Mumbai: TCS, the country's largest software exporter, is India's top wealth creator despite the domestic information technology space facing various challenges during recent times.

This is the fifth year in a row that the Tata group firm has topped the wealth chart prepared by a brokerage firm based on market valuation.

According to Motilal Oswal's 22nd Annual Wealth Creation Study, the top 100 companies of the country in terms of market valuation have generated a record Rs 38.9 lakh crore wealth in the last five years.

TCS retained its first rank for creating investor wealth worth nearly Rs 2.50 lakh crore from 2012 to 2017. The infotech giant was followed by private sector lender HDFC Bank (Rs 2.31 lakh crore), according to the study, which looks into the top 100 wealth creating companies during the said five-year period.

Creating wealth worth about Rs 1.89 lakh crore, Reliance Industries muscled its way to the third spot after not featuring on the list in the previous study. ITC (Rs 1.59 lakh crore) and Maruti Suzuki (Rs 1.41 lakh crore) took the fourth and fifth rank on the list.

Overall, the top 100 companies created Rs 38.9 lakh crore during 2012 to 2017, which is the highest ever quantum of wealth created, Motilal Oswal said.

The study rank's the top 100 companies in descending order of absolute wealth created, subject to the company's stock price at least outperforming the benchmark BSE Sensex index.

Ajanta Pharma emerged as the fastest wealth creator for the third time in a row, with 2012 to 2017 stock price multiplier of 29 times (96 per cent CAGR).

"This reinforces the point that wealth creation happens in all kinds of market conditions. So, investors are better off focusing on which stocks to invest in, rather than timing the markets," the study said.