plotted against the historical repo rate move-
ment; SBI's external benchmark rate is repo rate plus 2.65%; In the final home loan interest rate, SBI charges a mark-up on both
MCLR and external benchmark rate

home loan rate will happen only after
three years of the last change.
Advantage MCLR loans
In the past few years (three-and-a-half
years), the difference between SBI’s
MCLR and the corresponding repo
rate kept changing. While in April
2016, the difference was 2.7 per cent,
it came down to 1.95 per cent in No-
vember 2017. But the current differ-
ence is much higher — 2.9 per cent.
This means that the external bench-
mark rate has been introduced at a
time when the difference between the
repo rate and the bank’s MCLR is at its
peak. This is why it has translated into
most banks charging a higher spread,
mostly above 2.5 per cent. And as this
spread will remain unchanged for the
next three years, the trend suggests
that if the mark-up in both cases is the
same, those who have MCLR-linked
loans stand to benefit whenever the dif-
ference narrows.
Plus, since MCLR is revised
monthly, borrowers with MCLR loans
may benefit early while borrowers with
external benchmark-linked loans will
have to wait for three years, which is
when the spread can be revised.
Before deciding to switch to an ex-
ternal benchmark-linked loan, take a
look at the details such as effective in-
terest rate and when you will be able to
actually avail the benefit of a lower rate.
Credit Score to Play a Role
If you enjoy a high credit score, you can
now get a lower interest rate on your
loan. “Banks are using credit scores
and/or their own internal credit risk
grading systems to determine risk-
based premiums in floating rate retail
and MSME loans under the external
benchmark regime. For example, for
home loans, SBI charges a risk-based
premium based on its own risk grading
system whereas some like UCO Bank,
Bank of India and Union Bank of India
use CIBIL scores,” says Kukreja.
Bank of Baroda has come up with a
transparent system for charging credit
premium. “We have kept the working
very simple for greater transparency
at the customer level. We have bench-
marked the risk premium based on bu-
reau score (currently CIBIL) and at dif-
ferent grids. For 725-759 (credit score),
we charge a risk premium of 0.25 per
cent,” says Virendra Sethi, Head-Mort-
gages and Other Retail Assets, Bank
of Baroda. So, if your CIBIL score is
760 or above, you will get the best rate,
which is 8.1 per cent. If it is below 760,
but not below 725, an additional 0.25
per cent interest will apply and your
rate will become 8.35 per cent. If the
score is below 725, you will end up pay-

150 I BUSINESS TODAY I December 1 I 2019


CHANGES TO
EXPECT IN
F L O AT I N G
R AT E L O A N S
• All new retail floating rate loans
from banks are now linked to
external benchmark (EB)
• Spread charged to remain same
for three years
• Higher credit score will mean a
better interest rate
• Loan rate will change according
to changes in the benchmark
• Final rate may change if credit
profile changes significantly
during the repayment period
• Loan comparison will be easier
as one has to just compare
spread and credit risk premium
• You may shift your old loan to an
EB-linked loan by paying
nominal charges
• Currently, the spread on EB
loans is on the higher side
• If the repo rate does not fall
further, your rate may not come
down in the next three years
• MCLR-linked loans with lower
mark-up may be at lower rates
than the EB-linked loans
• They may see reduction in rates
within the next three years
ing 9.1 per cent.
Union Bank of India has also
selected CIBIL score as a criteria
to determine risk categories. It has
kept the score of 700 as a cut-off, so
anyone with a credit score of 700 or
more can get the best rate of 8.20 per
cent. Customers who have a lower
score may have to pay 0.10 per cent
more, and their effective home loan
interest rate would be 8.30 per cent.
A good credit score will come
handy throughout the repayment
period as well; if the score falls sig-
nificantly, the bank may add a pre-
mium and increase the interest rate.
“The premium would be fixed
for auto and personal loans, but in
case of a home loan, the review will
December 1 I 2019 I BUSINESS TODAY I 151
be done on the anniversary of the
loan,” says Sethi of Bank of Baroda.
Selecting the Best Loan
It’s easy to compare rates of differ-
ent banks when the external bench-
mark remains the same. “Borrowers
would now find it easier to choose
the best option as most banks are
using the repo rate as the external
benchmark. The only difference to
look out would be the ‘fixed spread’
and the ‘credit risk premium’,” says
Sengupta of DBS Bank India.
A bank with the lowest spread
which offers you the best credit pre-
mium will give you the lowest rate.
And this will remain the same for at
least three years. After that, if your
rate increases, you can shift to an-
other bank as there is no penalty for
transferring a floating rate loan.
While new borrowers have no
choice but to go for floating rate loans
linked to an external benchmark, old
borrowers can choose to continue
with the old system (MCLR) or shift
to the new one. “Existing borrowers
under older interest rate regimes can
switch to external benchmark with-
out incurring any charges except for
the administrative and legal costs
incurred,” says Kukreja. The charges
are often nominal. In Bank of Baro-
da, for example, “one needs to pay
`2,500 as a one-time administrative
fee (for the shift),” says Sethi.
If your bank is charging a high
mark-up over MCLR or base rate,
as a result of which your effective in-
terest rate is high, it makes sense to
consider shifting to external bench-
mark-linked loans. But if you have a
lower mark-up and an overall com-
petitive rate, it may be worthwhile to
wait. Keep comparing your interest
rate with that of external bench-
mark-linked loans. And since it costs
to shift loans, do an overall cost ben-
efit analysis. Whenever you find that
there is an advantage of more than
0.25 per cent in the interest rate, you
could consider shifting your loan to
external benchmark.
@naveenkumar80
 MONEY TODAY > INVESTING > Q & A

