India’s Top 10 Firms Worth More Than Canada’s GDP Despite Rs.11 Lakh Crore Erosion

India’s most valuable corporate giants lost serious ground over the past year, but their combined heft still outstrips entire national economies. The 10 most valuable companies in the country saw their combined market value drop by Rs 11 lakh crore, yet that combined value still exceeds Canada’s GDP, according to the latest Burgundy Private Hurun India 500 report.

The top 10 companies are now collectively worth Rs 86 lakh crore ($908 billion), down from Rs 97 lakh crore a year ago. That figure equals roughly a quarter (25%) of India’s entire GDP, and accounts for 27% of the total wealth held by the country’s top 500 companies. Over the past decade, the value of these top 10 firms has grown 3.5 times, and seven of them have held onto their top-10 positions for five straight years.

Reliance Holds The Top Spot
Mukesh Ambani-led Reliance Industries (RIL) retained its number one position with a market value of Rs 19.36 lakh crore. Despite the broader market pressure over the past year, Reliance actually added more than Rs 1.8 lakh crore in value, more wealth creation than any other company on the list managed. Reliance alone accounts for roughly a fifth (around 20%) of the combined market capitalisation of all ten companies on the list, underlining just how dominant the company remains.

Telecom And Finance Gain Ground
One of the more striking moves this year came from Bharti Airtel, which climbed to third place with a market value of Rs 11.5 lakh crore. The company’s value has grown 198% over the past five years, reflecting investor confidence in India’s digital economy. The financial sector also strengthened its grip on the list. HDFC Bank held onto second place despite a 17% drop in value, while ICICI Bank climbed to fourth place with a value of over Rs 9 lakh crore. Bajaj Finance was the biggest mover, surging 37% to a market value of Rs 5.83 lakh crore and entering the top 10 for the first time at sixth place.

IT Giants Lose Ground
The rankings point to a steady decline in the dominance of traditional IT services companies, which depend heavily on global markets. With global tech spending slowing and the rise of artificial intelligence raising fresh questions, the sector’s growth outlook is now under scrutiny. Tata Consultancy Services (TCS), the country’s largest IT company, saw its market value fall 44% over the past year and 32% over five years, dropping it to fifth place. Infosys also slipped, falling to ninth place after a 36% decline in value over five years.