Serum Institute, Byju's top Burgundy-Hurun unlisted companies list

Serum Institute of India and edtech firm Byju’s have topped the list of India’s most valuable unlisted companies, according to the 2022 Burgundy Private Hurun India 500 study.

The Pune-based vaccine producer’s value has increased 20 per cent to Rs 2.2 trillion in the past one year. Byju’s market value has grown 35 per cent to Rs 1.82 trillion, replacing the country’s top bourse, National Stock Exchange (NSE), as the second-most valuable company on the list. NSE has seen its market value erode 17 per cent to Rs 1.39 trillion. Among the top 10 unlisted companies, Swiggy, Parle Products, Razorpay, and Ola have seen their market value double.

To arrive at the value of unlisted companies, Hurun Research’s uses metrics such as price to earnings, Price to Sales, EV to sales, EV to EBITDA of comparable listed companies.

The combined value of 500 firms in the list has remained flat year-on-year to Rs 226 trillion. The benchmark Sensex has gained 2 per cent during the period under consideration.

“The total value remains unchanged despite 191 companies in the list cumulatively losing Rs 18.3 trillion in value. About 309 companies in the list saw their value increase in the past year, of which 18 doubled in value. Six companies rose by Rs 1 trillion, led by four Adani group companies,” Burgundy Private and Hurun India said in a release.

The most-valuable industrial group in the list is Tata Group with Rs 20 trillion market value, only slightly ahead of the Adani group, which is valued at Rs 19.8 trillion. Mukesh Ambani-led Reliance Industries continued to top the list of most-valuable companies in India.