MONEY
M AT T E R S
Managing your money can be
tricky. Send your queries, and
personal finance experts will
help you resolve any issue.

Investment may monitor this situation if the

Sujit Ghosh: I have a six-year-old son whom I want to send abroad for deductions claimed seem unusual and
higher education. I want to save `1.5 crore for this purpose. I already have an may also ask for an explanation. To
equity SIP running and it has grown to `25 lakh. Given the current market avoid these issues, you should ensure
condition, I am planning to withdraw the sum and invest it in fixed deposits that all relevant documents such
(FDs). I would also like to start a SIP for another 12 years so that the money as lease deed, rent agreement and
is ready when my son is 18. How much should I invest and which scheme homeownership papers are in place.
should I choose?
Auto Insurance
Arun Kumar, Head of Research at FundsIndia.com, replies: Ganesh Murmu: When I purchased
Assuming that your FD returns will be 6-7 per cent, the current corpus of `25 my car insurance, I took a zero-
lakh will grow to `50-56 lakh after 12 years as against `87-97 lakh in equities depreciation cover. After my vehicle
at 11-12 per cent CAGR (expected returns). If you want to shift to FDs now, you met with an accident, I made a claim
have to amass another `1 crore in the next 12 years. This will require a monthly but had to pay for several things. My
SIP of `31,000-34,000, assuming 11-12 per cent returns from equity. For this insurance company said that the
SIP, you can choose two or three multicap equity schemes with long-term track auto parts had to be replaced due to
record and consistent performance. wear and tear and were not covered
by the zero-depreciation policy.
What should I do?

P. Ramesh Venugopal, Executive

Taxation
Bharat Negi: I live in a 3 BHK rented
house in Delhi but also purchased
a 1 BHK property here. But I do not
live there. Can I claim house rent
allowance (and a tax deduction on
the same) as well as a tax deduction
on home loan interest? Will I be
eligible for tax deduction if my
property is on rent?
Archit Gupta, Founder and CEO of
ClearTax, replies:
If you are repaying a home loan, living
on rent and also getting HRA as part
of your salary, you might be able to
claim tax benefits on both HRA and
home loan interest. For instance, you
may have rented a house to be closer
to your workplace or you may need a
bigger house for your family. Besides,
you are paying interest on the home
loan for another property. In such
genuine cases, you will be eligible for
both. One can claim up to `1.5 lakh
under Section 80C for the principal
repayment made and `2 lakh under
Section 24 for the interest paid for a
self-occupied property. If the property
is let out, you can claim the entire
interest paid over a year. However, the
overall loss from house property that
can be claimed is limited to `2 lakh
in a financial year. The department
Vice President (Claims) at IFFCO
Tokio General Insurance, replies:
An auto insurance policy covers loss
or damage to the vehicle caused by
external accidents. But any damage to
any part of the vehicle due to normal
wear and tear is not covered under the
policy. Zero depreciation is an add-on
cover. It only covers the depreciation
applicable to the cost of parts
replaced due to the proximate cause
of an accident, as per the surveyor’s
assessment.
Please send your queries to
moneytoday@intoday.com

