The National Stock Exchange (NSE) has become the most valuable unlisted company in India, a recent report said. The 2024 Burgundy Private Hurun India 500 Unlisted Companies report found that the NSE climbed a whooping 201 per cent in value and reached an estimated worth of Rs 4.70 lakh crore.
In the rankings, the study found a significant shift as the earlier leader, the Serum Institute of India, moved down from its position and fell to second place on the list. The valuation of the prominent vaccine manufacturer from Pune climbed 10 per cent and reached Rs 2.11 lakh crore.
The report, compiled by Burgundy Private (Axis Bank’s private banking business) and Hurun India, marks the fourth edition of the list of India’s 500 most valuable companies.
These firms are ranked according to their value (market capitalisation for listed companies and valuation for non-listed firms). The report includes companies headquartered in India, excluding state-owned companies and subsidiaries of foreign and Indian firms.
2024 Burgundy Private Hurun India 500 Top 10 Unlisted Companies
| Rank | Company | Value (Rs in Crore) | Value Change (Percentage) | Headquarter | Key Leader |
| 1. | NSE | Rs 4,70,250 Cr | 201% | Mumbai | Ashishkumar Chauhan |
| 2. | Serum Institute of India | Rs 2,11,610 Cr | 10% | Pune | Cyrus Poonawalla |
| 3. | Zoho Corporation | Rs 1,03,760 Cr | 58% | Chennai | Sridhar Vembu |
| 4. | Zerodha | Rs 87,750 Cr | 50% | Bengaluru | Nithin Kamath |
| 5. | Megha Engineering & Infrastructure | Rs 77,860 Cr | 15% | Hyderabad | P.V. Krishna Reddy |
| 6. | Parle Products | Rs 68,640 Cr | 16% | Mumbai | Vijay Kantilal Chauhan |
| 7. | Intas Pharmaceuticals | Rs 68,150 Cr | 10% | Ahmedabad | Nimish Chudgar |
| 8. | Dream11 | Rs 67,860 Cr | 13% | Mumbai | Harsh Jain |
| 9. | Razorpay | Rs 63,620 Cr | 11% | Bengaluru | Harshil Mathur |
| 10. | Amalgamations | Rs 56,660 Cr | 68% | Chennai | Ram Venkataramani |
Reliance Remains Most Valuable Company
According to the report, the combined '2024 Burgundy Private Hurun India 500' rankings found Reliance Industries as the most valuable company in the country with a market capitalisation of Rs 17.5 lakh crore. TCS and HDFC Bank emerged as the second and third most valuable firms and reported a net worth Rs 16.1 lakh crore and Rs 14.2 lakh crore respectively.
NSE managed to break in the top 10 in the overall rankings with a value of Rs 4.7 lakh crore. To be eligible for inclusion in the ‘2024 Burgundy Private Hurun India 500’, companies were required to clock a minimum value of Rs 9,580 crore, coming up to $1.1 billion as of December 13, 2024. The average age of the companies in the list is 43 years, while the combined value of the companies on the list amounted to Rs 324 lakh crore. During the same period, BSE Sensex climbed 27 per cent, while Nifty50 reported a growth of 30 per cent on a year-on-year (YoY) basis.