A total of 12 Indian companies made it to the third annual Forbes Asia Fabulous 50 List, followed by Taiwan with 10 and China with seven, Forbes Asia said.
Four of India's IT outsourcing companies made the cut including the biggest, Tata Consultancy Services that writes software for leading American firms.
Its revenues leapt 45 per cent in the last year and its market capitalisation has doubled since listing three years ago to cross the $27 billion mark, the release said.
Tata earns nearly all of its revenues overseas but will move some of its work back to India, it said.
The 12 Indian companies on the Forbes Asia 'Fabulous 50' list are: Bharat Heavy Electricals, Bharti Airtel, Grasim Industries, HDFC Bank, ICICI Bank, Infosys Technologies, Larsen & Toubro, Reliance Industries, Satyam Computer Services, Tata Consultancy Services, Tata Steel and Wipro.
Most of the Indian firms on the list, however, did not have to leave home to find success, the release noted.
With a relatively young population of 1.1 billion, India has its own huge market.
Companies such as ICICI Bank, HDFC Bank and Bharti Airtel are growing fast by reaching out to the country's rural customers, not to Western markets. Others, such as Grasim, Larsen & Toubro and Reliance, are shoring up the country's infrastructure at a furious pace.
Only companies with revenues or market capitalisation of at least $5 billion and a five-year
record of operating profitability and return on equity are covered.
Other criteria include long-term profitability, sales and earnings growth, stock price appreciation and projected earnings.
The Fabulous 50 List appears in the September 17 issue of Forbes Asia.
China may be the world's factory, but all seven of the mainland's companies featured this year also rely on customers within its border.
They include China Mobile and the Lenovo Group. More Chinese companies would have made the list but transparency remains an issue, even at the biggest of the old state-owned enterprises, the release said.
Companies on the list are also supplementing organic growth with acquisitions. Tata Steel bought Britain's Corus Group to a chorus of cheers back home, despite the $13 billion price tag.
Close on the heels of India is Taiwan with ten companies on the list this year. Most of the firms represented are from the island's low-profile tech industry and include Hon Hai Precision Industry, which churns out iPhones, PCs and PlayStations.
Also doing well in the IT sector are Acer, Compal Electronics and Taiwan Semiconductor Manufacturing which jave made a comeback on the list after dropping off last year.
This year's list includes several new entries. Among them are Hong Kong carrier Cathay Pacific Airways, Australian construction firm Leighton Holdings, Japanese computer game maker Nintendo, and Singaporean firms Neptune Orient Lines and SembCorp Industries.
