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Industry Classification


NSE Indices Ltd. provides the industry classification for companies, which is based on comprehensive and detailed structure for industry and sector analysis that facilitates comparison of companies across four levels of classification. Each company is classified into a particular category based on the nature of its revenue generated from business activities carried out.


NSE Indices industry classification follows 4 tier structure. Brief of four levels of classification for each company as detailed below:

  • Macro-Economic Sector: Indicates business activity of a company at macro level
  • Sector: Indicates specific sector of a company
  • Industry: This level would indicate the industry classification of the company
  • Basic Industry: This is a micro level classification to indicate the core business activities carried on by the company

It consists of 12 Macro-Economic Sectors, 22 Sectors, 59 Industries and 197 Basic Industries.

NSE Indices Industry Classification Structure (.pdf)


NSE Indices Ltd. classifies each company to basic industry whose definition most closely describes the nature of its business. As revenues are more stable than the profits, they are considered as basis to classifying a company into particular category of industry classification structure. Revenues provide more accurate description of company’s core business activities.

  • In case a company has only 1 line of business, company would be classified according to that business.
  • In case company has more than single business, classification is based on the business segment (Segment Revenue) that contributes more than 50% of the total revenue.
  • In case of a company engaged into multiple business segment, where no single business segment contributes more than 50% of companies' total revenue and two or more segments each contributes at least 20% of total revenue, such company would be classified as ‘Diversified’
  • In case of a company engaged into multiple business segment, where no single business segment contributes more than 50% of companies' total revenue and each business segments contribute less than 20% of total revenue, such company would also be classified as ‘Diversified’


Audited consolidated annual financials report shall be the prime source information that is considered for classification of a company.

Where revenue information is unavailable or insufficient, or where a company is newly listed or it has undergone a change in its line of business, the company will be classified based on the definition closely coincides with the description of company’s business as stated in company’s annual report, or if the annual report is not available, description of the company’s business provided in its red herring prospectus (RHP), information memorandum, any other regulatory filings by company, business description provided on company’s website etc.

Review of classification of companies:

The classification of all companies listed on NSE will be reviewed on annual basis following receipt of companies’ annual report. Additionally, classification of a company may be reviewed upon significant change in company's business activities as a result of any corporate event such as a merger or demerger.

If a company wishes to revise its current classification, it should contact NSE Indices Ltd. providing rationale for proposing a change of classification, having regard to the classification rules and attaching any documentary evidence in support of its claim.

No changes in classification will be made on the basis of non-public information, promises of action, assertions or company’s/ director’s aspiration, unless these can be substantiated by audited or independently authenticated formal company statements. Any adjustment resulting from a change in a company’s classification will be implemented at the same time as the corporate event is completed. A company's classification may also be reviewed by NSE Indices Ltd. either at their discretion or at the request of the company or professional advisors acting on its behalf.

Review of industry classification structure:

Changes to the industry structure is evolutionary. Any changes to the industry classification structure will be based on long-term trends and may not consider temporary fluctuations within individual industries. NSE Indices annually reviews the industry classification structure based on internal assessment, market feedback and consultation with relevant stakeholders.

Contact Us for related queries and subscription:

NSE Indices Limited
Exchange Plaza,
Bandra Kurla Complex,
Bandra (East),
Mumbai- 400 051 (India)
Email: indices@nse.co.in

Updated on: 21/09/2023