The combined market value of India's ten most valuable non-state-run companies declined by Rs 11 lakh crore in 2026, according to the fifth edition of the '500 Most Valuable Non-State-Run Companies in India' report released by Axis Bank's Burgundy Private and Hurun India. The total value of these companies stood at Rs 86 lakh crore, down from Rs 97 lakh crore a year earlier.
Top 10 companies account for 27% of total list value
Despite the decline, the report noted that the top ten companies still represent a significant portion of India's economy, accounting for nearly one-fourth of the country's GDP and 27% of the total value of the 2025 Burgundy Private Hurun India 500 list. The report stated: "The combined value of the top 10 companies decreased by Rs 11 lakh crore to Rs 86 lakh crore."
Reliance retains top spot, Bajaj Finance leads in percentage growth
Reliance Industries retained its position as India's most valuable company for the fifth consecutive year. It also emerged as the biggest value creator in absolute terms, adding more than Rs 1.8 lakh crore in value during the year. Bajaj Finance was the highest value creator in percentage terms, valued at Rs 5.8 lakh crore.
Long-term growth despite short-term pressures
According to the report, India's corporate sector continues to demonstrate long-term growth despite short-term valuation pressures. The total value of the top ten companies has increased 3.5 times over the past decade, while seven companies have remained in the top ten rankings for the last five years. The report highlighted that India Inc crossed USD 3.4 trillion in value, with the 500 companies collectively matching the scale of major global economies.
Selective market performance rewards fundamentals
Market performance was highly selective during the year. Only 198 of the 500 companies increased in value, indicating that investors increasingly rewarded strong business fundamentals over growth narratives. "Fundamentals return to centre stage, with ROE, cash generation, and balance sheet strength being rewarded over narratives," the report stated.
95 new entrants, growing entrepreneurial depth
The report also pointed to growing entrepreneurial depth in the Indian economy, with 95 new entrants joining the list and collectively contributing Rs 18.45 lakh crore in value. Corporate churn remained high, with more than one-third of the list refreshed since 2021, reflecting rapid changes across industries and business models.
Value creation spreads beyond metros
The report noted that value creation is increasingly spreading beyond major metropolitan centres. Companies from cities such as Rajkot, Bikaner, Kumbakonam and Rajnandgaon featured in the rankings, highlighting the growing role of Tier-2 and Tier-3 cities in India's corporate landscape.
Twelve companies double value; Groww leads
Twelve companies doubled their value during the year. Groww led the list with a 430% increase, followed by Adani Properties at 301%, Ather Energy at 224%, Anthem Biosciences at 185% and Meesho at 164%. Other companies that more than doubled in value included Haldiram Snacks, Multi Commodity Exchange of India, Lenskart, Paharpur Cooling Towers, Adani Power, RBL Bank and Navin Fluorine International.
IPL franchises, Bharti Airtel, and new sectors emerge
The report also highlighted the emergence of sports as an asset class, with several Indian Premier League franchises entering the India 500 list. These include Kolkata Knight Riders, Chennai Super Kings, Royal Challengers Bengaluru, Rajasthan Royals and Punjab Kings. Among other notable developments, Bharti Airtel broke into the top tier after adding Rs 7.6 lakh crore in value since 2021. The report also noted that Sarvam AI became the first homegrown large language model developer to enter the India 500 list, while defence manufacturing gained prominence with Solar Industries India breaking into the top 50 companies.
Financial services and healthcare dominate
According to the report, financial services and healthcare remained the dominant sectors driving value creation across India's corporate landscape.
