New Delhi, February 18th, 2025: Burgundy Private, Axis Bank’s Private Banking Business, and Hurun India, launched the ‘2024 Burgundy Private Hurun India 500,’ the fourth edition of the list of India’s 500 most valuable companies. These companies are ranked according to their value, defined as market capitalization for listed companies and valuations for non-listed companies. This list exclusively includes companies headquartered in India, excluding state-owned companies and subsidiaries of foreign and Indian companies.
To qualify for inclusion in the ‘2024 Burgundy Private Hurun India 500’ list, companies must have a minimum value of INR 9,580 crore, equivalent to US$1.1 billion, as of 13 December 2024. The average age of the companies on this list is 43 years. The combined value of the 2024 Burgundy Private Hurun India 500 companies amounts to INR 324 lakh crore (US$3.8 trillion). Over the same period last year, BSE SENSEX increased by 27%, NIFTY 50 grew by 30% year–on–year (YoY), whilst the S&P BSE 500 rose by 38%.
Commenting on the launch, Amitabh Chaudhry, Managing Director and Chief Executive Officer, Axis Bank, said: “Burgundy Private is delighted to partner with Hurun India once again to celebrate India’s 500 most valuable companies. The 2024 Burgundy Private Hurun India 500 report is a remarkable snapshot of India’s corporate landscape, which is undergoing unprecedented transformation. By rethinking strategies, innovating, and adapting to new realities to stay ahead of the curve, the companies featured on this year’s list have seized growth opportunities to emerge as exemplary leaders in their respective industries. With capital markets becoming more dynamic than ever, these companies have demonstrated vision, resilience, and agility to create immense value for their stakeholders.
The entry threshold for the Burgundy Private Hurun report has jumped 43% this year to INR 9,580 crore, making every company nearly a billion-dollar entity. This is a testament to India’s growing economic prowess. These companies are significantly contributing to fortifying the nation’s economic framework by employing 8.4 million individuals, paying INR 2.2 lakh crore in taxes, and allocating INR 10,939 crore towards CSR initiatives. Collectively valued at US$3.8 trillion, these 500 companies’ values are higher than the GDP of India as well as the combined GDPs of UAE, Indonesia, and Spain.
At Axis Bank, we are proud to support India’s growth story. Through Burgundy Private, we empower our clients to seize transformative investment opportunities, leveraging our ‘One Axis’ ecosystem to deliver tailored wealth management solutions. With our AUM growing to over US$24 billion, a 31% YoY increase, we remain a trusted partner for India’s wealthiest families. As we unveil the 2024 report, we are excited to witness the transformative impact of these companies in creating new opportunities and driving India toward its goal of becoming a US$5 trillion economy.”
Anas Rahman Junaid, Founder and Chief Researcher, of Hurun India, said: “The companies from 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 US$3.8 trillion, which is higher than India’s annual GDP, and employ 8.4 million people. If you want to understand how the Indian economy is developing, understanding the stories behind 2024 Burgundy Private Hurun India 500, India’s most valuable companies, is a great place to start.”
“2024 Burgundy Private Hurun India 500 shows how India’s economy has gone through a massive change in just three years. Eighty-two of the 2024 Burgundy Private Hurun India 500 are new faces. Another way of looking at it is that more than one-third of the companies from three years ago have dropped off. Analyzing these new faces and drop-offs provides insight into the shift in the economy. The industries with the most new entrants were industrial products, healthcare, and energy, while the industry with the most drop-offs was financial services.”
“Only 33 of 2024 Burgundy Private Hurun India 500 made the Hurun Global 1000. One reason is that these Indian companies are, relatively speaking, very young. The average age of 2024 Burgundy Private Hurun India 500 is 43 years, 24 years younger than the average age of the Hurun Global 500.”
“The qualification threshold for the 2024 Burgundy Private Hurun India 500 has increased from INR 6,700 crore to INR 9,580 crore, reflecting the financial growth of Indian enterprises. For the first time, every company on the list has achieved billion-dollar status. The cumulative revenue of these companies is US$ 1 trillion, which is more than a quarter of India’s GDP.”
“At the heart of this list is the remarkable diversity, spanning from the venerable 192-year-old P N G Jewellers to startups founded as recently as 2021. This blend of historical legacy with innovative entrepreneurship symbolises the dynamic and evolving nature of India’s economic landscape, showcasing its strength and adaptability on the global stage.”
“Nearly 60% of Burgundy Private Hurun India 500 companies, ranked by value, do not appear in the Fortune India 500, which is ranked by revenue. The Hurun 500 prioritizes future profit potential over current sales. Our list does not include state-owned enterprises, so India’s most valuable state-owned listed company, State Bank of India, worth about INR 7.7 lakh crore, is not on the list. Well over 100 Indian state-owned companies could have made our list, both listed companies and non-listed companies, such as LIC, NTPC, ONGC, and so on.”
