The combined value of India’s 500 most valuable non-state-run companies dropped 11% to $3.4 trillion in 2025, according to the fifth edition of the Burgundy Private Hurun India 500 report released on June 24, 2026. Reliance Industries retained the top spot for the fifth consecutive year with a valuation of ₹19.36 lakh crore, while Bharti Airtel emerged as the biggest wealth creator over five years. The report also marked the debut of five Indian Premier League franchises, underscoring the growing commercialisation of professional sport in India.
What Is the Burgundy Private Hurun India 500?
The Burgundy Private Hurun India 500 is an annual ranking of the 500 most valuable non-state-run companies headquartered in India. It is published jointly by Burgundy Private, the private banking division of Axis Bank, and Hurun India, the Indian arm of the global research and publishing group Hurun Report.
Hurun Report was founded by Rupert Hoogewerf in 1999 and is headquartered in Shanghai, China. It is best known for compiling the Hurun Rich List, a ranking of the world’s wealthiest individuals. Hurun India is led by Anas Rahman Junaid, who serves as its Founder and Chief Researcher.
Axis Bank was originally established in 1993 as UTI Bank and was rebranded as Axis Bank in 2007. Its headquarters are in Mumbai. Burgundy Private is the bank’s premium wealth management service for high-net-worth clients.
The 2025 edition ranks companies by their market capitalisation (for listed firms) or enterprise value (for unlisted firms), based on data as of April 30, 2026. State-owned enterprises and subsidiary entities are excluded from the list. To qualify, a company needed a minimum valuation of ₹10,230 crore (about $1.1 billion), up 7% from ₹9,580 crore in the previous year.
Overall Findings: A Year of Selective Value Creation
The total combined value of the 2025 Burgundy Private Hurun India 500 companies stood at $3.4 trillion, an 11% decline from $3.8 trillion recorded in the 2024 edition. The report noted that only 198 of the 500 companies managed to increase their valuations during the year. Fundamentals such as return on equity, cash generation, and balance-sheet strength were rewarded over pure growth narratives.
Despite the decline, the scale of these companies remains enormous. Their combined revenue of $1 trillion accounts for more than a quarter of India’s GDP. Together, they employ 8.9 million people, contribute ₹3.23 lakh crore in taxes, and spent ₹13,433 crore on corporate social responsibility initiatives.
The cumulative valuation of $3.4 trillion is higher than the GDP of Canada and the combined GDPs of Indonesia and Spain, highlighting the economic heft of India’s private sector.
The report recorded 95 new entrants, the highest in the history of the list since its first edition in 2021. More than one-third of the companies from the inaugural 2021 edition have since dropped off, reflecting rapid churn in India’s corporate landscape.
The combined value of the top 10 companies fell by ₹11 lakh crore to ₹86 lakh crore, down from ₹97 lakh crore a year earlier. However, the top 10 still account for 27% of the total value of the Hurun 500 universe and nearly one-fourth of India’s GDP.
The Top 5 Most Valuable Companies
| Rank | Company | Valuation (₹) | Key Highlight |
|---|---|---|---|
| 1 | Reliance Industries | ₹19.36 lakh crore | Topped the list for the 5th consecutive year; added over ₹1.8 lakh crore in value |
| 2 | HDFC Bank | ₹11.88 lakh crore | Recorded a 31% increase in value over five years |
| 3 | Bharti Airtel | ₹11.50 lakh crore | Biggest wealth creator over 5 years; added ₹7.64 lakh crore since 2021 |
| 4 | ICICI Bank | Data not separately reported | Consistently among top 5 in recent years |
| 5 | TCS | Data not separately reported | IT major, but saw value erosion in the broader sector |
Bharti Airtel climbed into the top three for the first time, driven by a sharp 198% growth in value over five years. It added ₹7.64 lakh crore in value since 2021, making it the single biggest wealth creator on the entire list over that period.
Reliance Industries remained India’s most valuable company across all sectors. The Mukesh Ambani-led conglomerate operates across energy, telecommunications (Jio), retail, and digital services. It added more than ₹1.8 lakh crore in value over the past year alone, the highest absolute gain among all companies on the list.
Among the top 10, Bajaj Finance emerged as the biggest value creator in percentage terms, with its valuation rising 37% over the past year.
Sectoral Shifts: IT Loses Ground, New Sectors Emerge
Financial Services led the list with 83 companies valued at ₹69.2 lakh crore, contributing 22% of the total cumulative value. The explosion of retail investing was exemplified by Groww, which saw its valuation surge 430%, the highest percentage gain among all companies on the list.
