While the rich are becoming richer, they are no longer keeping all the spoils. India’s 50 largest companies, as represented by the Nifty 50, accounted for only 51% of the Nifty 500’s aggregate profit in FY26, down from 87% in FY18, as earnings growth accelerated across the broader corporate universe.
The shift is also visible in valuations as the Nifty 50 now accounts for just 40.5% of NSE-listed market capitalisation, down from 62.3% in FY14, signalling that India’s wealth creation engine is moving beyond its biggest corporate heavyweights to mid and smaller sized companies.
