22 companies in 2021 Burgundy Private Hurun India 500 hails from West Bengal

 Kolkata : Burgundy Private, Axis Bank’s Private Banking Business and Hurun India launched the first edition of the ‘2021 Burgundy Private Hurun India 500’, a 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. Hurun Report India and Burgundy Private launched a further analysis of most valuable non-state-controlled companies from West Bengal in the 2021 Burgundy Private Hurun India 500 List. The cut-off date to arrive at this list was 30th October 2021. This list refers to companies headquartered in India only; state-owned companies and subsidiaries of foreign companies are not included.

Amitabh Chaudhry, Managing Director and Chief Executive Officer, Axis Bank said: “Burgundy Private is delighted to partner with Hurun India in celebrating India’s 500 most valuable companies. We salute the leadership of these companies who have ably steered their businesses through the ravages of the pandemic, adopting new ways of serving their customers and emerging as winners. As India’s leading wealth management franchise, Burgundy Private has witnessed this value creation from close quarters. The total value of the 2021 Burgundy Private Hurun India 500 companies is close to INR 228 lakh crore (US$3tn), which is higher than India’s GDP for FY21. The top line of these 500 companies is equivalent to 29% of India’s GDP and they employ up to 1.5% of the total workforce of the country. What is most heartening is that nearly 10% of these companies are younger than 10 years, representing India’s vibrant tech ecosystem. We believe that India’s new economy companies will witness greater representation in this list in the times to come. Axis Bank has been a partner to many names that find a mention in this report, and through our integrated ‘One Axis’ approach, we look forward to working closely with them as they achieve greater milestones in their journey ahead.”


Anas Rahman Junaid, MD and Chief Researcher, Hurun India said, “Hurun India is delighted to partner with Burgundy Private, Axis Bank’s Private Banking Business to release the 2021 Burgundy Private Hurun India 500. The 2021 Burgundy Private Hurun India 500 is a sanguine representation of the evolution of the economy. Kolkata, a haven of art and culture boasts of some of the oldest companies in the country with a median age of 62 years old. A birth ground of some of the most renowned consumer and retail brands in the world, West Bengal is dominated by the FMCG segment followed by Metals & Mining.22 companies from Kolkata have made it to the 2021 Burgundy Private Hurun India 500 list with a cumulative value of INR 7.9 lakh crore. Companies from West Bengal in the 2021 Burgundy Private Hurun India 500 employ 2.3 lakh people, an average of 10,580. 9 have more than 10,000 employees, led by Bandhan Bank with 49,445 employees and Tata Steel BSL with 32,980 employees.”

Methodology: The 2021 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 companies are excluded. Although the cut-off date for the list is 30th October 2021, we have taken an exception for Paytm, Nykaa, Policybazaar, Sapphire Foods India, Latent View Analytics and Go Fashion 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. Surely, 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.


To view the detailed 2021 ‘Burgundy Private Hurun India 500’ report, please click here

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