Key Highlights:
The total value of the companies in the ‘2022 Burgundy Private Hurun India 500’ list remains unchanged at INR 226 lakh crore, when compared to last year. This is despite 191 companies in the list cumulatively losing INR 18.3 lakh crore in value
309 companies in the list saw their value increase in the last year, of which 18 doubled in value. 6 companies rose by INR 1 lakh crore, led by four Adani group companies
The companies in this list come from 36 cities across India, led by Mumbai (159), Bengaluru (63) and New Delhi (42). These 3 cities contribute to more than half of the ‘2022 Burgundy Private Hurun India 500’ list
Financial Services and Healthcare led the way with 73 and 60 companies respectively in the list, followed by Chemicals and Consumer Goods with 37 entrants each
77 new companies broke into the ‘2022 Burgundy Private Hurun India 500’ list this year. Healthcare leads with 10 of the new entrants, followed by Financial Services with 8 and Retail with 7
25 companies broke into the top 100 this year. Leading this new entrant pack is Ambuja Cements, which debuted at 36th rank, after its acquisition by the Adani Group. Foodtech start-up, Swiggy shot up 56 places to 46th rank
46% of the companies in this list sell services, 54% sell physical products
70% of the companies are consumer-facing, 30% are B2B
The 2022 Burgundy Private Hurun India 500 companies employ 72.6 lakh people in total, with an average of 14,500 employees
410 companies in the ‘2022 Burgundy Private Hurun India 500’ list have women’s representation on the board
68 companies in the 2022 Burgundy Private Hurun India 500 are 100% owned by promoters
193 companies featured in the 2022 Burgundy Private Hurun India 500 are run by professional CEOs, of which 138 companies are family owned
Big 3: With a value of INR 17.3 lakh crore, Reliance Industries is India’s most valuable company, followed by Tata Consultancy Services with INR 11.7 lakh crore and HDFC Bank with INR 8.3 lakh crore. Cementing the number one position, Reliance Industries is now 47% or INR 5 lakh crore more valuable than Tata Consultancy Services, the second most valuable company in the 2022 Burgundy Private Hurun India 500
Biggest gainers in terms of absolute value are Adani Group companies - Adani Total Gas, up INR 2.3 lakh crore; followed by Adani Enterprises, up INR 2.1 lakh crore; Adani Transmission, up INR 1.7 lakh crore and Adani Green Energy, up INR 1.4 lakh crore
Covid-19 vaccine producer Serum Institute of India increased its value by 20% to INR 2.2 lakh crore and is India’s most valuable unlisted company
Some interesting changes over the year
o The threshold to make it to the 2022 Burgundy Private Hurun India 500 is INR 6,000 crore, up 15% from last year
o The cut-off value to feature in the top 10 of 2022 Burgundy Private Hurun India 500 decreased by 1% to INR 3,81,610 crore
o 309 companies in 2022 Burgundy Private Hurun India 500 saw their value increase during the review period
o Cumulative sales of companies in the 2022 Burgundy Private Hurun India 500 is INR 70 Lakh crore, an increase of 33% compared to last year
o The average age of companies featured in the 2022 Burgundy Private Hurun India 500 is 37 years, three years younger than last year
o 39% of 2022 Burgundy Private Hurun India 500 companies are run by professional CEOs compared to 38% last year
o 3.9 lakh new jobs were created by the companies in the list, in the last one year. They also employ 11.6 lakh women
o Mumbai lost 8 companies in the list when compared to the 2021 Burgundy Private Hurun India 500, whereas Bengaluru and New Delhi gained 11 companies each in the 2022 list
o The Financial Services sector is the biggest contributor to the 2022 Burgundy Private Hurun India 500 with 15% or 73 companies, down by 5% compared to last year
Mumbai, December 01, 2022: Burgundy Private, Axis Bank’s Private Banking Business and Hurun India launched the ‘2022 Burgundy Private Hurun India 500 ’,second edition of the list of the 500 most valuable companies in India. These companies are ranked according to their value, defined as market capitalization for listed companies and valuations for non-listed companies. The cut-off date to arrive at this list was 30th October 2022. This list refers to companies headquartered in India only; state-owned companies and subsidiaries of foreign as well as Indian companies are not included.
To make it to the ‘2022 Burgundy Private Hurun India 500’ list, companies required to have a minimum value of INR 6,000 crore, equivalent to US$725 million. On an average, companies from the 2022 Burgundy Private Hurun India 500 were founded in 1985, and today are worth a total of INR 226 lakh crore (US$2.7tn), which remains flat when compared with the inaugural edition. Both BSE SENSEX and NIFTY 50 rose by 2% year on year, whilst the S&P BSE 500 was up 2.5% over the same period last year.
Commenting on the launch, Amitabh Chaudhry, Managing Director and Chief Executive Officer, Axis Bank said: "Burgundy Private is delighted to have partnered again with Hurun India in celebrating India’s 500 most valuable companies. The 2nd edition of the Burgundy Private Hurun India 500 report, featuring India’s 500 most valuable companies, could not have come at a better time. From a ‘rare bright spot,’ when most world economies are staring at a slowdown, India is slated to be entering its decade of eminence. Indian companies and their leadership deserve great acclamation for their contribution to the country’s unique positioning today, and they will play an even bigger role in making India the world’s third largest economy over the next decade.”
“Despite global challenges, the companies on the ‘2022 Burgundy Private Hurun India 500’ list created value to the tune of INR 226 lakh crore (USD 2.7 trillion), for their stakeholders. As India’s leading wealth management franchise, Burgundy Private witnessed this value creation from close quarters. The companies on this year’s list contributed immensely to nation building. The top line of these 500 companies is equivalent to 29% of India’s GDP, and these companies employ up to 1.5% of the country’s total workforce. What stood out in the report is that 67 companies on the list are younger than 10 years. These new-age companies will indeed shape the coming decade with their entrepreneurship, technology and digital innovations.”
“Axis Bank remains optimistic about the growth opportunities in the Indian economy. Our ability to deliver 'One Axis’ as a full-service bank, offering varied solutions across all financial services, is a key area of our distinctiveness, allowing us to bring unique solutions to our customers. As India moves towards its most important decade, we look forward to partnering with the companies on the 2022 Burgundy Private Hurun India 500 list, as they move towards the next milestone in their growth journey”, he added.
Anas Rahman Junaid MD and Chief Researcher, Hurun India said:
“It is easy to see why the 2022 Burgundy Private Hurun India 500 represents the most powerful group of companies in India. With a total value of US$2.7tn, which is equal to India’s current GDP, they make up the backbone of India’s economy. Together, these 500 companies had combined sales of US$820bn and employed 7.3 million staff, which is more than the working population of the United Arab Emirates. If you want to understand what is really going on in the Indian economy, understanding the stories behind the 2022 Burgundy Private Hurun India 500, India’s most valuable companies, is a good place to start. Hurun India is delighted to partner with Burgundy Private, Axis Bank’s Private Banking Business to release the 2022 Burgundy Private Hurun India 500.”
