India's Top 10 Private Companies By Market Capitalisation: Burgundy Private and Hurun India Report

According to the latest report by Burgundy Private, a private banking unit of Axis Bank, and Hurun India, Reliance Industries (RIL) has maintained its top position for the third consecutive year among India's most valuable companies.

The latest list available is the 2023 Burgundy Private Hurun India 500 list. Here are the top 10 private companies in India by market capitalisation according to that list:

1. Reliance Industries Limited

2. Tata Consultancy Services

3. HDFC Bank

4. ICICI Bank

5. Infosys

6. Bharti Airtel

7. ITC

8. Larsen & Toubro

9. HCL Technologies

10. Kotak Mahindra Bank

The combined value of the top 10 companies is equal to 28% of India’s GDP and 32% of the total value of the 2023 Burgundy Private Hurun India 500.

According to the 2023 Burgundy Private and Hurun India 500 report, Reliance Industries leads with a total market capitalisation of Rs 15.6 lakh crore. Tata Consultancy Services and HDFC Bank hold the second and third positions with market values of Rs 12.4 lakh crore and Rs 11.3 lakh crore, respectively.

The report also said that the merger of HDFC with HDFC Bank enabled HDFC Bank to achieve a market capitalisation exceeding Rs 10 lakh crore, making it the third Indian company to do so.

This year, HCL Technologies and Kotak Mahindra Bank have re-emerged in the top 10 list.

The combined market capitalisation of the companies listed in 2023 surged to Rs 231 lakh crore, up from Rs 226 lakh crore the last year. As per the report, this total market worth exceeds the collective gross domestic product (GDP) of Saudi Arabia, Switzerland, and Singapore.

The 2023 Burgundy Private Hurun India 500 list, released in February 2024, ranks the 500 most valuable private companies in India. It is the third edition of the list, published in collaboration with Axis Bank's Burgundy Private and Hurun India.