“Indian startup IPOs have been gaining strong momentum, reflecting renewed investor confidence in the ecosystem. In the 2024 Burgundy Private Hurun India 500, startups not only reversed their INR 4 lakh crore valuation decline from 2023 but also added INR 4.4 lakh crore in value. Zepto, Physics Wallah, and Oyo secured fresh funding rounds at higher valuations, while listed startups saw a sharp rise in market capitalization. Zomato alone added INR 1.7 lakh crore, contributing to a total INR 3.9 lakh crore valuation gain across all publicly listed startups. This surge underscores growing optimism in the startup IPO market, signalling a robust pipeline for future public listings.”
“More Indian companies are going global! According to 2024 Burgundy Private Hurun India 500, 296 companies—59% of the list—have an international presence, with 31 operating in over 100 countries. As India’s economy nears US$3.7 trillion, this global expansion is driving foreign exchange earnings, strengthening trade partnerships, and attracting investments, positioning India as a formidable force in the world economy.”
“Financial services lead 2024 Burgundy Private Hurun India 500 with 63 companies valued at INR 62 lakh crore, contributing 19% of the total. This reflects rising credit penetration, strong investor confidence, and India’s status as a global financial hub.”
“2024 Burgundy Private Hurun India 500 reflects India’s rapidly evolving economy. Aerospace & Defence registered a 74% increase in valuation. This surge is fuelled by commercialization, global collaborations, and a strong focus on advanced technologies and space missions.”
“The education sector has experienced a Compound Annual Growth Rate (CAGR) of 47% in revenue over the past four years. One significant entrant in the 2024 Burgundy Private Hurun India 500, Physics Wallah, has reported the highest growth with a 172% increase from the previous year and an absolute value increase of INR 14,900 crore.”
“Market dominance redefined – Tata holds the crown, Adani strengthens its grip, and Reliance proves that size isn’t everything! Tata Group has retained its leading position with 15 companies, contributing 10% of the total cumulative value in the 2024 Burgundy Private Hurun India 500. Adani Group expanded its presence by adding one more company, bringing its total to 9 companies this year. Despite having only 3 companies, Reliance Group secured the second rank in cumulative value, highlighting its significant market impact.”
“The business map of 2024 Burgundy Private Hurun India 500 list is changing. While Mumbai and Bangalore saw declines, Haryana advanced. For the first time since the inaugural list, Haryana has moved up two spots to join the top three states in the 2024 Burgundy Private Hurun India 500 ranking. This year, major cities like Mumbai and Bangalore experienced a decrease in the number of companies, while smaller cities such as Hyderabad, Gurugram, and Noida saw a significant increase, indicating a shift in India’s business landscape.”
“Burgundy Private Hurun India 500 companies are employing more people than ever. In 2024, their workforce grew by 20%, adding nearly 1.4 million new jobs and expanding to a total of 8.4 million employees. These companies now employ around 16% of India’s total workforce, highlighting their significant role in national employment.”
“Women now occupy 17% of board seats in 2024 Burgundy Private Hurun India 500, reflecting the impact of growing gender diversity initiatives and workplace policies aimed at fostering equal opportunities. Across the year, 13 women have stepped into leadership roles, showcasing the evolving landscape of executive representation.”
“Despite India’s rapid business growth, the 2024 Burgundy Private Hurun India 500 highlights a critical gap—there isn’t a single AI company on the scale of OpenAI or DeepSeek in the list. While global leaders leverage AI for efficiency and innovation, many Indian enterprises have yet to unlock its full potential. If India wants to stay globally competitive, accelerating AI adoption and fostering homegrown AI giants must be a priority.”
“Hurun India is proud to partner with Burgundy Private, Axis Bank’s private banking business for the Top 500 Indian companies list for four consecutive years. This collaboration highlights the crucial role of Indian companies’ growth and their contribution to driving business expansion within the Indian financial ecosystem,” concluded Anas Rahman Junaid, Founder and Chief Researcher, at Hurun India.
Methodology
The 2024 Burgundy Private Hurun India 500 is a list of the 500 most valuable companies headquartered in India. Government/state-owned companies and subsidiaries of foreign and Indian companies are excluded. Although the cut-off date for the list is December 13th, 2024, we have made an exception for Vishal Mega Mart, Inventurus Knowledge Solutions, and Sai Life Sciences, for whom we have considered the closing market cap of the listing day. The aforementioned companies were in the process of going public/ getting listed during the cut-off date.
Valuing private companies is as much an art as it is a science. Hurun India may have missed a few companies on the list, but we endeavor to develop the most comprehensive report of its kind to identify and acknowledge India’s top businesses. Hurun Report’s team of researchers has traveled the length and breadth of the country, cross-checking information with entrepreneurs, industry experts, journalists, bankers, and other publicly available data sources.
For unlisted companies, Hurun Research’s valuation is based on a comparison with their listed peers using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to Sales, and EV to EBITDA. Other methodologies, such as Discounted Cash Flow and Tobin’s Q, are also used. Financial information is from the latest annual reports or audited financial statements.