India’s largest public-sector lender, the State Bank of India (SBI), has been ranked as the most valuable state-owned company in the country, according to the 2024 Burgundy Private Hurun India 500 report.
The report, released on Tuesday, primarily focused on the 500 most valuable private companies in India but also included a special section on the top 10 state-run enterprises based on their market valuation.
SBI, LIC, and NTPC Lead the Rankings
As per the report, SBI was valued at ₹7.69 lakh crore, reflecting a 53% increase from its previous valuation. Life Insurance Corporation of India (LIC) secured the second position with a valuation of ₹5.89 lakh crore, marking a 54% growth. NTPC Ltd. ranked third with the same valuation of ₹5.89 lakh crore, recording a 51% rise in its market value.
Other major public sector undertakings (PSUs) that made it to the top 10 list include:
| Rank | Company | Valuation (₹ Crore) | Growth (%) |
|---|---|---|---|
| 1 | State Bank of India (SBI) | 7,69,000 | 53% |
| 2 | Life Insurance Corporation (LIC) | 5,89,000 | 54% |
| 3 | NTPC Ltd. | 5,89,000 | 51% |
| 4 | Oil and Natural Gas Corporation (ONGC) | 3,20,000 | 38% |
| 5 | Hindustan Aeronautics Limited (HAL) | 3,12,000 | 152% |
| 6 | Power Grid Corporation of India | 3,11,000 | 66% |
| 7 | Coal India Ltd. | 2,53,000 | 31% |
| 8 | Bharat Electronics Ltd. (BEL) | 2,31,000 | 139% |
| 9 | Indian Railway Finance Corporation (IRFC) | 2,08,000 | 121% |
| 10 | Indian Oil Corporation (IOC) | 2,04,000 | 66% |
Financial and Energy Sectors Dominate Rankings
The financial services sector had a strong presence in the rankings, with SBI, LIC, and IRFC making it to the list. Meanwhile, the energy sector had the highest representation, with NTPC, ONGC, Power Grid Corporation, Coal India, and IOC securing five out of ten spots. The aerospace and defense sector was also featured through Hindustan Aeronautics Limited (HAL) and Bharat Electronics Ltd. (BEL).
Rising Valuations of Indian Companies
The 2024 Burgundy Private Hurun India 500 report also highlighted the top 500 private firms in India. Reliance Industries Ltd. topped the list with a valuation of ₹17.5 lakh crore, followed by Tata Consultancy Services (TCS) at ₹16.1 lakh crore and HDFC Bank at ₹14.2 lakh crore.
The report noted that the minimum valuation required to qualify for the list increased from ₹6,700 crore to ₹9,580 crore, showcasing the financial growth of Indian businesses. Anas Rahman Junaid, founder and chief researcher at Hurun India, stated that for the first time, every company on the list has reached a billion-dollar valuation, with their total revenue surpassing $1 trillion, which is over a quarter of India’s GDP.
The Burgundy Private Hurun India 500 report provides valuable insights into the growth and market position of India’s top companies, reaffirming the strong performance of state-owned enterprises alongside private firms.