152 I BUSINESS TODAY I December 1 I 2019

 CODING EX-LIBRIS: STORIES OF THREE LEADERSPEAK:
P.156 P.162 P.166
FOR KIDS ICONIC COMPANIES MARTIN SCHEEPBOUWER

TECH PROWESS

THE ODYSSEY FROM

CLASSICAL TO QUANTUM
Google’s Sycamore machine just made a calculation that
may take a supercomputer 10,000 years to complete.
 O
NCE UPON A TIME, there was
Moore’s Law, an observation by Intel
Co-founder Gordon Moore, who said
computing power (or rather, the num-
ber of transistors per square inch on
integrated circuits) doubled every two
years. The law held for decades. But for
a while now, we have seen a hectic race
to achieve significant breakthroughs in
quantum computing. It is quite differ-
ent from standard computing – an eco-
system that stores information in bits
and bytes and uses 0’s and 1’s, or the
classical binary system, to operate. In
contrast, data in quantum computing
can simultaneously exist in multiple
states, and it is stored in quantum bits
or qubits where all possibilities exist at
the same time. Qubits are programma-
ble, though, and can potentially solve
problems at unthinkable speed. Clas-
sical computers are nowhere near that
capacity and cannot solve problems fast
enough for practical use in a world that
is becoming increasingly digital.
Understandably, researchers have
claimed various achievements in
quantum computing in the recent
past. Now, tech giant Google says it
has used quantum computing to do
some calculations which cannot be
carried out even by the most pow-
erful supercomputers of our time.
The company calls it Quantum Su-
premacy, a phrase coined in 2012 by
John Preskill, a theoretical physicist at
Caltech, to describe the moment when
quantum computers can do what
standard computers cannot.
So, what did Google’s 53-qubit
quantum machine called Sycamore
exactly do? It carried out a complex
calculation to figure out the probabil-
ity distribution of all possible outcomes
from a (quantum) random number
generator. Sycamore had the answer
in 200 seconds, but today’s most ad-
December 1 I 2019 I BUSINESS TODAY I 155
vanced classical computer, Summit,
may take around 10,000 years to finish
that calculation.
Is this a demonstration of Quan-
tum Supremacy, the power of a new
type of technology over the exist-
ing one? There are mixed reactions.
IBM thinks the calculation can be
squeezed to two days and a half by
the supercomputer using a different
approach. But Google’s Sycamore
was 1.5 trillion times faster.
So far, the promise of quantum
computing has been largely hypotheti-
cal. Even the calculation carried out by
Google was largely irrelevant to every-
day life and its problems. But experts
think such speed and power could,
for example, speed up drug develop-
ment and benefit people. Or it could
decode encryption in no time at all.
Or do short work of whatever is too
huge to calculate or requires process-
ing and analysing a huge amount of
data. Google CEO Sundar Pichai told
the MIT that the breakthrough was
like the 12-second first flight by the
Wright brothers and it could take an-
THE REAL EXCITEMENT
ABOUT QUANTUM IS THAT THE
UNIVERSE FUNDAMENTALLY
WORKS IN A QUANTUM WAY,
AND YOU WILL BE ABLE TO
UNDERSTAND NATURE BETTER
other decade or more to pay off. “The
first plane flew only for 12 seconds,
and so, there was no practical appli-
cation of that. But it showed the pos-
sibility that a plane could fly,” he said
in an interview with MIT. “The real
excitement about quantum is that
the universe fundamentally works in
a quantum way, and you will be able
to understand nature better with it.
It is early days, but where quantum
mechanics shines is the ability to
simulate molecules and molecular
processes. I think that is where it will
be the strongest. Drug discovery is a
great example.”
MIXED REALITY
OUT FOR A
DREAM WALK
HOW DOES IT FEEL when real and
virtual worlds merge and you become
part of The Matrix in real time? In
a Stanford University-Microsoft
research project on human-computer
interaction, researchers substituted a
real-world walking experience with a
virtual one.
The research team presented a
virtual reality (VR) system where users
could explore and remain immersed
in virtual environments. But they had
to wear headsets to experience it
and got stared at by people roaming
the physical world. When a person
wearing the headset goes walking,
the VR component map sout a similar
route from elsewhere in the world,
and the backdrop is a pre-scripted
VR environment. The system protects
the user from colliding with objects
and other people. Also, GPS locations
have been integrated with the system
for ‘inside-out tracking’ and position-
ing the user accurately in the real
world. The new VR system senses
walkable paths and then comes up
with virtual paths in a dynamically
changing scene to redirect the user
to the real destination.
There were eight participants
walking around the Microsoft cam-
pus (in reality) but experiencing a
walk through a busy and crowded
Manhattan street. Many would argue
that the Microsoft campus was
pleasanter than the other option, but
the demonstration was interesting
for future applications. Later, it may
give you access to landscapes and
environments you long for – a sunny
beach or the quiet countryside, for
instance. As of now, these experi-
ences have limitations, and there are
safety concerns. But the project indi-
cates immense potential and future
possibilities.
 THE BREAKOUT ZONE
PERSONAL TECH

