The value of top-500 privately held companies in India has fallen 11 per cent last year to $3.4 trillion against $3.8 trillion logged in 2024 on the back of challenging times across the globe.
The value creation was highly selective with only 40 per cent of companies managing to increase their valuations over the past year, according to the fifth edition of the ‘500 Most Valuable Non-State-Run Companies in India’ list released by Axis Bank’s Burgundy Private and Hurun India on Wednesday.
The study on these companies revealed that only 198 of the 500 companies recorded an increase in value during the year, while fundamentals such as return on equity, cash generation and balance-sheet strength were rewarded over growth narratives.
The 2025 Burgundy Private Hurun India 500 ranks India-headquartered companies by market capitalisation or enterprise value, excluding state-owned enterprises and subsidiary entities.
Reliance Industries retained its position as India’s most valuable non-state-run company for the fifth consecutive year with a valuation of ₹19.36 lakh crore. HDFC Bank ranked second, followed by Bharti Airtel, which climbed into the top three after adding nearly ₹7.6 lakh crore in value since 2021.
The combined value of top-10 companies stood at ₹86 lakh crore, accounting for 27 per cent of the total value of the Hurun 500 universe. Reliance alone added over ₹1.8 lakh crore in value over the past year, while Bajaj Finance emerged as the biggest value creator among the top 10 in percentage terms.
Value creation spreads beyond metros, with companies from Rajkot, Bikaner, Kumbakonam, and Rajnandgaon featuring on the list, highlighting the rise of smaller cities.
Anas Rahman Junaid, Founder and Chief Researcher, Hurun India said the cumulative valuation of top-500 companies at $3.4 trillion was higher than the GDP of Canada and the combined GDPs of Indonesia and Spain.
While these companies employ 8.9 million people, about 95 companies in the list are new entrants this year. However, more than one-third of the companies from the inaugural 2021 edition have dropped off, he said.
The qualification threshold was at ₹10,230 crore, up from ₹9,580 crore last year, reflecting broader market correction even as India’s fundamentals remain strong, he added.
The combined revenue of these 500 companies was at $1 trillion — more than a quarter of India’s GDP.
Arnika Dixit, Group Head – Cards, Payments and Wealth Management, Axis Bank said the list also highlights how the drivers of value creation are becoming more varied, with momentum extending beyond traditional centres into a wider, more diverse set of businesses and markets.
“We are seeing new wealth emerge more broadly across growing enterprises, entrepreneurial ecosystems, and markets beyond the largest cities, shaping the next phase of India’s growth,” he said.