The Fabulous 50 companies are selected from a pool of 1,300 publicly listed companies in Asia with at least $3 billion in annual revenue or market capitalization, Forbes said.
While Tata Consultancy Services (TCS) makes the Fab 50 list for the seventh time and sixth straight time overall, HDFC Bank has made the list eight times, more than any other company since the list started in 2005.
Other firms from India include HCL Technologies, which makes the list for the fifth time, and Sun Pharmaceutical Industries, which features for the third consecutive time. Mahindra & Mahindra (M&M) also returns to the list after a two-year gap.
China has the most companies in line with its show for the last three years. But with the country experiencing slowing economic growth, the total number falls to 16, down from 20 last year and 23 the year before.
As a fallout of China's real estate slump all the property developers that would make the list regularly, have fallen off, Forbes said.
Tech companies dominate China's lineup, with Tencen', having a market capitalisation of $155.6 billion, that is nearly twice that of runner-up India's TCS.
Lenovo is the biggest in terms of an annual revenue of $38.7 billion, just ahead of Tata Motors.
South Korea has six companies, while after failing to get any companies on the list the last two years, Japan has two companies this year.