R&D Spending as Share of Market Cap: 44 Indian Listed Companies (Dec 2025)
R&D expenditure, market capitalization, and R&D-to-market-cap ratio for 44 NSE/BSE-listed Indian companies as of December 2025.
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| # | Company Name | Exchange | R&D Expenditure (INR lakhs) | Market Capitalization (INR) | R&D / Market Cap (%) | Market Cap date/source |
|---|---|---|---|---|---|---|
| 1 | Indoco Remedies Ltd. | NSE, BSE | 8,729 | 20,870,000,000 | 0.04183 | Dec-2025, Screener |
| 2 | Unichem Laboratories Ltd. | NSE, BSE | 11,021 | 54,500,000,000 | 0.02021 | Dec-2025, BSE |
| 3 | Alembic Pharmaceuticals Ltd. | NSE, BSE | 40,996 | 210,000,000,000 | 0.01952 | Dec-2025, NSE |
| 4 | Ramco Systems Ltd. | NSE, BSE | 6,327 | 46,800,000,000 | 0.01352 | Dec-2025, NSE |
| 5 | Alkem Laboratories Ltd. | NSE, BSE | 35,912 | 430,000,000,000 | 0.00835 | Dec-2025, NSE |
| 6 | Force Motors Ltd. | NSE, BSE | 19,257 | 243,550,000,000 | 0.00791 | Dec-2025, Screener |
| 7 | Intas Pharmaceuticals Ltd. | NSE, BSE | 55,274 | 720,000,000,000 | 0.00768 | Dec-2025, NSE |
| 8 | Jain Irrigation Systems Ltd. | NSE, BSE | 3,315 | 52,000,000,000 | 0.00637 | Dec-2025, NSE |
| 9 | Lumax Industries Ltd. | NSE, BSE | 4,793 | 78,000,000,000 | 0.00614 | Dec-2025, NSE |
| 10 | Mahindra & Mahindra Ltd. | NSE, BSE | 259,534 | 4,511,520,000,000 | 0.00575 | Dec-2025, NSE |
| 11 | Lucas-TVS Ltd. | NSE, BSE | 3,536 | 66,000,000,000 | 0.00536 | Dec-2025, NSE |
| 12 | Torrent Pharmaceuticals Ltd. | NSE, BSE | 42,998 | 1,090,000,000,000 | 0.00394 | Dec-2025, NSE |
| 13 | IPCA Laboratories Ltd. | NSE, BSE | 13,816 | 356,800,000,000 | 0.00387 | Dec-2025, NSE |
| 14 | Escorts Kubota Ltd. | NSE, BSE | 14,963 | 413,950,000,000 | 0.00362 | Dec-2025, NSE |
| 15 | Aether Industries Ltd. | NSE, BSE | 3,926 | 112,600,000,000 | 0.00349 | Dec-2025, NSE |
| 16 | Aries Agro Ltd. | NSE, BSE | 230 | 7,800,000,000 | 0.00295 | Dec-2025, BSE |
| 17 | Kirloskar Brothers Ltd. | NSE, BSE | 4,080 | 160,000,000,000 | 0.00255 | Dec-2025, NSE |
| 18 | Engineers India Ltd. | NSE, BSE | 2,854 | 155,000,000,000 | 0.00184 | Dec-2025, NSE |
| 19 | UNO Minda Ltd. | NSE, BSE | 12,971 | 731,010,000,000 | 0.00177 | Dec-2025, NSE |
| 20 | TTK Healthcare Ltd. | NSE, BSE | 311 | 19,500,000,000 | 0.00159 | Dec-2025, NSE |
| 21 | Atul Ltd. | NSE, BSE | 3,239 | 210,000,000,000 | 0.00154 | Dec-2025, NSE |
| 22 | Talbros Automotive Components Ltd. | NSE, BSE | 211 | 14,500,000,000 | 0.00146 | Dec-2025, NSE |
| 23 | Banco Products (India) Ltd. | NSE, BSE | 349 | 24,000,000,000 | 0.00145 | Dec-2025, NSE |
| 24 | Gujarat Alkalis & Chemicals Ltd. | NSE, BSE | 493 | 38,000,000,000 | 0.0013 | Dec-2025, NSE |
| 25 | Dhanuka Agritech Ltd. | NSE, BSE | 480 | 37,000,000,000 | 0.0013 | Dec-2025, NSE |
| 26 | Havells India Ltd. | NSE, BSE | 11,026 | 893,940,000,000 | 0.00123 | Dec-2025, NSE |
| 27 | GRP Ltd. | NSE, BSE | 225 | 19,000,000,000 | 0.00118 | Dec-2025, NSE |
| 28 | SRF Ltd. | NSE, BSE | 10,555 | 919,510,000,000 | 0.00115 | Dec-2025, NSE |
| 29 | Surya Roshni Ltd. | NSE, BSE | 351 | 32,000,000,000 | 0.0011 | Dec-2025, NSE |
| 30 | Emami Ltd. | NSE, BSE | 2,285 | 220,000,000,000 | 0.00104 | Dec-2025, NSE |
| 31 | Bharat Forge Ltd. | NSE, BSE | 5,993 | 691,290,000,000 | 0.00087 | Dec-2025, NSE |
| 32 | Aarti Drugs Ltd. | NSE, BSE | 435 | 58,000,000,000 | 0.00075 | Dec-2025, NSE |
| 33 | Vimta Labs Ltd. | NSE, BSE | 225 | 31,000,000,000 | 0.00073 | Dec-2025, NSE |
| 34 | NLC India Ltd. | NSE, BSE | 2,326 | 360,000,000,000 | 0.00065 | Dec-2025, NSE |
| 35 | Paras Defence & Space Tech. | NSE, BSE | 306 | 48,000,000,000 | 0.00064 | Dec-2025, NSE |
| 36 | Exide Industries Ltd. | NSE, BSE | 2,786 | 455,000,000,000 | 0.00061 | Dec-2025, NSE |
| 37 | Shakti Pumps (India) Ltd. | NSE, BSE | 452 | 85,000,000,000 | 0.00053 | Dec-2025, NSE |
| 38 | Ashok Leyland Ltd. | NSE, BSE | 5,448 | 1,019,700,000,000 | 0.00053 | Dec-2025, NSE |
| 39 | Hindustan Unilever Ltd. | NSE, BSE | 21,892 | 5,369,290,000,000 | 0.00041 | Dec-2025, NSE |
| 40 | Paushak Ltd. | NSE, BSE | 200 | 82,000,000,000 | 0.00024 | Dec-2025, NSE |
| 41 | Larsen & Toubro Ltd. | NSE, BSE | 10,252 | 5,553,150,000,000 | 0.00019 | Dec-2025, NSE |
| 42 | Godrej Consumer Products | NSE, BSE | 2,066 | 1,140,000,000,000 | 0.00018 | Dec-2025, NSE |
| 43 | Hindalco Industries Ltd. | NSE, BSE | 1,756 | 1,470,000,000,000 | 0.00012 | Dec-2025, NSE |
| 44 | Voltas Ltd. | NSE, BSE | 355 | 410,000,000,000 | 0 | Dec-2025, NSE |
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