Larsen & Toubro, Hindustan Unilever, Infosys, Tata Consultancy Services and Sun Pharma have made it on Forbes magazine’s list of world’s 50 most innovative firms. L&T led the list as 9th place, followed by HUL (12th), Infosys (19th), Tata Consultancy Services (29th) and Sun Pharma (38th). Note that Hindustan Unilever is a subsidiary of European giant Unilever, but it largely run as a separate business. Larsen & Toubro was started in the 1930s by two Danish immigrants to India but is 100% an Indian company.
Forbes used the “Innovation Premium” to rank firms, which is calculated first by projecting a company’s income from existing businesses, plus anticipated growth from those businesses, and look at the net present value of those cash flows. U.S. companies dominated with the top 7 positions, followed by one each from India, China and Japan.
Last updated: December 26th, 2025
