DSIJ Mindshare

DSIJ Super 50

The Way We Did It

To take stock of value creators in the Indian corporate sector, we at DSIJ, commenced an in-depth research process. For the purpose of coming out with the DSIJ Super 50 list of companies, i.e. Indian companies that have been super achievers over the past five years, we started with the entire Indian listed space, filtered these step-by-step by using a range of carefully selected criteria, and finally drilled down to the selection of the top 50 corporate sultans of India Inc.

The Method

The success of any study, academic or otherwise, depends on the methods and processes that are employed. We, at DSIJ, have always been recognised for the rigorous standards and methodologies employed in our financial analysis. It is this rigour and exactitude in our approach which has helped us in devising the most profitable investment options for our readers and patrons.

The study which has culminated in the selection of the top 50 corporate sultans of India Inc. is also a result of such a meticulously laid-out process. What follows, is a detailed description of the various steps that have been followed in order to arrive at this most coveted list of toppers of India Inc.

For the purpose of this study, we began with the entire Indian listed space. Since our objective was to get to companies which have been super achievers over the past five years, we then narrowed down the list to include only those companies which have been listed for more than six years.

The Six-Year Rationale

The reason why we have considered a six-year period as the cut-off for the selection criteria is that this period between 2007 and 2012 included major business cycles. Between these years, the global economic landscape went through its fair share of ups and downs. While on one hand we saw a secular bull run across economies right upto the end of 2007, on the other, we also witnessed a financial meltdown experienced by the global economy, which was billed to be the worst since the Great Depression of the 1930s.

A long-term study of six years tends to even out any aberration in the results of any particular year and helps in giving a fair idea of the long-term performance. Another reason why a six-year period makes more sense is that many infrastructure companies (like power and road construction) and even the strategies of IT & FMCG companies (such as Infosys’ 3.0 and GCPL’s 3x3) get executed over a longer period to reflect on the financials of the company.

The Base Of The Study

Following the steps as described above left us with a list of 3894 companies. Out of these, there were only 1902 companies whose data for the last six years was available in totality. The data for the remaining was either scattered or was not available at all, and hence, these companies were excluded from the list.

Considered Exclusions

We have deliberately left out certain categories and companies from our study. These include:

Banking Companies: The reason for excluding banking companies from our study is rather special. One, the banking sector in India has evolved very strongly over the past many years. In fact, it has been among the sturdiest of its global peers. This is evident in the very fact that this sector was the least affected one during the financial crisis that emanated in the US and spiralled to hit the world in early 2008. We feel that the banking sector holds special importance in the overall economic scenario, and hence, has to be given a separate slot to be evaluated for its worth.

Restructured Enterprises: We have also left aside those companies which are a part of the groups that have gone through any major restructuring exercises over the period of our study. This was in order to avoid any anomalies that would have cropped up owing to such restructuring initiatives, whether on the capital or any other front.

The Next Step

Our study then proceeded with 1902 companies as the base for our ranking. We analysed these 1902 companies based on various parameters of objective and subjective judgement to come out with the list of India Inc.’s super achievers.

Parameters

Broadly speaking, we have sought to analyse and rank companies based on the following parameters:

  • Growth
  • Efficiency
  • Safety
  • Wealth Creation

Growth: The most important criterion for determining a company’s success is, naturally, the growth that it achieves over a period of time and also its capacity of growth in the future. Growth is a very subjective term. It could include anything and everything that goes to define a corporation as a whole. But the factors that really determine how an organisation has fared so far and how it will do in the future are few and far between.

The most critical among these are the topline as defined by the sales/revenues of the company, the operating profit which defines the operational efficiency of the company, the net profit which defines the eventual benefit to the stakeholders of the company and the Net Worth which defines the composite growth of the company and in turn the benefit that accrues to the shareholders of the company. Of the above, three reflect the profit & loss (P&L) side and one captures the balance sheet character. The P&L pointers capture the financial health of the company at three different levels, while the Net Worth reflects the correct picture of growth in shareholder value.

Efficiency: The core of organisational existence lies in efficiently utilising the resources at its disposal. In fact, the more efficiently an organisation uses its resources, the higher the value that it creates for its stakeholders. Having said that, we have measured efficiency based on the following factors:

  • The Operating Profit Margins (OPM)
  • The Net Profit Margins (NPM)
  • The Return on Net Worth (RoNW)

The OPM and the NPM together capture the efficiency of a company at the operating and the net levels respectively. The RoNW, on the other hand, indicates how good the company is in utilising its equity. The base of an organisation’s growth depends on how much it sells and how much it spends against that in order to sell. The difference between these two elements defines the leverage that an organisation enjoys to meet its growth aspirations by ploughing back what is required to fuel further growth. The NPM, on the other hand, tells you the final outcome of doing business. It is the ratio which tells you how much of money is left for the shareholders to take home.

Safety: The main objective of this parameter was to gauge the safety level of the money that is being ploughed into the business. As an investor, the money that you put into any business has to yield a reasonable amount of returns. But what is more important is that the initial amount that you put in should be easily and comfortably recoverable at any point of time.

A very good measure of this is provided by the debt-to-equity ratio. This shows how much of shareholders’ equity could get impacted in case there is debt on the balance sheet. It actually reflects on how much of your money as shareholder equity could come back to you in case of an eventuality after paying out the entire debt on the balance sheet.

Wealth Creation: The ultimate objective of any organisation is wealth creation. Obviously, this had to be one of the criteria that we employ in our study. In order to evaluate companies on this front, we have looked at the movement in share prices between FY2007 to FY2012 (our core study period). The impact that this has had on the market capitalisation is what has determined the wealth creation of companies.

