India Inc's value hits $3.4 trillion; fewer than 40% of firms create wealth: Hurun
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India's 500 most valuable privately owned companies are now collectively worth more than $3.4 trillion, stressing the growing scale of corporate India. Yet, the latest Burgundy Private Hurun India 500 report shows that value creation has become increasingly selective, with fewer than 40% of companies on the list managing to increase their valuations over the past year.
Released by Axis Bank's Burgundy Private and Hurun India, the fifth edition of the ranking found 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 500 companies together are valued at $3.4 trillion and employ 8.9 million people. They contribute ₹3.23 lakh crore in taxes and spent ₹13,433 crore on CSR initiatives, highlighting their growing economic significance.
Reliance stays on top, Bharti Airtel enters elite club
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 India's top 10 companies stood at ₹86 lakh crore, accounting for 27% of the total value of the Hurun 500 universe. Reliance alone added more than ₹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.
"The companies in the 2025 Burgundy Private Hurun India 500 form the backbone of India's private sector, wielding significant economic influence. Together, they have a cumulative valuation of US$3.4 trillion — higher than the GDP of Canada and the combined GDPs of Indonesia and Spain," said Anas Rahman Junaid, founder and chief researcher, Hurun India.
IT emerges biggest value destroyer
One of the report's biggest findings was the sharp decline in valuations across India's technology services giants.
TCS, Infosys and Wipro together lost nearly ₹8.5 lakh crore in value over the past five years, making information technology the largest value-destroying sector in the ranking. TCS alone shed over ₹4.14 lakh crore in value during the period, while Infosys and Wipro lost ₹2.72 lakh crore and ₹1.57 lakh crore, respectively.
The software and services sector was among the few major industries to report a decline in cumulative value over the five-year period.
Groww leads wealth creators; startups recalibrate
The report highlighted a major shift in India's startup landscape.
Groww emerged as the fastest-growing company on the list, with its valuation surging 430% to ₹1.35 lakh crore. It was followed by Adani Properties, Ather Energy, Anthem Biosciences and Meesho.
At the same time, startup valuations overall declined by a net ₹1.37 lakh crore, reflecting a broader recalibration in private market valuations even as companies such as Groww, Lenskart, Meesho and PhysicsWallah move closer to public listings.
"Nearly 60% of the 2025 Burgundy Private Hurun India 500, ranked by value, do not appear in the Fortune India 500, which ranks companies by revenue. The Hurun list prioritises future profit potential over past sales," Junaid said.
AI, defence and IPL franchises enter the spotlight
The report pointed to emerging themes reshaping India's corporate landscape.
Sarvam AI became the first homegrown large language model developer to enter the ranking, while three other pure-play AI firms—Fractal Analytics, Glance and Neysa—also made the list. Together, the four companies are valued at more than ₹60,000 crore.
"India is no longer just a consumer of AI — it is becoming a creator," Junaid said, citing India's internet scale, engineering talent and cost advantages.
Defence manufacturing also emerged as a major value creator, with sector valuations rising 74% and Solar Industries India breaking into the top 50 for the first time.
Meanwhile, cricket established itself as an asset class, with IPL franchises Kolkata Knight Riders, Chennai Super Kings, Royal Challengers Bengaluru, Rajasthan Royals and Punjab Kings entering the Hurun 500 ranking. Their inclusion marks the first time sports teams have featured among India's most valuable companies.
New India beyond metros
The report also indicated a broadening of India's entrepreneurial base. As many as 95 companies entered the ranking for the first time, the highest number in the history of the list, while more than one-third of the companies that featured in the inaugural 2021 edition have dropped out.
Mumbai remained India's corporate capital with 141 companies on the list, followed by Bengaluru, Gurugram, Hyderabad and Chennai. Companies from cities such as Rajkot, Bikaner, Kumbakonam and Rajnandgaon also featured, stressing the rise of Tier-II and Tier-III centres in India's value creation story.
"The 2025 Burgundy Private Hurun India 500 highlights the scale of transformation in India's economy over just four years. Ninety-five companies are new entrants this year — the highest in the history of the list — while more than one-third of the companies from the inaugural 2021 edition have dropped off," Junaid said.