NSE: India’s Biggest Unlisted Giant

The National Stock Exchange (NSE) has officially entered the ranks of India’s top 10 most valuable companies, securing the 10th position with a staggering valuation of ₹4.7 lakh crore. This milestone, revealed in the 2024 Burgundy Private Hurun India 500 report, marks a significant achievement for the exchange.

Under the leadership of Ashish Kumar Chauhan, NSE has seen an astonishing 201% surge in valuation, making it the fastest-growing company in percentage terms among India’s top corporate giants. Over the last four years, its value has skyrocketed by 179%, showcasing its dominance in India's financial sector.

India’s Most Valuable Unlisted Company

Along with making it to the top 10, NSE has also emerged as India’s most valuable unlisted company, surpassing the Serum Institute of India, which is now valued at ₹2.11 lakh crore. Other unlisted firms following NSE include Zoho Corporation (₹1.03 lakh crore), Zerodha (₹87,750 crore), Dream11 (₹67,860 crore), and Razorpay (₹63,620 crore).

This ranking reflects the growing importance of financial infrastructure in India's economy. Despite being unlisted, NSE’s impact on the stock market and broader financial ecosystem has been immense, making it a key player in the nation’s economic growth.

Top 10 Most Valuable Companies in India

According to the Hurun report, Reliance Industries remains the most valuable company in India, holding the top spot with a valuation of ₹17.52 lakh crore, followed by Tata Consultancy Services (₹16.10 lakh crore) and HDFC Bank (₹14.22 lakh crore). NSE’s entry into this elite list highlights the increasing strength of India's financial institutions.

A Changing Economic Landscape

The Hurun report reflects the dynamic nature of India's economy. Over the past three years, 82 new companies have made it into the rankings, while nearly one-third of the previous firms have dropped off. The biggest industry disruptors? Industrial products, healthcare, and energy saw the most new entrants, while financial services saw the most exits.

These shifts indicate a broader transformation in the economy, as new-age companies and emerging sectors continue to gain traction. The inclusion of NSE in the top 10 is a testament to India’s strengthening financial backbone and its growing influence on global markets.

The Road Ahead for NSE

With NSE’s meteoric rise, the question remains—what’s next? As India’s leading stock exchange, NSE continues to play a pivotal role in shaping the country’s capital markets. While its unlisted status has not stopped it from becoming a financial powerhouse, speculation around a potential IPO continues to spark interest among investors.

One thing is certain: NSE’s rapid growth signals a stronger, more robust financial ecosystem for India. Whether it remains unlisted or takes the IPO route, its presence among India’s top 10 companies is a game-changer for the financial industry.