The Ranking Method

After having laid out the data according to the various parameters as discussed above, we then embarked on the final step of ranking these companies. Although all the parameters described above play an important role for a company to excel, they differ in importance of the quantum. We have carefully measured this requirement and accordingly assigned weights to each of the parameters. Even within that, companies in different stages of their evolution have been assigned weights according to the requirement.

This led us to the creation of two broad categories. One, where we considered companies with a market capitalisation in excess of Rs 10000 crore and the second, where we considered companies with a market capitalisation of less than Rs 10000 crore but exceeding Rs 1000 crore. For this classification, we have taken the market capitalisation of companies as at the end of FY2012.

Weight Allocation

ParametersMarket Cap > 10000 CroreMarket Cap < 1000 Crore
Safety 0.2 0.4
Growth 0.5 0.4
Efficiency 0.2 0.1
Share Price Appreciation 0.1 0.1





The table above is self-explanatory for the weightage that we have assigned to come to our final list and the rankings done thereafter. Accordingly, a higher weight has been assigned to the growth factor in case of companies with a market capitalisation of more than Rs 10000 crore, the reason being that these companies are far ahead on the safety curve. These have been in the business for a greater duration and have achieved a critical mass by now. What is important in their case is the growth factor, which will propel them into the next orbit. Safety and efficiency have been assigned an equal weightage for the same reasons as mentioned above. On the other hand, growth and safety have been weighted at an equal level in case of companies with a market cap of less than Rs 10000 crore but over Rs 1000 crore. Shareholder returns carry the same weightage in both the categories.

Based on all these factors, a final composite ranking of companies in both the categories was arrived at. This gave us a list of top 50 companies in the first category (market capitalisation in excess of Rs 10000 crore), which is our ‘Super 50’ club. The top 100 companies in the second category make up our ‘Elite 100’ group.

As mentioned at the outset of this exercise, it has been our perpetual endeavour to research and provide the best of the best to our readers and patrons. We, at DSIJ, are committed to continue improving upon our methodology and research metrics to further strengthen the quality of the results.

In the pages that follow, we bring to you the DSIJ list of ‘Super 50’ companies. We hope this compilation helps you to put a finger on the truly ‘valuable’ shining stars of India Inc.
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CompanyRankMarket Cap Industry Description

NMDC Ltd.

1 62166.74688 Mining/Minerals

A state-owned company appearing in the top position in ’DSIJ Super 50’ might surprise many of you. However, there are very strong reasons for this. NMDC is the largest iron ore mining company in India with a total reserve of 1.3 billion tonnes iron ore and a mining capacity of 32 MMT per annum. This is expected to increase by around 50 per cent (to 48 MTPA) in the next couple of years. It is not only the size that has helped the company to propel into the top slot, but NMDC's efficiency (an operating margin of 80 per cent) is another envious figure for its peers. The company, with a strong balance sheet, a zero debt status and cash reserves of more than Rs 20000 crore, deserves to be at the top.

Sun Pharmaceutical Industries Ltd.

2 58417.1777995 Pharmaceuticals Healthcare heavyweight Sun Pharmaceutical is India's largest pharmaceutical company by market capitalisation. The total market cap of this company is more than the combined market cap of the next three largest companies. Sun Pharma has a large presence in USA and India, and a footprint across 41 other markets.

For the five years ending FY12, the sales and net profit of the company has seen a CAGR of 29 per cent. This growth is led by both organic and inorganic factors. Some of the company’s important acquisitions are that of Detroit-based Caraco Parma Labs and the 2010 acquisition of Taro Pharmaceuticals, which doubled its US business and boosted its strengths in dermatology and paediatrics. All this is well reflected in the share price movement of the company, which has yielded a return of 22 per cent per annum since the year 2007.

Sesa Goa Ltd.

3 16443.3988664 Mining/Minerals

Sesa Goa, formerly a subsidiary of Mitsui & company, is now part of the London-based Vedanta Resources Plc. It has made significant strides in the last couple of years to become one of the largest diversified global resource companies. The proposed merger of the company with Sterlite Industries (another ‘DSIJ Super 50’) is a step in the same direction. After the merger, it will have a presence in various other commodities.

Currently, Sesa Goa is the largest producer and exporter of iron ore in the private sector. It also manufactures metallurgical coke and pig iron, and holds 20 per cent stake in Cairn India. In the last 18 months, the company has been facing headwinds due to the ban of iron ore mining in various parts of India, and hence its performance has deteriorated. However, once this issue is resolved, the company will definitely gain momentum.

Jindal Steel & Power Ltd.

4 50495.04824715 Steel - Sponge Iron

JSPL is a part of the USD 18 billion diversified O P Jindal Group and is one of India's major steel producers. The company holds a distinction of operating the largest coal-based sponge iron plant in the world and has an installed capacity of 3 MTPA of steel at Raigarh in Chhattisgarh. For the five years ending FY12, the company's topline and bottomline has exhibited growth of 39 per cent and 41 per cent every year respectively. Such stupendous growth has helped its shares to rise by 49 per cent every year in the same period. To put this in perspective, every one lakh invested at the start of FY07 would have become Rs 7.2 lakh at the end of FY12. Compare this with just Rs 1.5 lakh invested in a fixed deposit giving an interest of eight per cent per annum.

Godrej Consumer Products Ltd.

5 16228.7858674 Personal Care

Godrej Consumer Products (GCPL) is a flagship company of the Godrej group, which is a major player in the Indian FMCG market, with leading Household and Personal Care products that comprise of brands like Good Knight, Cinthol and Godrej No. 1. GCPL continues to take strides towards becoming an emerging markets multinational, while focusing on its 3X3 strategy of building a presence in the emerging markets in three continents (Asia, Africa and Latin America) through three core categories (Home Care, Personal Wash and Hair Care). The strategy seems to be working for the company as reflected in its financial numbers. Its sales and profit has grown at a rate of around 40 per cent every year since FY07. The share price of GCPL in the same period has grown at a rate of 28 per cent every year.

