BW Businessworld - July 26, 2025

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THE BW REAL 500 returns in a year that has tested and revealed the
true shape of Indian enterprise. FY2024 was no ordinary year. It saw a
global economy, still readjusting to fresh geopolitical tensions, fragile
trade flows and a stubborn inflation, further disrupted by the pandemic.
Yet, amidst this turbulence, India Inc. stayed the course. Our Real 500
list ranks the highest-earning companies in India by total income – a
clean, uncompromising measure of scale, value, and economic weight. It
is based solely on publicly available financial data from a universe of 948
NSE and BSE-listed companies. The result is a definitive view of where
real business is being done, and by whom.
We are pleased to have collaborated with Astrum, our knowledge
partner for this special edition. Led by Ashwani Singla, Astrum brought
sharp analytical rigour and strategic direction to the project. The
findings tell a compelling story. The top 50 companies account for nearly
70 per cent of the income generated by the BW Real 500, and the top 15
per cent alone contribute almost half. And yet, embedded deeper in the
list, we find examples of determined expansion, evolving governance,
and long-term commitment to innovation and impact.