As TCS and Infosys Lose Ground, Groww and Sarvam AI Surge Up India's Corporate Value List

India's three largest listed information technology companies, Tata Consultancy Services, Infosys, and Wipro, have collectively shed ₹8.5 lakh crore in market value over the past five years, according to the 2025 Burgundy Private Hurun India 500, released on June 24 by Axis Bank's private banking arm and Hurun India. The list ranks India's 500 most valuable non-state-run companies by market capitalisation or enterprise value, with a cut-off date of April 30, 2026.

TCS, which ranked fifth on the 2025 Burgundy Private Hurun India 500 with a valuation of ₹8,95,080 crore, saw its value decline by 32% over five years. Infosys, ranked ninth at ₹4,79,270 crore, fell 36% over the same period. Wipro, ranked 29th, recorded the steepest drop among the three, losing 43% of its value to stand at ₹2,10,450 crore.

The report notes that markets have turned sharply selective, with only 198 of the 500 companies increasing in value during the year. Fundamentals, including return on equity, cash generation, and balance sheet strength, are being rewarded over narrative-driven valuations, the report said.

The software and services sector's collective valuation on the list stands at ₹26,64,090 crore, down 26% from five years ago, even as its revenues grew 49% over the same period. It is the only major sector on the list to record a decline in cumulative valuation over five years, according to the report.

AI Startups Enter the Frame

Even as legacy IT companies lost ground, four pure-play artificial intelligence companies made their debut on the 2025 list: Fractal Analytics, Glance, Sarvam AI, and Neysa, with a combined valuation of over ₹60,000 crore. The most notable is Sarvam AI, India's first homegrown large language model developer, which entered at rank 353 with a valuation of ₹14,220 crore. It was founded in 2023 and it employs just 114 people.

"India is no longer just a consumer of AI — it is becoming a creator. With over 900 million internet users, unmatched engineering talent, and the cost advantages that made us the IT capital of the world, India is well-positioned to build globally relevant AI companies in the years ahead," Anas Rahman Junaid, founder and chief researcher at Hurun India, said in the report.

The broader list also reflects a shift in where value is being created. Groww, a retail investing platform, surged 430% in value to ₹1,34,880 crore, entering at rank 50. Meesho rose 164% to ₹87,170 crore.

The churn on the list captures the scale of this shift. Of the companies that featured in the inaugural 2021 edition, more than one-third have since dropped off. In their place, 95 new entrants, the highest in any single edition, have joined the list this year, collectively valued at ₹18.45 lakh crore, spanning sectors from defence and clean energy to fintech and artificial intelligence, the report said.

The 2025 Burgundy Private Hurun India 500 covers companies from 50 cities and 18 states, with a minimum valuation threshold of ₹10,230 crore, up 7% from last year.