18 companies in the 2022 Burgundy Private Hurun India 500 are based in West Bengal

Kolkata : Burgundy Private, Axis Bank’s Private Banking Business and Hurun India launched the ‘2022 Burgundy Private Hurun India 500’.This is the 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. Hurun Report India and Burgundy Private launched a further analysis of most the valuable non-state-controlled companies from West Bengal in the 2022 Burgundy Private Hurun India 500 List. 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.

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: “Hurun India is delighted to partner with Burgundy Private, Axis Bank’s Private Banking Business to release the 2022 Burgundy Private Hurun India 500. The 2022 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. The birth place 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 and Construction Materials. Vedant Fashions is the fastest-growing company in India adding 450% value in one year. The total value of the top 10 companies from West Bengal grew 18% to INR 8 lakh crore year-on-year, equivalent to 3.5% of the total value of the 2022 Burgundy Private Hurun India 500 List. Companies from West Bengal in the 2022 Burgundy Private Hurun India 500 employ 2.3 lakh people, an average of 13,000 employees. 7 have more than 10,000 employees, led by Bandhan Bank with 60,211 employees followed by ITC with 49,342.”

Methodology: 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. 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 2022 ‘Burgundy Private Hurun India 500’ report, please click here.

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