TCS is followed by Hindustan Unilever, ITC, Infosys and SBI in the top-five, while last year's top-ranked firm Tata Steel has slipped to seventh position in the list of India's 50 most admired companies.
Both ITC and Infosys are ranked at third position.
There are a total of four Tata group companies on the list, while as many as ten public sector units (PSUs) have made it to the rankings, global business magazine Fortune's Indian edition said on Tuesday.
The Indian entities of many multi-national companies including Coca-Cola, Microsoft, Samsung, Nokia, Dell and Intel have also made it into the league of most admired companies.
The rankings have taken into account various factors such as corporate governance, innovativeness, corporate social responsibility (CSR) and leadership.
L&T (6th rank), Maruti Suzuki (9th) and ICICI Bank (10th) also feature in the top ten.
Besides Tata Consultancy Services (TCS) and Tata Steel, other Tata group firms in the list are Tata Motors at the 12th spot and Tata Power at 50th.
Among state-run enterprises, SBI and ONGC are in the top ten, ranked at fifth and eighth positions, respectively.
State-run oil major Indian Oil Corp was placed at 11th rank, while SAIL (22nd), Bharat Petroleum (25th), NTPC (28th), HPCL (31st), GAIL (34th), ONGC Videsh (47th) and Coal India (48th) also made the cut.
Other companies who made it to the list include Microsoft India (15th), Colgate Palmolive (16th), IBM India (17th), Samsung India Electronics (18th), Bharti Airtel (19th), Cadbury (23rd), Dell India (32nd), Siemens (36th), Intel India (38th), Nokia India (42nd) and Sony India (44th).