Overview
- The 100 privately held firms generated Rs 8.9 lakh crore in 2025, delivering Rs 1.03 lakh crore in EBITDA as net profits rose to Rs 35,900 crore from about Rs 13,000 crore in 2023.
- Reliance Retail topped the list with Rs 2.7 lakh crore in revenue and the highest EBITDA at Rs 22,573 crore, followed by Flipkart at Rs 83,000 crore and Malabar Gold and Diamonds around Rs 66,000 crore.
- The cohort’s combined valuation stands at Rs 28.5 trillion with roughly 1.2 million employees, and 65% of companies maintain debt-to-equity ratios below 1x.
- Tata Electronics recorded the sharpest revenue growth, reaching Rs 66,601 crore, with Tata Passenger Electric Mobility and JSW One Platforms also among the fastest risers.
- Retail and consumer-focused businesses dominate the upper ranks, and most firms are based in Mumbai and Bengaluru with notable contributions from tier-2 and tier-3 hubs such as Kozhikode and Patna.