CODING
FOR KIDS
THE BEST PART ABOUT CODING IS
THAT IT WILL HONE THE POWER OF
REASONING AND ENHANCE
PROBLEM-SOLVING SKILLS.

By NIDHI SINGAL
Illustration by RAJ VERMA

SEVERAL CODING APPS

ARE AVAILABLE ON
IPADS AND ANDROID
DEVICES AND THEY
USE A LOT OF FUN
ELEMENTS TO HELP
CHILDREN LEARN

N
ine-year-old Chaitanya Gupta from Gurgaon entered
the world of coding two years ago. He started with
weekend classes on Scratch, a graphical programming
language, followed by HTML and Java. He has recent-
ly designed his first website and wants to code for artificial
intelligence applications. Gupta is not alone. An increas-
ing number of parents are keen to teach their children the
basics of coding or even more. Does it indicate a kind of
economic salvation? Not really – not all of them are likely
to join the tech community. On the other hand, this may
open new avenues for aspiring coders, young entrepreneurs
or those who want to be self-employed.
Over the past decade, computing has invaded every
sphere of our life, right from agriculture, construction and
healthcare to shopping, communications and entertain-
ment. And all this is done using a computing programme,
the result of a few lines of code-writing. Simply put, cod-
ing is a set of instructions, in a language that a computer
understands, so that it can carry out a specific task. And
just like humans who can understand different languages,
computers can be commanded using a whole bunch of lan-
guages, the popular ones being Scratch, JavaScript, Java,
Python, HTML, Swift, C++, and so on.
The best part about coding is the vast scope of learning.

