Hurun India launched the ‘2022 Burgundy Private Hurun India 500’, second edition of the list of the 500 most valuable companies in India.
Axis Bank’s Burgundy Private and Hurun India release the second edition of ‘500 most valuable private companies in India’ list
Key Highlights:
Ø 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
Ø 310 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
Ø 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
Ø 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
Ø 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
Ø 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
Ø 46% of the companies in this list sell services, 54% sell physical products
Ø 70% of the companies are consumer-facing, 30% are B2B
Ø The 2022 Burgundy Private Hurun India 500 companies employ 72.6 lakh people in total, with an average of 14,500 employees
Ø 410 companies in the ‘2022 Burgundy Private Hurun India 500’ list have women’s representation on the board
Ø 68 companies in the 2022 Burgundy Private Hurun India 500 are 100% owned by promoters
Ø 193 companies featured in the 2022 Burgundy Private Hurun India 500 are run by professional CEOs, of which 138 companies are family owned
Ø 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
Ø 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
Ø 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
Ø 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
o 32% of companies featured in the 2022 Burgundy Private Hurun India 500 are unlisted, a 4% increase 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 7 companies to the list and has acquired the 8th – 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 six 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.
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.
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:
● 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.
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 Mittal Solanki +91 9004909465 |
Hurun India: Vineeth Chandrababu +91 99950 61106 vineeth@hurunindia.net Prajwal Jadhav prajwal.jadhav@communicateindia.com |
Adfactors PR: Brijesh Kutty +91 9920460901 Janki Telivala +91 9892623468 janki.telivala@adfactorspr.com |
Communicate India: Sejuti Ghosh +91 8291209472 sejuti.ghosh@communicateindia.com Kajal Kamble +91 9769614105 |
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 |
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2018 | Pristyn Care | 10,800 | Haryana |
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2018 | Suven Pharmaceuticals | 10,141 | Telangana |
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2018 | Twin Health | 6,100 | Tamil Nadu |
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2018 | Vodafone Idea | 27,462 | Maharashtra |
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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% |
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14* | Thane | 3 (+2) | 36,170 | 93% |
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↑ 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 | 2.1% | 3% | Larsen & Toubro, Megha Engineering and Infrastructure, Bharat Forge, AIA Engineering, |
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% |