Indian Oil Corp is ranked highest at 161st in the Fortune 500 list.
Seven Indian companies have made it to the latest Fortune 500 list of the world's biggest corporations in terms of revenue with the retail giant Walmart topping the global rankings.
Indian Oil Corp is ranked highest at 161st in the list, while another state-run firm ONGC has moved out of the rankings for 2016.
Private gems and jewellery major Rajesh Exports has made its debut at 423rd position.
Among the seven Indian companies, four are from the public sector while Reliance Industries is the top-ranked among private sector firms.
It is followed by Tata Motors and Rajesh Exports.
Among state-run majors, Indian Oil is followed by banking behemoth State Bank of India, Bharat Petroleum and Hindustan Petroleum.
Indian Oil is ranked 161st with revenue of $54.7 billion (down from 119th last year), while RIL is now at 215th (down from 158th).
Bharat Petroleum slipped from 280th to 358th this year and Hindustan Petroleum is at 367th, down from 327th.
However, Tata Motors and SBI have improved their position.
While Tata Motors has taken the 226th position, up from 254th last year, SBI is ranked 232nd, up from 260th last year.
The overall list was topped by Walmart with revenue of $482,130 million, followed by State Grid (revenue of $ 329,601 million) and China National Petroleum ($ 299,271 million) at the second and third place respectively.
Others in the global top 10 companies include Sinopec Group (4th, $294,344 million), Royal Dutch Shell (5th, $272,156 million), Exxon Mobil (6th, $246,204 million), Volkswagen (7th, $236,600 million), Toyota Motor (8th, $ 236,592 million), Apple (9th, $233,715 million) and BP (10th, $225,982 million).
The world's 500 largest companies generated $27.6 trillion in revenues and $1.5 trillion in profits in 2015, Fortune said.
Together, this year's Fortune Global 500 companies employ 67 million people worldwide and are represented by 33 countries, Fortune added.