Companies featuring in the Next 500 list are mostly mid-sized and termed as the 'small wonders' by the magazine.

Dynamatic Technologies tops the list with an annual revenue of over Rs 1,693 crore followed by Nectar Lifescience (Rs 1,692 crore), Oswal Wollen Mills (Rs 1,689 crore), VRL Logistics (Rs 1,682.5 crore) and Hitachi Home & Life Solutions (Rs 1,682.18 crore).

Nectar Lifescience is a new entry in the list, while other four companies have shown improvements in their respective rankings from last year.

According to the magazine, together Next 500 companies have generated a revenue of Rs 5,14,788 crore, while on an average these firms have a revenue of over Rs 1,000 crore.

These firms are from various sectors including basic materials, financial services, food and agri products, pharma and information technology, capital goods and iron and steel.

Others in the top 10 are Gujarat Mineral Development Corp, Lucas-TVS, Gati, Adecco India and Jindal Aluminium.

Indian Railway's tourism and catering arm IRCTC improved its ranking to 199 from 328 in 2015.

UTI Asset Management Company and Just Dial, which are new entrants, have bagged the 442 and 449 positions respectively.

Interestingly, Narayan Hrudayalaya, Ujjivan Financial Services, Dr Lal Pathlabs and Parag Milk Foods, which have recently hit IPO markets, have also found a place in the list.

The magazine, last year, had said that companies featuring in the Next 500 list are capable of breaking into the Fortune India 500.

Others in the list include PVR, ranked 62, MOIL (142), Bajaj Corp (319), Franklin Templeton Asset Management (351), Motilal Ostwal Financial Services (355), Repco Home Finance (415), Monsanto India (447).