India’s Top Firms Lose Rs 11 Lakh Crore in Value Amid Selective Market Growth

India's leading non-state-run companies experienced a significant decline in market value, falling by Rs 11 lakh crore in 2026. Despite the dip, these firms continue to hold substantial economic weight, representing over a quarter of India's GDP. Growth was limited, with only 198 of 500 companies witnessing value increases.

The latest '500 Most Valuable Non-State-Run Companies in India' report reveals a significant setback for the nation's top private companies. Released by Axis Bank's Burgundy Private and Hurun India, the report shows a drop in combined value from Rs 97 lakh crore to Rs 86 lakh crore in 2026.

This decline, while notable, does not undermine the overall impact of these corporations. They still account for a substantial portion of India's economic activity, covering nearly a quarter of the nation's GDP, and constitute 27% of the total value listed in the 2025 edition.

Reliance Industries sustained its reign as India's most valuable company, notching over Rs 1.8 lakh crore in value, while Bajaj Finance excelled in annual growth. The report stresses India's corporate resilience, showing a 3.5-fold increase in the sector's value over the past decade, with enduring presence among seven top companies over five years.