Master methodology v1.3 · §3.2, §3.3, §3.6, §3.11
Included
- India-incorporated companies with eligible ordinary equity listed on the NSE or BSE main board, still listed on 31 December of the measurement year.
- Private-sector companies, and separately listed PSUs and government-controlled entities.
- Banks, NBFCs and insurers.
- Independently listed parent companies and independently listed subsidiaries, each in their own right.
- Recent IPOs whose ordinary shares commenced trading on or before 1 October of the measurement year.
Excluded
- Unlisted and private companies.
- SME-platform securities (NSE Emerge, BSE SME) unless migrated to the main board before 1 October.
- Foreign-incorporated companies — screened on an equity ISIN not beginning INE, verified against the incorporation record.
- Exchange-traded funds, mutual funds, REITs, InvITs, debt, preference securities, warrants and depository receipts, as separate ranking entities.
- Entities delisted, merged out or struck off before 31 December.
- Entities whose trading was suspended for the whole window.
Parent and subsidiary
An independently listed parent and an independently listed subsidiary may each appear, and are not consolidated into one rank. Listed subsidiary ownership is not deducted from the parent's observed market capitalisation (§3.3).
This matters when reading the total. Adding all 1,000 market capitalisations produces a sum of listed equity valuations — not a non-overlapping measure of India's total enterprise wealth, because cross-holdings can create double counting.
Share capital: the edge cases
| Case | The rule |
|---|---|
| Base count | Exchange-recorded listed, issued and paid-up equity shares of the class, effective on each session |
| Shares held by an ESOP or employee-welfare trust | Included — they are issued and listed — consistent with exchange and AMFI market caps |
| Partly-paid shares, separately traded | Added as a separate class: that line's own close × its shares |
| Partly-paid shares, not separately traded | Converted to fully-paid-equivalent shares, valued at the fully-paid close |
| Differential voting rights and other listed ordinary classes | Each listed class at its own close × its shares; unlisted classes excluded |
| Shares allotted but not yet admitted to trading | Counted from the date the exchange records them in listed capital, not from board allotment |
| Completed buyback | Removed from the effective date of extinguishment per the company's filing |
| Bonus or split | Applied from the ex-date together with the price basis change |
Classification
Industry classification follows the NSE Indices four-level classification as published at the start of the window. WCRC does not create bespoke sector labels to produce sector "leaders". Headquarters is the registered-office state per MCA company master data at 31 December (§3.11).