Reliance had broken into the top 100 in 2012 ranking when it was ranked 99th but slipped in subsequent years to rank 215th in 2016. Since then it has risen steadily, according to the ranking.
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State-owned Indian Oil Corp (IOC) slipped 34 positions to rank 151st on the 2020 ranking while Oil and Natural Gas Corp (ONGC) is ranked 190th, 30 notches lower than its last year's ranking.
The country's top lender State Bank of India (SBI) has risen 15 ranks to 221st position.
Other Indian firms on the list include Bharat Petroleum Corp Ltd (BPCL) at rank 309th, Tata Motors at 337, and Rajesh Exports at 462.
Fortune said companies are ranked by total revenues for their respective fiscal years ended on or before March 31, 2020.
While Reliance had a revenue of $86.2 billion, IOC had revenue of $69.2 billion. ONGC had revenue of $57 billion and SBI had $51 billion.
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According to Fortune, the 2020 list is topped by Walmart with a revenue of $524 billion, followed by three Chinese companies - Sinopec Group ($407 billion), State Grid ($384 billion), and China National Petroleum ($379 billion).
Royal Dutch Shell is ranked 5th followed by Saudi oil giant Aramco at 6th position.
There is no change in positions of Walmart, Sinopec, and China National Petroleum while State Grid has jumped two positions and Shell slipped two notches.