The report’s findings reflect the hospitality sector‘s growing heft as it emerged as one of only two segments to register growth, apart from retail.
“Prism (OYO), founded and led by Ritesh Agarwal, is the standout hospitality story of the year and the second-largest gainer in absolute terms, adding Rs 34,700 crore to reach Rs 67,200 crore, surging 107 per cent in value, climbing six places to 5th and entering the top 10,” the report highlighted.
Highlighting the shift in the sector, the report said hospitality has evolved from being a “footnote” a decade ago to becoming the second-largest segment by company count after residential.
The list now has 24 hospitality companies, up from 22 last year, with a combined valuation of Rs 2.85 lakh crore.
“A decade ago, hospitality was a footnote; in 2026, it accounts for 24 of 151 companies (up from 22 last year) and Rs 2,85,500 Crore. Indian Hotels Company (founded in 1899, the oldest entity) reached Rs 93,300 crore; Prism (OYO), under Ritesh Agarwal (at 32, the youngest leader), climbed to Rs 67,200 crore with 107 per cent growth; and the freshly demerged ITC Hotels debuted at Rs 32,300 crore,” said the report.
Prism Founder and Chief Executive Ritesh Agarwal, 32, topped the list of the youngest leaders in the rankings, whereas Kapil Bhatia of InterGlobe Hotels, aged 93, was the oldest leader on the list.Among hospitality firms, Prism recorded the highest percentage growth in valuation, while newly demerged ITC Hotels debuted on the list with a valuation of Rs 32,300 crore.
The report also ranked Prism as the country’s second-most valuable unlisted real estate company after Adani Properties.
The report noted that just 31 of the 151 companies featured in the rankings recorded an increase in valuation during the year. Among existing companies, Adani Properties and Prism (OYO) together contributed nearly two-thirds of the total value created, with Prism also emerging as the second-most valuable unlisted company in the rankings for 2026.
“The split within the list is the real signal: the segments tied to what Indians spend rose, while those tied to what developers borrow fell,” Hurun India Founder and Chief Researcher Anas Rahman Junaid said.
He said residential, which accounts for nearly half of the companies in the rankings, declined about 16 per cent in value, while commercial real estate fell 14 per cent. In contrast, retail grew 8 per cent and hospitality expanded to Rs 2.85 lakh crore, driven by Prism and the listing of ITC Hotels.
The Lalit’s Chairperson Jyotsna Suri featured among the top women leaders, while Apeejay Surrendra Park Hotels Chairperson Priya Paul ranked second, underscoring the growing presence of women at the helm of India’s hospitality industry.