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2023 Burgundy Private Hurun India 500 List: RIL Tops as Most Valued Indian Company for 3rd Consecutive Year

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Reliance Industries tops 2023 Burgundy Private Hurun India 500 with Rs 15.64 trillion value (1)According to the 2023 Burgundy Private Hurun India 500 released by Axis Bank’s Burgundy Private and Hurun India, Reliance Industries Limited (RIL) has emerged as the India’s most valuable company for the 3rd cosecutive year with a value of Rs 15,64,663 crore.

  • RIL is followed by Tata Consultancy Service (TCS) with a value of Rs 12,36,229 crore and HDFC Bank with Rs. 11,25,975 crore at 2nd and 3rd spot.

Note: 2023 Burgundy Private Hurun India 500 is the 3rd edition of the 500 Most Valuable Private Companies in India.

About 2023 Burgundy Private Hurun India 500:

i.Companies are ranked based on mcap for listed companies and valuations for non-listed ones. The cut-off date for the list was October 30, 2023.

ii.Companies must have a minimum value of Rs 6,700 crore (USD 807 million) to qualify.

iii.The list features only the companies headquartered in India, excluding state-owned entities and foreign/Indian company subsidiaries.


i.The total cumulative value of the 2023 Burgundy Private Hurun India 500 companies is Rs. 231 lakh crore (USD 2.8 trillion).

ii.The threshold to qualify for the list is Rs. 6,700 crore, up by 13% from Rs.5,947 crore in 2022.

iii.The average age of companies in the list is 38 years.

Oldest: EID-Parry (India) in Chennai, Tamil Nadu founded in 1788 (235 years old).

Youngest: GlobalBees(New Delhi, Delhi); Mensa Brands (Bengaluru, Karnataka) and Zepto(Mumbai, Maharashtra) founded in 2021.

Top 10 of 2023 Burgundy Private Hurun India 500:

RankCompanyValue in Rs (Crore)Change (%)HeadquartersMD/CEO
1RIL15,64,663-9.3%Mumbai, MaharashtraMukesh D. Ambani
2TCS12,36,2295.8%Mumbai, MaharashtraK. Krithivasan
3HDFC Bank11,25,97535.1%Mumbai, MaharashtraSashidhar Jagdishan
4ICICI Bank6,47,7162.3%Mumbai, MaharashtraSandeep Bakhshi
5Infosys5,71,529-11.7%Bengaluru, KarnatakaSalil Parekh
6Bharti Airtel5,55,53113.5%New Delhi, DelhiGopal Vittal
7ITC5,36,81124.2%Kolkata, West BengalSanjiv Puri
8Larsen & Toubro4,02,19741.5%Mumbai, MaharashtraSN Subrahmanyan
9HCL Technologies3,43,21121.5%Noida, Uttar PradeshC Vijayakumar
10Kotak Mahindra Bank3,41,352-9.6%Mumbai, MaharashtraDipak Gupta

Key Performers of 2023 Burgundy Private Hurun India 500:

Most Valuable CompanyRILValue: Rs. 15,64,663 crore
Most Valuable Unlisted CompanySerum Institute of India(SII) (Pune, Maharashtra)Value: Rs. 1,92,300 crore
Largest Value CreatorServices Industry (Company name: Info Edge)Value Growth: 4.5%
Largest EmployersTCSNo. of Jobs: 6,15,721
Highest direct taxpayersRILCorporate Tax: Rs. 20,376 crore
Most Valuable State-controlled CompanyState Bank of India (SBI)Value: Rs. 5,04,597 crore
Highest net profitRILNet Profit: Rs. 74,088 crore
Highest revenueRILRevenue: Rs. 9,03,045 crore

Top 5 Most Valuable Company in Unlisted Space:

RankCompany Headquarters
1Serum Institute of IndiaPune (Maharashtra)
2National Stock Exchange of India(NSE)Mumbai (Maharashtra)
3Megha Engineering andInfrastructureHyderabad (Telangana)
4Zoho CorporationChennai (Tamil Nadu)
5SwiggyBengaluru (Karnataka)

Note: 26% of companies featured in the 2023 Burgundy Private Hurun India 500 are unlisted, a 6% decrease compared to 2022.

Key Highlights:

i.The list comprises companies across 44 cities of 16 states in India, led by Mumbai (156); Bengaluru (59); and New Delhi (39).

  • Maharashtra has the highest number of companies followed by Karnataka, Tamil Nadu and Delhi.
  • The top 3 cities contributed 254 entrants, compared to 264 entrants in 2022.

ii.A total of 179 companies in the list are led by professional Chief Executive Officers (CEOs) and 437 companies in the list have women’s representation on their boards.

iii.61 new companies debuted in the list and the cumulative value of the new entrants is Rs. 7.5 lakh crores. Industrial Products led with 16 new entrants, followed by Financial Services with 10 new entrants.

iv.Financial Services and Healthcare sectors lead the list with 76 and 58 companies respectively, followed by Consumer Goods, which possess 38 companies in the list.

v.The Services Industry is the Largest Value Creator of the Year 2023. Led by Info Edge (India) (88th Rank), which grew by 4.5%. The cumulative value of the companies from the Services sector grew by 235.1%.

vi.The companies in the list employ 70 lakh people, with an average of 15,211 employees per organisation.

Points to note:

i.Shriram Finance, the flagship company of the Shriram Group, showed remarkable growth, climbing 65 places to secure the 59th rank.

ii.Suzlon Energy, which registered a year-over-year (YoY) value growth of 436%, dominates the list of the fastest growing (%) companies in lits.

  • It is followed by Jindal Stainless and Jindal South West (JSW) Infrastructure which grew by almost 5 times and 4 times over the year respectively.

iii.The 8 companies of Adani Group have a combined value of Rs.9.9 lakh crore and constitute 4.3% of the total value of 500 top companies.

Additional info:

i.Startups dominate the list of Karnataka Based companies featured on the list. Out of the 61Karnataka based companies on the list, 35 are starups. The cumulative value of Karnataka-based companies stands at Rs.22 lakh crore.

  • Infosys is Karnataka’s most valuable company with a value of Rs. 5.7 lakh crore, followed by Titan Company (Rs. 2.8 lakh crore) and Wipro (Rs. 2 lakh crore).
  • Top Startup Performers of Karnataka in 2023 are Swiggy (Rs. 65,400 crores), Zerodha (Rs. 58,500 crores) and Razorpay (Rs. 56,800 crores).

About Hurun Report Inc.:
Hurun Report is a leading research, luxury publishing and events group established in 1998 in London, the United Kingdom(UK).
It has presence in various countries including India, China, France, UK and Japan. Hurun India was launched in 2012.
Founder & Chief Researcher (Hurun India) – Anas Rahman Junaid
Headquarters (Hurun India)- Mumbai, Maharashtra