India’s Top 10 Major Export Companies

Subway, New Delhi

Subway, New Delhi

Four of India’s 10 largest export companies specialize in petroleum-related sectors. Two huge Indian automobile manufacturers also rank among the country’s top 10 product exporters.

To give some contextual perspective on large company performance, the overall value of India’s exports declined by -10.1% from US$289.6 billion in 2012 to $260.3 billion during 2016.

In the analysis below, we compare India’s top 10 export companies based on asset values, sales and profitability as of May 2017. 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 2017 compared to May 2016.

  1. Reliance Industries (oil, gas): US$97.9 billion up 7% from 2016
  2. Oil & Natural Gas (oil, gas): $57.7 billion, up 0.7%
  3. Tata Motors (car/truck maker): $39.5 billion, up 1.5%
  4. Indian Oil (oil, gas): $37.3 billion, down -2.1%
  5. Tata Steel (iron, steel): $25.7 billion, up 1.9%
  6. Hindalco Industries (aluminum): $22 billion, down -6.4%
  7. Coal India (diversified metals, mining): $17.8 billion, down -0.6%
  8. Mahindra & Mahindra (car/truck maker): $16.4 billion, up 7.9%
  9. Steel Authority of India (iron, steel): $16.2 billion, down -0.2%
  10. Bharat Petroleum (oil, gas): $14.4 billion, up 2.1%

Six of these Indian exporters grew their asset values from 2016 to May 2017, led by automobile maker Mahindra & Mahindra via its 7.9% increase. In second place was the 7% gain for oil and gas competitor Reliance Industries followed by Bharat Petroleum (up 2.1%), Tata Steel (up 1.9%), Tata Motors (up 1.5%) and Oil & Natural Gas (up 0.7%).

The four other large Indian businesses posted decreases in their asset size, ranging from a modest -0.2% dip for the Steel Authority of India up to a -6.4% decline for aluminum producer Hindalco Industries.


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 2017: automobile makers Mahindra & Mahindra and Tata Motors.

  1. Indian Oil: US$54.1 billion, down -23.4% from 2016
  2. Reliance Industries: $41.8 billion, down -0.9%
  3. Tata Motors: $41.2 billion, up 1.7%
  4. Bharat Petroleum: $28.8 billion, down -25%
  5. Oil & Natural Gas: $19.9 billion, down -23.8%
  6. Tata Steel: $16.1 billion, down -13.7%
  7. Hindalco Industries: $15.2 billion, down -10.1%
  8. Coal India: $11 billion, down -6.8%
  9. Mahindra & Mahindra: $10.7 billion, up 1.9%
  10. Steel Authority of India: $5.9 billion, down -19.7%

Leading the slowdown in sales were three petroleum industry players Bharat Petroleum (down -25%), Oil & Natural Gas (down -23.8%) and Indian Oil (down -23.4%).


Eight of India’s top 10 major export companies managed to remain profitable as of May 2017.

  1. Reliance Industries: US$4.3 billion, up 2.4% from 2016
  2. Oil & Natural Gas: $2.2 billion, down -26.7%
  3. Tata Motors: $1.7 billion, down -26.1%
  4. Indian Oil: $1.7 billion, up 111.6%
  5. Coal India: $1.6 billion, down -27.3%
  6. Bharat Petroleum: $1.2 billion, up 52.7%
  7. Mahindra & Mahindra: $491 million, up 15.7%
  8. Hindalco Industries: $31.1 million, down -77.7%
  9. Tata Steel: -$443.7 million, down from a -$858.5 million loss
  10. Steel Authority of India: -$656.3 million, reversing a $353 million profit

Four of India’s top 10 major export companies managed to boost their bottom-line profit in the latest May 2017 period. Indian Oil increased its profits by 111.6% compared to 2016, versus profit gains of 52.7% for Bharat Petroleum, 15.7% for auto maker Mahindra & Mahindra and 2.4% for oil and gas company Reliance Industries.

Steel Authority of India posted the most severe decline, registering a -$656.3 million loss contrasting with a $353 million profit for the 12-month period ending May 2016.


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. Bharat Petroleum: Mumbai
  2. Coal India: Kolkata
  3. Hindalco Industries: Mumbai
  4. Indian Oil: New Delhi
  5. Mahindra & Mahindra: Mumbai
  6. Oil & Natural Gas: Dehradun
  7. Reliance Industries: Mumbai
  8. Steel Authority of India: New Delhi
  9. Tata Motors: Mumbai
  10. Tata Steel: 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 January 18, 2018

Forbes 2017 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on January 18, 2018

Trade Map, International Trade Centre. Accessed on January 18, 2018

Wikipedia, Category: Companies of India. Accessed on January 18, 2018

Wikipedia, List of companies of India. Accessed on January 18, 2018