India’s Top 10 Major Export Companies

Subway, New Delhi

Subway, New Delhi

Four of India’s 10 largest export companies specialize in the petroleum industry. Two huge Indian manufacturers in the automotive industry also rank among the country’s top 10 exporters.

To give some contextual perspective on recent company performance, the overall value of Indian exports declined by -12.3% from US$301.5 billion in 2011 to $264.4 billion during 2015.

In the analysis below, we compare India’s top 10 export companies based on asset values, sales and profitability as of May 2016. Also specified is the Indian city where each business has its headquarters.

India’s Top 10 Major Export Companies


Below are India’s biggest export companies organized by asset value. Shown within parentheses is the primary industry in which each company operates. Also shown is the change in asset value as of May 2016 compared to 2015.

  1. Reliance Industries (oil, gas): US$91.5 billion up 36.2% from 2015
  2. Oil & Natural Gas (oil, gas): $57.3 billion, up 6.5%
  3. Tata Motors (car/truck maker): $38.9 billion, up 20.2%
  4. Indian Oil (oil, gas): $38.1 billion, down -12.8%
  5. Tata Steel (iron, steel): $25.2 billion, down -7.5%
  6. Hindalco Industries (aluminum): $23.5 billion, up 3.5%
  7. Coal India (diversified metals, mining): $17.9 billion, down -2.8%
  8. Steel Authority of India (iron, steel): $16.2 billion, up 1.8%
  9. Mahindra & Mahindra (car/truck maker): $15.2 billion, up 7.9%
  10. Bharat Petroleum (oil, gas): $14.1 billion, down -5.5%

Six of these Indian exporters grew their asset values from 2015 to May 2016, led by oil and gas producer Reliance Industries with a 36.2% increase. In second place was the 20.2% gain for Tata Motors, followed by Mahindra & Mahindra (up 7.9%), Oil & Natural Gas (up 6.5%), Hindalco Industries (up 3.5%) and Steel Authority of India (up 1.8%).

The four other large Indian businesses posted decreases in their asset size, ranging from a -2.8% decline for Coal India to a -12.8% reduction for petroleum industry player Indian Oil.


Sales is the life blood of all business, but particularly for firms that compete in international trade. Yet only two of India’s largest export companies increased their year-over-year sales as of May 2016.

  1. Indian Oil: US$70.6 billion, down -5.3% from 2015
  2. Reliance Industries: $42.2 billion, down -42%
  3. Tata Motors: $40.5 billion, up 17.4%
  4. Bharat Petroleum: $38.4 billion, down -4.8%
  5. Oil & Natural Gas: $26.1 billion, down -11.9%
  6. Tata Steel: $18.7 billion, down -21.3%
  7. Hindalco Industries: $16.9 billion, up 16%
  8. Coal India: $11.8 billion, down -6.4%
  9. Mahindra & Mahindra: $10.5 billion, down -15.7%
  10. Steel Authority of India: $7.4 billion, down -9.5%

Tata Motors recorded its 17.4% increase in sales, slightly eclipsing a 16% sales gain for aluminum exporter Hindalco Industries.

Sales declines ranged from -4.8% for Bharat Petroleum to -42% for oil and gas titan Reliance Industries.


In face of a slowing global economy, nine of India’s top 10 major export companies managed to remain profitable.

  1. Reliance Industries: US$4.2 billion, up 11.1% from 2015
  2. Oil & Natural Gas: $3 billion, down -33.3%
  3. Tata Motors: $2.3 billion, up 27.2%
  4. Coal India: $2.2 billion, down -30.6%
  5. Indian Oil: $803.4 million, up 0.4%
  6. Bharat Petroleum: $786.1 million, up 162%
  7. Mahindra & Mahindra: $424.5 million, down -39.4%
  8. Steel Authority of India: $353 million, down -11.8%
  9. Hindalco Industries: $139.7 million, down -76.7%
  10. Tata Steel: -$858.5 million, down -34%

Four of India’s top 10 major export companies managed to boost their bottom-line profit in the latest May 2016 period. Bharat Petroleum increased its profits by 162% from 2015, versus profit gains of 27.2% for Tata Motors and 11.1% for Reliance Industries while the black ink slightly improved by 0.4% for Indian Oil.

Tata Steel’s unprofitability decreased from a -$1.3 billion loss in 2015 to -$858.5 million in red ink as of May 2016.

Hindalco Industries led in profit shrinkage, with a -76.7% decline from the $600 million in profit during 2015.


Six of India’s top 10 major export companies have their headquarters located in Mumbai. Two other companies are based in the capital city of New Delhi.

  1. Reliance Industries: Mumbai
  2. Oil & Natural Gas: Dehradun
  3. Tata Motors: Mumbai
  4. Indian Oil: New Delhi
  5. Tata Steel: Mumbai
  6. Hindalco Industries: Mumbai
  7. Coal India: Kolkata
  8. Steel Authority of India: New Delhi
  9. Mahindra & Mahindra: Mumbai
  10. Bharat Petroleum: Mumbai


Note some of the above company offerings may include products other than the principal category shown within parenthesis under the Assets tab.

For example, Hindalco Industries produces not only aluminum but also copper rods, copper cathodes, sulfuric acid, gold and silver.

Similarly, Mahindra & Mahindra manufactures a wide range of automotive vehicles, agricultural tractors, implements and industrial engines. Mahindra & Mahindra subsidiary businesses encompass aerospace, construction equipment, information technology, logistics, real estate and retail.

See also India’s Top 10 Exports, Highest Value Indian Export Products and Top Indian Trade Balances

Research Sources:
Forbes 2016 Global 2000 individual company profiles, Example of top Indian company compiled for this study: Reliance Industries. Accessed on July 19, 2016

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on July 19, 2016

Trade Map, International Trade Centre. Accessed on July 19, 2016

Wikipedia, Category: Companies of India. Accessed on July 19, 2016

Wikipedia, List of companies of India. Accessed on July 19, 2016