In a remarkable achievement, 20 Indian firms figure among top 100 companies in Nikkei Asian Review's Asia300 companies list.
Taiwan's Largan Precision topped the list with Indian IT service provider HCL Technologies coming in at the second place.
Zee Entertainment Enterprises and Tata Consultancy Services were placed at the third and fourth place respectively.
According to the Nikkei Asian Review's second annual Asia 300 Power Performers Ranking -- a compilation of the most powerful and valuable listed companies in Asia, as many as three Indian companies have made it to the top 10 list, while none had made the cut in the previous financial year.
"India's rise in the rankings is remarkable," Nikkei said, adding Indian players held 10 of the top 30 spots, outperforming their Chinese and Southeast Asian counterparts.
Others in the top ten include, Taiwan Semiconductor Manufacturing Co at the 5th position, Alibaba Group Holding (6th), Eclat Textile (7th), Vietnam Dairy Products (Vinamilk) (8th), Tencent Holdings, (9th) and Airports of Thailand at the 10th place.
Other Indian companies named among top 100 include Sun Pharmaceutical Industries at the 11th place, Infosys (15), ITC (16), Maruti Suzuki India (17), Lupin (18), Dabur India (24), Asian Paints (28), Power Grid Corporation of India (40), Godrej Consumer Products (41), Bajaj Auto (43), Wipro (48), Hero MotoCorp (57), Hindustan Unilever (62), Housing Development Finance Corp (71), Motherson Sumi Systems (72) and Vedanta at 93rd place.
The Asia300 list consists of a total of 327 companies in India, China, Hong Kong, South Korea, Taiwan and six other Southeast Asian nations.
The Nikkei ranked them based on average growth in sales and profit over the past five years, profitability, capital efficiency and financial soundness.
"These results testify to India's solid personal consumption despite the government's demonetisation of two high-denomination bank notes last November," it said.
The combined net profit of Indian companies on the Asia300 list increased 9.8 per cent on the year, a sharp contrast to the 9.8 per cent fall for Chinese and Hong Kong companies combined, it added.
(With PTI inputs)