At $3.8 trillion, the total value of India’s 500 most valuable non-state-run companies is higher than the country’s annual GDP and the combined GDPs of the UAE, Indonesia, and Spain. According to the 2024 Burgundy Private Hurun India 500 List, the cumulative value of these companies rose by 40% over the year, outperforming the Sensex and Nifty, which grew by 27% and 30%, respectively.

“For the first time, every company on the list has achieved billion-dollar status. The cumulative revenue of these companies is $1 trillion, which is more than a quarter of India’s GDP,” says Anas Rahman Junaid, Founder and Chief Researcher of Hurun India.

The valuation of the top ten most valuable Indian enterprises has more than tripled over the past decade. Reliance Industries remains the most valued company on the list for the fourth consecutive year, with a valuation of ₹17.5 lakh crore.

It is followed by TCS with ₹16.1 lakh crore and HDFC Bank with ₹14.2 lakh crore. Bharti Airtelentered the top 5 with a valuation of ₹9.7 lakh crore, contributing the highest value in absolute terms, adding more than ₹4 lakh crore in a year.

IPO-bound National Stock Exchange, whose value tripled in a year, made its debut in the top 10, overtaking Serum Institute of India as the most valued unlisted company. A record 82 companies debuted on the list, including Waaree Energies and Premier Energies, which made stellar Dalal Street debuts last year.

The four unicorns that went public last year added ₹2.2 lakh crore to their valuation. Swiggy gained 84%, while Ola Electric saw its market value dip by 10%. Overall, publicly listed startups gained ₹3.9 lakh crore, of which Zomato alone added ₹1.7 lakh crore.

Motilal Oswal Financial Services emerged as the fastest-growing company, with its value growing by 297% on a year-on-year basis to ₹59,740 crore. Inox Wind and IPO-bound Zepto followed closely behind, with their valuations rising by more than 250% over the year.

2024 Burgundy Private Hurun India 500 List

Top 10 Companies	Valuation
Reliance Industries	₹17.5 Lakh Cr
TCS	₹16.1 Lakh Cr
HDFC Bank	₹14.2 Lakh Cr
Bharti Airtel	₹9.7 Lakh Cr
ICICI Bank	₹9.3 Lakh Cr
Infosys	₹7.9 Lakh Cr
ITC	₹5.8 Lakh Cr
L&T	₹5.4 Lakh Cr
HCLTech	₹5.2 Lakh Cr
NSE	₹4.7 Lakh Cr