“This year, the threshold to make the 2022 Burgundy Private Hurun India 500 was INR 6,000 crore, up 15% from last year. This is impressive, considering the cut-off to enter the Hurun Global 500 has come down by 23%. Burgundy Private Hurun India 500 indicates that India is possibly the brightest spot amidst the global economic turmoil. At this rate of growth, the cut-off to enter Burgundy Private Hurun India 500 might well be closer to INR 10,000 crore in five years.”
“The 2022 Burgundy Private Hurun India 500 lost INR 1,78,965 crore in value. The sectors that enjoyed strong growth are Energy, Retail, Hospitality and Consumer Goods. Software and Services sector was the hardest hit and cumulatively lost INR 6 lakh crore over last year. On the back of inflation and looming recession, Indian IT outsourcing companies are expected to go slow on closing big-ticket deals.”
“The medical diagnostics sector, which enjoyed very high growth during Covid-19 on the back of testing mandates, reversed gains and shed around INR 13,000 crore in value.”
“To create one of the 2022 Burgundy Private Hurun India 500 is a crowning achievement for anyone, but there are 18 individuals who have done it more than once. Gautam Adani has launched 76 companies to the list and has acquired the 87th – Ambuja Cements. Perhaps it is not surprising that he is the richest person on the subcontinent. The others include N Chandrasekaran who chairs Tata Sons that added sixfive companies to the list and Sanjeev Goenka and Kumar Mangalam Birla who have added three each to the list.”
“These days, the hottest topic for a panel discussion in start-up conferences is start-up valuations, which is the heart of the 2022 Burgundy Private Hurun India 500. Public markets listing which is considered a litmus test for valuations, has ended up becoming a poisoned chalice for a few. For instance, some of the biggest value shedders in the 2022 Burgundy Private Hurun India 500 are start-ups such as Policy Bazaar, Paytm, Zomato and Nykaa which lost 68%, 59%, 50% and 48% respectively in value since last year. This trend is a clear indication that start-up valuations based on “2021 parameters” in private markets are up for a bumpy ride”
“In the long run, start-up value creation is going to significantly increase the velocity of companies entering the future editions of the Burgundy Private Hurun India 500. For instance, Zepto and Mensa Brands took just 2 years since their founding year to enter the list. The next wave of most valuable start-ups will be championed by founders who are building for the bottom 800 million people and for climate sustainability.
“Mumbai dominates when it comes to the 2022 Burgundy Private Hurun India 500 companies, home to 32% of the India 500 with 159 companies, and 48% or INR 108 lakh crore of the total value, significantly ahead of second-placed Bengaluru with 63 companies, representing 11% of the total value.”
“Value is perhaps the best way to measure a company’s performance, since value takes into account not just the current performance of a company but also its future potential. If a business is ‘valued at US$30bn, for example, it means that investors believe it is going to deliver profits of US$30bn within ten years. This changes as new information comes to light, such as impact of wars, inflation, government data, regulations, and general sentiment.”
“Curiously, some of the most valuable companies in India had surprisingly low sales. 61 of the 2022 Burgundy Private Hurun India 500 companies had sales of less than INR 1,000 crore in FY 2022. Adani Total Gas, for example, had revenues of ‘only’ INR 3,248 crore and only 570 employees, yet had a market cap of INR 3,96,245 crore, whilst unicorn Physics Wallah had a value of INR 9,100 crore, despite generating less than INR 233 crore of sales in FY 2022.”
“53% of the companies on the 2022 Burgundy Private Hurun India 500, which is ranked by value, are not in the Fortune India 500, which is ranked by sales. The difference came from Hurun excluding companies like Reliance Capital and Varroc Engineering, which had large sales but did not generate enough value to take them over the INR 6,000 crore threshold. Another reason is that the 2022 Burgundy Private Hurun India 500 does not include state-owned companies, the likes of the State Bank of India and Oil and Natural Gas Corporation. Curiously, only 60 state-owned listed companies would have made the cut-off of INR 6,000 crore.”
“Hurun has been promoting entrepreneurship through its lists and research since 1999. Starting with the rich list and philanthropy lists, Hurun has gone on to rank unicorns and recently the 500 most valuable companies, on a global level as well as for individual countries, most significantly China and India.”
“Regional governments are competing to attract the most valuable companies in the country, companies from the 2022 Burgundy Private Hurun India 500. These companies represent the biggest opportunity for tax revenues, quality employment and industry leadership.”
“India’s start-ups are producing some significant companies. Just under 13% of the 2022 Burgundy Private Hurun India 500 are less than 10 years old, led by Adani Transmission, Adani Green Energy, Swiggy, Razorpay, and CRED. Of these startups, 71 are Unicorns and 8 are Gazelles”
“Women make up 16% of the boards of the companies from the 2022 Burgundy Private Hurun India 500. As India’s economy grows and the India 500 becomes bigger, expect the percentage of women board directors to grow too. The 2022 Burgundy Private Hurun India 500 are some of the biggest employers of women in the country led by Tata Consultancy Services with about 2.1 lakh women employees.”
“Family businesses still make up the bulk of the Indian economy. 70% of the 2022 Burgundy Private Hurun India 500 are family-run businesses”.
“The 2022 Burgundy Private Hurun India 500 are spread across 27 different industries, demonstrating the overall growth story of the Indian economy.”
“A unique feature of the Indian economy is traditional industrial groups, many of which started over 100 years ago. The top 10 industrial groups own 61 or 12% of the 2022 Burgundy Private Hurun India 500 between them, led by Tata Group with 15 companies followed by the Adani Group with 8 and Murugappa Group with 6.”
“The stories of these companies tell the story of the modern Indian economy”, concluded Anas Rahman Junaid, MD and Chief Researcher, Hurun India.
Methodology
The 2022 Burgundy Private Hurun India 500 is a list of the 500 most valuable companies that are headquartered in India. Government/ State-owned companies and subsidiaries of foreign as well as Indian companies are excluded. Although the cut-off date for the list is 30th October 2022, we have taken an exception for Global Health, Bikaji Foods International and Five-Star Business Finance for which we have considered the closing market cap of the listing day. The aforementioned companies were in the process of going public/ getting listed during the cut-off date.
Valuing private companies is as much an art as it is a science. Hurun India may have missed some
companies, but our endeavor is to develop the most comprehensive report of its kind with an objective to
identify and acknowledge India’s top businesses. Hurun Report’s team of researchers have traveled the length and breadth of the country, cross-checking information with entrepreneurs, industry experts, journalists, bankers and other sources of publicly available data.
For unlisted companies, Hurun Research’s valuation is based on a comparison with their listed equivalents
using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to sales, EV to EBITDA. Other methodologies such as Discounted Cash Flow and Tobin’s Q are also used. In certain cases of early- stage companies, Hurun used the First Chicago Method for valuation. Financial information used is from the latest available annual reports or audited financial statements.
To view the detailed ‘2022 Burgundy Private Hurun India 500’ report, please click here
About Axis Bank:
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,760 domestic branches (including extension counters) and 16,043 ATMs across the country as on 30th September 2022, the network of Axis Bank spreads across 2,676 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation.
For further information on Axis Bank, please refer to the website: https://www.axisbank.com
About Burgundy Private – Private Banking by Axis Bank
Burgundy Private, Axis Bank’s private banking business, is one of the fastest growing wealth managers in India, managing client assets of over USD 11.5 bn. With access to the considerable resources of the Axis Group, Burgundy Private provides bespoke wealth management services along with the power and stability of a leading bank to its private clients.