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CompanyRankMarket Cap Industry Description

Titan Industries Ltd.

Titan Industries Ltd.

6 20015.13537 Watches

Titan Industries, which was promoted in 1984 by the Tata Group and Tamil Nadu Industrial Development Corporation (TIDCO), is a unique instance of how ideas can be transformed into winning brands that generate value for its stakeholders, create entire market spaces and then consistently dominate these spaces. Although the company made a humble start in watch-making, it moved on to jewellery and later into eyewear and accessories. Currently, Titan is the world's fifth largest watch maker and its brand ‘Sonata’ is India's largest selling watch brand. It is a debt-free company and its strategy has worked wonders especially for the shareholders, whose wealth grew by an average of 41 per cent per annum between FY07 and FY12.

Lupin Ltd.

7 23220.9009432 Pharmaceuticals

Lupin, the 14th largest generic pharmaceutical company in the world by revenues is also the fifth largest and fastest growing generics player in the US. All this is clearly reflected in the topline and bottomline growth of the company which grew at a CAGR of 29 per cent and 24 per cent for the five years ending FY12. As an emerging pharma major, Lupin operates on a global scale either directly or through alliances and relationships in carefully selected markets of choice. The company chose its markets and partners to optimise growth for the company as a whole, where the company's inherent strengths could best be leveraged for a competitive advantage. Lupin’s share price speaks of the entire growth story of the company as every rupee invested in the company's share at the start of FY07 would have fetched Rs 4.5 lakh at the end of FY12.

Asian Paints Ltd.

8 30550.446745 Paints/Varnishes

Asian Paints holds the distinction of being India's largest paint company for over four decades now. The company that has operations spread in 17 countries with 23 paint manufacturing facilities has recorded revenues of more than Rs 10000 crore for FY12. Sales and profit of this virtually debt-free company, in the five year ending FY12, have grown at 21 per cent and 29 per cent respectively. The share price of the company speaks for itself. The share price of the company has increased from Rs 739 per share at the beginning of FY07 to Rs 3185 per share at the end of FY12, showing a whopping growth of 34 per cent every year.

Nestle India Ltd.

9 43203.879651 Food Processing - Dairy/Fruits/Others

Nestle India is the third largest player in the FMCG space with a market capitalisation of around Rs 45350 crore. The company manufactures products like Nescafe, Maggi, Kit Kat, Eclairs, which are strong brand names. In the last five years, the company has shown a robust growth which is evident from its financial performance. As of FY12, the sales have increased at a five year CAGR of 21 per cent. The operating and net profit have also witnessed a CAGR of 24 per cent and 25 per cent respectively as of FY12. The weighted average return on net worth for the past five years is 103 per cent and this makes it one of the best. Despite the tough economic conditions, the company has created value for its shareholders, as its share price has witnessed a five year CAGR of 38 per cent as of FY12.

Tata Consultancy Services Ltd.

10 2,24,297.53 Computers - Software

Tata Consultancy Services is a part of the Tata group, India's largest industrial conglomerate. TCS is a well respected organisation and does not need any introduction. The Information technology business of TCS is spread across continents and well spread between different business verticals. Among its Indian peers, TCS is the largest company with a market cap of more than Rs 3 lakh crore. TCS has reported a five year CAGR of 21 per cent in sales, 24 per cent in the operating profits and 25 per cent in the net profit as of FY12. The weighted average return on net worth in the last five years is at 37 per cent. The share price of TCS has grown at a five year CAGR of 14 per cent creating substantial wealth for its shareholders.

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CompanyRankMarket Cap Industry Description

UltraTech Cement Ltd.

11 40753.51011 Cement

UltraTech is one the largest cement manufacturers in India and has always focused on organic as well as inorganic growth to garner its manufacturing capacities. UltraTech has outpaced its competitor Ambuja Cements in terms of capacity after its Samruddhi Cement (an erstwhile cement division of Grasim) was merged with UltraTech in 2010. The capacity of UltraTech jumped to 49 million tonnes per annum (MTPA) from just 23.1 MTPA in 2009. After the merger, UltraTech became the largest cement player in India. Going ahead, the company has a capital expenditure outlay of around Rs 12000 crore towards capacity expansion. Consequently, the total capacity will be enhanced by10.2 MTPA taking it to 59 MTPA by FY14. On the performance front, the sale CAGR for five years stands strong at 31 per cent, operating profit at 25 per cent and net profit at 25 per cent.

Bharat Heavy Electricals Ltd.

12 61190 Engineering - Heavy

Established in 1964, BHEL now holds a dominant position in the power plant equipment market as an integrated manufacturer. It is also in the business of design, engineering, manufacturing, construction, testing, commissioning and servicing of a variety of products and services in various sectors such as transportation, renewable energy, Oil & Gas, etc. It has more than 150 project sites across India and abroad. BHEL has been at the core of growth witnessed by the power sector in India. In the power generation segment, it supplies a range of products and systems for thermal, nuclear, gas and hydro-based utility and captive power plants. The company has managed to compete with a number of global low cost manufacturers. On the operational front, the company’s five year sales CAGR stands at 21 per cent, while its operating profit stands at 28 per cent and net profit at 24 per cent.

Jaiprakash Power Ventures Ltd.

13 10380.9144096 Power - Generation/Distribution

Jaiprakash Power Ventures (JPVL) is engaged in the generation and transmission of power. JPVL is the power vehicle of the Jaypee Group and was incorporated with an objective of developing and operating power projects in India. It plans and implements these projects in the country. It currently operates the largest hydroelectric power plant in the private sector. Its power projects, which are in different stages of implementation, comprise of hydro, thermal and transmission. The company currently operates three hydropower projects - the 300 MW Baspa-II (Himachal Pradesh), 400 MW Vishnuprayag (Uttarakhand) and the 1000 MW Karcham Wangtoo (Himachal Pradesh). On the operational front, the five year sales CAGR of the company stands at 37per cent, its five year operating profit CAGR is 38 per cent and the net profit CAGR is 22 per cent.

