THE $2-TRILLION MILKY WAY

How India's corporate giants have hit peak revenues and peak profits, and why this could just be a constant for the Fortune 500 India.

- By V. Keshavdev

ESCAPE VELOCITY is the minimum speed an object must reach to break free from the Earth's gravitational pull without further propulsion. Post 2020, India Inc. appears to have found its version of thrust. After years of building momentum, shedding weight, and strengthening its engines, the corporate sector has finally found its gravity-defying rhythm on the back of scale, profitability, capital, and competitiveness alignment.

Every single year since 2021, the cumulative revenues of the Fortune 500 India have been hitting new highs; from ₹88 lakh crore, the most prized cohort of India Inc. has seen its cumulative total income touch nearly ₹172 lakh crore, breaking into the $2-trillion club. The achievement in dollar terms is impressive considering that since the listing exercise began in 2010, the rupee has lost ground to the dollar from 44.90 to 85.55 by the end of March 2025.

What's pertinent to note is that the thrust of India Inc.'s escape-velocity years has come from a handful of heavy industries such as energy, auto, and metals. Oil & gas, with just 11 companies, delivered more than ₹32.37 lakh crore revenue in FY25, reinforcing its status as the Fortune 500 India's lynchpin. Banks, the second major pillar, expanded even faster: 41 lenders pushed their combined top line from ₹26.53 lakh crore in FY24 to over ₹30.24 lakh crore in FY25, a reflection of both systemic balance-sheet repair and the resurgence of credit demand. The auto sector continued to provide impetus, growing from ₹11.38 lakh crore to ₹12.07 lakh crore, while metals and insurance, long seen as cyclical or slow-moving, posted steady gains as well. These sectors have structurally strengthened over the past decade, adding critical mass to their contribution.