Headquartered in Mumbai, with a 225 plus strong team, Burgundy Private manages the wealth of more than 4250 illustrious families across 27 locations in India. The clientele comprises of some of the most distinguished families in the country, including 30% of India’s top 100 families in terms of their net worth.
Burgundy Private brings to its clients a comprehensive platform that provides tailored services across wealth management, investment advisory, family-office solutions, personal & corporate banking, family governance & succession-planning and tax advisory.
Burgundy Private offers Investment Advisory and Family Office Services through Axis Securities Limited.
For more information, please visit www.burgundyprivate.com
About the Hurun Report
Hurun Report is a leading research, luxury publishing and events group established in London in 1998 with presence in India, China, France, UK, USA, Australia, Japan, Canada and Luxembourg. It is widely recognized world-over for its comprehensive evaluation of the wealthiest individuals across the globe. Hurun Report is the largest compiler of the rich list globally.
Hurun Report Inc. has four divisions: Hurun Report Media, a stable of digital media and four magazines; Hurun Research Institute; Hurun Conferences, an active events division targeting entrepreneurs and high net worth individuals; and Hurun Investments, a USD20m early-stage venture capital fund with investments into tech, media, retail and education.
About Hurun Report India
“Promoting Entrepreneurship Through Lists and Research”
Hurun India was launched in 2012, under the leadership of Anas Rahman Junaid, a graduate of the University of Oxford. Junaid met Rupert Hoogewerf, the founder of Hurun Global, through Oxford University and the duo thought it was the right time to speak about wealth creation in India as they saw India booming. Since then, Hurun India has been in the pursuit to celebrate the stories of India’s transparent wealth creation, innovation, and philanthropy.
The Five core pillars of Hurun Report India are:
1. Wealth Creation - We celebrate transparent wealth creation by bringing to light success stories of some of the most amazing entrepreneurs through Hurun Rich Lists.
● Hurun India Rich List is a ranking of individuals with a net worth of INR 1,000 Crore+ and has grown to become the most comprehensive rich list from India. Over the last decade, the list grew from 100 individuals from 10 cities to 1,105 richest Indians, from 76 cities.
● Hurun Leading Wealthy Women List is the ranking of the richest self-made women in India
● Hurun Real Estate Rich List ranks the most successful Real Estate entrepreneurs in the country.
● Hurun India Wealth Report is the most detailed Hurun study on the wealth distribution landscape in India.
2. Value Creation - Under this pillar, Hurun celebrates the success stories of some of the most respected Indian companies through Hurun India 500 - a ranking of the most valuable non-state-controlled companies and emerging companies and investors that make the future look bright for India through the Hurun India Unicorn Index, Gazelle List, Cheetah List, and Top Investors List.
3. Sustainability and Philanthropy - Hurun India Philanthropy List, which is on its 6th anniversary, ranks India’s most generous entrepreneurs. Hurun India Impact 50 list ranks India’s most sustainable companies based on their alignment with the UN’s Sustainable Development Goals.
4. Art - In 2019, the Hurun India Art List was launched, aimed at tracking some of the most successful artists who are alive today by way of cumulative auction prices. Through the art list, our endeavor is to encourage individuals to collect Indian art.
5. Lifestyle and Luxury -The Hurun Luxury Consumer Survey debuted in 2019 to encourage an understanding about lifestyle and brand preferences of ultra-high net worth individuals, while curating a survey to help them explain their spending habits.
Globally, the Hurun brand registers an estimated 8 billion views, 50% YoY growth, on the back of lists and research reports.
Hurun India serves as India’s definitive voice celebrating wealth creation, innovation, and growth. Last year, Hurun further expanded its repertoire by releasing the Hurun Global Rich List 2022, a ranking of the 3,381 US dollar billionaires, so-called ‘Nine-Zero Club’, currently in the world and the eleventh India Rich List which ranks the 1,105 richest individuals in India, allowing for comparisons between some of the most dynamic economies in the world. The purpose of this list is to try and tell the story of modern India through the eyes of an entrepreneur.
For the full details, please refer to www.hurunindia.net
For media queries, please contact:
Axis Bank:
Piyali Reddy
+91 9322657983
piyali.reddy@axisbank.com
Mittal Solanki
+91 9004909465
mittal.solanki@axisbank.com
Hurun India:
Vineeth Chandrababu
+91 99950 61106
vineeth@hurunindia.net
Prajwal Jadhav
+91 9637711549
prajwal.jadhav@communicateindia.com
Adfactors PR:
Brijesh Kutty
+91 9920460901
brijesh.kutty@adfactorspr.com
Janki Telivala
+91 9892623468
janki.telivala@adfactorspr.com
Communicate India:
Sejuti Ghosh
+91 8291209472
sejuti.ghosh@communicateindia.com Kajal Kamble
+91 9769614105
kajal.kambale@communicateindia.com
Annexure: -
To view the detailed ‘2022 Burgundy Private Hurun India 500’ report please click here
Top 10 of 2022 Burgundy Private Hurun India 500
The total value of the top 10 companies remained flat at INR 72.0 lakh crore (US$872bn), equivalent to 37% of India’s GDP and 31% of the total value of the 2022 Burgundy Private Hurun India 500. Five
are headquartered in Mumbai.
Table 1: 2022 Burgundy Private Hurun India 500 Top 10
Rank Company Value (INR Cr) Change (%) Headquarters CEO
1- Reliance Industries 17,25,058 3.6% Mumbai Mukesh Ambani
2- Tata Consultancy Services 11,68,390 -10.8% Mumbai Rajesh Gopinathan
3- HDFC Bank 8,33,656 -7.9% Mumbai Sashidhar Jagdishan
4- Infosys 6,46,985 -13.9% Bengaluru Salil Parekh
5- ICICI Bank 6,33,171 17.7% Mumbai Sandeep Bakhshi
6↑ Bharti Airtel 4,89,575 26.9% Gurugram Gopal Vittal
7↓ Housing Development Finance Corporation 4,48,844 -10.4% Mumbai Keki M Mistry
8↑ ITC 4,32,359 48.1% Kolkata Sanjiv Puri
9* Adani Total Gas 3,96,245 144.2% Ahmedabad Suresh P Manglani
10* Adani Enterprises 3,81,610 121.5% Ahmedabad Rajesh S Adani
↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Compared with 5 and 10 years ago
The total value of the top ten most valuable Indian enterprises has increased 262% in the past decade.
Eight companies have made the Top 10 over the past decade. Notable exits from the top 10
include Sun Pharmaceutical Industries and Wipro.
