36 of India’s Most Valuable Companies in the 2024 Burgundy Private Hurun India 500 are from Gujarat
BILKULONLINE
Ahmedabad, Feb 18: Burgundy Private, Axis Bank’s Private Banking Business, and Hurun India, launched the ‘2024 Burgundy Private Hurun India 500,’ the fourth edition of the list of India’s 500 most valuable companies. These companies are ranked according to their value, defined as market capitalisation for listed companies and valuations for non-listed companies. This list exclusively includes companies headquartered in India, excluding state-owned companies and subsidiaries of foreign and Indian companies.
To qualify for inclusion in the ‘2024 Burgundy Private Hurun India 500’ list, companies must have a minimum value of INR 9,580 crore, equivalent to US$1.1 Bn, as of 13 December 2024. The average age of the companies on this list is 43 years. The combined value of the 2024 Burgundy Private Hurun India 500 companies amounts to INR 324 lakh crore (US$3.8tn). Over the same period last year, BSE SENSEX increased by 27%, NIFTY 50 grew by 30% year on year, whilst the S&P BSE 500 rose by 38%.
Commenting on the launch, Amitabh Chaudhry, Managing Director and Chief Executive Officer, Axis Bank, said: “Burgundy Private is delighted to partner with Hurun India once again to celebrate India’s 500 most valuable companies. The 2024 Burgundy Private Hurun India 500 report is a remarkable snapshot of India’s corporate landscape, which is undergoing unprecedented transformation. By rethinking strategies, innovating, and adapting to new realities to stay ahead of the curve, the companies featured on this year’s list have seized growth opportunities to emerge as exemplary leaders in their respective industries. With capital markets becoming more dynamic than ever, these companies have demonstrated vision, resilience, and agility to create immense value for their stakeholders.
The entry threshold for the Burgundy Private Hurun report has jumped 43% this year to INR 9,580 crore, making every company nearly a billion-dollar entity. This is a testament to India’s growing economic prowess. These companies are significantly contributing to fortifying the nation’s economic framework by employing 8.4 million individuals, paying INR 2.2 lakh crore in taxes, and allocating INR 10,939 crore towards CSR initiatives. Collectively valued at US$ 3.8 trillion, these 500 companies exceed the GDP of India as well the combined GDPs of UAE, Indonesia, and Spain.
At Axis Bank, we are proud to support India’s growth story. Through Burgundy Private, we empower our clients to seize transformative investment opportunities, leveraging our ‘One Axis’ ecosystem to deliver tailored wealth management solutions. With our AUM growing to over USD 24 bn, a 31% YoY increase, we remain a trusted partner for India’s wealthiest families. As we unveil the 2024 report, we are excited to witness the transformative impact of these companies in creating new opportunities and driving India toward its goal of becoming a $5 trillion economy.”
Commenting on the launch, Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, said: “The companies from 2024 Burgundy Private Hurun India 500 make up the ‘backbone’ of India’s private sector, wielding significant economic influence. Between them, they have a cumulative valuation of US$3.8 trillion, which is more than India’s annual GDP, and employ 8.4 million people. If you want to understand how the Indian economy is developing, understanding the stories behind 2024 Burgundy Private Hurun India 500, India’s most valuable companies, is a great place to start.”
“Gujarat registered strong growth, with 36 companies making it to the 2024 Burgundy Private Hurun India 500—five more than last year. Their combined value has surged to INR 20.2 lakh crore, marking a 37% rise since 2021. The state has also welcomed ten new entrants, collectively valued at INR 1.4 lakh crore, reflecting its dynamic business environment. The Industrial Products sector leads in representation, with Astral, AIA Engineering, and Jyoti CNC Automation at the forefront, while Healthcare and Energy follow closely. Gujarat-based companies have seen total sales rise by 43% since 2021, now reaching INR 4.4 lakh crore, and employ 2.5 lakh people—up 10%. With an average age of 40 years, these companies showcase a blend of legacy and innovation, reinforcing Gujarat’s role as a key driver of India’s economic growth.”
Methodology
The 2024 Burgundy Private Hurun India 500 is a list of the 500 most valuable companies headquartered in India. Government/state-owned companies and subsidiaries of foreign and Indian companies are excluded. Although the cut-off date for the list is 13th December 2024, we have made an exception for Vishal Mega Mart, Inventurus Knowledge Solutions, and Sai Life Sciences, for whom we have considered the closing market cap of the listing day. The aforementioned companies were in the process of going public/ getting listed during the cut-off date.
Valuing private companies is as much an art as it is a science. Hurun India may have missed a few companies in the list, but we endeavour to develop the most comprehensive report of its kind to identify and acknowledge India’s top businesses. Hurun Report’s team of researchers have travelled the length and breadth of the country, cross-checking information with entrepreneurs, industry experts, journalists, bankers, and other publicly available data sources.
For unlisted companies, Hurun Research’s valuation is based on a comparison with their listed peers using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to Sales, and EV to EBITDA. Other methodologies, such as Discounted Cash Flow and Tobin’s Q, are also used. Financial information is from the latest annual reports or audited financial statements.
