Reliance Industries tops the list of India's most valuable companies in Burgundy Private and Hurun India report

Reliance Industries tops the list of India's most valuable companies in Burgundy Private and Hurun India report

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The latest report on India's most valuable companies, released by Axis Bank's private banking unit Burgundy Private and Hurun India reveals that Reliance Industries (RIL) has for the third year has topped the list, this time followed by Tata Consultancy Services and HDFC Bank.

The 2023 Burgundy Private and Hurun India 500 report based on records the total market capitalization of Reliance Industries at Rs 15.6 lakh crore, higher than Tata Consultancy Services and HDFC Bank, ranked second and third with a market value of Rs 12.4 lakh crore and Rs 11.3 lakh crore, respectively.

"The merger of HDFC with HDFC Bank facilitated HDFC Bank to become the third Indian company to surpass Rs 10 lakh crore market capitalization," the report said.

Among emerging companies, the report showed that Suzlon Energy grew at the fastest pace. "Suzlon Energy, which registered a 436 percent growth, dominates the list of fastest growing companies in 2023 followed by Jindal Stainless and JSW Infrastructure," the report added.

HCL Technologies and Kotak Mahindra Bank have made their comeback to the top 10 list this year. Additionally, Jio Financial Services secured a 28th rank, after demerging from Reliance Industries.

The Market Cap Stack

The total market capitalization of the companies in the 2023 list increased to Rs 231 lakh crore as compared to Rs 226 lakh crore a year ago. "The total market value of the companies in the list is more than the combined gross domestic product (GDP) of Saudi Arabia, Switzerland and Singapore," according to the report.

India's Most Valued 

As many as 437 companies in the list of 500 most-valued companies have women representation on their boards.

Financial services and healthcare are leading the pack in terms of sectoral representation, with 76 and 58 companies respectively, closely followed by Consumer Goods, with has 38 companies in the list.

More than half of the companies in the list registered a value growth of more than Rs 1000 crore over the last year of which 75 companies registered a value growth of more than Rs 10,000 crore. For example, Megha Engineering (up by 150 percent), manufacturing services startup Zetwerk (up by 100 percent) and Bennet Coleman (up by 100 percent), led the value growth (in percent) amongst the unlisted companies in the list.

And 44 percent of the companies in the list sell services; 56 percent sell physical products whereas 66 percent of the companies are consumer-facing, 34 percent are business to business (B2B).

Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.