Table 2: Top 10 Five Years Ago Top 10 Ten Years Ago
Rank Company Value (INR Cr) Rank Company Value (INR Cr)
1 Tata Consultancy Services 7,27,268 1 Tata Consultancy Services 4,13,375
2 Reliance Industries 6,72,667 2 Reliance Industries 2,88,532
3 HDFC Bank 5,19,456 3 ITC 2,65,319
4 ITC 3,42,896 4 Infosys 1,90,066
5 Housing Development Finance Corporation 3,00,169 5 HDFC Bank 1,62,796
6 Infosys 2,99,846 6 Bharti Airtel 1,46,745
7 ICICI Bank 2,28,447 7 Housing Development Finance Corporation 1,33,230
8 Kotak Mahindra Bank 2,13,422 8 ICICI Bank 1,29,402
9 Larsen & Toubro 1,81,938 9 Sun Pharmaceutical Industries 1,26,092
10 Wipro 1,49,838 10 Wipro 1,17,757
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Table 3: Companies from the 2022 Burgundy Private Hurun India 500 with the highest value to revenue
Rank Company Value to Revenue Value (INR Cr) Revenue (INR Cr) Industry
1 GlobalBees 251 9,100 36 Retail
2 Bajaj Holdings & Investment 152 74,128 487 Investments
3 Apna 139 9,100 66 Services
4 CRED 137 53,800 393 Financial Services
5 IDFC 126 12,364 98 Financial Services
6 Adani Total Gas 122 3,96,245 3,248 Energy
7 Spinny 81 14,500 180 Retail
8 Turtlemint 76 7,500 99 Retail
9 Groww 67 24,800 369 Financial Services
10 Adani Green Energy 60 3,33,106 5,548 Energy
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500, BSE
How old are they?
The average age of the 2022 Burgundy Private Hurun India 500 is 39 years, i.e., founded in 1983.
25 companies have a history of more than 100 years, of which EID-Parry (India) is more than 200 years old.
153 companies were founded in this millennium of which 64 are less than 10 years old, led by
GlobalBees, Mensa Brands, Zepto, Apna, and CRED.
Table 4: Top 10 YoungestCompanies Top 10 OldestCompanies
Year Company Value (INR Cr) City Year Company Value (INR Cr) State
2021 GlobalBees 9,100 Maharashtra 1788 E.I.D-Parry (India) 10,987 Chennai
2021 Mensa Brands 8,300 Telangana 1838 Bennett Coleman 7,400 Mumbai
2020 Motherson Sumi Wiring India 25,595 Maharashtra 1863 Bombay Burmah Trading Corporation 6093 Mumbai
2020 Zepto 7,500 Karnataka 1875 BSE 7,982 Mumbai
2019 Jubilant Ingrevia 8,198 Karnataka 1884 Godfrey Phillips India 7,718 New Delhi
2019 Apna 9,100 Karnataka 1889 KRBL 9,398 Noida
2018 CRED 53,800 Gujarat 1897 Century Textiles & Industries 9,563 Mumbai
2018 BharatPe 23,600 Delhi 1899 The Indian Hotels Company 47,413 Mumbai
2018 Mobile Premier League 19,000 Karnataka 1899 CESC 10,174 Kolkata
2018 CoinDCX 17,800 Maharashtra 1904 City Union Bank 13,756 Kumbakonam
2018 DealShare 14,100 Karnataka
2018 Pristyn Care 10,800 Haryana
2018 Suven Pharmaceuticals 10,141 Telangana
2018 Twin Health 6,100 Tamil Nadu
2018 Vodafone Idea 27,462 Maharashtra
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Table 5: Largest companies funded by PE/VC investors
Rank Company Founded Year Total Funding (INR Cr) Industry City
1 BYJU’S 2011 47,680 Education Bengaluru
2 Ola 2010 41,110 Transportation & Logistics Bengaluru
3 Paytm 2010 39,460 Financial Services Noida
4 OYO 2012 32,880 Hospitality Gurugram
5 Swiggy 2014 29,600 Transportation & Logistics Bengaluru
6 Zomato 2010 20,550 Transportation & Logistics Gurugram
7 Sharechat 2015 13,980 Media & Entertainment Bengaluru
7 Dailyhunt 2007 13,980 Media & Entertainment Bengaluru
9 Dream11 2008 13,320 Media & Entertainment Mumbai
10 PharmEasy 2015 13,150 Healthcare Mumbai
10 Udaan 2016 13,150 Retail Bengaluru
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Unlisted companies
The 2022 Burgundy Private Hurun India 500 features some of the most valuable unlisted companies. Serum Institute of India is the most valuable unlisted company, followed by BYJU’S and the National Stock Exchange of India.
Table 6: 2022 Burgundy Private Hurun India 500 Top 10 unlisted companies
Rank Company Value (INR Cr) Change (%) Headquarters CEO
1- Serum Institute of India 2,19,700 19.8% Pune Adar Poonawalla
2↑ BYJU'S 1,82,200 35.0% Bengaluru Byju Raveendran
3↓ National Stock Exchange of India 1,39,300 -17.2% Mumbai Ashishkumar Chauhan
4* Swiggy 88,600 114.8% Bengaluru Sriharsha Majety
5- OYO 77,800 10.4% Gurugram Ritesh Agarwal
6↑ Dream11 66,200 10.3% Mumbai Harsh Jain
7* Parle Products 62,600 142.6% Mumbai Vijay Kantilal Chauhan
8* Razorpay 62,100 176.0% Bengaluru Harshil Mathur
9* Ola 60,500 168.9% Bengaluru Bhavish Aggarwal
10↓ Intas Pharmaceuticals 59,300 11.3% Ahmedabad Nimish Chudgar
↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Geographical distribution
The 2022 Burgundy Private Hurun India 500 came from 15 states, led by Maharashtra, Karnataka and Tamil Nadu followed by Delhi, and Haryana. By city, Mumbai led with 159, followed by Bengaluru with 63, and New Delhi with 42.
Table 7: Top Cities and States of the 2022 Burgundy Private Hurun India 500
Rank City Number Total Value (INR Cr) Value
Change (%) Rank State Number
1- Mumbai 159 (-8) 1,08,38,581 -5% 1- Maharashtra 193 (-7)
2- Bengaluru 63 (+11) 24,98,969 9% 2- Karnataka 63 (+10)
3↑ New Delhi 42 (+11) 11,11,632 87% 3- Tamil Nadu 43 (-1)
4↓ Chennai 36 (-2) 7,58,174 6% 4↑ Delhi 42 (+11)
5↓ Gurugram 35 (-1) 14,06,335 6% 5↓ Haryana 38 (-1)
6↓ Hyderabad 30 (+3) 4,85,252 -26% 6↑ Telangana 31 (+2)
7↑ Pune 28 (+3) 11,73,808 -24% 7↓ Gujarat 31 (-6)
8- Ahmedabad 22 (0) 22,26,613 68% 8- Uttar Pradesh 22 (-3)
9↑ Noida 20 (+1) 4,97,338 -45% 9- West Bengal 18 (-4)
10↓ Kolkata 18 (-4) 8,64,691 10% 10- Kerala 8 (0)
11- Kochi 4 (0) 92,926 -8% 11- Rajasthan 5 (0)
11- Vadodara 4 (-1) 59,005 -11% 12- Punjab 3 (0)
11↑ Coimbatore 4 (+1) 54,083 49% 13↑ Uttarakhand 1 (0)
14↓ Jaipur 3 (-1) 65,080 -20% 13- Madhya Pradesh 1 (-1)
14↓ Thrissur 3 (0) 29,971 -7% 13* Goa 1 (+1)
14* Surat 3 (+1) 26,746 77%
14* Thane 3 (+2) 36,170 93%
↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 15
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Industry Distribution
Financial Services and Healthcare were the biggest contributors to the 2022 Burgundy Private Hurun India 500 with 73 and 60 companies respectively. The Top 5 industries made up half the 2022 Burgundy Private Hurun India 500.
