HUL tops Perpetual Capital Hurun India Impact 50 as India Inc steps up ESG

HUL leads the Hurun India Impact 50-2026 rankings as ESG investing deepens, renewable energy adoption rises and carbon neutrality targets accelerate across India Inc

Hindustan Unilever (HUL) has topped the Perpetual Capital Hurun India Impact 50 – 2026 list with 53.9 points (on the scale of 0-100), reflecting a strong performance across key sustainable development goals (SDGs), including climate, water, circularity, gender and biodiversity.

 

Missing the top score by a whisker, HCL Technologies ranked second at 53.8 points, employing 67,217 women, the highest in India’s tech sector, while cutting emissions and expanding energy-efficient digital solutions. Aditya Birla group’s Grasim Industries ranked third with 52.6 points, followed by Tata Motors (51.8) and Dabur India (50.3), completing the top five list. Anas Rahman Junaid, founder and chief researcher, Hurun India, said, “In some of the listed companies, a lot of capital is backed by global funds. For instance, funds from the Nordic region place a very high emphasis on sustainability. Promoters of Indian companies, whom we spoke with, said that sovereign funds have returned with clear timelines for meeting sustainability goals. Overall, from both a capital allocation and value creation perspective, sustainability has become integral at the core level.” 

HUL is also the top renewable energy user, with 97 per cent of its needs coming from renewable energy. Hitachi Energy India (86 per cent) and Wipro (79 per cent) follow closely, signalling rapid adoption of clean energy across sectors.  The list collectively consumed 840 trillion gigajoules of energy in 2024-25 (FY25), with renewable sources accounting for 250 trillion gigajoules or almost 30 per cent of the energy. 

Pranav Prashanth, partner, Perpetual Capital, said, “Environmental social, & governance (ESG) and SDGs are no longer just perception management or compliance checkboxes. They are becoming boardroom topics. Companies are looking to create real impact for stakeholders and see long-term growth value in pursuing these goals.” The top 50 firms on the list together spent over ₹8,000 crore on corporate social responsibility (CSR) in FY25, benefiting more than 200 million people, or nearly one in seven Indians. 

Anvitha Prashanth, partner, Perpetual Capital, stated that while compliance is one aspect, consumer awareness is also driving this shift. “Customers care, investors care, and the media covers it. Companies recognise that meeting sustainability goals helps build long-term value. As long-term investors, we believe firms pursuing sustainability goals create lasting value. It also opens opportunities for other businesses within the ecosystem.” Further, metals & mining is the most represented industry on the list with seven companies, led by Hindustan Zinc (47.9 points). Software & services, energy, and consumer goods follow with six companies each, highlighting tech and power sector leadership in sustainability.

 

The firms on the list have nearly 4.7 lakh women in the workforce and 109 women on their respective boards. These firms have an overall workforce of 2.68 million individuals, including 7,025 differently-abled employees.

 

Setting an industry benchmark, Persistent Systems and Tata Consumer Products have already successfully achieved this carbon neutrality milestone. Five large companies, including Dr Reddy’s, Tech Mahindra, and Hero MotoCorp, aim for carbon neutrality by 2030, signalling aggressive decarbonisation pathways.

About half the list comprises family-run enterprises (20 companies led by promoter families), while the other half comprises professionally managed firms. 

The 50 companies on the Perpetual Capital Hurun India Impact 50 – 2026 generated a combined revenue of Rs 48.5 trillion (approximately $535 billion), more than the gross domestic product (GDP) of Norway. Their combined Ebitda was Rs 8.35 trillion, and net profit at Rs 4.95 trillion.

 

Additionally, compared to the previous edition of the report that was published three years ago, Junaid highlighted that every company in the top 50 now has a designated sustainability head or committee, which was not the case three years ago, reflecting a structural institutional change. 

 

“Over the next two to three years, we expect more SDGs to be integrated as Indian companies globalise and engage with international capital,” Junaid added.

 

While the firms have rolled out ambitious sustainability initiatives, Junaid added that there is significant scope for improvement. “45 out of 50 companies have carbon neutrality targets, but only 19 have water neutrality targets. Women’s workforce participation and boardroom representation need improvement.”

 

The Perpetual Capital Hurun India Impact 50 – 2026 list is designed as a structured benchmarking exercise to highlight Indian listed companies that demonstrate visible and measurable efforts towards the United Nations’ 17 SDGs, based on information available in the public domain. 

Eco-conscious

• HUL uses 97% renewable energy followed by Hitachi Energy India (86%), Wipro (79%)
• Firms consumed 840 trillion gigajoules energy in FY25; renewable energy share stood at 30%
• Persistent Systems and Tata Consumer achieved carbon neutrality
• 30 firms run ESG R&D; 39 direct capex to sustainability
• Workforce of Impact 50 firms: 2.68 million, including 4.7 lakh women and 7,025 differently-abled employees