Billionaire Mukesh Ambani-led Reliance Industries has once again emerged as the highest-ranked Indian company on the 2025 edition of the Fortune Global 500 list. The oil-to-telecom-and-retail conglomerate secured the 88th spot globally, slipping slightly from its 86th rank in 2024. Despite the marginal drop, Reliance has made a significant leap over the past four years, climbing 67 positions from its 2021 rank of 155. This year marks the 22nd consecutive appearance of Reliance on the prestigious list — the longest streak for any Indian private sector firm.

• India is represented by nine companies on this year’s list, comprising five public sector undertakings (PSUs) and four private sector firms.
• The Life Insurance Corporation of India (LIC) held steady at the 95th position, while Indian Oil Corporation (IOC) fell 11 places to 127.
• Meanwhile, State Bank of India (SBI) advanced 15 spots to rank 163, and HDFC Bank made a notable jump of 48 positions to land at 258.
• Oil and Natural Gas Corporation (ONGC) dropped one slot, ranking at 181.
• On the global stage, U.S. retail behemoth Walmart retained its position at the top, followed by Amazon.
• The top 10 also features three Chinese state-owned enterprises — State Grid Corporation of China, China National Petroleum Corporation, and Sinopec Group.
• The Fortune Global 500 ranks the world’s largest corporations by total revenues for the fiscal year ending on or before March 31, 2025.
• The depreciation of the Indian rupee — from 83.35 in March 2024 to 85.45 in March 2025 — negatively impacted the dollar-converted revenues of Indian companies, including Reliance.
• Yet Reliance made it to highest ranked Indian company in 2025 edition of the Fortune Global 500 list.