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India is a fast-developing country that adopted a mixed economic system post-independence in 1947, with the government remaining involved as a majority owner in several key industries.
Here we take a look at the five largest state-owned publicly-traded companies in India by net revenues, all of which made it onto the 2025 Fortune Global 500. The companies ranked here are majority-owned by the state and are called Public Sector Undertakings (PSU).
Key Takeaways
- Life Insurance Corporation of India is India’s biggest company and ranks 95th on Fortune’s Global 500 list for 2025.
- All five of India’s biggest companies are in the oil and gas, banking, or insurance sectors.
- Like all essential industries in India, these companies are majority-owned by the government.
Fast Fact
All company financial data was as of Sep. 14, 2025, and was extracted from Yahoo Finance.
1. Life Insurance Corporation of India (BSE: 543226, NSE: LICI)
- Revenues (TTM): ₹9.04 billion
- Net Income (TTM): ₹487.33 million
- Market Cap: ₹5.53 trillion
- Total Assets: ₹56.61 billion
- Total Liabilities: ₹55.33 billion
- Headquarters: Mumbai
Life Insurance Corporation of India is the country’s largest and most profitable insurance company. LICI ranked 95th among Fortune’s Global 500 in 2025.
2. Indian Oil Corporation Ltd. (BSE: 530965, NSE: IOC)
- Revenues (TTM): ₹7.53 billion
- Net Income (TTM): ₹168.83 million
- Market Cap: ₹1.97 trillion
- Total Assets: ₹5.07 billion
- Total Liabilities: ₹3.16 billion
- Headquarters: New Delhi
IndianOil Corp. is India’s largest public company and ranks 127th among Fortune’s Global 500 for 2025. India is the world’s third-largest energy consumer, and the state-owned Indian Oil is the country’s flagship energy company. Its core business is refining, transporting, and marketing petroleum products.
3. State Bank of India (BSE: 500112, NSE: SBIN)
- Revenues (TTM): ₹3.58 billion
- Net Income (TTM): ₹7.94 million
- Market Cap: ₹7.59 trillion
- Total Assets: ₹73.14 billion
- Total Liabilities: ₹68.09 billion
- Headquarters: Mumbai
The State Bank of India ranked number 163 in the Fortune Global 500. Headquartered in India’s financial capital, Mumbai. India’s largest commercial bank was originally the Imperial Bank of India, established in 1921. In 1955, India’s central bank acquired a controlling interest in it, and in 2007, it transferred its 59.7% stake to the central government.
4. Oil & Natural Gas Corporation Ltd. (BSE: 500312, NSE: ONGC)
- Revenues (TTM): ₹6.03 billion
- Net Income (TTM): ₹360 million
- Market Cap: ₹2.93 trillion
- Total Assets: ₹7.59 billion
- Total Liabilities: ₹3.84 billion
- Headquarters: Delhi
ONGC ranked 181st on the 2025 Fortune Global 500 list. Founded in 1956 by the government, ONGC is India’s leading upstream petroleum company and is among the most profitable PSUs in the country.
5. Bharat Petroleum Corporation Ltd. (BSE: 500547, NSE: BPCL)
- Revenues (TTM): ₹4.38 trillion
- Net Income (TTM): ₹173.34 million
- Market Cap: ₹7.38 trillion
- Total Assets: ₹2.18 billion
- Total Liabilities: ₹1.37 billion
- Headquarters: Mumbai
Fortune ranked BPCL 285th in its 2025 Global 500 list. The company was established in 1952 and was taken over by the Indian government in 1976. It operates crude oil refineries at Mumbai, Bina, and Kochi and sells petroleum products.
The company logo is a familiar sight on Indian roads thanks to its network of more than 18,600 fuel stations.
Investing in India Stocks
Stocks of all the companies mentioned above are included in the holdings of the WisdomTree India Earnings Fund (EPI).
Other exchange-traded funds that offer exposure to some of these stocks are Invesco India ETF (PIN) and Franklin FTSE India ETF (FLIN).
What Are India’s Major Exports?
India’s biggest exports include petroleum products, gems and jewelry, and textiles and clothing.
What Kind of Economic System Does India Have?
India’s economic system can best be described as mixed. The government retains a monopoly on essential services such as banking and energy. However, private enterprise is encouraged. This seems to be working. India’s economy is now the world’s fifth-largest in terms of gross domestic product.
Can I Invest in the Stocks of Indian Companies?
Individual investors from other countries can’t trade directly on India’s stock exchanges. However, U.S. investors can invest in India’s companies via mutual funds, exchange-traded funds, and exchange-traded notes that focus on India’s publicly traded stocks.
Some of India’s biggest companies trade in the U.S. as American depositary receipts. These include Infosys, HDFC Bank, and Wipro.
The Bottom Line
The companies that provide essential services in India are all majority-owned by the government of India. However, they are also publicly traded. Foreign investors seeking a stake in India’s rapidly growing public sector companies should consider U.S.-based exchange-traded funds or exchange-traded notes that focus on India’s fastest-growing sectors.