In terms of value created, Financial Services led the way with nearly 20%of the cumulative value of the 2022 Burgundy Private Hurun India 500, followed by Software & Services (12.6%), Telecommunications (10.5%) and Healthcare (8.0%).
Table 8: Industry-wide distribution of the 2022 Burgundy Private Hurun India 500
Rank Main Industry No. of Cos % of Total Value Change (%) Biggest companies
1- Financial Services 73 20.1% -14% HDFC Bank, HDFC, ICICI Bank, Kotak Mahindra Bank, Bajaj Finserv, Axis Bank
2- Healthcare 60 8.0% 4% Sun Pharmaceutical Industries, Serum Institute of India, Divi's Laboratories, Dr. Reddy's Laboratories, Cipla
3- Chemicals 37 4.8% -6% Asian Paints, Pidilite Industries, Berger Paints, UPL, PI Industries, Nirma
3↑ Consumer Goods 37 6.6% -17% ITC, Dabur India, Godrej Consumer Products, Marico, Tata Consumer Products
5↓ Software & Services 30 12.4% -22% Tata Consultancy Services, Infosys, Wipro, HCL Technologies, Tech Mahindra
6- Retail 29 5.3% 34% Avenue Supermarts, Adani Enterprises, Trent, Udaan, Lenskart, Meesho, Firstcry
7↓ Automobile & Auto Components 28 5.0% 10% Bajaj Auto, Tata Motors, Mahindra & Mahindra, Eicher Motors
8- Industrial Products 20 1.3% 24% Polycab India, APL Apollo Tubes, Carborundum Universal, Thermax
9↑ Transportation & Logistics 19 2.6% 31% Adani Ports and Special Economic Zone, Swiggy, Zomato, Ola, Aegis Logistics
10↓ Real Estate 16 1.7% -15.5% DLF, Godrej Properties, Embassy Office Parks REIT, Macrotech Developers, Oberoi Realty
11↓ Food & Beverages 15 1.9% -3% Britannia Industries, Tata Consumer Products, Jubilant Foodworks, Parle Products
11↑ Construction Materials 15 2.0% -24% Grasim Industries, Shree Cement, Dalmia Bharat
13- Media & Entertainment 14 1.3% 23% Dream11, Sun TV Network, Zee Entertainment, Sharechat, Super Cassettes Industries
13↑ Energy 14 6.5% 74% Adani Green Energy, Adani Transmission, Adani Total Gas, Adani Power
15↓ Construction & Engineering 12 2.0% -3% Larsen & Toubro, Bharat Forge, AIA Engineering, GMR Infrastructure
16↓ Consumer Electronics 11 1.1% -11% Crompton Greaves Consumer Electricals, Godrej & Boyce, TTK Prestige, Bajaj Electricals
16↓ Metals & Mining 11 2.6% -26% JSW Steel, Tata Steel, Vedanta, Hindalco Industries
18- Telecommunications 10 10.5% 7% Bharti Airtel, Indus Towers, Tata Communications, Vodafone Idea
19- Textiles 9 0.4% -4% Alok Industries, Welspun India, Trident, Vardhman Textiles, Garware Technical Fibres
20- Jewellery 8 0.4% 38% Rajesh Exports, Malabar Gold, Joy Alukkas, GRT Jewellers, Kalyan Jewellers India
↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 20
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Biggest Gainers
In terms of growth, the 2022 Burgundy Private Hurun India 500 was led by Kolkata-based Vedant Fashions followed by Adani Power and BillDesk.
By absolute value, the biggest gainers were Adani Total Gas, Adani Enterprises and Adani Transmission.
Table 9: Biggest Gainers by INR Cr Biggest Gainers by %
Rank Company Value Change (INR Cr) Value (INR Cr) Rank Company Value Change (%) Value (INR Cr)
1 Adani Total Gas 2,34,012 3,96,245 1 Vedant Fashions 450% 35,169
2 Adani Enterprises 2,09,319 3,81,610 2 Adani Power 208% 1,29,169
3 Adani Transmission 1,67,413 3,73,545 3 BillDesk 195% 38,900
4 Adani Green Energy 1,44,470 3,33,106 4 Razorpay 176% 62,100
5 ITC 1,40,376 4,32,359 5 Ola 169% 60,500
6 Bharti Airtel 1,03,842 4,89,575 6 Adani Wilmar 150% 87,390
7 ICICI Bank 95,438 6,33,171 7 Adani Total Gas 144% 3,96,245
8 Adani Power 87,225 1,29,169 8 Parle Products 143% 62,600
9 Reliance Industries 59,677 17,25,058 9 Elgi Equipments 142% 15,359
10 Mahindra & Mahindra 57,411 1,67,657 10 Metro Brands 126% 23,529
11 Adani Wilmar 52,390 87,390 11 Adani Enterprises 122% 3,81,610
12 Swiggy 47,350 88,600 12 Licious 121% 16,600
13 BYJU'S 47,200 1,82,200 13 KPIT Technologies 118% 19,444
14 Sun Pharmaceutical Industries 46,019 2,43,988 14 CoinDCX 116% 17,800
15 Razorpay 39,600 62,100 15 Swiggy 115% 88,600
16 Ola 38,000 60,500 16 upGrad 107% 18,600
17 Axis Bank 37,082 2,78,352 17 Gujarat Fluorochemicals 104% 41,644
18 Parle Products 36,800 62,600 18 Cars24 102% 27,300
19 Serum Institute of India 36,300 2,19,700 19 The Indian Hotels Company 96% 47,413
20 Eicher Motors 34,686 1,05,293 20 Tube Investments of India 93% 52,931
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Performance of Indian Unicorn IPOs
Four former unicorns which listed on the stock exchanges had a tough year as they cumulatively lost INR 2 lakh crore.
Table 10: Unicorn public market value creation
Rank Company 2022 Value
INR Cr Change (%) Main Industry
74 Nykaa 54,652 -48% Retail
80 Zomato 52,604 -50% Transportation & Logistics
99 Paytm 41,404 -59% Financial Services
219 Policy Bazaar 17,353 -68% Financial Services
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Exits
53 companies which featured in last year’s list did not make the the list this year, when the cut-off increased to INR 6,000 crore from INR 5,200 crore last year.
By sector, Healthcare saw 11 companies drop out, followed by Software & Services with 8 and Chemicals with 7.