156 I BUSINESS TODAY I December 1 I 2019

 Choose the language you want to
learn and go for it whenever you
want – there is no age barrier here.
You can start when you are four
or take it up when you are in your
40s or 50s. Apart from learning
a computer language that can be
used for developing websites or
apps or other tech tools, coding
can hone your problem-solving
skills and enhance the power of
reasoning. What’s more, you
need not enrol at a tech school
to learn to code. Several cod-
ing apps are available on
iPads and Android devices
that use a lot of fun ele-
ments to help children
learn. In fact, both kids
and adults can find
suitable online cours-
es and learn while
sitting at home.
Coding apps:
Apple believes
everyone can
code and
has devel-
oped Swift
Playgrounds,
an interactive
app that offers
built-in lessons and helps you
master the basics of coding. Here,
each coding concept comes in the
form of an animated character, and
one can choose and experiment
with them to write commands
and solve puzzles. Simple instruc-
tions are given at this phase. For
instance, words must be mashed
together – there will be no space
between them – and commands
always end with parentheses ().
There are additional challenges as
well, allowing you to explore more
codes and create programmes. You
will also find lessons for advanced
levels. Incidentally, the full-blown
Swift app is used to design apps for
iOS, iPadOS and macOS.
Daisy the Dinosaur is a free
and fun app with a drag-and-drop
interface, designed to teach cod-
ing to those aged between five and
seven. The app helps children ani-
mate Daisy and make her dance
on the screen. The idea is to help
December 1 I 2019 I BUSINESS TODAY I 157
them grasp the basics of objects,
sequencing, loops and events. The
app has a free play mode and a
challenge mode.
Google’s Grasshopper is another
coding app for beginners and helps
them learn JavaScript, one of the
most popular programming lan-
guages used to build phone apps,
websites and more. The app quickly
checks if you have ever coded before
and uses bite-sized puzzles and
quizzes to get you going. Google
has recently launched new classes
to teach more about code editors,
HTML and CSS. As one completes
each course, the app provides an
official certificate.
Online courses: If you have
children in the 6-14 age group, let
them try WhiteHat Jr, one of the
best coding platforms to learn the
fundamentals, especially logic,
structure, sequence and algorith-
mic thinking. This knowledge
can be used to develop computer
games, animation and apps, thus
changing their role from tech users
to developers and creators. The
beginners’ level has eight classes
so that one can develop games
and simple apps using sequences,
fundamental coding blocks and
loops. You can also choose the
standard or the premium course
that includes UI Events, turtle
programming and the likes.
Then there is Scratch, a project
of the Lifelong Kindergarten Group
at the MIT Media Lab. Scratch is
a free programme and helps you
develop interactive stories, games
and animations by using a block-
based visual programming lan-
guage. It was originally designed
for the 8-16 age group but can be
used by all first-time learners.
There is also ScratchJr, a simplified
version for the five-seven age group.
If you are looking for more spe-
cialised lessons, check out Coursera,
which offers dedicated courses in
different languages such as Python
Programming Essentials and
Programming Foundations with
JavaScript, HTML and CSS.
@nidhisingal
 A
MI SMART WATER PURIFIER WATER PURIFIER is an essential kitch-
en appliance, but not many companies

SMART AND
have thought of making it smart and
sleek. Xiaomi is an exception, though.
It has come up with a connected gadget
that works smart and looks flaunt-wor-

GOOD-LOOKING
thy in matte white. But given the oil-
based cooking done in most Indian kitchens, it is
likely to get dirty very quickly.
As for efficiency, it is quite thorough in its
job and follows a multilevel purification pro-
cess. To start with, the PPC (polypropylene cot-
By NIDHI SINGAL ton and activated carbon) filter intercepts all
large particles such as residual chlorine. The
second one is the reverse osmosis (RO) filter,
REAL-TIME 7-LITRE STORAGE taking out heavy metals and nanoparticles such
INFORMATION ON TANK WITH UV as bacteria and viruses. The third one, a post-
TDS OUTPUT, FILTER STERILISATION
LIFE AND WATER activated carbon (PAC) filter, absorbs odour
CONSUMPTION and other organic substances. The water puri-
fier has been customised for the Indian mar-
ket. A seven-litre storage tank added to the top
starts refilling when 30 per cent of the stored
water is consumed. The gadget uses ultravio-
let (UV) sterilisation to keep the stored water
clean, and the UV light gets activated every four
hours, for 25 minutes.
PRICE
`11,999 The TDS (total dissolved solids) level of the
tap water at my home was 135 parts per million
(within the standard acceptable level of 200
ppm in India). After purification, it was down to
1 ppm, which makes the water quality excellent.
Unlike some RO systems where the expected
TDS level is adjusted during installation, this
one works in real time. While testing, we put in
tanker water with a TDS of over 250 ppm; the
TDS of the output was 4 ppm. However, it is also
believed that the RO takes out all necessary min-
erals from the water, and this may not be healthy
in the long run.
The smart functionality of the Mi gadget is
not restricted to design and water purification
but also maintenance. Just like other Xiaomi
products, this one can be paired with the Mi
Home app. After that, I could connect it to my
home Wi-Fi network and see all necessary infor-
mation via the app. This included tap water TDS,
output TDS and the amount of water consumed
on a daily, weekly and monthly basis. Better still,
the app shows how much filter life is left, along
with an option to buy one, thus eliminating post-
sale services. Filters can be replaced by opening
the front panel and following the instructions
available on the app. In fact, I was able to remove
PLACE-IT- and plug them back in without any hassle. A set
YOURSELF of three filters costs `3,997.
FILTERS

