Airtel adds ₹7.64T in value over five years, outshines TCS, Infosys, Wipro

Bharti Airtel added ₹7.64 trillion in value over the past five years, making it the biggest wealth creator during the period, while Tata Consultancy Services (TCS), Infosys and Wipro together lost ₹8.5 trillion in value, making information technology the biggest value-losing sector, according to the latest Burgundy Private Hurun India 500 report.

The report stated that the combined value of India’s 500 most valuable non-state-run companies stood at $3.4 trillion. Together, these companies employ 8.9 million people, contribute ₹3.23 trillion in taxes and spend ₹13,433 crore on corporate social responsibility initiatives.

This is the fifth report by Burgundy Private, Axis Bank’s Private Banking Business, and Hurun India.

“The companies in the 2025 Burgundy Private Hurun India 500 form the backbone of India’s private sector, wielding significant economic influence. Together, they have a cumulative valuation of US$3.4 trillion — higher than the GDP of Canada and the combined GDPs of Indonesia and Spain,” said Anas Rahman Junaid, Founder and Chief Researcher, Hurun India.

Reliance Industries retained its position as India’s most valuable company for the fifth consecutive year with a valuation of ₹19.36 trillion, followed by HDFC Bank at ₹11.88 trillion and Bharti Airtel at ₹11.50 trillion.

At least 12 companies more than doubled their valuations over the past year, led by stockbroking platform Groww with a 430 per cent jump.

It was followed by Adani Properties (301 per cent), Ather Energy (224 per cent), Anthem Biosciences (185 per cent), Meesho (164 per cent), Haldiram Snacks (136 per cent), Multi Commodity Exchange of India (117 per cent), Lenskart (111 per cent), Paharpur Cooling Towers (111 per cent), Adani Power (107 per cent), RBL Bank (100 per cent) and Navin Fluorine International (100 per cent).

The gains were spread across financial services, real estate, electric vehicles, pharmaceuticals, consumer goods and manufacturing.

The report stated that 95 companies entered the ranking this year, the highest since the list was launched. The new entrants together were valued at ₹18.45 trillion.

More than one-third of the companies featured in the inaugural 2021 ranking have dropped off the list.

Financial services was the largest sector in the ranking, with 83 companies having a cumulative valuation of ₹69.62 trillion, followed by healthcare with 61 companies valued at ₹32.45 trillion.

Financial services and healthcare were the biggest contributors to the 2025 ranking.

Four pure-play artificial intelligence (AI) companies — Fractal Analytics, Glance, Sarvam AI and Neysa — debuted on the list. Sarvam AI became the first homegrown large language model developer to feature in the ranking.

Aerospace and defence valuations rose 74 per cent, while Greenko, Inox Clean Energy and Emmvee Photovoltaic Power entered the list amid growing investments in renewable energy.

For the first time, five Indian Premier League (IPL) franchises — Kolkata Knight Riders, Chennai Super Kings, Royal Challengers Bengaluru, Rajasthan Royals and Punjab Kings — entered the ranking, with a combined valuation exceeding ₹71,000 crore.

The report stated that startup valuations recorded a net decline of ₹1.37 trillion even as companies such as Groww, Lenskart, Meesho and PhysicsWallah moved closer to public market listings.

Mumbai remained India’s corporate capital with 141 companies on the list, followed by Bengaluru (57), Gurugram (42), Hyderabad (39) and Chennai (36).

Companies from Rajkot, Bikaner, Kumbakonam and Rajnandgaon also featured in the ranking.

The “2025 Burgundy Private Hurun India 500” ranks India-headquartered companies by market capitalisation or enterprise value, excluding state-owned enterprises and subsidiary entities.

To qualify for inclusion in the 2025 list, companies needed a minimum valuation of ₹10,230 crore ($1.1 billion) as of April 30, 2026. This threshold increased by 7 per cent compared with last year.

With an average age of 44 years, the cohort reflects a blend of maturity and momentum within India’s corporate ecosystem, the report said. Business Standard