Iran's 🇮🇷 Largest 100 Companies

Iran holds a key strategic position in global energy markets due to possessing some of the world’s largest oil and natural gas reserves. The list of Iran’s largest 100 companies reveals the absolute dominance of state-owned or quasi-public energy, petrochemical, and financial institutions that form the core of the country’s economic structure. These entities play a vital role in the country’s economic sustainability and domestic development projects, despite international restrictions.

In this article, based on the most current data determined by market capitalization and turnover, we will examine Iran’s largest 100 companies; we will analyze the criteria for the list, its dominant sectoral distribution, and their roles in the global/local competitive landscape.

Criteria for Size and the Weight of State Control

The primary metrics defining company size in Iran are market capitalization (Tehran Stock Exchange – TSE) and annual turnover. However, the most distinctive feature of the Iranian economy is that most of the largest companies are directly or indirectly controlled by the state or quasi-public entities (foundations, pension funds, etc.). These companies play a central role in managing the country’s energy and financial infrastructure.

A large proportion of companies on the Tehran Stock Exchange, particularly giants in the oil, gas, petrochemical, and banking sectors, rank at the top of the list due to their high export revenues and strategic importance. This structure is shaped more by strategic resource management and state planning than by free market dynamics.

Sectoral Distribution and Energy Dependence

An examination of Iran’s largest 100 companies list shows an undisputed focus on raw materials and financial services:

• Energy, Oil, and Petrochemicals: The top ranks of the list are dominated by oil, natural gas, and petrochemical companies based on them. Directly state-owned giants like the National Iranian Oil Company (NIOC) take the largest share of turnover, while listed Petrochemical and Refinery companies lead in market value.
• Finance and Banking: The country’s major banks (e.g., Bank Mellat, Tejarat Bank) and insurance companies manage domestic financial flows, constituting a significant weight on the list. The finance sector plays a key role in funding infrastructure projects and industrial investments.
• Mining and Metals: Steel and copper producers such as Mobarakeh Steel Company and National Iranian Copper Industries are prominent names in the industrial sector, leveraging Iran’s rich mineral deposits.

This distribution indicates that the Iranian economy relies heavily on the export of natural resources and a robust banking system that finances these exports.

Key Players at the Top of the List (Top 20)

The table below presents selected key players from the largest and most influential top 20 companies in Iran by market capitalization and turnover.

Note: The rankings and market values of Iranian companies are highly sensitive to international sanctions, currency fluctuations, and government decisions, and are subject to instantaneous change. The lists are based on the most current available Tehran Stock Exchange data.

Conclusion and Future Outlook

The list of Iran’s largest 100 companies demonstrates the economy’s deep reliance on energy and state-owned financial resources. These companies undertake a vital role in meeting the country’s domestic demand and strategic needs despite the economic hardships caused by international restrictions.

In the future, the main challenges for the companies on the list will be overcoming technology and financing restrictions imposed by international sanctions, increasing efficiency in the energy sector, and encouraging digitalization and competition in the domestic market. The full realization of Iran’s economic potential will largely depend on the integration of these companies into the global market and their access to international capital.