India's 500 most valuable private companies reached a combined valuation of ₹324 trillion (3.8trillion) in 2024, surpassingthenation’sestimated2023GDPof3.8 trillion) in 2024, surpassing the nation’s estimated 2023 GDP of 3.8 trillion) in 2024, surpassing the nation’s estimated 2023 GDP of 3.5 trillion, as per Axis Bank’s Burgundy Private and Hurun India report. Reliance Industries, Tata Consultancy Services, and HDFC Bank led the list, with Motilal Oswal Financial Services emerging as the fastest-growing. The list excludes state-owned enterprises, focusing on future profit potential. Bharti Airtel and the National Stock Exchange entered the top rankings, showcasing India's dynamic private sector growth.
The cumulative valuation of India’s 500 most valuable non-state-run companies has reached an impressive ₹324 trillion (3.8 trillion) in 2024, surpassingthecountry’sestimatedGDPof3.8 trillion) in 2024, surpassing the country’s estimated GDP of 3.8trillion) in 2024, surpassing the country’s estimated GDP of3.5 trillion for 2023. This milestone was highlighted in the latest report by Axis Bank’s Burgundy Private and Hurun India.
According to the Burgundy Private Hurun India 500 report, the combined valuation of these companies not only exceeded India’s GDP but also surpassed the total GDPs of nations like the UAE, Indonesia, and Spain. The list saw a remarkable 40% increase in cumulative value compared to the previous year.
The qualification threshold for the 2024 list rose significantly to ₹9,580 crore, a 43% jump from last year’s ₹6,700 crore. For the first time in the report's history, every company on the list is valued at over $1 billion, despite the challenges posed by a depreciated rupee.
Anas Rahman Junaid, Founder and Chief Researcher of Hurun India, emphasized the significance of these companies in driving India's economic growth. “The companies from the 2024 Burgundy Private Hurun India 500 make up the ‘backbone’ of India's private sector, wielding significant economic influence. Between them, they have a cumulative valuation of $3.8 trillion, which is higher than India's annual GDP, and employ 8.4 million people. If you want to understand how the Indian economy is developing, understanding the stories behind 2024 Burgundy Private Hurun India 500, India's most valuable companies, is a great place to start,” he said.
Leading the Way: India’s Top Companies
Reliance Industries Limited (RIL), controlled by Mukesh Ambani, retained its position as India’s most valuable company with a valuation of ₹17.5 trillion, reflecting a 12% year-on-year growth. Tata Consultancy Services (TCS) followed closely at ₹16.1 trillion, up 30%, while HDFC Bank secured the third position with a valuation of ₹14.2 trillion, marking a 26% increase.
Motilal Oswal Financial Services emerged as the fastest-growing company on the list, registering an extraordinary 297% year-on-year growth in valuation. Inox Wind and Zepto also posted stellar performances, nearly tripling their valuations in the same period.
A Different Perspective on Valuation
Notably, nearly 60% of the companies in the Burgundy Private Hurun India 500 do not feature in the Fortune India 500, which ranks firms based on revenue. Instead, the Hurun 500 focuses on future profit potential, offering a unique perspective on the economic landscape.
The list excludes state-owned enterprises, such as the State Bank of India (SBI), which has a valuation of approximately ₹7.7 trillion. Other prominent state-owned entities like LIC, NTPC, and ONGC were also not considered.
First-Time Achievers and Rising Stars
For the first time, Bharti Airtel broke into the top five with a valuation of ₹9.74 trillion, a remarkable 75% increase that propelled it up two spots. Similarly, the National Stock Exchange (NSE) made its debut in the top 10, achieving a valuation of ₹4.7 trillion—a 201% surge that established it as India’s most valuable unlisted company.
Among unlisted companies, Zepto (269%), the NSE (201%), and Physics Wallah (172%) reported the highest percentage growth in valuation. “The NSE surged by 201% in value to ₹4.7 trillion, overtaking SII, to emerge as India’s most valued unlisted company,” noted the report.
The 2024 Burgundy Private Hurun India 500 underscores the robust growth and resilience of India’s private sector, highlighting its pivotal role in shaping the nation’s economic trajectory. As these companies continue to thrive, they offer a glimpse into the future of India's dynamic and flourishing economy.
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