Top Private Companies Lose ₹11 Lakh Crore in Value, Reliance Retains No.1 Spot

The combined value of India’s 10 largest privately owned companies declined by ₹11 lakh crore in 2026, according to the fifth edition of the Burgundy Private Hurun India 500 report released by Axis Bank’s Burgundy Private and Hurun India.

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The report showed that the aggregate value of the top 10 companies fell to ₹86 lakh crore from ₹97 lakh crore a year earlier. Despite the decline, these companies accounted for nearly one-fourth of India’s GDP and represented 27% of the total value of companies featured in the 2025 Burgundy Private Hurun India 500 list.

Reliance Industries retained its position as India’s most valuable company for the fifth straight year. The conglomerate also emerged as the biggest value creator in absolute terms, adding more than ₹1.8 lakh crore during the year. Bajaj Finance registered the highest growth in percentage terms and was valued at ₹5.8 lakh crore.

Corporate Value Creation Remains Strong

The report noted that the total value of the top 10 companies has increased 3.5 times over the last decade. Seven companies have remained part of the top 10 rankings over the past five years.

Collectively, the 500 companies featured in the report were valued at more than $3.4 trillion, a scale comparable with some of the world’s largest economies.

However, gains were uneven. Only 198 companies on the list recorded an increase in valuation, indicating a shift in investor preference towards companies with stronger returns on equity, cash flows and healthier balance sheets.

New Entrants and Regional Expansion

In the report, the number of new companies joining the list was mentioned to be 95, whose total value was reported to be ₹18.45 lakh crore. More than a third of the companies listed on the list have undergone change since 2021.

Corporate value creation is also becoming more geographically diverse. Companies based in Rajkot, Bikaner, Kumbakonam and Rajnandgaon featured in the rankings, underscoring the rising contribution of Tier-2 and Tier-3 cities.

Several Companies Double Their Value

Twelve companies more than 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 firms that recorded more than 100% growth included Haldiram Snacks, Multi Commodity Exchange of India, Lenskart, Paharpur Cooling Towers, Adani Power, RBL Bank and Navin Fluorine International.

The report also noted the emergence of sports franchises as valuable assets, with several Indian Premier League teams entering the India 500 rankings. Financial services and healthcare continued to be the biggest contributors to value creation across India’s corporate sector.