@nidhisingal

158 I BUSINESS TODAY I December 1 I 2019

 THE BREAKOUT ZONE
EXECUTIVE HEALTH
MORE THAN
NERVE-RACKING
VITAMIN B12 DEFICIENCY IS ON THE
RISE, SAY DOCTORS, AND PEOPLE
ARE AT RISK DUE TO POOR DIET AND
LACK OF AWARENESS.
By E. Kumar Sharma
IF YOU ARE LOOKING PALE and
feeling tired all the time, if your skin
(especially the knuckles) is darkening,
if you have severe joint pains, pins-and-
needles sensation or feel a numbness
while walking, you could be suffering
from vitamin B12 deficiency. There
could be other symptoms too, such as
mouth ulcer (glossitis), blurred vision,
a tendency to fall, dizziness or short
breath. But most of the times, we tend
to google a remedy or pop a vitamin
pill, hoping that the symptoms will go
away. Well, they won’t, until you visit
a doctor and get proper medication.
Worse still, a severe deficiency can lead
to deep depression, paranoia, delusion,
memory loss, loss of taste and smell,
and more, according to an article in
Harvard Health Publishing.
Why is this vitamin so vital for our
health? Well, vitamin B12 is essential
for the proper functioning and devel-
opment of the nervous system, red
blood cells and even our DNA. But just
like most other vitamins, the human
body cannot make it. You will find it in
dairy products like milk and all sorts of
animal proteins such as seafood, meat,
poultry and eggs. An average adult only
requires 2.4 micrograms a day, but there
lies the problem. Either our intake is not
adequate or many of us cannot absorb it.
According to medical practitioners,
vitamin B12 deficiency cases are on the
rise, mainly due to poor dietary habits
and lack of awareness. “However, more
and more people are testing now for
December 1 I 2019 I BUSINESS TODAY I 159
B12 deficiency (it is a blood test) as they
become aware of this condition. A de-
cade ago, there was hardly any testing,”
says Dr Manoj Chadha, Consultant En-
docrinologist at P.D. Hinduja Hospital
and Medical Research Centre in Mum-
bai. Even then, addressing the condi-
tion is not easy. For one, the symptoms
may take years to show up, and when
they do, they can be easily mistaken
for folic acid (vitamin B9) deficiency or
other related ailments.
A VEGETARIAN DIET PUTS
PEOPLE AT RISK AS MOST
PLANTS DO NOT GROW
VITAMIN B12. YOU NEED
NOT BE A MEAT-EATER,
THOUGH, AS MILK AND
OTHER DAIRY PRODUCTS
CONTAIN THIS VITAMIN
“I have seen a doubling of these
cases over the past decade and it is a
problem that we cannot ignore,” says
Dr Jeevan H.R., Consultant Medical
Gastroenterologist and Hepatologist at
HCG Hospital in Bengaluru.
Eating the right food is essential, he
says, and a vegetarian diet does not help
here as most plants do not grow vita-
min B12. You need not be a meat-eater,
though, as milk and other dairy prod-
ucts contain this vitamin. Those who
consume too many pills to fight gas and
acidity are also open to risk. Prolonged
intake of these drugs often reduces
gastric acid secretion and hinders vi-
tamin B12 absorption. Long-term and
heavy use of alcohol is another big risk.
Stomach conditions such as atrophic
gastritis (inflammation of the gastric
mucosa) and pancreas problems also
lead to malabsorption of vitamin B12.
Can veggies absorb B12?: Based
on several independent studies con-
ducted in different states and regions
(Northern India, for instance) and also
drawing from their personal experi-
ence, doctors say that vitamin B-12 de-
ficiency is quite rampant in the country
and becoming a growing health risk.
But it is difficult to arrive at a few direct
linkages with clearly correlated cause
and effect. Globally, research is on to
understand how vitamin B12 deficien-
cy is linked to ailments other than red
blood cells or nerve-related diseases.
For instance, could it lead to heart con-
ditions, osteoporosis, depression and
some cancers? Does the prolonged use
of certain drugs trigger lower vitamin
B12 absorption? Besides, efforts are
on to develop new solutions to help
vegetarians and vegans. For example,
could plant structures be tweaked to
help them absorb vitamin B-12. Last
year, scientists at the University of
Kent reportedly discovered that certain
plants have the potential to absorb this
vitamin. This could go a long way in
making plant-based foods which will
be rich in vitamin B12.
 THE BREAKOUT ZONE

