Count of billion-dollar valued companies falls in 2025 as rupee wilts

With six more trading sessions left before the year ends, the number of billion-dollar companies valued (market cap) on the bourses has come off from a high of 610 seen last year to 591 in the current calendar year. Incidentally, year-to-date (YTD), the benchmark Nifty and the Sensex are up 10.23% and 8.99%, respectively.

The drop comes against the sharp 4.4% YTD drop in the rupee against the greenback; in comparison the currency had fallen only 2.8% in 2024. As a result, against a billion-dollar value of Rs 8,562 crore seen in 2024, the threshold went up to Rs 8,969 crore this year with the rupee hovering at 89.69 as December 22, 2025.

This is the second instance since 2021, when the number of billion-dollar companies has fallen in the calendar year.

2021 marked the beginning of this transformation, with 407 companies surpassing $1 billion in market cap. The cumulative market cap was around Rs 240 lakh crore ($3.2 trillion). This optimism was reflected in strong market gains as the Sensex surged 21.69% to 58,254, and the Nifty 50 rose 23.79% to 17,354. The rupee, meanwhile, dropped modestly by 1.59% to 74.30 against the dollar.

In 2022, the market faced headwinds, with the number of billion-dollar companies declining to 384 with a cumulative market cap of Rs 253 lakh crore ($3.1 trillion). The Sensex and Nifty recorded modest gains of 2.80% and 2.72%, respectively, but the rupee weakened substantially by 10.07% to 82.61, reflecting global dollar strength and volatility.

By 2023, the post-pandemic recovery gained momentum with billion-dollar companies surging significantly to 513, with a cumulative market cap of Rs 336 lakh crore ($4 trillion). Strong corporate earnings, government spending, and retail participation fueled the markets, with the Sensex breaking 70,000 and ending 18.10% higher at 72,240, and the Nifty 50 surpassing 21,000, rising 19.42% to 21,731. That year the rupee’s depreciation was minimal at 0.46% to 83.17.

The momentum moderated in 2024 as the market entered a phase of consolidation, but the number of billion-dollar companies rose to 610, with a cumulative market cap of Rs 411 lakh crore ($4.8 trillion). The Sensex and Nifty 50 delivered slower yet positive returns of 8.12% and 8.75%, closing at 78,139 and 23,645, respectively. The rupee, however, weakened by 2.80% to 85.60 amid ongoing global uncertainties.

In 2025, the count of billion-dollar companies declined with the cohort’s cumulative market cap hitting $5 trillion milestone at Rs 443 lakh crore ($4.9 trillion).