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.
“The Nifty 50’s share of aggregate Nifty 500 profits fell from 87% in FY18 to 51% in FY26, while the broader universe delivered faster profit growth than the top 50. Concentration indicators tell the same story: the HHI for net sales, EBITDA and PAT all declined materially over time. The longer view therefore points to a corporate universe that is not only larger, but also deeper and less concentrated.” according to an NSE report.