Exide Industries Ltd.

14 12133.75 Auto Ancl - Batteries Exide Industries is engaged in the manufacture of storage batteries. It is a market leader in India and its product range includes automotive batteries, industrial batteries and submarine batteries. Exide sells its products under Exide, SF, Sonic and Standard Furukawa brands. The company has a presence in the international markets too, where its products are sold under the brand names Dynex, Index and Sonic.

The best part about this company is that it has managed to overcome many economic cycles in the past, showing its strength. Exide is now diversifying its business and has entered into the insurance segment. Since its establishment in 1947, it has created immense value for investors through organic as well as inorganic growth. In the past five years the company has posted a CAGR of 22 per cent in sales, 19 per cent in operating profit and 24 per cent in its net profit.

Oracle Financial Services Software Ltd.

15 21755.0794125 Computers - Software

Oracle Financial Services Software (previously known as i-flex Solutions) has been a pioneer in the business of providing IT solutions and knowledge processing services to the financial services industry worldwide. In 2008, i-flex Solutions was christened ‘Oracle Financial Services Software’ when it was taken over by Oracle Corporation. The company now has a suite of banking products, which cater to corporate, retail, investment banking, treasury operations and data warehousing needs.

It operates in three segments: product licenses and related activities, IT solutions and consulting services, and Business Processing Services (BPO). The product licenses and related activities segment deals with various banking software products and is known for its flagship product 'Flex Cube'. On the operational front, its five year CAGR in terms of sales stands at 9 per cent, that of operating profits is 28 per cent and of net profit is 20 per cent.

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CompanyRankMarket Cap Industry Description

Sun TV Network Ltd.

16 11,946.68 Entertainment/Multi Media

Sun TV Network had humble beginnings in 'Poomalai' - a monthly video magazine. Today, it has grown to become one of India's largest television networks, 32 TV channels and 45 FM radio stations in several Indian languages. It is engaged in producing and broadcasting satellite television and radio software programming in the regional languages of South India. The company's flagship channel is Sun TV and its other major satellite channels are Surya TV, Gemini TV and Udaya TV. Apart from this, Sun TV Network has joined the Indian Premier League (IPL) in October 2012 after buying the Hyderabad franchise of IPL.

On the performance front, its five year CAGR stands at 22 per cent, operating profit at 24 per cent and the net profit at 23 per cent. As regards value creation, the scrip has appreciated more than twice over in the past five years.

Infosys Ltd.

17 1,60,784.40 Computers - Software

The IT bellwether Infosys requires no introduction and is considered to be a dream company to work for. The company was founded in 1981 and is headquartered in Bengaluru (India). Ever since the company was listed, it has created immense value for investors. Consistent innovation and strong management bandwidth assured a global footprint for the company. It now has 67 offices and 69 development centres across the globe.

Infosys has got many firsts to its name. It had become the first Indian company to get listed on NASDAQ in 1999. However, it has now decided to transfer its NASDAQ-listed American Depositary Shares (ADS) to another American bourse - the New York Stock Exchange (NYSE), and is also planning to get listed on Paris and London exchanges. Infosys and its subsidiaries have 155629 employees as on December 31, 2012.

Cadila Healthcare Ltd.

18 15,274.24 Pharmaceuticals Cadila, an over 60 year-old company, has always been on a high growth trajectory. It is growing with a five year CAGR of 24 per cent in the topline, 25 per cent at the operating levels and 24 per cent at the bottomline levels. Its EPS has been growing constantly along with extremely consistent dividend payments, which ultimately result into a great value creation for investors.

Cadila is well diversified with three different segments viz. healthcare business, animal health and OTCs. In its healthcare business, the company operates in the domestic as well as international markets. In the domestic business, it has a presence in specialty business from where it derives over 50 per cent of its revenues. It exports to regions like the US, Europe, Japan etc. Most of its manufacturing facilities are USFDA approved. What is worth appreciating is the management's confidence in achieving the targeted revenues of USD 3 billion in the next three years.

GlaxoSmithKline Consumer Healthcare Ltd.

19 11,270.88 Food Processing - Dairy/Fruits/Others

With brands like Horlicks, Boost and Maltova, GSK Consumer Healthcare is a market leader in the malted food drink (MFD) market in India. It enjoys a leadership position in MFD markets with a 71 per cent market share. The company also has another over-the-counter brand (OTC) to its kitty - ’Crocin’. GSK Consumer Healthcare is a perfect example of how India’s growth story has helped companies grow significantly through higher penetration in urban as well as rural Indian markets.

An improved standard of living and increased disposable income have made sure that these products are widely accepted. The best part is that GSKCH has not only helped the health front but has also helped investors by creating value. Along with capital appreciation, the company has also paid consistent dividend to its share holders. 


Colgate-Palmolive (India) Ltd.

20 15,095.20 Personal Care

There are very few products or brands that become a generic name for all the products in that segment. One such brand is ‘Colgate’. This is the power of a strong brand and an excellent product. Colgate Palmolive India has not only got a strong brand recall but also has the highest market share in the oral care segment in India. Colgate Palmolive India was incorporated way back in 1937 and has been into existence for 75 years now.

It had come up with an IPO in 1978. If an investor had invested in this offer by purchasing 250 shares costing around Rs 6250, he would have been holding approximately 14080 shares (adjusting bonus and rights issue) worth around Rs 1.90 crore currently. This would have given him a handsome CAGR of around 27 per cent (excluding dividend) over the past 35 years. Now, this is what we call real value creation.

