Axis Bank’s Burgundy Private and Hurun India have launched an update to the list of 500 most valuable private companies in India, which was first launched in December 2021.
This is a six-month (from October 30, 2021- April 30, 2022) update of the 2021 Burgundy Private Hurun India 500, the list of 500 most valuable non-state-owned companies in India. The 2021 Burgundy Private Hurun India 500 list was released on December 9, 2021.
The total value of the top 10 companies remains unchanged at INR 71.8 lakh crore (US$940bn), equivalent to 37% of India’s GDP and 31% of the total value of the 2021 Burgundy Private Hurun India 500. 6 are headquartered in Mumbai.
| Rank | Company | Value (INR Cr) | Change (%) | Headquarters | CEO |
| 1 | Reliance Industries | 18,87,881 | 13.4% | Mumbai | Mukesh Ambani |
| 2 | Tata Consultancy Services | 12,97,756 | -0.9% | Mumbai | Rajesh Gopinathan |
| 3 | HDFC Bank | 7,67,836 | -15.2% | Mumbai | Sashidhar Jagdishan |
| 4 | Infosys | 6,59,427 | -12.3% | Bengaluru | Salil Parekh |
| 5 | ICICI Bank | 5,16,502 | -3.9% | Mumbai | Sandeep Bakhshi |
| 6 | Adani Green Energy | 4,50,874 | 139.0% | Ahmedabad | Vneet S. Jaain |
| 7 | Bharti Airtel | 4,34,851 | 12.7% | Gurugram | Gopal Vittal |
| 8 | Housing Development Finance Corporation | 4,04,251 | -19.3% | Mumbai | Keki M Mistry |
| 9 | Bajaj Finance | 4,03,930 | -6.3% | Pune | Sanjiv Bajaj |
| 10 | Kotak Mahindra Bank | 3,55,403 | -14.8% | Mumbai | Uday Kotak |
Source: Hurun Research Institute, Burgundy Private Hurun India 500-Special Report
Here are some of the key findings from the Burgundy Private Hurun India 500 report.
During this period, the value of Reliance Industries increased by 13.4%, or INR 2.2 lakh crore. While the total value of TCS declined marginally by 0.9% and HDFC Bank declined by 15.2%.
Adani Group Companies made the maximum gain during the review period and surpassed all others by a huge margin. In just six months Adani Green moved up the ranking –from 16th to 6th spot.
The total value of 219 companies declined during the review period. Ten companies remained flat and 36 dropped out from the list.
National Stock Exchange of India is the most valuable unlisted company in India growing by 35.6% to INR 2,28,100 crore.
The value of four listed Unicorn- Nykaa, Zomato, Paytm and Policybazaar declined by INR 1,61,007 crore during the review period.
As per the report, the value of the top 500 companies in India increased marginally by 2% to INR 232 lakh crore from INR 221 lakh crore as of October 30, 2021.
