Reliance most valued Indian firm; 2 Adani units join top ranks: Study

Top 500 companies in Burgundy Private Hurun India's list are worth $2.7 trillion

Reliance Industries is India’s most valued listed company at Rs 17.2 trillion, said a report on Thursday.

Reliance was followed by Tata Consultancy Services (TCS) and HDFC Bank with a valuation of Rs 11.6 trillion and Rs 8.3 trillion. Adani Total Gas (ATG) and Adani Enterprises were new entrants in the Top 10 firms of 2022 Burgundy Private Hurun India 500. The rankings are by Hurun India and Burgundy Private, Axis Bank's private banking business.

Ranked 9th and 10th, ATG and Adani Enterprises were valued at Rs 3.96 trillion and Rs 3.81 trillion. Sun Pharma and Wipro exited the top 10 rankings from last year. The 500 companies ranked in the list are worth $2.7 trillion, an amount equal to India's Gross Domestic Product (GDP).

"…they (the 500 companies) make up the backbone of India’s economy. Together, these 500 companies had combined sales of $820 billion and employed 7.3 million staff," Anas Rahman Junaid MD and chief researcher at Hurun India said.

"The top line of these 500 companies is equivalent to 29 per cent of India’s GDP, and these companies employ up to 1.5 per cent of the country’s total workforce. What stood out in the report is that 67 companies on the list are younger than 10 years," said Amitabh Chaudhry, managing director and chief executive officer of Axis Bank.

Owing to global economic turmoil, the companies on the list lost Rs 1.78 trillion as compared to last year.

"The 2022 Burgundy Private Hurun India 500 lost Rs 1.78 trillion in value. The sectors that enjoyed strong growth are Energy, Retail, Hospitality and Consumer Goods. The Software and Services sector was the hardest hit and cumulatively lost INR 6 lakh crore over last year," Junaid said.

Other companies that made it to the top 10 were Infosys, ICICI Bank, Bharti Airtel, HDFC and ITC.

Vaccine-maker Serum Institute of India (SII) emerged as the most valued unlisted company with a total value of Rs 2.19 trillion. It was followed by online educator Byju's and the National Stock Exchange of India at Rs 1.82 trillion and Rs 1.39 trillion.

With 73 out of 500, Financial Services companies accounted for the highest number of companies on the list. Healthcare, Chemicals and Consumer Goods companies followed with 60, 37 and 37 companies in the top 500 respectively.

The list does not include state-owned industries.