Research, media and investments group Hurun India and private sector lender Axis Bank’s private banking business ‘Burgundy Private’ released the fourth edition of the ‘500 Most Valuable Non-State Run Companies in India’.
The list features India’s most valuable unlisted companies. Notably the National Stock Exchange of India (NSE) topped the list as the most valuable unlisted company. Serum Institute of India emerged as the second most valuable unlisted company. Earlier in 2024 the Serum Institute of India was the most valuable unlisted company.
In the one year between 2024 and 2025, the NSE’s valuation surged by 201 per cent to Rs 4,70,250 crore. On the other hand, the Cyrus Poonawalla-led Serum Institute of India’s valuation grew by 10 per cent in the same time period to increase to Rs 2,11,610 crore.
Notably, the NSE also made its debut at tenth rank in the 2024 Burgundy Private Hurun India 500 Top 10 list of listed companies. Hurun India said that the cumulative value of the top 10 companies increased by Rs 22.7 lakh crore to Rs 96 lakh crore (US$1.1 trillion), which is nearly one-third of India’s GDP. Notably, Hurun India said that the NSE emerged as the highest value creator in percentage terms.
Other companies which were a part of the list of top 10 unlisted valuable companies included Chennai-headquartered Zoho Corporation which is led by Sridhar Vembu. The company witnessed a 58 per cent jump in its valuation in 2025. The company secured third place on the list with a valuation of Rs 1,03,760 crore.
Megha Engineering & Infrastructures, Dream 11, and Intas Pharmaceuticals witnessed a drop in the rankings even as their valuation increased by 15 per cent, 13 per cent and 10 per cent respectively.
On the other hand, companies such as Zerodha, Parle Products and Razorpay moved up on the list as their valuation increased by 50 per cent, 16 per cent and 11 per cent respectively. Chennai-based conglomerate Amalgamations made its debut on the list at the 10th rank as its valuation surged by 68 per cent to Rs 56,660 crore.
For companies to be a part of the ‘2024 Burgundy Private Hurun India 500’ list, they need to have a minimum valuation of Rs 9,580 crore (approximately $1.1 billion) as of 13 December 2024. Notably the average age of the companies featured on the list is 43 years.
The company said in a release that the ‘2024 Burgundy Private Hurun India 500’ comprises the five hundred most valuable companies which are headquartered in India. However state-owned companies and subsidiaries of foreign and Indian companies were excluded from the list.