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CompanyRankMarket Cap Industry Description

Tata Motors Ltd.

21 86558.48269675 Auto - LCVs/HCVs

Tata Motors is India’s largest automobile company with consolidated revenues aggregating to more than Rs 165000 crore in FY12. Its success in passenger vehicles and dominance in commercial vehicles has helped the company gain a leadership position in the Indian automobile industry.

With its affordable brand Nano, Tata Motors has truly seeped into the very roots of India. At the same time, having acquired the iconic British brands of Jaguar and Land Rover, it has managed to register a truly global presence. The real turning point for the company came in when it changed the fortunes of the loss-making Jaguar Land Rover to such an extent that today, the latter contributes to more than 90 per cent of Tata Motors’ profitability. With the humongous potential offered by the emerging markets and domestic markets, Tata Motors is set to continue creating value for its shareholders.

ITC Ltd.

22 174976.335834 Cigarettes

Incorporated in 1910 as Imperial Tobacco Company of India, ITC has come a long way from selling cigarettes to becoming a multi-business conglomerate with operations ranging across hotels, packaging, agri business, tobacco and FMCG among others. With a market capitalisation of Rs 95385 crore, it is considered to be one of the most valued companies in India. ITC is rated among Asia’s ‘Fab 50’, World’s Best Big Companies and World’s Most Reputable Companies by the Forbes magazine.

Some recent launches by ITC like Bingo! (packaged food), Fiama Di Wills (personal care) and Paperkraft (stationary) have further propelled the brand image of ITC and spread its presence across a wider spectrum.

Dabur India Ltd.

23 18239.7958995 Personal Care

Dabur is the world’s largest Ayurvedic and natural products company. It has products ranging across health care, personal care, home care and foods. With a portfolio of more than 250 products, the company’s consumer care division comprises of brands like Amla Hair Oil, Babool Toothpaste, Chyawanprash, Hajmola, Odomos and Real Juices.

Many of Dabur’s products have also made their way to the international markets. With products marketed in over 60 countries, the international business contributes to about 30 per cent of Dabur’s total sales.Apart from this, it also has a strong Consumer Health Division with more than 300 products sold through prescriptions as well as over the counter. Through these, Dabur’s presence is widely recognised across Indian homes.

Wipro Ltd.

24 105996.9806442 Computers - Software

Wipro is a global IT, consulting and technology company with over 140000 employees serving over 900 clients in 57 countries. Posting revenues of USD 7.37 billion in FY12, it is among India’s largest IT companies. Apart from technology, it also has a presence in FMCG and is considered to be among the top 10 FMCG companies in India. This presence is spread across consumer care with products like soaps and deodorants, brands like Santoor, Yardley, Unza and lighting solutions with power-saving innovations.

With most of its revenues coming from IT services, Wipro has been continually ramping operations to keep itself up to date with global technology needs. Providing a wide range of technology solutions across varied industries, Wipro has been and will continue to make a strong mark in the global IT space.

Petronet LNG Ltd.

24 12517.5006676 Petrochem - Others

Formed by the Government of India, Petronet LNG was set up to import LNG and set up LNG terminals in the country. With an authorised capital of Rs 1200 crore, Petronet LNG is a joint venture among GAIL, ONGC, IOCL and BPCL. Having an expertise from these industry leaders, it is one of the fastest growing companies in the Indian energy sector. Petronet LNG set up LNG receiving and re-gasification terminals at Dahej, Gujarat and Kochi, Kerala. It is now in the process of setting up its third facility at Gangavaram, Andhra Pradhesh.

Apart from creating and managing LNG infrastructure, Petronet LNG is diversifying business to gas-based power generation, gas distribution and marketing and solid cargo. With these developments, the company will have a presence across the LNG value chain and strengthen its stand in the energy sector.

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CompanyRankMarket Cap Industry Description

Marico Ltd.

26 10,392.39 Personal Care

Marico is a leading FMCG company with products and services in hair care, skin care and healthy foods segment. With popular brands like Parachute, Saffola, Nihar and Revive, the company claims that one out of three Indians is a Marico consumer. Marico has an extensive distribution network in India with a direct reach of 750000 outlets and a total reach of 3.3 million outlets. It also operates Kaya Skin Clinic, offering non-invasive cosmetic dermatology services and has gained immense popularity to now cover as many as 600000 customers.

Marico also has a robust international business that reaches out to more than 25 countries across the Asian, African and North American continents. To further augment growth, Marico recently acquired the erstwhile personal care business from Reckitt Benckiser. Strong household brands and continual change have been leading Marico to a high growth trajectory.

Mahindra & Mahindra Ltd.

27 39,883.20 Auto - Cars & Jeeps

No Indian automobile manufacturer has set foot in as many segments as Mahindra & Mahindra (M&M) has. The automobile manufacturer has a presence in tractors, cars, jeeps, trucks, tempos, motorcycles, scooters, three wheelers, electric cars and luxury cars. Having de-risked its profile with a ubiquitous presence, the company has achieved tremendous results over the years.

M&M has been growing by leaps and bounds through new product launches and innovative vehicles to suit the Indian markets. It has definitely come a long way from being known as an Indian tractor maker to having a global presence through brands like the recently-acquired Sangyong. With the potential offered by segments it has newly entered into, like trucks and two-wheelers, M&M will continue to unlock value for investors.

Hindustan Zinc Ltd.

