New Delhi, July 29 -- India's markets are dominated by large firms, with the top 10% by revenue generally commanding more than 90% of net profits. This started changing after the covid-19 pandemic, as smaller firms clawed their way up amid a wider business rebound. But this fightback is now running out of steam.

In 2024-25, companies outside the top 10% bucket accounted for 7.3% of the aggregate net profit earned by the universe of BSE-listed firms, a Mint analysis of 5,096 companies showed. There was no improvement during the previous two years. Does this mean the repeat of the pre-pandemic pattern: David vs Goliath showdowns among Indian businesses?

It's still early days to say so: These smaller firms-the long tail comprising 90% of l...