Hurun India 500 Report 2026: Top 10 Companies Account for 27% of Total Valuation

According to the latest Hurun India 500 Report 2026, India’s corporate landscapes continues to be dominated by the select group of the highly valuable companies. This report released in partnership with the Axis Bank and Burgundy Private and this report highlights that the India’s top ten most valuable companies collectively account for the 27% of the total valuation of the 500 firms that are featured in the ranking. Although this combined value of corporate giants declined from the ₹97 trillion to ₹86 trillion over the past year as they remain as the backbone of the India’s corporate economy.

What Is the Hurun India 500 Report?

The Hurun India 500 is the annual ranking of the India’s most valuable companies based on their market valuation.

The report serves as an important indicator of the,

• Corporate wealth creation
• Sectoral trends
• Investor sentiment
• Long-term business performance
• India’s evolving economic landscape

The 2026 edition  highlights how the relatively small group of the companies continues to dominate corporate value creation in India.

Top 10 Companies Control ₹86 Trillion in Value

According to this report, the ten most valuable Indian companies are collectively worth around ₹86 trillion (approximately $908 billion).

Key highlights includes the,

• Top 10 companies account for the 27% of the total value of the Hurun India 500.
• Also the combined valuation declined from the ₹97 trillion in the previous year.
• Total value of the top 10 companies has grown 3.5 times over the last decade.
• Seven companies have maintained their position among the top 10 for five consecutive years.

This findings also underline the concentration of the corporate wealth among India’s largest enterprises.

Top Ten Firms In Hurun India 500 Report

Reliance Industries Retains the Top Spot

Reliance Industries led by Mukesh Ambani remains as the leader in this ranking.

Key Highlights

• Valuation: ₹19.36 trillion
• Highest absolute value creator during the year
• Added more than around ₹1.8 trillion in value
• Accounts for nearly one-fifth of the valuation of the top 10 companies

Reliance’s continued leadership reflects the its diversified business model spanning energy, telecom, retail, digital services and emerging technologies.

HDFC Bank Maintains Second Position

HDFC Bank retained the second spot despite the decline in valuation.

Although its valuation fell by 17% during this year, the bank remains as one of the India’s most valuable companies and it is the key pillar of the country’s financial sector.

Bharti Airtel Emerges as a Major Winner

One of the biggest success stories in this year’s rankings is the Bharti Airtel.

As it climbed to third position and the valuation has reached to the ₹11.5 trillion.

Also the valuation surged the 198% over the past five years

The company’s rise showcases the growing investor confidence in the India’s digital infrastructure and telecommunications sector.

Financial Services Strengthen Their Dominance

The report shows that the financial services remain as one of the strongest drivers of the corporate wealth creation in India.

Major financial institutions featured prominently in the rankings includes the,

ICICI Bank

ICICI Bank has climbed to the fourth place with a valuation exceeding ₹9 trillion.

Bajaj Finance

Bajaj Finance has also entered the top 10 for the first time.

Key achievements includes the,

• Valuation increased by the 37% in one year
• Reached to the ₹5.83 trillion valuation
• Highest value creator in the percentage terms during the year

National Stock Exchange (NSE)

National Stock Exchange of India also joined the top tier and it reflecting tthe rapid expansion of the India’s capital markets and retail investing ecosystem.

These developments showcases how the financialization has become the defining theme of India’s economic growth story.

IT Giants Lose Ground

This report also highlights the notable shift in investor preferences away from the traditional IT services companies.

Tata Consultancy Services (TCS)

Tata Consultancy Services has been also slipped to fifth place.

Its valuation has also declined by the 44% during the year and it fell 2% over the last five years.

Infosys

Infosys has dropped to the ninth position.

And its valuation has declined by 36% over the five-year period.

Why Are IT Companies Losing Relative Ground?

There are several factors are contributing to the changing fortunes of the IT firms.

• Slower Global Technology Spending
• Rise of Artificial Intelligence
• Shift Toward Domestic Growth Themes

These sectors are seen as the better positioned to benefit from India’s long-term economic expansion.

Top 15 Companies by Absolute Value Creation

What Is Absolute Value Creation?

The Absolute value creation measures the total increase in the company’s market valuation over the specified period.

Unlike the percentage growth, which favors the smaller firms, absolute value creation highlights the companies which have generated the largest amount of the wealth for the shareholders in rupee terms.

This metric is particularly useful because it reflect the,

• Long-term business growth
• Investor confidence
• Wealth creation at scale
• Sustainable market leadership

The Hurun India 500 ranking tracks the valuation gains between the year 2021 and 2025.