Axis Bank’s Burgundy Private and Hurun India release the fifth edition of the ‘500 Most Valuable Non-State-Run Companies in India’

Mumbai :  Burgundy Private, Axis Bank’s Private Banking Business, and Hurun India, today released the ‘2025 Burgundy Private Hurun India 500’, the fifth edition of the list of India’s 500 most valuable companies. These are collectively valued at $3.4 trillion, reflecting a corporate landscape where scale is matched by broader entrepreneurial participation, stronger fundamentals, and a widening footprint beyond traditional growth centres.

Now in its fifth edition, the 2025 Burgundy Private Hurun India 500 ranks India headquartered companies by market capitalisation or enterprise value, excluding state owned enterprises and subsidiary entities. To qualify for inclusion in the 2025 list, companies needed a minimum valuation of INR 10,230 crore (US$1.1 billion) as of April 30, 2026. This threshold grew by 7% compared to last year.

With an average age of 44 years, the cohort reflects a compelling blend of maturity and momentum within India’s corporate ecosystem. Collectively, these companies are strengthening the country’s economic fabric, employing 8.9 million people, contributing INR 3.23 lakh crore in taxes, and investing INR 13,433 crore in CSR initiatives.

Commenting on the launch, Arnika Dixit, Group Head – Cards, Payments and Wealth Management, Axis Bank, said:

“Burgundy Private is delighted to partner with Hurun India once again as we celebrate India’s 500 most valuable companies. The 2025 Burgundy Private Hurun India 500 report reflects a phase of steady evolution in India’s corporate landscape, where companies are building scale even as they adapt, invest through cycles, and find new ways to stay relevant. What is increasingly evident is how the drivers of value creation are becoming more varied, with momentum extending beyond traditional centres into a wider, more diverse set of businesses and markets.

At Axis Bank, we see this shift play out more distinctly in how capital is being deployed and opportunities are being shaped. 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$ 27 billion as of May 2026, a 15% YoY increase, we continue to be a trusted partner for India’s wealthiest families. At the same time, we are seeing new wealth emerge more broadly across growing enterprises, entrepreneurial ecosystems, and markets beyond the largest cities, shaping the next phase of India’s growth. We are well-positioned to serve this evolving landscape, bringing the reach, insight, and capabilities needed to support the ambitions of India’s wealth creators.”

Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, said:

“The companies in the 2025 Burgundy Private Hurun India 500 form the backbone of India’s private sector, wielding significant economic influence. Together, they have a cumulative valuation of US$3.4 trillion — higher than the GDP of Canada and the combined GDPs of Indonesia and Spain — and employ 8.9 million people. If you want to understand how the Indian economy is evolving, the stories behind India’s 500 most valuable companies offer a compelling starting point.”

“The 2025 Burgundy Private Hurun India 500 highlights the scale of transformation in India’s economy over just four years. Ninety-five companies are new entrants this year — the highest in the history of the list — while more than one-third of the companies from the inaugural 2021 edition have dropped off. Analysing these shifts offers a clear window into the structural changes reshaping India’s economy.”

“The qualification threshold stands at INR 10,230 crore, up from INR 9,580 crore last year, reflecting broader market correction even as India’s fundamentals remain strong. For the fifth consecutive year, every single company on this list has achieved billion-dollar status. The combined revenue of these 500 companies is US$1 trillion — more than a quarter of India’s GDP.”

“India’s AI ecosystem is entering a new phase of growth. Four pure-play Artificial Intelligence companies — Fractal Analytics, Glance, Sarvam AI, and Neysa — debuted on the 2025 Burgundy Private Hurun India 500 list, with a combined valuation of over INR 60,000 crore. Sarvam AI, India’s first homegrown Large Language Model developer, entering at rank 353 with a valuation of INR 14,220 crore, marks an important milestone. India is no longer just a consumer of AI — it is becoming a creator. With over 900 million internet users, unmatched engineering talent, and the cost advantages that made us the IT capital of the world, India is well-positioned to build globally relevant AI companies in the years ahead.”

“Nowhere is India’s transformation more striking than in Aerospace and Defence, where valuations registered a 74% increase. This is not just a market story — it is a policy story. Five new companies, MTAR Technologies, Astra Microwave Products, Aequs, Skyroot Aerospace and Apollo Micro Systems, joined the list in 2025, while Solar Industries India entered the top 50 for the first time with a valuation of INR 1,39,710 crore. India will spend over US$130 billion on defence in the next five years. The beneficiaries are increasingly homegrown.”

“For the first time, renewable energy is not an emerging story on the 2025 Burgundy Private Hurun India 500 — it is a mainstream one. Three new green energy companies joined the list this year: Greenko, Inox Clean Energy, and Emmvee Photovoltaic Power, taking the total to 20 companies spanning wind, solar, and clean power, with a combined valuation of over INR 3.4 lakh crore. India’s 500GW non-fossil fuel target by 2030 is not just an environmental goal — it is the single largest industrial investment opportunity in the country’s history, and Indian companies are racing to lead it.”

“Cricket is no longer just India’s sport; it is India’s business. The debut of Chennai Super Kings, Kolkata Knight Riders, Punjab Kings, Rajasthan Royals and Royal Challengers Bengaluru on the 2025 Burgundy Private Hurun India 500, with a combined valuation of over INR 71,000 crore, is a defining moment: for the first time, the boardroom and the boundary rope are on the same list.”

“Nearly 60% of the 2025 Burgundy Private Hurun India 500, ranked by value, do not appear in the Fortune India 500, which ranks companies by revenue. The Hurun list prioritises future profit potential over past sales. Groww, now valued at INR 1,34,880 crore with a 430% surge, is seen by investors as the financial services platform for India’s next 200 million retail investors.”

“Financial Services leads the list with 83 companies valued at INR 69.2 lakh crore, contributing 22% of the total cumulative value. The explosion of retail investing — Groww’s 430% surge being exhibit A — shows that financial wealth is being democratised at a pace India has never seen before. Market dominance is also being redefined at the conglomerate level: the Tata Group, with 14 companies and a combined value of INR 24.9 lakh crore, holds the crown; Adani strengthens its grip with 8 companies; and Reliance proves that size is not everything — with just 2 companies, the Reliance Group commands the second-highest cumulative value among all industrial groups on the list.”

“At the heart of the 2025 Burgundy Private Hurun India 500 is a simple but powerful truth: India’s private sector is diversifying at a speed that most people are not tracking. The list spans 50 cities and 18 states — not just Mumbai and Bengaluru. It ranges from the 188-year-old Bennett Coleman to the two-year-old Sarvam AI. It includes a bootstrapped snack maker from Nagpur, a Large Language Model developer from Bengaluru, a jewellery house from Kerala, and a drone manufacturer from Hyderabad. This breadth and dynamism is exactly what a US$5 trillion economy looks like in the making. Axis Bank and Hurun India are proud to be the chronicler of this remarkable story for the fifth consecutive year,” concluded Anas Rahman Junaid, Founder and Chief Researcher, Hurun India.

Methodology

The 2025 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. The cut-off date for the list was 30 April 2026.

Valuing private companies is as much an art as it is a science. Hurun India may have missed a few companies in the list, but we endeavour to develop the most comprehensive report of its kind to identify and acknowledge India’s top businesses. Hurun Report’s team of researchers have travelled 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 comparisons 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, are also used. Financial information is from the latest annual reports or audited financial statements.