Reliance Industries (RIL) has retained its position as India’s most valuable company for the fourth consecutive year, as per the latest report released by Axis Bank’s private banking unit Burgundy Private and Hurun India. The Mukesh Ambani-led company was followed by Tata Consultancy Services and HDFC Bank.
The 2024 Burgundy Private and Hurun India 500 report recorded the total market capitalization of Reliance Industries at Rs 17.5 lakh crore, higher than Tata Consultancy Services and HDFC Bank which were ranked second and third with a market value of Rs 16.1 lakh crore and Rs 14.2 lakh crore respectively.
The combined value of the 2024 Burgundy Private Hurun India 500 companies amounted to Rs 324 lakh crore (US$3.8 trillion), which is higher than the GDP of India and the combined GDPs of UAE, Indonesia, and Spain. The fourth edition of the report shows a 43% jump in the qualification threshold to Rs 9,580 crore.
Significantly, for the first time since the list’s inception, every company featured is valued at least $1 billion, despite the depreciated rupee.
Amitabh Chaudhry, managing director and CEO, 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, he added.
Financial service companies continue to hold top positions and remain top gainers, according to the report. Indian Banks and financial companies are reasonably well positioned with strong balance sheets and higher return on equity(ROE), said Arun Choudhary, group executive, affluent banking, NRI, cards and payments. However, he advised to keep an eye out on rising cyber threats.
Indian startup initial public offerings have been gaining strong momentum, reflecting renewed investor confidence in the ecosystem, as highlighted in the report. Currently, startups not only reversed the decline of Rs 4 lakh crore in valuation in 2023 but also added Rs 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 Rs 1.7 lakh crore, contributing to a total Rs 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,” said Anas Rahman Junaid, founder and chief researcher, Hurun India.
Motilal Oswal Financial Services leads with the fastest-growing company with a remarkable year-on-year value growth of 297%, followed closely by Inox Wind and Zepto, both nearly tripling their valuations over the year.
Companies covered under the report employ 84 lakh people, an increase of 14 lakh from last year, with an average of 21,000 employees per organisation.
The list features companies from 43 cities, with Mumbai being the highest, followed by Bengaluru with 44 companies, and New Delhi with 37 companies, contributing 235 entrants in total. Haryana moves up two spots from last year and overtakes Delhi to break into the Top 3 states for the first time in the 2024 Burgundy Private Hurun India 500.
New entrants include Waaree Energies, SRF, and Premier Energies, while prominent unlisted new entrants feature Adani Realty, Aparna Constructions & Estates, and Shahi Exports. 82 new entrants have a combined value of Rs 18.8 lakh crore, which is more than double of last year’s total, as per the report.
The Financial Services and Healthcare sectors dominate the list, with 63 and 59 companies, respectively, followed closely by Industrial Products with 52. In terms of new entrants, Industrial Products sector led with 19, followed by the Healthcare & Energy sectors with eight and seven entrants respectively.
“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,” said Junaid.