Nearly 70 percent of India’s 300 most valuable family-run businesses are now publicly listed, according to the Barclays Private Clients Hurun India Most Valuable Family Businesses 2025 report. A quick analysis of this concentration (222 companies) in an interaction with Nitin Singh, managing director and head of India at Barclays Private Clients, and Anas Rahman Junaid, founder and chief researcher at Hurun India, reveals more trends like shifting promoter attitudes towards professionalising operations and adapting to a more competitive global environment.
Singh said the differences between generations are narrowing, which is why looking at the various choices exercised by the newer and older generation isn’t contrarian. He says, “The new generation generally wants to professionalise their businesses more, are definitely using technology more, and looking at aligning investment opportunities. But it’s not fair to say there is a dramatic difference now than compared to, say, a few years back.”
He added that earlier there was a more visible contrast in risk appetite—the next generation being more inclined towards high-growth, high-tech businesses—but investor preferences have now matured across both generations.
Junaid added to this thought, saying, “The next generation don’t mind being called whole-time directors and getting a CEO to run the business. We clearly see them hiring more professional hands to take charge, while family members retain a board seat and weigh in on key decisions,” he said.
Examples include Inox, Windgreen, RPSG Group and Reliance, as well as Adani Realty, which is entirely family-owned but run by a professional CEO. “As businesses become larger, they are following best practices you see globally—they are not shying away from it.”
Asked whether more families prefer going public or staying private to retain control, Junaid pointed to the data: “See, you have 222 companies out of the 300 as listed. That does show how open family businesses are to being transparent and marketing that transparency to raise external capital.”
Singh added that the purpose of such capital has evolved. “The money being brought into businesses today is typically for growth, not promoter exits. The more important question now is: what strategic value does this capital bring to the business?”
Staying with the topic of changes, the two reflected how family-led businesses are highly capable of withstanding the fallout of new US tariff measures. Junaid said, “Since independence, we have seen wars, COVID, political emergencies, nationalisation—tariffs are just a small blip in that journey. If anyone can weather this storm, it’s them.”
Singh agreed, saying adaptability matters more than succession in such scenarios. “Entrepreneurs are most adept at dealing with any change that tariffs or markets bring. As things happen, they’ll deal with it and move ahead,” he explained.
The Barclays Private Clients Hurun India Most Valuable Family Businesses report also highlighted that the top 200 threshold increased from Rs 2,700 crore to INR 4,600 crore, an increase of 70%. The threshold to qualify for the List now stands at Rs 1,200 crore.
Family businesses with a focus on special products led the list with 89 companies, though automobiles have the highest average valuation at Rs 53,780 crore. Together, the top 300 families in India employ over 2 million people and contribute Rs 1.8 lakh crore in taxes — accounting for 15% of India’s corporate tax collections.
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