Table 11: Top 10 Drop Outs
Rank 2021 Company 2021 Value INR Cr Current Value INR Cr Main Industry
284 Dhani Services 11,590 3,124 Financial Services
294 Vaibhav Global 11,293 5,304 Retail
303 Zensar Technologies 10,806 4,952 Software & Services
307 Lux Industries 10,663 5,203 Consumer Goods
313 Chemplast Sanmar 10,438 5,900 Chemicals & Petrochemicals
326 Tata Steel BSL 9,584 Merged Metals & Mining
327 Jubilant Pharmova 9,566 5,900 Healthcare
339 Grofers 9,000 Acquired Retail
343 Neuberg Diagnostics 8,900 5,900 Healthcare
355 HEG 8,803 3,868 Industrial Products
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Table 12: Sectors from the 2022 Burgundy Private Hurun India 500 with the highest revenue
Rank Main Industry Total Revenue (INR Cr) YoY Growth (%) Total Value (INR Cr) Company with the highest revenue Revenue (INR Cr)
1- Financial Services 11,15,702 6% 45,55,354 HDFC Bank 1,67,695
2- Telecommunications 9,51,608 38% 23,84,473 Reliance Industries 7,36,581
3↑ Metals & Mining 8,33,413 44% 5,83,850 Tata Steel 2,44,744
4↓ Automobile & Auto Components 7,45,040 19% 11,37,827 Tata Motors 2,81,507
5- Software & Services 5,91,566 12% 28,00,663 Tata Consultancy Services 1,95,772
6- Healthcare 3,95,513 17% 18,15,173 Sun Pharmaceutical Industries 39,576
7* Jewellery 3,51,238 15% 91,978 Rajesh Exports 2,43,168
8↓ Consumer Goods 2,92,554 26% 14,99,176 ITC 67,041
9↑ Construction & Engineering 2,77,420 23% 4,52,017 Larsen & Toubro 1,58,788
10* Retail 2,56,871 41% 12,06,710 Adani Enterprises 70,433
↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Table 13: Sectors from the 2022 Burgundy Private Hurun India 500 with the highest profits
Rank Main Industry Total Net Profit (INR Cr) YoY Growth (%) Total Value (INR Cr) Most Profitable Company Net Profit (INR Cr)
1- Financial Services 1,67,904 21% 45,55,354 HDFC Bank 38,150
2↑ Metals & Mining 1,15,317 112% 5,83,850 Tata Steel 41,786
3↓ Software & Services 98,028 11% 28,00,663 Tata Consultancy Services 38,449
4* Telecommunications 55,006 N.A. 23,84,473 Reliance Industries 67,845
5↓ Healthcare 50,755 16% 18,15,173 Zydus Lifesciences 4,487
6↓ Consumer Goods 35,184 24% 14,99,176 ITC 15,486
7↓ Chemicals 24,111 10% 10,69,844 UPL 4,303
8↓ Construction Materials 21,885 11% 4,48,520 Grasim Industries 11,206
9- Automobile & Auto Components 17,723 88% 11,37,827 Mahindra & Mahindra 7,253
10- Construction & Engineering 14,491 78% 4,52,017 Larsen & Toubro 10,194
↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Table 14: Highest tax paying sectors in 2022 Burgundy Private Hurun India 500
Rank Main Industry Total Corporate Tax (INR Cr) YoY Growth (%) Total Value (INR Cr) Highest Corporate Tax Paid Company Corporate Tax (INR Cr)
1- Financial Services 52,626 8% 45,55,354 HDFC Bank 12,722
2↑ Metals & Mining 36,872 83% 5,83,850 Vedanta 9,555
3↓ Software & Services 31,090 1% 28,00,663 Tata Consultancy Services 13,238
4↑ Telecommunications 23,274 91% 23,84,473 Reliance Industries 16,297
5↓ Healthcare 17,979 26% 18,15,173 Sun Pharmaceutical Industries 1,075
6↑ Consumer Goods 10,515 16% 14,99,176 ITC 5,237
7↓ Automobile & Auto Components 9,366 -13% 11,37,827 Tata Motors 4,231
8↑ Chemicals 7,737 -1% 10,69,844 Asian Paints 1,103
9↑ Construction & Engineering 5,722 -14% 4,52,017 Larsen & Toubro 4,217
10* Energy 5,045 49% 14,74,529 Adani Power 1,745
↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Table 15: Industrial Groups with multiple companies in 2022 Burgundy Private Hurun India 500
Rank Industrial Group Number of Companies Total Value (INR Cr) Change
(%) Most Valuable Companies
1 Tata Group 15 (+1) 20,99,072 -5.4% Tata Consultancy Services, Titan Company, Tata Steel
2 Adani Group 8 (+1) 19,80,854 106.8% Adani Transmission, Adani Green Energy, Adani Ports and Special Economic Zone
3 Murugappa Group 6 (+0) 1,78,260 27.7% Cholamandalam Investment & Finance, Coromandel International, Tube Investments of India
4 Aditya Birla Group 5 (-1) 2,76,779 -45.6% Grasim Industries, Hindalco Industries, Aditya Birla Fashion & Retail
4 Jindal Group 5 (+0) 2,79,491 -2.6% JSW Steel, Jindal Steel & Power, JSW Energy
6 Bajaj Group 4 (-1) 4,62,313 -48.3% Bajaj Finserv, Bajaj Auto, Bajaj Holdings & Investment
6 TVS Group 4 (+0) 1,09,049 34.3% TVS Motor Company, Sundaram Finance, Sundram Fasteners
6 Godrej Group 4 (-1) 1,56,964 -29.1% Godrej Consumer Products, Godrej Properties, Godrej & Boyce Manufacturing
6 Rajan Raheja Group 4 (0) 34,697 -3.9% Exide Industries, Prism Johnson, Supreme Petrochem
10 HDFC Group 3 (-1) 13,96,706 -12.9% HDFC Bank, Housing Development Finance Corporation
10 Piramal Group 3 (+1) 49,498 -31.6% Piramal Enterprises, Piramal Glass
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Table 16: Most valuable family-run companies by generations
Generation CEO Company Value (INR Cr) Industry
Fourth Sanjiv Bajaj Bajaj Finserv 2,68,544 Financial Services
Third Vijay Kantilal Chauhan Parle Products 62,600 Food & Beverages
Second Mukesh Ambani Reliance Industries 17,25,058 Telecommunications
First Uday Kotak Kotak Mahindra Bank 3,77,620 Financial Services
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Largest companies by revenue
The average sales of the 2022 Burgundy Private Hurun India 500 was INR 16,842 crore.
114 of the 2022 Burgundy Private Hurun India 500 had sales of more than INR 10,000 crore in FY2022, of which 27 companies featured in the list with sales of more than INR 50,000 crore .
