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31 of India's most valued companies in 2023 hail from Gujarat, 25 from WB

These companies are ranked according to their value, defined as market capitalization for listed companies and valuations for non-listed companies.

Gautam Adani, Adani
Photo: Bloomberg
Sunainaa Chadha NEW DELHI
4 min read Last Updated : Feb 13 2024 | 11:54 AM IST
At least 31 of India's most valued companies with a cumulative value of Rs 14.7 trillion hail from Gujarat, according to the ‘2023 Burgundy Private Hurun India 500’, the 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.

With a value of Rs 2.6 trillion, Adani Enterprises is Gujarat’s most valuable company, followed by Adani Ports and Special Economic Zone with Rs 1.7 trillion and Adani Green Energy with Rs 1.4 trillion.

The eight companies in the Adani Group have a combined value of Rs 9.9 trillion and constitute 4.3% of the total value of 500 top companies. During the review period, the value of the Adani Group companies decreased by 50% or Rs 9,92,953 crore. However, since the Supreme court ruling (in favor of Adani Group) on the Adani-Hindenberg verdict, which fell beyond the review period, Adani Group had regained 4,72,636 Crore in value, as on 17 January 2024.

The healthcare sector contributes to the most number of entrants from Gujarat led by Torrent Pharmaceuticals, valued at Rs 65,332 crore, followed by Intas Pharmaceuticals at Rs 61,900 crore and Zydus Lifesciences at Rs  58,733 crore.

Energy secures second position with 5 companies followed by Chemicals and Consumer Goods with 4 entrants each.

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Top Women Employers: Welspun India leads with 3,611 women employed, followed by Torrent Pharmaceuticals at 1,156 and Zydus Lifesciences with 1,064.

Top 8 companies from Gujarat in 2023 Burgundy Private Hurun India 500



25 companies in 2023 Burgundy Private Hurun India 500 are based in West Bengal. The cumulative value of these companies stands at Rs 10.9 trillion.

Big 3: With a value of Rs 5,36,811 crore, ITC is West Bengal’s most valuable company, followed by Britannia Industries with Rs 1,07,466 crore and Shree Cement with Rs 93,606 crore.

 Top 10 companies from West Bengal in 2023 Burgundy Private Hurun India 500



 In terms of age, Britannia Industries, established in 1892, is the oldest with a valuation of Rs 1,07,466 crore. Following it is CESC, founded in 1899, with a value of Rs 11,221 crore and followed by ITC, established in 1910, with a valuation of Rs 5,36,811 crore.

At least 61 companies in 2023 Burgundy Private Hurun India 500 are based in Karnataka – 35 of them are startups!

The cumulative value of companies from Karnataka stands at Rs 22 trillion.

Big 3: With a value of Rs 5.7 trillion, Infosys is Karnataka’s most valuable company, followed by Titan Company with Rs 2.8 trillion and Wipro with Rs 2 trillion. Karnataka's top startups in the 2023 Burgundy Private Hurun India 500 include Swiggy at a valuation of Rs 65,400 crore, Zerodha at Rs 58,500 crore, and Razorpay with Rs 56,800 crore.

Sonata Software and Zetwerk both doubled in value on the 2023 Burgundy Private Hurun India 500 List. Financial Services led the way with 12 companies, followed by Software & Services and Real Estate with 11 and 6 entrants respectively.

Top 10 companies from Karnataka in 2023 Burgundy Private Hurun India 500


The total value of the top 10 companies from Karnataka fell by 14 per cent, largely driven by startup value markdowns, to Rs 14.1 lakh crore.
Another 42 of the most valuable companies hail from Tamil Nadu. The cumulative value of companies from Tamil Nadu stands at Rs 10 trillion.

Big 3: With a value of Rs 95,053 crore, Cholamandalam Investment and Finance Company is Tamil Nadu’s most valuable company, followed by TVS Motor Company with Rs 76,432 crore and Apollo Hospitals Enterprise with Rs 69,617 crore.

Financial Services led the way with 11 companies, followed by Automobile & Auto Components with eight entrants.

Total sales of companies from Tamil Nadu in the 2023 Burgundy Private Hurun India 500 List cumulated to Rs 4.2 lakh crore.

Top 10 companies from Tamil Nadu in 2023 Burgundy Private Hurun India 500


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Topics :Hurun India list

First Published: Feb 13 2024 | 11:49 AM IST

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