Hyderabad hosts 39 most valuable privately-held firms this year

The 39 companies added Rs 283 crore per day over five years in terms of value.

Hyderabad: Thirty-nine companies from Telangana, all headquartered in Hyderabad, have made it to the 2025 Burgundy Private Hurun India 500, a list of the country’s most valuable privately-held firms, with their combined valuation rising 75 per cent since 2021 to over Rs 12 lakh crore from Rs 5.2 lakh crore. 

That works out to an average value addition of Rs 283 crore per day over five years.

The tally is a sharp rise from the nine Telangana companies that featured when the list was first published in 2021, underlining Hyderabad’s emergence as one of India’s most influential corporate centres. The report was released jointly by Axis Bank’s Burgundy Private and Hurun India on Wednesday, June 24.

Hyderabad ranked fourth among Indian cities by number of companies on the list, behind Mumbai (141), Bengaluru (57) and Gurugram (42), and ahead of Chennai (36). The list as a whole spans 50 cities across 18 states.

Pharma leads the pack

Divi’s Laboratories tops the Telangana rankings with a valuation of Rs 1.7 lakh crore, followed by Dr Reddy’s Laboratories at Rs 1.1 lakh crore and Megha Engineering and Infrastructures at Rs 83,800 crore. 

Aurobindo Pharma is fourth at Rs 80,710 crore, with clean energy firm Greenko, a new entrant to the list, rounding off the top five at Rs 71,100 crore.

Laurus Labs, the biggest percentage gainer among Telangana companies on the list, came in sixth at Rs 59,440 crore after climbing four places. Premier Energies (Rs 46,130 crore), MSN Laboratories (Rs 34,770 crore), Hetero Labs (Rs 33,850 crore) and Krishna Institute of Medical Sciences (Rs 26,680 crore) complete the top 10 from the state.

Healthcare dominates the Telangana contingent with 16 companies, followed by aerospace and defence (five) and industrial products and automobile and auto components (three each). Total sales of Telangana companies on the list rose 47 per cent since 2021 to Rs 2.6 lakh crore.

Jobs and women’s workforce

Employment among the state’s listed companies has grown 70 per cent since 2021 to 3.4 lakh people. On women’s employment, Dr Reddy’s Laboratories led with 8,480 women on its rolls, followed by MedPlus Health Services (8,143) and Rainbow Children’s Medicare (3,427). The average age of Telangana companies on the list stands at 37 years.

Hurun India founder and chief researcher Anas Rahman Junaid said Telangana’s ecosystem was driving investment, job creation and economic expansion while reinforcing Hyderabad’s position among India’s most influential business centres.

The national picture

Nationally, the 500 companies are collectively valued at USD 3.4 trillion – more than Canada’s GDP and the combined GDPs of Indonesia and Spain. They employ 8.9 million people and contributed Rs 3.23 lakh crore in taxes.

To qualify for the 2025 list, companies needed a minimum valuation of Rs 10,230 crore as of April 30, 2026, which is up seven per cent from last year. Ninety-five companies are new entrants this year, the highest in the list’s history, while more than one-third of companies from the inaugural 2021 edition have dropped off.

Reliance Industries retained the top rank for the fifth consecutive year, valued at Rs 19,36,230 crore. Bharti Airtel climbed sharply into the top three, having added Rs 7.6 lakh crore in value since 2021. At the other end, TCS, Infosys and Wipro collectively shed Rs 8.5 lakh crore over five years, making information technology the list’s biggest value loser as a sector.

New entrants, new sectors

Five Indian Premier League (IPL) franchises – Chennai Super Kings, Kolkata Knight Riders, Royal Challengers Bangalore, Rajasthan Royals and Punjab Kings – made their debut with a combined valuation of over Rs 71,000 crore, marking the formal entry of sports as an investable asset class.

Defence manufacturing was another standout, with valuations in the sector rising 74 per cent. Solar Industries India broke into the top 50 for the first time, ranked 47th with a valuation of Rs 1,39,710 crore. Sarvam AI, India’s first homegrown large language model developer, entered the list at rank 353 with a valuation of Rs 14,220 crore. 

Three clean energy firms, Greenko, Inox Clean Energy and Emmvee Photovoltaic Power, also debuted, taking the total clean energy count to 20 companies valued at over Rs 3.4 lakh crore combined.

The Tata Group, with 14 companies and a combined valuation of Rs 24.9 lakh crore, led all industrial groups. The Adani Group had eight companies on the list. Groww led all individual value gains, surging 430 per cent to a valuation of Rs 1,34,880 crore, even as startups as a category posted a net value decline of Rs 1,37,445 crore.