Chennai: 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 Tamil Nadu in the 2021 Burgundy Private Hurun India 500 List.The cut-off date to arrive at this list was 30thOctober 2021.
This list refers to companies headquartered in India only. State owned companies and subsidiaries of foreign companies are not included.
Anas Rahman Junaid, MD and Chief Researcher, Hurun India said: The2021 Burgundy Private Hurun India 500 is a sanguine representation of the evolution of the economy. Chennai as a key propeller of the double-digit automobile growth witnessed in India in the last year is leading the race to revive the economy. With structural reforms and infrastructural investments being championed by 2021Burgundy Private Hurun India 500 companies such as Ashok Leyland, MRF, TVS Motors, Tamil Nadu is playing a significant role in democratizing mobility and bridging the gap between urban and metro India.”
Amitabh Chaudhry, Managing Director and Chief Executive Officer, Axis Bank said:“ 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 topline 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.”
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, Policy bazaar and Sapphire Foods India for which we have considered the closing market cap of the listing day. Therefore mentioned 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.
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