EX-LIBRIS

FORGING AHEAD
THE STORIES OF THREE ICONIC INDIAN COMPANIES UNDERLINE HOW TO
SURVIVE, GROW AND SUCCEED EVEN IN TURBULENT TIMES.
By Anup Jayaram

IT HAS STARTED TO feel like another
annus horribilis when nothing seems
to go right. Business sentiment in In-
dia is on a downslide; most economic
indicators have fallen; tax collections
are way below the target; exports are
nowhere near projections and, at 5
per cent, GDP growth hit the low-
est in six years in the first quarter of
FY2019/20. Furthermore, the march
of technology continues unabated,
leading to huge job cuts. Under such
circumstances, business chronicles
may not be widely popular, but these
three corporate stories can be quite in-
spirational when it comes to surviving
testing times.
The book on the House of Tatas,
penned by stakeholder management
strategist Shashank Shah, gets deep
under the skin of India’s most diverse
group with well over 100 companies,
7,00,000-plus employees and $100
billion in revenues. Then there is the
book by family business historian
Sonu Bhasin. The writer depicts
the story of the paint shop owner
Kuldip Singh Dhingra who acquired
the multinational company, Berger
Paints. Finally, journalist Tamal
Bandyopadhyay narrates how Aditya
Puri built the country’s largest private-
sector bank and gave it the digital edge.

162 I BUSINESS TODAY I December 1 I 2019

 Each of these stories is different.
The business empire of the Tatas
started in 1868, but the ‘Leviathan’
has lasted even in the era when an
average company lasts under 20 years.
Instead, the group has managed to
think ahead and set up an IT jewel like
TCS (ranks second in the BT 500 list).
The Dhingras, who had been paint
sellers for the last five generations, are
successfully leading a multinational.
And HDFC Bank, a poster child of
liberalisation, has managed to deal
with disruptions. The common theme
here: Each company has moved and
changed with the times. But none of
them had it easy, and there lies the
reason to peruse the insights.
Shah’s book is full of anecdotes
that bring to light the proverbial Tata
culture and how decisions are made
in the country’s leading conglomerate.
For instance, he talks about the Early
Separation Scheme (ESS), brought
in at Tata Steel by Jamshed Jiji Irani
in the mid-90s, and how it became
a win-win for both management
and employees. By 2006, more
than 40,000 workers had left the
company, and Tata Steel’s labour
force came down to 38,000. Of the
40,000, around 25 per cent went due
to normal attrition, retirement and
death, while the rest accepted the ESS.
Here is a quick look at the scheme:
Those aged over 55 years drew their
existing salary until 61, and those aged
between 45 and 55, got 1.2-1.5 times
their salary until their retirement
age. In this case, the key savings came
as there were no salary hikes for
employees who opted for the scheme.
Otherwise, the company would have
had to benchmark it to inflation.
Tata Steel’s decision to engage with
trade unions and devise an amicable
approach to downsizing is considered
one of the best business decisions. It
could still be relevant as public and
private sector giants struggle to bring
down their overheads and stay afloat.
One must have come across
quite a few books on the Tata Group,
its business strategies and (recent)
internal strife. But the same is not true
about Kuldip Singh Dhingra, who
164 I BUSINESS TODAY I December 1 I 2019
THE TATA GROUP:
From Torchbearers to
Trailblazers
BY SHASHANK SHAH
Publisher: PENGUIN
PORTFOLIO
Pages: 320
Price: `699
UNSTOPPABLE:
Kuldip Singh Dhingra and the
Rise of Berger Paints
BY SONU BHASIN
Publisher: PENGUIN
PORTFOLIO
Pages: 336
Price: `599
HDFC BANK 2.0:
From Dawn to Digital
BY TAMAL
BANDYOPADHYAY
Publisher: JAICO
PUBLISHING HOUSE
Pages: 452
Price: `499
built an empire almost from scratch.
Yes, he grew up in Delhi’s tony Golf
Links, but it has been a classic story
of grit all along. Singh, who lost his
father at a very young age, inherited a
paint shop in Amritsar. The business
grew from there (under the brand
Rajdoot Paints), and Kuldip and his
brothers (Gurbachan and Sohan)
started exporting their merchandise
to the erstwhile Soviet Union. But in
1991, they decided to take the plunge
and purchased Berger Paints from
United Breweries chairman Vijay
Mallya. It actually helped as the
USSR collapsed soon after. The next
hurdle was donning the multinational
corporate hat as Kuldip realised
that “professionals were not all the
same and many were not up to my
expectations”. An insight into his
personality by friend and associate
Jerry Adams, an American based in
Australia, explains how he dealt with
the challenge and grew. “Kuldip is the
most relentless person I have ever met
in my life,” says Adams, and that grit
came into play. Interestingly, in the BT
500 rankings, Berger Paints India has
made it to the 87th spot this year, from
112 in 2018, and saw a 17 per cent rise
in market cap during the October
2018-September 2019 period.
Much like Dhingra, Aditya Puri
of HDFC Bank had the initiative
thrust upon him. In HDFC Bank 2.0,
Bandyopadhyay tells how HDFC
Chairman Deepak Parekh first
convinced him to shift to Mumbai and
help set up the bank. At the time, Puri
was working for Citibank in Kuala
Lumpur. The author also talks about
the famous 13 who played a vital role
at that stage and even took salary cuts
to be there. However, the entire book
revolves around Puri and what he did
(or got his team to do) to emerge as a
digital-first entity. Incidentally, HDFC
Bank came up with a tagline that says:
Go Digital: Bank Aapki Mutthi Mein.
And it epitomised the bank’s vision –
that of connecting the corporate and
rural India and minimising the digital
divide. Could Puri accomplish what
he had set out to do? Let us look at
the data. Digital transactions at the
bank rose from 44 per cent of overall
transactions in March 2013 to 85
per cent in March 2018. In that year,
phone banking transactions stood at
1 per cent, branch banking at 8 per
cent and ATMs accounted for just 6
per cent. For the curious, HDFC Bank
ranks third in the BT 500 listing, but
it will still take some time to match
the size of state-owned mammoths
like State Bank of India.
One thing is clear, though. As
long as Indian companies think out
of the box, there is hope, even if the
economic indicators are in trouble.
The best corporate houses always
find an opportunity to bounce back
when the going gets tough. It is the
quality that makes them better than
the best.
 LEADERSPEAK
MARTIN SCHEEPBOUWER
CEO, OLX GROUP
He manages the OLX Group portfolio, including OLX, dubizzle, Avito and letgo. OLX India, a consumer-to-
consumer marketplace for used products, has 4.5 million daily active users and gets about seven billion
pageviews a month. Over 22,000 cars and 18,000 two-wheelers are listed on OLX everyday.
PHOTOGRAPH BY YASIR IQBAL

