The last three-four fiscal years have posed challenges for all, especially for listed corporations who have been navigating turbulent waters and yet giving a stellar performance year after year. Amid these testing times, stories of resilience, growth, and revival have risen to the fore. These businesses have distinguished themselves through unwavering leadership, robust strategies, prudent financial management, and disciplined cost efficiency. This special edition on the Most Valuable CEOs celebrates a curated selection of these remarkable successes—not as rankings, but as a collection of inspiring journeys from leaders and companies across diverse sectors, meticulously filtered and selected by our knowledge partner, TechSci Research.
In its meticulous journey to spotlight exemplary companies, TechSci Research embarked on a comprehensive process of analysis and selection, applying an array of parameters and stringent filters to refine the lists for BW500 and the MRC. (For those interested, a thorough breakdown of the research methodology is available for reference.) By categorising companies according to their total income and turnover, we were able to spotlight consistent performers within each segment, thus allowing for a sharper focus on those who have sustained excellence over time.
It is important to emphasise that the companies profiled in the following pages are not presented in any particular ranking or hierarchy. Rather, they represent an editorially curated selection from the larger pool meticulously shortlisted by TechSci Research. Many worthy names across each category could not be included due to the constraints of space, though their achievements are no less commendable.
Our knowledge partner set a specific timeframe for analysing company finances, covering the financial years 2020-21, 2021-22, 2022-23, and 2023-24. An additional filter required that these companies demonstrate steady leadership over a minimum of three uninterrupted fiscal years, a criterion that inevitably led to some exclusions. In presenting each company’s story, we placed a particular emphasis on their FY2024 performance, offering readers a relevant and recent snapshot of their achievements and context to appreciate their journey amidst a challenging economic landscape.
Celebrating Growth
In this issue, we present some of the fantastic growth journeys of companies. For example, the recent performance of Jindal Stainless reflects its strategic expansion efforts and market leadership. In FY2024, the company achieved a remarkable sales volume of 21,74,610 tonnes, marking a 23 per cent year-over-year (YoY) growth. Or the great showing by Titan. Under C.K. Venkataraman's leadership, Titan’s consolidated revenue surged from Rs 21,052 crore in FY2019-20 to Rs 51,084 crore in FY2023-24, registering an impressive compound annual growth rate (CAGR) of 19.4 per cent. Both these companies are placed in the Superheavyweight categories. Or do read the growth journey of Lux Industries. It is placed in Lightweight category, but the brand’s presence globally makes it a super-achiever. Lux Industries is continually preparing for future growth. In FY24, the company commissioned a 4.5 lakh square
feet state-of-the-art facility over five acres in Jagadishpur, Kolkata dedicated to manufacturing and other support functions aimed at reducing dependency on third-party production and enhancing operational efficiency.
Research Methodology – HOW WE DID IT?
About a month ago, the committed team at TechSci Research began the intricate task of analysing the financial performance of companies for our annual Most Valuable CEOs edition. This effort started with gathering raw data using the BSE 500 companies as the core, providing a stable foundation and broad representation of listed entities. Within this universe, we set out to identify and profile the Most Valuable CEOs, evaluating each based on a sophisticated suite of parameters.
To ensure a focused analysis, specific filters were applied to create a list of companies that could be assessed in detail. Only those companies with CEOs holding a minimum tenure of three years, a trading history of at least 700 days over the past three fiscal years, and a revenue greater than Rs 250 crore in FY2023-24 qualified for consideration. From there, the team examined total income data spanning FY2019-20 to FY2023-24 to track the company’s performance trajectory.
With this refined list in hand, we categorised companies according to revenue bands: Superheavyweight (more than Rs 20,000 crore), Heavyweight (between Rs 7,500 crore and Rs 19,999 crore), Middleweight (from Rs 2,500 crore to Rs 7,499 crore), and Lightweight (Rs 250 crore to Rs 2,499 crore). For banks, interest earned was used to represent revenue, while income from operations was considered for companies in other sectors.
Our analysis only included firms with consistent income data over the last four years. Rankings were based on the average growth rate over this period and the average market capitalisation for FY2022. Companies showing a negative growth rate were excluded, which left us with over 150 companies marked by both positive growth rates and high income and market capitalisations.
From this elite group, we further identified CEOs (or managing directors in the absence of a CEO) with a minimum continuous tenure of three years. In determining final rankings, a 75 per cent weight was given to growth rate, and the remaining 25 per cent to other performance metrics. Each CEO’s role and qualifications were reviewed once more to confirm eligibility, finalising a definitive list of the Most Valuable CEOs.