28 53,239.02 Metals - Non Ferrous - Zinc/Zinc Alloys - Products

Hindustan Zinc, a Vedanta Group company, is the world’s largest integrated producer of zinc. Apart from its core business of mining and smelting of zinc and lead, it is also one of the leading silver producers in the world. It has a substantial base of reserves and resources with a mine life of 25 plus years. It has also managed to ace at profitability by effectively working on costs. In order to maintain this global leadership position, Hindustan Zinc has plans to increase its mined metal production capacity to 1.2 MTPA. It has projected a capital expenditure of USD 250 million per year till FY19 to support this growth. It plans to add reserves and resources via brownfield exploration and thus drive long-term growth.

Adani Enterprises Ltd.

29 33,087.79 Trading

Adani Enterprises is a diversified conglomerate with primary interests in energy and logistics. The company operates across mining, cargo, power generation and transmission. In terms of coal management, Adani operates mines in India, Indonesia and Australia and also imports and trades coal from many other countries. It aims to increase its current 3 MMTPA capacity to 200 MMTPS by 2020.

It also owns and operates the Mundra Port. To augment its presence in logistics, Adani is planning five other ports in India and Australia with an aim to increase its cargo handling capacity from 52 MMT to 200 MMT by 2020. Over the years, Adani has been a value creator. These ambitions only ensure the fact that the path of growth will continue to be walked upon by Adani Enterprises.

Idea Cellular Ltd.

30 31,483.66 Telecommunications - Service

Idea is the third largest mobile service operator in India with a subscriber base of over 117 million. It operates across all 22 service areas with 2G services and 3G services spread in over 3000 towns and 10000 villages. It has the highest share of rural subscribers as a percentage of total subscribers, amongst other GSM players. In fact, two out of every three new Idea subscribers come from rural/semi-urban India. Its aggressive marketing and advertising strategy has aided the company’s growth and brand recognition. To make the most of the next phase of growth, Idea has been continually banking on 3G by working on network coverage, customer services, applications and devices. Moreover, it has been focusing on increasing its customer base in rural/semi-urban areas to make this growth proliferate.

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CompanyRankMarket Cap Industry Description

Bharti Airtel Ltd.

31 126077.998988 Telecommunications - Service

Bharti Airtel is mainly engaged in providing telecommunications services in India and internationally. The company’s operations are spread across 20 countries. Bharti ranks among the top five mobile service providers globally in terms of subscribers, with a customer base of 260 million across its operations. In India, the company's product offerings include 2G, 3G and 4G services, fixed line, high speed broadband through DSL, IPTV, DTH, as well as enterprise services including national & international long distance services to carriers.

In the period between FY07 to FY12, the company has performed better in terms of sales and profitability. In the five years ending FY12, its sales and operating profit have witnessed a CAGR of 31 per cent and 26 per cent respectively. The returns on net worth (RONW) have also been healthy, at 14.69 per cent as of FY12.

Hero MotoCorp Ltd.

32 40604.45625 Auto - 2 & 3 Wheelers

Based in India, Hero MotoCorp is the world's largest manufacturer of two-wheelers. In 2001, the company achieved the distinction of being the largest two-wheeler manufacturing company in India and also of being the 'World’s No. 1' two-wheeler company in terms of unit volume sales in a calendar year. It has maintained this position till date.

The company has three globally benchmarked manufacturing facilities. Two of these are based in Haryana and the third and latest manufacturing plant is in Uttarakhand. Its extensive sales and service network now spans over to 5000 customer touch points. Between FY07 to FY12, the company has witnessed healthy sales and profitability numbers. In the five years ending FY12, its sales and operating profit has witnessed a CAGR of 15 per cent and 25 per cent respectively.

HCL Technologies Ltd.

33 32445.666396 Computers - Software

Only seven out of the 3000 technology companies in the Bloomberg database have revenue of more than USD 2.5 billion, a market capitalisation of more than USD 5 billion and a CAGR greater than 25 per cent in their topline during the past five years. HCL Technologies is one of those.

This firm brings its IT and engineering services expertise under one roof to solve complex business problems for its clients. Utilising its extensive global offshore infrastructure and a network of offices in 31 countries, it is engaged in providing holistic, multi-service delivery. It has a presence across verticals like financial services, manufacturing, consumer services, public services and healthcare. The company has witnessed a CAGR of 28 per cent, 18 per cent and 13 per cent for sales, operating profit and net profit respectively in the five-year period ending FY12.

Jaiprakash Associates Ltd.

34 16820.0864538 Construction & Contracting

Jaiprakash Associates (formerly known as Jaypee Rewa Cement) is an infrastructural industrial conglomerate having interests in the engineering and construction, power, cement, hospitality, real estate, expressways, sports and agri businesses in India. The company is a part of the Rs 20000 crore Jaypee Group. It was established in 1979 and is headquartered in New Delhi. The group has a presence across 16 states in India and has diversified interests.

Between FY07 to FY12, the company has fared well in terms of sales and profitability. It has witnessed a CAGR of 31 per cent, 30 per cent and 11 per cent for sales, operating profit and net profit respectively in the five-year period ending FY12.

Cummins India Ltd.

35 13169.772 Engines

Cummins India has been related to the Indian subcontinent since five decades now. It was formed way back in 1962 when a partnership between Kirloskar and Cummins crystallised into a 100-acre manufacturing campus in Pune. Within a span of three years from commencing operations, the business venture started to generate profits. Thereon, the partnership continued to flourish, till 1997 when Kirloskar sold its ownership. This resulted in Cummins Inc. increasing its stake to 51 per cent leading to the formation of Cummins India, a consolidated subsidiary of Cummins Inc. From FY07 to FY12, the company has witnessed decent performance in terms of sales and profitability. The company has a CAGR of 14 per cent, 10 per cent and 17 per cent for sales, operating profit and net profit respectively in the five year period ending FY12.

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CompanyRankMarket Cap Industry Description

United Breweries Ltd.