Table 17: Companies from the 2022 Burgundy Private Hurun India 500 with the highest revenue
Rank Company Revenue (INR Cr) YoY Growth (%) Industry Value to Revenue (times)
1- Reliance Industries 7,36,581 47% Telecommunications 2.3
2↑ Tata Motors 2,81,507 12% Automobile & Auto Components 0.5
3↑ Tata Steel 2,44,744 56% Metals & Mining 0.5
4↓ Rajesh Exports 2,43,168 -6% Jewellery 0.1
5↑ Hindalco Industries 1,96,195 47% Metals & Mining 0.5
6↓ Tata Consultancy Services 1,95,772 17% Software & Services 6.0
7- HDFC Bank 1,67,695 8% Financial Services 5.0
8- Larsen & Toubro 1,58,788 14% Construction & Engineering 1.8
9↓ ICICI Bank 1,57,536 -2% Financial Services 4.0
10↑ JSW Steel 1,47,902 84% Metals & Mining 1.1
11↓ Housing Development Finance Corporation 1,35,925 -2% Financial Services 3.3
12↑ Vedanta 1,35,332 48% Metals & Mining 0.8
13↓ Infosys 1,23,936 -2% Software & Services 4.1
14↓ Bharti Airtel 1,17,081 16% Telecommunications 4.2
15↑ Grasim Industries 96,522 25% Construction Materials 1.2
16↑ Mahindra & Mahindra 91,105 21% Automobile & Auto Components 1.8
17- HCL Technologies 86,718 14% Software & Services 3.3
18↓ Axis Bank 86,114 10% Financial Services 3.2
19- Wipro 81,373 27% Software & Services 2.6
20* Adani Enterprises 70,433 75% Retail 5.4
↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 20
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
The combined net profit of the 2022 Burgundy Private Hurun India 500 companies was up 51% to INR 6.5 lakh crore in FY22. Sectors such as financial services, software & services, metals & mining, telecommunications and healthcare continued to have rising profits and accounted for more than 3/4th of the profits of the 2022 Burgundy Private Hurun India 500 companies in FY 22.
Table 18: Companies from the 2022 Burgundy Private Hurun India 500 with the highest net profit
Rank Company Net Profit (INR Cr) YoY Growth (%) Industry Value to Net Profit (times)
1- Reliance Industries 67,845 26% Telecommunications 25.4
2↑ Tata Steel 41,786 410% Metals & Mining 3.0
3↓ Tata Consultancy Services 38,449 18% Software & Services 30.4
4↓ HDFC Bank 38,150 20% Financial Services 21.9
5- ICICI Bank 25,110 37% Financial Services 25.2
6↓ Housing Development Finance Corporation 24,042 17% Financial Services 18.7
7- Vedanta 23,709 58% Metals & Mining 4.4
8↓ Infosys 22,146 27% Software & Services 25.1
9↑ JSW Steel 20,938 166% Metals & Mining 7.8
10↓ ITC 15,486 16% Consumer Goods 27.9
11↑ Axis Bank 14,163 95% Financial Services 19.7
12↑ Hindalco Industries 13,730 294% Metals & Mining 6.6
13↓ HCL Technologies 13,523 21% Software & Services 20.9
14↓ Wipro 12,243 13% Software & Services 17.3
15↓ Kotak Mahindra Bank 11,932 21% Financial Services 31.6
16↑ Grasim Industries 11,206 60% Construction Materials 10.1
17* Serum Institute of India 11,116 186% Healthcare 19.8
18* Larsen & Toubro 10,194 24% Construction & Engineering 27.9
19↓ Bajaj Finserv 8,314 13% Financial Services 32.3
20* Bharti Airtel 8,305 NA^ Telecommunications 58.9
↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 20 ^ from loss to profit
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500, BSE
How many do they employ?
Companies from the 2022 Burgundy Private Hurun India 500 employ 7.3 million people, an average of 14,500. 137 have more than 10,000 employees, led by Tata Consultancy Services with 5,92,195 employees and Quess Corp with 4,36,907 employees. 103 have less than 1,000 employees.
Table 19: Top 10 Largest Employers
Rank Company Jobs Job Change Employee Cost INR Cr Value (INR Cr)
1- Tata Consultancy Services 5,92,195 65,750 1,07,554 11,68,390
2- Quess Corp 4,36,907 73,771 11,687 8,181
3↑ Reliance Industries 3,40,000 1,03,666 18,775 17,25,058
4- Infosys 3,14,015 54,396 63,986 6,46,985
5↓ Larsen & Toubro 2,52,217 -1,08,609 29,734 2,84,251
6- Wipro 2,47,073 45,408 45,007 2,12,044
7- HCL Technologies 2,24,834 42,915 46,130 2,82,533
8↑ SIS 1,44,017 -11,012 7,811 6,160
9↑ HDFC Bank 1,41,579 21,463 15,897 8,33,656
10↓ Motherson Sumi Systems 1,28,564 -41,536 15,375 29,139
↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Table 20: Top 10 Women Employers
Rank Company Jobs Job Change Women Employees (%) Value
(INR Cr)
1- Tata Consultancy Services 2,10,000 27,055 35% 11,68,390
2- Infosys 1,24,498 24,177 40% 6,46,985
3- Wipro 88,946 16,952 36% 2,12,044
4↑ HCL Technologies 62,780 16,818 28% 2,82,533
5↑ Reliance Industries 62,560 22,620 18% 17,25,058
6↑ Motherson Sumi Systems 52,501 26,050 41% 29,139
7- Tech Mahindra 42,774 13,047 34% 1,03,486
8↓ ICICI Bank 32,697 1,638 31% 6,33,171
9- HDFC Bank 22,750 1,010 16% 8,33,656
10* Page Industries 22,631 5,787 74% 55,511
↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Table 21: Companies with the least number of Employees
Rank Main Industry Jobs Industry Value (INR Cr)
1 Kama Holdings 3 Investments 8,388
2 Max Financial Services 12 Financial Services 24,436
3 Bajaj Holdings & Investment 21 Investments 74,128
4 Tata Investment Corporation 22 Investments 11,871
5 GMR Airports Infrastructure 40 Construction & Engineering 22,605
6 Mensa Brands 48 Investments 8,300
7 Rattanindia Enterprises 97 Energy 6,725
8 Tagros Chemicals 123 Healthcare 7,300
9 Rajesh Exports 135 Jewellery 20,420
10 Farmson Pharmaceutical 140 Healthcare 10,100
10 Hasura 140 Software & Services 8,300
Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Table 22: Top employment generating sectors 2022 Burgundy Private Hurun India 500
Rank Main Industry Total Employees Change Largest Employer Number of Employees
1- Software & Services 16,45,039 1,47,538 Tata Consultancy Services 5,92,195
2- Financial Services 10,05,912 -30,693 HDFC Bank 1,20,116
3↑ Healthcare 6,43,198 1,02,512 Cipla 37,212
4↑ Services 5,83,891 82,073 Quess Corp 4,36,907
5↓ Automobile & Auto Components 5,01,345 -55,846 Motherson Sumi Systems 1,28,564
6↑ Telecommunications 4,65,609 1,21,410 Reliance Industries 3,40,000
7↓ Construction & Engineering 3,70,805 -1,54,340 Larsen & Toubro 2,52,217
8- Consumer Goods 3,40,726 10,941 Shahi Exports 67,000
9- Metals & Mining 1,89,949 -48,618 Vedanta 76,185
10* Industrial Products 1,62,435 46,357 KEC International 37,038
Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Women’s representation on boards
Companies from the 2022 Burgundy Private Hurun India 500 appointed 664 women directors on their boards.
