The National Stock Exchange (NSE) has retained its position as India’s most valuable unlisted company, with a valuation of Rs 4.86 lakh crore, according to the 2025 Burgundy Private Hurun India 500 report. The exchange continues to top the ranking of unlisted firms, staying ahead of Serum Institute of India and Adani Properties, reflecting sustained investor confidence in its business model and growth prospects.Published by Burgundy Private, Axis Bank’s private banking arm, along with Hurun India, the report tracks India’s 500 most valuable non-state-run companies. It highlighted strong representation from consumer, fintech and renewable energy sectors among leading unlisted businesses.Companies such as Haldiram, Razorpay and Greenko also featured prominently, underlining the growing prominence of diverse high-growth sectors in the unlisted space.The report noted that investors are increasingly assigning premium valuations to companies with dominant market positions and scalable models, even before they enter public markets.
NSE IPO filing marks major milestone
The NSE’s top ranking comes at a crucial time as it recently filed preliminary papers with markets regulator Sebi for a long-awaited initial public offering (IPO), estimated at around Rs 30,000 crore. The issue is expected to be the largest public offering in Indian stock market history.The filing marks a key milestone for the exchange, whose listing plans had been delayed for nearly a decade due to regulatory challenges, including the co-location controversy.According to the draft red herring prospectus (DRHP), the IPO will be entirely an offer for sale (OFS) of 14.89 crore shares, with existing shareholders collectively offloading nearly 6% of their stake.Among the major selling shareholders, State Bank of India will divest up to 2.48 crore shares, followed by MS Strategic (Mauritius) Limited with 1.60 crore shares. Life Insurance Corporation of India (LIC), which holds a 10.72% stake and is the largest shareholder in NSE, will not offload any shares.
India Inc crosses $3.4 trillion valuation mark
The report further noted that India Inc has crossed $3.4 trillion in total value, with the 500 companies in the ranking collectively matching the scale of major global economies.It also stated that the combined value of India’s top 10 most valuable non-state-run companies has fallen by Rs 11 lakh crore in 2026 compared to the previous year. The total now stands at Rs 86 lakh crore, down from Rs 97 lakh crore a year earlier.Despite the decline, the top 10 companies still account for nearly one-fourth of India’s GDP and 27% of the total value of the Burgundy Private Hurun India 500 list.The report said, “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 value creation
Reliance Industries retained its position as India’s most valuable company for the fifth consecutive year and also emerged as the biggest value creator in absolute terms, adding over Rs 1.8 lakh crore in value during the year.Bajaj Finance stood out as the highest value creator in percentage terms, with a valuation of Rs 5.8 lakh crore.Overall, the report said India’s corporate sector continues to show long-term growth despite short-term valuation pressures. The total value of the top 10 companies has risen 3.5 times over the past decade, with seven firms consistently holding their positions in the top 10 over the last five years.
Selective growth across India Inc
Out of the 500 companies tracked, only 198 recorded an increase in value during the year, indicating a selective market where investors are prioritising strong fundamentals over growth narratives.The report stated, “Fundamentals return to centre stage, with ROE, cash generation, and balance sheet strength being rewarded over narratives.”It also highlighted growing entrepreneurial depth, with 95 new entrants joining the list and collectively contributing Rs 18.45 lakh crore in value.Corporate churn remains high, with more than one-third of the list refreshed since 2021, reflecting rapid shifts across industries and business models.The report pointed to the expanding geographic spread of value creation, with companies from cities such as Rajkot, Bikaner, Kumbakonam and Rajnandgaon making it to the rankings, signalling rising contributions from Tier-2 and Tier-3 cities.Twelve companies doubled their value during the year. Groww led the gains with a 430% rise, followed by Adani Properties at 301%, Ather Energy at 224%, Anthem Biosciences at 185% and Meesho at 164%.Other firms that more than doubled their value 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 growing presence of sports as an asset class, with several Indian Premier League franchises featuring in the India 500 list, including Kolkata Knight Riders, Chennai Super Kings, Royal Challengers Bengaluru, Rajasthan Royals and Punjab Kings.Among other developments, Bharti Airtel entered the top tier after adding Rs 7.6 lakh crore in value since 2021. Sarvam AI became the first homegrown large language model developer to feature in the India 500 list, while Solar Industries India broke into the top 50 companies.Financial services and healthcare continued to remain the dominant sectors driving value creation across India’s corporate landscape.
