Bengaluru-headquartered IT services giant Infosys has exited the list of India's top 10 most valuable companies by market capitalization. As of April 30, 2026, the public sector insurer Life Insurance Corporation of India (LIC) has risen to take the tenth spot, displacing the tech major.
Infosys, India's second-largest IT services exporter, recorded a market capitalization of Rs 4.79 lakh crore, placing it at the eleventh position among the country's most valuable firms. In contrast, LIC's market cap stood at Rs 5.04 lakh crore at the close of trading on Wednesday, April 30.
Factors Behind Infosys's Decline
The shift in rankings follows a challenging period for Infosys shares, which have seen a significant erosion of nearly Rs 2 lakh crore in market cap this year, plummeting over 27%. A major catalyst for this decline was the company's weak guidance for the fiscal year 2027 (FY27), which overshadowed its fourth-quarter (Q4) results for FY26. On April 24, Infosys shares plunged over 6% following the announcement.
The IT major projected a cautious constant-currency revenue growth of 1.5% to 3.5% for FY27. This guidance fell short of market expectations, with many investors anticipating a stronger outlook signaling a return in demand. Management commentary indicated a persistent uncertain business environment, further dampening investor sentiment.
Q4 FY26 Performance Highlights
- Consolidated Net Profit: Rs 8,501 crore (up 20.8% year-on-year)
- Revenue from Operations: Rs 46,402 crore (up 13.4% year-on-year from Rs 40,925 crore in Q4 FY25)
For the full fiscal year 2025-26, Infosys reported a net profit of Rs 29,440 crore, a 10.20% increase from Rs 26,713 crore in the previous fiscal year.
India's Current Top 10 Companies by Market Cap
As of April 30, 2026, the list of India's most valuable companies by market capitalization is as follows:
- Reliance Industries – Rs 19.36 lakh crore
- HDFC Bank – Rs 11.87 lakh crore
- Bharti Airtel – Rs 10.93 lakh crore
- State Bank of India – Rs 9.85 lakh crore
- ICICI Bank – Rs 9.07 lakh crore
- Tata Consultancy Services – Rs 8.94 lakh crore
- Bajaj Finance – Rs 5.83 lakh crore
- Larsen & Toubro – Rs 5.64 lakh crore
- Hindustan Unilever – Rs 5.28 lakh crore
- Life Insurance Corporation of India – Rs 5.04 lakh crore