India’s Top 10 Firms Now Worth More Than Saudi Arabia’s GDP: 2024 Hurun Report

The combined market value of India’s 10 most valuable companies has soared to Rs 96 lakh crore (approximately $1.1 trillion), surpassing Saudi Arabia’s GDP, as per the 2024 Burgundy Private Hurun India 500 report. These top 10 firms now account for nearly one-third of India’s GDP and 30% of the total value of India’s 500 most valuable companies.

Corporate Boom: Rs 22.7 Lakh Crore Growth in One Year

India’s corporate sector has witnessed remarkable growth, with the total value of the top 10 companies increasing by Rs 22.7 lakh crore in the past year. Bharti Airtel emerged as a key contributor, posting a 75% growth and adding Rs 4 lakh crore to its valuation. The National Stock Exchange (NSE) achieved the highest percentage growth, soaring by 201% to reach Rs 4.7 lakh crore.

Reliance, TCS, HDFC Lead the Top 10

Reliance Industries retained its position as India’s most valuable company with a valuation of Rs 17.5 lakh crore, reflecting a 12% increase. Tata Consultancy Services (TCS) followed at Rs 16.1 lakh crore, up 30%, while HDFC Bank secured the third spot with a valuation of Rs 14.2 lakh crore, marking a 26% rise.

2024 Burgundy Private Hurun India 500: A Snapshot

The annual ranking, released by Burgundy Private (Axis Bank’s Private Banking Business) and Hurun India, lists the country’s 500 most valuable firms based on market capitalization (for listed firms) or valuations (for unlisted firms). The total value of these companies stands at Rs 324 lakh crore ($3.8 trillion), exceeding the combined GDPs of the UAE, Indonesia, and Spain.

Key Highlights from the Report:

• Qualification Threshold: Companies needed a minimum valuation of Rs 9,580 crore ($1.1 billion) to be included in the list, marking a 43% jump from last year’s Rs 6,700 crore.
• Growth in Valuation: 364 companies saw an increase in value, with 65 firms doubling their valuations.
• Fastest Growth: Motilal Oswal Financial Services led the pack with a 297% growth, followed by Inox Wind and Zepto.
• NSE Breaks into Top 10: The National Stock Exchange (NSE) became India’s most valuable unlisted company, surpassing the Serum Institute of India (SII).
• Startup Surge: Startups like Zepto (269%), Physics Wallah (172%), and OYO significantly boosted their valuations.

Geographic & Sectoral Trends

• Business Hubs: Mumbai (154 firms), Bengaluru (44), and New Delhi (37) led the rankings, while Haryana entered the top three for the first time.
• Sector Dominance: Financial services (63 firms) and healthcare (59 firms) topped the list, followed by industrial products (52 firms).

Rising Global Influence & Diversity

The report also highlighted India’s expanding corporate footprint, with 296 companies having an international presence. Women now hold 17% of board seats across the top 500 firms.

With rapid valuation growth and sectoral expansion, India’s corporate giants are redefining the country’s economic landscape, reinforcing their influence both domestically and globally.

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