36 14,214.42 Beverages & Distilleries

Starting off with five breweries in South India in the year 1915, United Breweries’ association with brewing dates back over nine decades. From bullock cart-loaded barrels or 'hogheads' of frothing ale, the beer business has gone on to become the undisputed 'king' in the Indian beer market. It has an impressive spread of own and contract manufacturing facilities throughout the country. Its flagship brand, Kingfisher, has achieved international recognition consistently and has won many awards in international beer festivals. Kingfisher Premium Lager beer is currently available in 52 countries and leads the way amongst Indian beers in the international market. It has been ranked amongst the top 10 fastest growing brands in the UK.

Neyveli Lignite Corporation Ltd.

37 13,841.10 Power - Generation/Distribution

Neyveli Lignite Corporation (NLC) is a 'Navratna' Government of India enterprise, under the administrative control of the Ministry of Coal. It has a history of achievements in the last 56 years ever since its inception in 1956. A pioneer among the public sector undertakings in the energy sector, NLC operates through three open cast lignite mines with a total capacity of 28.5 MTPA at Neyveli and another open cast lignite mine with a capacity of 2.1 MTPA located at Barsingsar in Rajasthan.

The company also has three thermal power stations and a total installed capacity of 2490 MW at Neyveli. The Barsingsar station has an installed capacity of 250 MW.

Larsen & Toubro Ltd.

38 78,540.16 Diversified

L&T was founded in Mumbai in 1938 by two Danish engineers named Henning Holck-Larsen and Soren Kristian Toubro. Both of them were strongly committed to developing India's engineering capabilities to meet the demands of industry. Starting off with the import of machinery from Europe, L&T rapidly took on engineering and construction assignments of increasing sophistication. To this day, the company sets global engineering benchmarks in terms of scale and complexity.

In December 1950, L&T became a public company with a paid-up capital of Rs 2 million. The sales turnover in that year was Rs 1.09 crore. Today, L&T is one of the largest conglomerates based in India. It has a presence in technology, engineering, construction and manufacturing. The company has witnessed a CAGR of 26 per cent, 23 per cent and 16 per cent for sales, operating profit and net profit respectively in the five-year period ending FY12.

Siemens Ltd.

39 25,181.83 Instrumentation & Process Control

The Siemens Group has been able to register its name as a leading inventor, innovator and implementer of leading-edge technology enabled solutions in India. It provides services to core business segments like industry, energy, healthcare and infrastructure & cities. It caters to industry needs across market segments by undertaking complete projects such as hospitals, airports and industrial units.

The Siemens Group in India comprises 17 companies, which provide direct employment to over 18000 people. Currently, the group has 21 manufacturing plants, a wide network of sales and service offices across the country, as well as over 500 channel partners. The company has witnessed a CAGR of 15 per cent, 15 per cent and 17 per cent for its sales, operating profit and net profit respectively in the five-year period ending FY12.

Bosch Ltd.

40 23,894.56 Auto Ancl - Engine Parts

Bosch, a subsidiary of Robert Bosch GmbH, is engaged in manufacturing and trading automotive products, industrial equipments, and consumer products in India and across the globe. The company was founded in 1951 in India and is headquartered in Bengaluru, India. It employs over 25000 people in India. Together with its parent company, Bosch has 4126 patent applications in its name worldwide. On a whole, the group spends 4.2 billion euros worldwide on research and development.

The company was formerly known as Motor Industries Company and changed its name to Bosch in 2008.
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CompanyRankMarket Cap Industry Description

Cipla Ltd.

41 24107.71353375 Pharmaceuticals

Established in 1935, Cipla is one of the largest generic pharmaceutical companies in the world. It has over 34 manufacturing facilities approved by major international regulatory agencies. With over 2000 products in 65 therapeutic areas, Cipla’s product portfolio comprises of Active Pharmaceutical Ingredients (APIs), formulations for human and animal healthcare and OTC products. The company has a turnover of over USD 1.4 billion.

Cipla is a major exporter of drugs. It has a presence in over 170 countries, supplying raw materials, intermediates, prescription drugs and OTC and veterinary products. Its research and development focusses on developing innovative products and drug delivery systems and has given the world many ‘firsts’. This includes the revolutionary HIV/AIDS fixed dose combination for less than a dollar a day.

GlaxoSmithKline Pharmaceuticals Ltd.

42 18685.484006 Pharmaceuticals

GlaxoSmithKline Pharmaceuticals focusses on prescription medicines and vaccines. With the opportunities in India opening up, the company is aligning itself with the parent company in areas such as clinical trials, clinical data management, global pack management, sourcing raw materials and support for business processes including analytics. GSK has two manufacturing units in India, located at Nashik and Thane as well as a clinical development centre in Bangalore. The state-of-the-art plant at Nashik makes formulations while bulk drugs are manufactured at Thane. 

The company is now planning to conduct trials in India for nearly every product in the global research pipeline. It has already identified six centres for oncology to conduct early phase trials in India. GSK has a target of achieving a growth of 20 per cent in biopharmaceuticals by 2015.

Zee Entertainment Enterprises Ltd.

43 12061.3274806 Entertainment/Multi Media

Zee Entertainment Enterprises is one of the leading Indian media and entertainment companies and was launched on December 15, 1991. It was known as Zee Telefilms until 2006. Based in Mumbai, Maharashtra, it is a subsidiary of the Essel Group. Through its strong presence worldwide, Zee entertains more than 670 million viewers across 168 countries and has revenues aggregating to more than Rs 3041 crore in FY12.

Zee has been an aggregator of Hindi programming across the world. It holds the rights to more than 3000 movie titles from various studios and film stars, and thus houses the world's largest Hindi film library. All this is miraculously adhering to the content-to-consumer value chain model of the media and entertainment business. The media house is a pioneer in every aspect of content aggregation and distribution through both traditional and new media in India.

Oil And Natural Gas Corporation Ltd.