Table 23: Companies having women representation on the board of directors
Rank Company Women Directors Value (INR Cr) Promoter family Directors Independent Women Director
1 Apollo Hospitals Enterprise 6 64,955 Preetha Reddy, Shobana Kamineni, Suneeta Reddy, Sangita Reddy, V. Kavitha Dutt
Rama Bijapurkar
2 Godrej Consumer Products 5 84,803 Tanya A. Dubash, Nisaba Godrej Ireena Vittal, Pippa Tubman Armerding, Ndidi Nwuneli
2 Piramal Enterprises 5 20,272 Swati A Piramal
Nandini Piramal Anjali Bansal
Anita George
Shikha Sharma
2 India Cements 5 7,472 Rupa Gurunath, Chitra Srinivasan Lakshmi Aparna Sreekumar, Nalini Murari Ratnam, Sandhya Rajan
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Corporate social responsibility
Companies from the 2022 Burgundy Private Hurun India 500 spent INR 8,753 crore on CSR initiatives, which is 4% less than what they spent last year.
Table 24: Companies from 2022 Burgundy Private Hurun India 500 with the highest CSR Spend
Rank Company CSR (INR Cr) Change (%) Industry Value (INR Cr)
1- Reliance Industries 813 -12% Telecommunications 17,25,058
2↑ HDFC Bank 736 16% Financial Services 8,33,656
3↓ Tata Consultancy Services 727 0% Software & Services 11,68,390
4↑ Tata Steel 406 83% Metals & Mining 1,24,046
5↓ ITC 355 0% Consumer Goods 4,32,359
6↓ Infosys 345 0% Software & Services 6,46,985
7↑ ICICI Bank 267 34% Financial Services 6,33,171
8↓ Wipro 222 -12% Software & Services 2,12,044
9- HCL Technologies 216 11% Software & Services 2,82,533
10* JSW Steel 200 155% Metals & Mining 1,62,909
Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Contribution to exchequer
Companies from the 2022 Burgundy Private Hurun India 500 contributed INR 2.2 lakh crore to the exchequer, which was nearly 31% of the corporate income-tax collection in FY 2022.
Table 25: Highest direct taxpayers from the 2022 Burgundy Private Hurun India 500
Rank Company Corporate Tax (INR Cr) Change
(%) Main Industry Value (INR Cr)
1 Reliance Industries 16,297 846% Telecommunications 17,25,058
2 Tata Consultancy Services 13,238 18% Software & Services 11,68,390
3 HDFC Bank 12,722 16% Financial Services 8,33,656
4 Vedanta 9,255 325% Metals & Mining 1,04,379
5 JSW Steel 8,807 113% Metals & Mining 1,62,909
6 Tata Steel 8,478 50% Metals & Mining 1,24,046
7 ICICI Bank 8,457 49% Financial Services 6,33,171
8 Infosys 7,694 17% Software & Services 6,46,985
9 Serum Institute of India 5,823 472% Healthcare 2,19,700
10 Hindalco Industries 5373 97% Metals & Mining 91,157
11 ITC 5,237 15% Consumer Goods 4,32,359
12 Axis Bank 4,765 91% Financial Services 2,78,352
13 Tata Motors 4,231 67% Automobile & Auto Components 1,37,071
14 Larsen & Toubro 4,217 5% Construction & Engineering 2,84,251
15 Housing Development Finance Corporation 4,210 12% Financial Services 4,48,844
16 Bharti Airtel 4,177 -53% Telecommunications 4,89,575
17 Kotak Mahindra Bank 4,016 23% Financial Services 3,77,620
18 HCL Technologies 3,428 -27% Software & Services 2,82,533
19 Bajaj Finserv 2,957 20% Financial Services 2,68,544
20 Jindal Steel & Power 2,925 62% Metals & Mining 46,909
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
What about state-controlled companies
The 2022 Burgundy Private Hurun India 500 focuses exclusively on non-state-controlled companies and foreign subsidiaries, meaning that state-controlled companies like SBI or ONGC are out of contention to make the list.
Table 26: Top 10 most valuable state-controlled companies in India
Rank Company Value (INR Cr) Change (%) Industry
1 State Bank of India 5,29,898 14% Financial Services
2 Life Insurance Corporation of India 3,97,241 N.A. Financial Services
3 Oil and Natural Gas Corporation 1,73,419 -10% Energy
4 NTPC 1,71,485 29% Energy
5 Power Grid Corporation of India 1,57,749 22% Energy
6 Coal India 1,57,457 50% Metals & Mining
7 SBI Life Insurance Company 1,26,675 9% Financial Services
8 Indian Oil Corporation 96,801 -21% Energy
9 Hindustan Aeronautics 85,618 96% Aerospace & Defense
10 Bharat Electronics 79,603 58% Aerospace & Defense
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Table 27: Top 10 most valuable foreign subsidiaries listed in India
Rank Company Value (INR Cr) Change (%) Industry Country of Origin
1 Hindustan Unilever 6,31,314 11% Consumer Goods United Kingdom
2 Maruti Suzuki India 2,78,715 18% Automobile Japan
3 Nestlé India 1,96,924 9% Consumer Goods Switzerland
4 Siemens 1,05,935 32% Industrial Products Germany
5 ABB India 68,205 52% Industrial Products Switzerland
6 United Spirits 64,260 -9% Food & Beverages United Kingdom
7 Bosch 48,101 -8% Auto Components Germany
8 Schaeffler India 46,186 100% Auto Components Germany
9 Procter & Gamble Hygiene & Health Care 45,855 -1% Consumer Goods USA
10 United Breweries 44,420 1% Food & Beverages United Kingdom
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
Where does the 2022 Burgundy Private Hurun India 500 stand?
While the 2022 Burgundy Private Hurun India 500 may look big, worth comparing it against the Hurun Global 500 and Hurun China 500.
The 2022 Burgundy Private Hurun India 500 is worth a third of the Hurun China 500.
Table 28: India 500 vs Global peers
India 500 Global 500 China 500
Cumulative Value US$3tn US$46.8tn US$8.4tn
Top 10 cut-off US$48bn US$394bn US$94bn
Top 100 cut-off US$5.3bn US$107bn US$15bn
Top 500 cut-off US$700mn US$28bn US$3.4bn
Total Revenues US$872bn US$21.7tn US$15tn
Total Employees 7.4 million 43.3 million N.A.
Most Valuable Company Reliance Industries (US$208bn) Apple (US$2.4tn) Tencent (US$743bn)
Top Industry (no. of companies) Financial Services (73) Financial Services (104) Healthcare (93)
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
The Bootstrappers
Some of the most valuable companies are ‘bootstrapped’, grown without taking external funding. Bootstrapped companies are dominated by traditional, non-tech industries such as pharmaceuticals, FMCG and so on.
Table 29: Top 10 bootstrapped companies in the 2022 Burgundy Private Hurun India 500
Rank Company Value (INR Cr) Change (%) Headquarters
1 Serum Institute of India 2,19,700 19.8% Pune
2 Parle Products 62,600 142.6% Mumbai
3 Mankind Pharma 49,600 33.7% New Delhi
4 Zoho Corporation 48,900 32.9% Chennai
5 Macleods Pharmaceuticals 43,200 -21.5% Mumbai
6 Zerodha 29,700 -14.2% Bengaluru
7 Amalgamations 29,000 15.5% Chennai
8 Patanjali Ayurved 27,500 -1.8% Haridwar
9 Megha Engineering and Infrastructure 26,700 -20.1% Hyderabad
10 Hetero Labs 24,000 7.6% Hyderabad
Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500
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