Five IPL franchises enter Hurun India 500 as sport turns asset class | Business

The Indian Premier League (IPL) has long blurred the line between sport, entertainment and commerce. The 2025 Burgundy Private Hurun India 500 has now given that shift a corporate stamp, with five IPL franchises making their debut among India’s 500 most valuable non-state-run companies.

Kolkata Knight Riders (KKR), Chennai Super Kings (CSK), Royal Challengers Bengaluru (RCB), Rajasthan Royals (RR) and Punjab Kings (PBKS) have entered the list, becoming part of the same corporate universe as India’s largest private-sector businesses. Their combined valuation of more than Rs 71,000 crore signals a defining moment for Indian sport: cricket franchises are no longer being seen only as teams, but as mature business enterprises.

“Cricket is no longer just India’s sport; it is India’s business. The debut of CSK, KKR, PBKS, RR and RCB on the 2025 Hurun India 500, with a combined valuation of over Rs 71,000 crore, is a defining moment: for the first time, the boardroom and the boundary rope are on the same list,” said Anas Rahman Junaid, founder and chief researcher, Hurun India.

Knight Riders leads the group at rank 270 with a valuation of Rs 20,850 crore, followed by Super Kings at rank 285 with Rs 19,550 crore. RCB has been valued at Rs 16,700 crore, placing it at rank 330. Royals is ranked 343 with a valuation of Rs 15,700 crore, while Punjab Kings entered at rank 390 with Rs 14,050 crore.

The debut of IPL franchises in the Hurun India 500 marks a shift in how sports properties are being valued in India. For years, IPL teams were seen largely through the prism of on-field performance, star players, sponsorship deals and fan loyalty. Their entry into a list of India’s most valuable private-sector companies suggests that investors and valuation experts are now looking at them as scalable corporate assets.

An IPL franchise today resembles a consumer-facing enterprise as much as a sports team. Its value is tied not only to wins and losses but also to the strength of its brand, the size of its fan base, its ability to attract sponsors, and the predictability of cash flows from cricket’s most valuable league.

Why KKR, CSK and RCB lead the table

The ranking also shows how brand depth and market recall are being rewarded. KKR, CSK and RCB are the three most valuable franchises among the five that entered the list.

KKR’s valuation of Rs 20,850 crore puts it ahead of the other IPL entities in the ranking. CSK follows closely at Rs 19,550 crore, underlining the value of one of the league’s most consistent and widely followed franchises. RCB, valued at Rs 16,700 crore, continues to command significant corporate value despite not having the same title-winning history as CSK or KKR.

This suggests that franchise value is no longer determined only by trophies. Fan loyalty, brand visibility, star association and marketability also shape enterprise value. RCB’s presence in the top three among IPL franchises is a clear example of how a large and engaged fan base can translate into corporate worth.

Rajasthan Royals and Punjab Kings, valued at Rs 15,700 crore and Rs 14,050 crore, respectively, show that the value creation is not limited to the league’s most decorated teams. Even franchises with uneven on-field histories are now valuable enough to sit among India’s top 500 non-state-run companies.

The IPL’s corporate evolution

The IPL has always been a commercial success, but this development reflects a deeper evolution. Franchises are now being valued as enterprises with recurring relevance rather than seasonal visibility.

A strong IPL team can generate commercial value across multiple layers. It offers live sport inventory, digital engagement, sponsorship exposure, content opportunities and brand extensions. The league’s annual cycle also keeps franchises in public conversation through auctions, retentions, player trades, pre-season campaigns, match windows and off-season content.

Total India Inc value exceeds $3.4 trillion

The 2025 Burgundy Private Hurun India 500 values India’s 500 most valuable non-state-run companies at $3.4 trillion. To qualify for the list, companies needed a minimum valuation of Rs 10,230 crore as of April 30, 2026, up 7 per cent from last year. The cohort employs 8.9 million people, contributes Rs 3.23 trillion in taxes, and invests Rs 13,433 crore in corporate social responsibility initiatives.

“The companies in the 2025 Burgundy Private Hurun India 500 form the backbone of India’s private sector, wielding significant economic influence. Together, they have a cumulative valuation of US$3.4 trillion — higher than the GDP of Canada and the combined GDPs of Indonesia and Spain — and employ 8.9 million people,” Junaid said.

Reliance Industries retained the top rank for the fifth consecutive year, while Bharti Airtel entered the top tier after adding Rs 7.6 trillion in value since 2021. The list saw 95 new entrants, the highest in its history. Financial services and healthcare dominated value creation, while artificial intelligence, defence manufacturing and renewable energy emerged as important growth themes. Sarvam AI became the first homegrown large language model developer to enter the list.

Arnika Dixit, Group Head – Cards, Payments and Wealth Management, Axis Bank, said the report reflected a phase of steady evolution in India’s corporate landscape, where companies were building scale even as they adapted, invested through cycles, and found new ways to stay relevant.

“What is increasingly evident is how the drivers of value creation are becoming more varied, with momentum extending beyond traditional centres into a wider, more diverse set of businesses and markets,” Dixit said.