Tüpraş still Türkiye's industrial leader, defense firms join top ranks

A worker is seen at Tüpraş's oil refinery in Izmir, western Türkiye, May 15, 2018. (Courtesy of Tüpraş)

by Daily Sabah with AA

Jun 17, 2026 12:47 pm

Oil refiner Tüpraş retained the title of Türkiye's largest industrial company in 2025, according to the Istanbul Chamber of Industry's (ISO) annual ranking of the country's 500 biggest industrial enterprises, released on Wednesday.

The ISO 500 survey showed that Türkiye Petroleum Refineries, known as Tüpraş, ranked first with TL 698.8 billion ($19.6 billion) in net production-based sales.

Tüpraş has long been positioned as the leading industrial enterprise in Türkiye. The latest list showed less change among the most dominant companies on the list, which was led by refiners and automotive giants, but it also revealed the rise of defense companies, with two of them entering the Top 10 list.

The results of the "Türkiye's 500 Largest Industrial Enterprises 2025" survey were announced by ISO Chairperson Erdal Bahçivan at a news conference.

Ford Otomotiv retained second place with TL 538.3 billion ($15.1 billion), while Star Refinery remained third with TL 327.9 billion ($9.2 billion).

Automaker OYAK-Renault climbed to fourth place from sixth with TL 235.5 billion ($6.6 billion) in production-based sales. Toyota Otomotiv ranked fifth with TL 206.3 billion ($5.8 billion), followed by home appliance manufacturer Arçelik with TL 165.7 billion ($4.65 billion).

The ranking highlighted strong gains by defense and energy companies.

Turkish Aerospace Industries (TAI), a major defense manufacturer, the maker of Türkiye's homegrown fifth-generation stealth fighter jet, rose to seventh place from 11th with TL 140.9 billion ($4 billion) in production-based sales.

Meanwhile, Turkish Petroleum Corporation (TPAO) climbed to eighth place from 16th with TL 138.8 billion ($3.98 billion), while defense contractor Aselsan advanced to ninth from 17th with TL 130.2 billion ($3.65 billion).

Mercedes-Benz entered the top 10, moving up to 10th place from 12th with TL 127 billion ($3.56 billion).

Accordingly, the top 10 companies in the 2025 ISO 500 ranking were listed as: Tüpraş, Ford Otomotiv, Star Refinery, OYAK-Renault, Toyota Otomotiv, Arçelik, TAI, Turkish Petroleum Corporation, Aselsan and Mercedes-Benz.

Dollar equivalents were calculated using the average USD/TRY exchange rate for 2025.