A decade ago, India Inc.'s profit landscape looked very different. Banks were still dealing with bad loans; telecom companies were locked in fierce competition, and energy firms were navigating volatile commodity prices. Fast forward to FY26 and select corporate giants have emerged as India's biggest money-making machines, generating tens of thousands of crores in annual profits and creating enormous value for shareholders.

Performance in FY26

According to ACE Equity data, Reliance Industries remained India's most profitable company in FY26 with a profit after tax (PAT) of Rs 95,610 crore, followed by State Bank of India (Rs 85,168 crore), HDFC Bank (Rs 79,219 crore) and ICICI Bank (Rs 57,673 crore). Tata Consultancy Services reported a profit of Rs 49,454 crore, while ONGC earned Rs 46,791 crore. Bharti Airtel, Coal India, Infosys and NTPC completed the list of the country's top 10 profit generators.

The combined profit of the 50 companies in the Nifty50 stood at Rs 9.16 lakh crore in FY26, up nearly 6% year-on-year. Over the last decade, aggregate profit surged 250%, rising from Rs 2.62 lakh crore in FY16. Of the 50 companies in the index, 48 reported profits in FY26, while two companies posted losses. Notably, 30 companies recorded profits exceeding Rs 10,000 crore, highlighting the broad-based strength of corporate earnings among India's largest listed firms.

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The latest year's performance presents a mixed picture. ONGC recorded the fastest profit growth among the top 10 companies in FY26, with earnings rising 22% year-on-year. Reliance Industries followed with 18% growth, while NTPC and Infosys reported gains of 13% and 10%, respectively. State Bank of India and HDFC Bank delivered steady growth of 8% each, while ICICI Bank's profit increased 6%. In contrast, Bharti Airtel and Coal India reported declines of 11% and 14%, respectively, while TCS posted a modest 1% increase.

Profit growth in the last ten years

While the FY26 rankings showcase current leaders, the real story lies in how significantly profits have grown over the last decade. State Bank of India emerged as the biggest turnaround story, with profit soaring 568% from Rs 12,743 crore in FY16 to Rs 85,168 crore in FY26. HDFC Bank followed closely with 518% growth, while ICICI Bank's earnings jumped 428%. Together, these numbers underline how India's banking sector has transformed from a period of stress into the country's strongest profit engine.

The telecom sector also delivered a remarkable success story. Bharti Airtel's profit climbed 385% over the decade, rising from Rs 6,893 crore to Rs 33,458 crore. Among energy companies, ONGC's profit surged 257%, while Reliance Industries posted a 220% increase, taking its earnings from Rs 29,861 crore in FY16 to nearly Rs 96,000 crore in FY26.

The data reveals a clear trend banking, energy and technology companies have dominated India's profit pool over the last decade. More importantly, it shows how some of the country's largest corporations have not only maintained their leadership positions but have also multiplied their earnings several times over, reflecting the scale and resilience of India's corporate growth story.