Burgundy Private Hurun India 500 report ranks National Stock Exchange (NSE) as most valuable unlisted company

Key facts

• The National Stock Exchange (NSE) is India's most valuable unlisted company with a valuation of ₹4.86 lakh crore according to the 2025 Burgundy Private Hurun India 500 report.
• The NSE has filed preliminary papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) estimated at ₹30,000 crore, consisting of an offer for sale of 14.89 crore shares.
• State Bank of India (SBI) will divest up to 2.48 crore shares and MS Strategic (Mauritius) Limited will divest 1.60 crore shares in the NSE IPO, while Life Insurance Corporation of India (LIC) is the largest shareholder with a 10.72% stake.
• India Inc has crossed a total valuation of $3.4 trillion, and the combined value of the top 10 most valuable non-state-run companies fell to ₹86 lakh crore in 2026.
• Reliance Industries is India's most valuable company for the fifth consecutive year, while Bajaj Finance is the highest value creator in percentage terms with a valuation of ₹5.8 lakh crore.
• Twelve companies doubled their value during the year: Groww, Adani Properties, Ather Energy, Anthem Biosciences, Meesho, Haldiram Snacks, Multi Commodity Exchange of India, Lenskart, Paharpur Cooling Towers, Adani Power, RBL Bank, and Navin Fluorine International.
• Indian Premier League (IPL) franchises featuring in the India 500 list include Kolkata Knight Riders, Chennai Super Kings, Royal Challengers Bengaluru, Rajasthan Royals, and Punjab Kings.
• Value creation expanded to Tier-2 and Tier-3 cities, including Rajkot, Bikaner, Kumbakonam, and Rajnandgaon.