44 222186.0784164 Oil Drilling And Exploration

ONGC was incorporated in the year 1956 became a Public Sector Enterprise in the year 1993. The company's activities comprise of exploration, development and production of Crude Oil, Natural Gas, LPG and some other value added petroleum products such as NGL, C2-C3, Aromatic Rich Naphtha and Kerosene. The company has produced more than 600 million metric tonnes of crude oil and supplied more than 200 billion cubic metres of gas since its inception.

Today, ONGC is regarded as the highest profit making corporate in India. It has a 77 per cent share in India's crude oil production and 81 per cent share in the country’s natural gas production. ONGC has a fully-owned subsidiary - ONGC Videsh (OVL) - that looks at exploration opportunities across the world. The company has also acquired 72 per cent stake in Mangalore Refinery and Petrochemicals (MRPL) with a full management control of the 9.69 tonne state-of-the-art refinery.

GAIL (India) Ltd.

45 46299.4251 Oil Drilling And Exploration

GAIL is India’s flagship natural gas company, with a presence across the natural gas value chain, including exploration & production, processing, transmission, distribution and marketing. This highly integrated company has an expanding global footprint, with a footprint in Singapore, USA, Egypt and China among other countries. Domestically, it has natural gas pipelines with a capacity of 172 MMSCD, LPG pipelines with a capacity of 3.3 MMTPA, seven gas processing plants and a gas-based integrated petrochemical plant. It also has interests in polymers, ethylene, gas-based power generation and LNG terminals. This mammoth presence has led to GAIL being responsible for the transmission of about three-fourth of the total natural gas and operation of more than two-third of India’s CNG stations.

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CompanyRankMarket Cap Industry Description

ACC Ltd.

46 24452.89311075 Cement

ACC is India's foremost manufacturer of cement and ready mixed concrete with a countrywide network of factories and sales offices. Established in 1936, ACC is a trendsetter in the cement and concrete technology. Being one of the first few companies in India to include environment protection as a corporate commitment, ACC regularly wins accolades for best practices in environment management at its plants and mines, and for demonstrating good corporate citizenship.

The quality of its products and customer services make ACC the most preferred brand in the Indian cement industry. ACC is a part of the worldwide Holcim Group. It has a unique track record of innovative research, product development and specialised consultancy services. The company's various manufacturing units are backed by a central technology support services centre - a one of its kind in the Indian cement industry.

JSW Steel Ltd.

47 15885.94464 Steel

JSW Steel, the flagship company of the JSW Group, is today an integrated steel manufacturer. JSW Steel is the largest private sector steel manufacturer in terms of installed capacity. JSW is a part of USD16.5 billion O P Jindal Group. It has grown to USD 10 billion in a little over a decade and has a presence across various sectors - Steel, Energy, Minerals, Port & Infrastructure, Cement, and Aluminium. JSW Steel is one of the lowest cost steel producers in the world.

It has established a strong presence in the global value-added steel segment with the acquisition of a steel mill in USA. The company has also formed a joint venture for setting up a steel plant in Georgia. It has tied up with JFE Steel Corp, Japan for manufacturing the high grade automotive steel. JSW ISPAT Steel, an associate company of JSW Steel has an installed capacity of 3.3MTPA with manufacturing facilities in Dolvi and Kamleshwar in Maharashtra, thus making JSW Steel India's largest steel producer with a combined capacity of 14.3 MTPA.

Sterlite Industries (India) Ltd.

48 36637.162077 Metals - Non Ferrous - Copper/Copper Alloys - Prod

Sterlite is India's largest non-ferrous metals and mining company and is one of the fastest growing private sector companies. It was the first Indian Metals & Mining Company to get listed on the New York Stock Exchange. It was incorporated on September 8, 1975 as Rainbow Investments in Kolkata (then Calcutta). The registered office shifted to Mumbai (then Bombay) in the year 1979. In 1986, the company was renamed as Sterlite Industries (India). Sterlite Industries India (SIIL) is the principal subsidiary of Vedanta Resources PLC, a diversified and integrated FTSE 100 metals and mining company, with principal operations in India and Australia.

Sterlite's principal operating companies comprise of the Hindustan Zinc for its fully integrated zinc and lead operations, SIIL and Copper Mines of Tasmania Pty for its copper operations in India/Australia, Bharat Aluminium Company for its aluminium and alumina operations and Sterlite Energy for its commercial power generation business.

Tata Power Company Ltd.

49 23588.3392584 Power - Generation/Distribution

Tata Power was incorporated in the year 1919. It is engaged in the generation, transmission and distribution of power in India. It is one of India's largest integrated private power companies with a significant international presence. Its international presence is highlighted by its strategic investments in Indonesia through 30 per cent stake in coal mines and a geothermal project. In India, it has an installed capacity of 8500 MW. It operates in two segments - power (generation, transmission and distribution of electricity) and defense electronics.

It is also engaged in project contracts infrastructure management services, coal bed methane and property development. Tata power is one of the largest renewable energy players in India and is the country's first 4000 MW Power Project in Gujarat.

Reliance Infrastructure Ltd.

50 14990.43 Power - Generation/Distribution

Reliance Infrastructure promoted by the Reliance ADAG Group is among India's largest Indian business conglomerates and leading utility companies. It has a presence across the value chain of power businesses i.e. generation, transmission, distribution, EPC and trading. It is also the largest infrastructure company having interests in Roads, Highways, Metro Rails, Airports and Speciality Real Estate.

In the power infrastructure segment, the company is developing projects worth Rs 24300 crore. Its current generation capacity is 941 MW. Besides, it also has business interests in transmission and power trading. Reliance Infrastructure distributes more than 28 billion units of electricity to cover 25 million consumers across different parts of the country including Mumbai and Delhi in an area that spans over 124300 square kilometres.

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