SBI, LIC And NTPC Among India’s Most Valuable State-Owned Firms: Hurun Report

India's largest lender State Bank of India was named as the most-valuable state-controlled company in India in the '2024 Burgundy Private Hurun India 500' report.

The report, released on Tuesday, focussed on 500 most-valuable private Indian firms but had an exclusive note on the 10 most valued state-run entities in India.

The report valued SBI at Rs 7.69 lakh crore, marking a 53% increase from its last valuation. Life Insurance Corp. of India secured the second position with a valuation of Rs 5.89 lakh crore, growing by 54%. NTPC Ltd. followed closely with the same valuation of Rs 5.89 lakh crore, recording a 51% rise.

The list also featured Oil and Natural Gas Corp., Hindustan Aeronautics Ltd., Power Grid Corp., Coal India, Bharat Electronics Ltd., Indian Railway Finance Corp., and Indian Oil Corp.

The ranking was dominated by financial services, with SBI, LIC and IRFC making the cut, while energy companies had the highest representation, occupying five spots—NTPC, ONGC, Power Grid Corporation, Coal India, and IOC. Aerospace and defence was the only other sector to feature, represented by HAL and BEL.

Meanwhile, the 2024 Burgundy Private Hurun India 500 report separately lists the 500 most valued private entities. With a value of Rs 17.5 lakh crore, Reliance Industries Ltd. is India’s most valuable company, followed by Tata Consultancy Services Ltd. at Rs 16.1 lakh crore, HDFC Bank Ltd. at Rs 14.2 lakh crore.

The qualification threshold for the list rose from Rs 6,700 crore to Rs 9,580 crore, reflecting the financial expansion of Indian enterprises, said Anas Rahman Junaid, founder and chief researcher at Hurun India.

"For the first time, every company on the list has achieved billion-dollar status, with their cumulative revenue exceeding $1 trillion, more than a quarter of India's GDP," he added.