The biggest loser by sector was information technology. TCS, Infosys, and Wipro together lost nearly ₹8.5 lakh crore in value over the past five years. TCS alone shed over ₹4.14 lakh crore, Infosys lost ₹2.72 lakh crore, and Wipro lost ₹1.57 lakh crore. The decline reflects a global slowdown in enterprise IT spending and a shift towards AI-led solutions.
At the same time, new sectors made their presence felt. Sarvam AI became the first homegrown large language model developer to enter the India 500 list, signalling the rise of indigenous AI capabilities. Other AI-focused firms such as Fractal Analytics and Neysa also featured.
The defence manufacturing sector gained prominence under the government’s Aatmanirbhar Bharat push. Solar Industries India broke into the top 50, while MTAR Technologies and PTC Industries featured prominently on the list, underscoring the growing economic significance of domestic defence production.
Five IPL Franchises Enter the List
For the first time since the list was created, five Indian Premier League franchises featured as new entrants, reflecting the transformation of cricket teams into serious business enterprises. Together, these five franchises are valued at over ₹71,000 crore.
| Franchise | Hurun Rank | Valuation (₹ in crore) |
|---|---|---|
| Kolkata Knight Riders (KKR) | 270th | 20,850 |
| Chennai Super Kings (CSK) | 285th | 19,550 |
| Royal Challengers Bengaluru (RCB) | 330th | 16,700 |
| Rajasthan Royals (RR) | 343rd | 15,700 |
| Punjab Kings (PBKS) | 390th | 14,050 |
Kolkata Knight Riders emerged as the most valuable IPL franchise, ranked 270th overall. The inclusion of these franchises alongside companies from financial services, energy, healthcare, and technology highlights how sports businesses have matured into diversified commercial entities with revenue from media rights, sponsorships, merchandising, and digital engagement.
Conglomerates: Tata Leads, Reliance Dominates at Company Level
The Tata Group retained its position as India’s most valuable business house, with 14 companies featured on the list. Together, these companies command a combined value of ₹24.9 lakh crore, making Tata the largest corporate group by aggregate valuation. The group’s portfolio spans information technology (TCS), automobiles (Tata Motors), steel (Tata Steel), and consumer goods (Tata Consumer Products).
At the company level, Reliance Industries dominates. Though the Reliance Group has only two companies on the list, its cumulative value is the second-highest among all industrial groups, driven entirely by Reliance Industries’ market-leading valuation.
The Adani Group continued its rapid expansion, with eight companies featuring on the list. Adani Properties was identified among the fastest-growing companies in terms of valuation growth, rising 301% over the past year.
Unlisted Companies and the Rise of Tier-2 Cities
Among unlisted firms, the National Stock Exchange (NSE) retained its position as India’s most valuable unlisted company with a valuation of ₹4.86 lakh crore. NSE, headquartered in Mumbai, is India’s largest stock exchange by trading volume and has consistently attracted premium valuations due to its dominant market position and scalable business model. It was followed by Serum Institute of India and Adani Properties.
Other notable unlisted companies on the list include Haldiram Snacks, Razorpay, and Greenko, reflecting the growing prominence of consumer goods, fintech, and renewable energy in the unlisted space.
The report also highlighted the expanding geographic footprint of value creation. The list spans 50 cities and 18 states, moving well beyond traditional business hubs such as Mumbai and Bengaluru. Companies from Rajkot, Bikaner, Kumbakonam, and Rajnandgaon featured for the first time, signalling the rise of entrepreneurial activity in Tier-2 and Tier-3 cities.
Hyderabad emerged as a particularly strong performer. The city is home to 39 companies on the list, with a combined valuation of over ₹12 lakh crore, up 75% from ₹5.2 lakh crore in 2021.
Key Takeaways
- The Burgundy Private Hurun India 500 is a ranking of India’s 500 most valuable non-state-run companies, published jointly by Axis Bank’s Burgundy Private and Hurun India.
- The combined value of the 500 companies stood at $3.4 trillion, higher than the GDP of Canada and the combined GDPs of Indonesia and Spain.
- Reliance Industries retained the top spot for the fifth consecutive year with a valuation of ₹19.36 lakh crore.
- Bharti Airtel was the biggest wealth creator over five years, adding ₹7.64 lakh crore in value with 198% growth since 2021.
- The Tata Group is the leading conglomerate with 14 companies valued at ₹24.9 lakh crore.
- The National Stock Exchange (NSE) is India’s most valuable unlisted company, valued at ₹4.86 lakh crore.
- Kolkata Knight Riders (KKR) is the most valuable IPL franchise on the list, valued at ₹20,850 crore.
