India's top 10 firms valued at $1.1 trillion, surpass Saudi Arabia's GDP

The combined value of India’s top 10 most valuable companies has skyrocketed to Rs 96 lakh crore (approximately $1.1 trillion), surpassing the entire GDP of Saudi Arabia, according to the 2024 Burgundy Private Hurun India 500 report. India's 10 most valuable firms now accounts for nearly one-third of India’s GDP and 30% of the total value of India’s top 500 companies.

 

The total value of these top 10 companies has increased by Rs 22.7 lakh crore over the past year, marking a phenomenal rise in India’s corporate sector. Notable contributors to this growth include Bharti Airtel, which has experienced a remarkable 75% growth, adding Rs 4 lakh crore in value. The National Stock Exchange (NSE) also made an impressive leap, more than doubling in value by 201% to reach INR 4.7 lakh crore, setting the highest increase in percentage terms.

 

 

The top-ranked company, Reliance Industries, led by Mukesh Ambani, holds its position with a valuation of Rs 17.5 lakh crore, representing a 12% increase from the previous year. Tata Consultancy Services (TCS) follows closely with a market value of Rs 16.1 lakh crore, up 30% from the previous year. HDFC Bank, Bharti Airtel, and ICICI Bank round out the top five, with Bharti Airtel’s incredible 75% growth propelling it forward. 

2024 Burgundy Private Hurun India 500: A Glimpse of India’s Top Enterprises

The 2024 Burgundy Private Hurun India 500, launched by Burgundy Private, Axis Bank’s Private Banking Business, and Hurun India, ranks India's 500 most valuable companies. These companies are ranked according to their market capitalization (for listed companies) or valuations (for non-listed companies). To be included in this list, companies must have a minimum value of Rs 9,580 crore (equivalent to $1.1 billion) as of December 13, 2024. The average age of the companies on this list is 43 years.

 

With a cumulative value of Rs 324 lakh crore (approximately $3.8 trillion), the 2024 list showcases how India’s top companies are driving the nation’s growth, employing 8.4 million people, paying Rs 2.2 lakh crore in taxes, and allocating Rs 10,939 crore toward CSR initiatives.

 

Top 10 Companies of the 2024 Burgundy Private Hurun India 500 

 

Notably, 82 companies are newcomers to the list, with startups like Zepto, Physics Wallah, and Oyo making notable gains. Physics Wallah, in particular, has shown exceptional growth, with a 172% increase in value.

 

Key Trends in India’s Corporate Growth

According to Anas Rahman Junaid, Founder and Chief Researcher of Hurun India, “The 2024 Burgundy Private Hurun India 500 reflects India’s evolving economy. New industries such as industrial products, healthcare, and energy are witnessing the most significant growth. Financial services, on the other hand, remain a dominant sector with 63 companies valued at Rs 62 lakh crore, contributing 19% of the total value.”

 

A New Business Map

The report also highlights a shift in India’s business geography. Haryana has surged ahead, joining the top three states for the first time. Meanwhile, traditional hubs like Mumbai and Bangalore have seen a slight decline in the number of companies, while cities like Hyderabad, Gurugram, and Noida have shown significant increases.

 

Women’s Representation and Global Expansion

In terms of diversity, women now occupy 17% of the board seats across the 2024 list. Additionally, 296 companies (59% of the total) now have an international presence, further driving India’s growing global footprint. 

Key Takeaways from the 2024 Burgundy Private Hurun India 500 Report:

 

Qualification Threshold: The qualification threshold for the 2024 Burgundy Private Hurun India 500 has risen to Rs 9,580 crore, marking a 43% increase from last year’s threshold of Rs 6,700 crore.

 

Total Value: India’s most valuable companies in the 2024 Burgundy Private Hurun India 500 have a combined value of US$3.8 trillion (INR 324 lakh crore), up 40% from last year. This surpasses the GDP of India and the combined GDPs of the UAE, Indonesia, and Spain.

 

Billion-Dollar Status: For the first time, all companies in the 2024 Burgundy Private Hurun India 500 are valued at at least USD 1 billion, despite a depreciated rupee.

 

Sales Growth: The companies in the 2024 Burgundy Private Hurun India 500 collectively achieved 11% sales growth, with combined sales of US$1 trillion. 

Value Increases: 364 companies saw an increase in value, compared to 342 last year. Among these, 65 companies doubled their value, a significant rise from 45 in 2023. Furthermore, 17 companies experienced a valuation increase of over INR 1 lakh crore, up from just 2 last year.

 

New Entrants: A record 82 new companies debuted on the list, 21 more than last year.

 

Top 3 Companies:

 

• Reliance Industries remains India’s most valuable company with a value of Rs 17.5 lakh crore, up 12%.
• Tata Consultancy Services (TCS) follows at Rs 16.1 lakh crore, up 30%.
• HDFC Bank ranks third with a valuation of Rs 14.2 lakh crore, up 26%.

Reliance Dominance: Reliance Industries continues to hold the top position for the fourth consecutive year, with a valuation of at least Rs 1.9 lakh crore more than TCS, which ranks second.

 

Fastest-Growing Companies: Motilal Oswal Financial Services leads as the fastest-growing company with a YoY growth of 297%, followed by Inox Wind and Zepto, both of which nearly tripled their valuations over the year.

 

NSE in the Top 10: The National Stock Exchange (NSE) breaks into the top 10 for the first time, valued at Rs 4.7 lakh crore, after a staggering 201% growth.

 

Unlisted Companies: Unlisted companies make up 22% of the 2024 list, although this is a 4% decline from last year. The NSE emerges as India’s most valued unlisted company, surpassing SII.

 

Startups: Startups in the 2024 Burgundy Private Hurun India 500 collectively saw a net increase of Rs 1,09,259 crore, with Zepto, OYO, and Zerodha leading the way.

 

Valuation Growth in Startups: Zepto (269%), National Stock Exchange (201%), and Physics Wallah (172%) topped the value growth percentage among unlisted companies.

 

Employment: The companies in the 2024 Burgundy Private Hurun India 500 now employ 84 lakh people, an increase of 14 lakh from last year, with an average of 21,000 employees per organization.

 

Sector Breakdown:

 

• 39% of companies sell services, while 61% focus on physical products.
• 65% of companies cater directly to consumers, while 35% operate in the B2B space.

Geographical Distribution: The 2024 list features companies from 43 cities, with Mumbai (154), Bengaluru (44), and New Delhi (37) leading. Notably, Haryana has moved up two spots to break into the Top 3 states for the first time.

 

Prominent New Entrants:

Listed new entrants include Waaree Energies, SRF, and Premier Energies.

Unlisted new entrants feature Adani Realty, Aparna Constructions & Estates, and Shahi Exports.

New Entrants' Combined Value: The 82 new entrants collectively have a combined value of Rs 18.8 lakh crore, more than double last year’s total.

 

Sector Dominance: The Financial Services and Healthcare sectors dominate the list, with 63 and 59 companies, respectively, followed by Industrial Products with 52 companies.