NOTES

FORTUNE 500 INDIA is an annual ranking of listed and unlisted companies by total income (revenue) based on the full-year audited numbers of the latest financial year.

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This year's ranking is based on FY25 financials.

Wherever applicable, figures considered are on a consolidated basis (including results of subsidiaries, associates, and joint ventures) as reported by the companies in their consolidated accounts.

Subsidiaries (where a company’s holding is more than 51%) are not considered if the parent or the holding company makes it to the list. In a few cases where companies, despite not holding an overall majority, refer to their holdings as “subsidiary,” we have considered the nomenclature and not listed the companies even though their parent entity’s holding is below 51%.

There are instances where multiple entities of a common foreign parent have been listed separately, specifically Walmart and Amazon, as neither of the Indian entities have cross-holdings nor do these firms have a common holding company in India.

Only companies whose audited numbers were available with the database provider (Capitaline) by the cutoff date (October 22, 2025) have been considered for the ranking. Global capability centres, investment trusts (InvITs, REIT etc) are excluded from the list.