Q. The biggest challenge in your career
A. The biggest challenge lies in finding a balance
between building products at scale, which is necessary
for speed, and making sure that these products are
locally relevant. In many countries, we have local
products which solve local needs. But we also need
scale so that we can move faster in other countries.
Q. Your best teacher in business
A. I would like to mention Sushil Kumar, who now
leads OLX India. He has been an inspiration for me.
He started with a lot of potential on the analytics
side but evolved into an all-round business leader.
Moreover, he is not opinion-driven but data-driven.
The way he learns continuously is another admirable
trait. You have to learn new skills all the time to be
successful in business. And he has done that during
his journey.
Q. Two key lessons for young people
A. In online classifieds, we have made an existing
behaviour easier. Buying and selling have been
universal requirements since humankind came into
existence. So, find an existing need and solve it a better
way. Second, surround yourself with hungry people
because they will help you overcome challenges which
you would inevitably encounter.
Q. Two essential qualities of a leader
A. First, drive and hunger. Skills can be trained, but
drive is hard to coach. Over the years, I have seen
that people who are hungrier than others overcome
problems, are more flexible and learn faster. Therefore,
they get further. It may come at a cost, though. They
are the people who spend less time at home, are often
stressed. The other quality that I value a lot is the ability
to explain complicated things in a simple manner.

“SKILLS CAN BE TRAINED, BUT DRIVE IS HARD TO COACH. PEOPLE

WHO ARE HUNGRIER THAN OTHERS OVERCOME PROBLEMS, ARE MORE
FLEXIBLE AND LEARN FASTER. THEREFORE, THEY GET FURTHER.”
166 Vol. 28, No. 24, for the fortnight Nov 18 - Dec 1, 2019. Released on November 18, 2019. Total number of pages 168 (including cover)