The rise of modern Bharat and ‘Kohinoors’ of entrepreneurs
A large number of domestic champions have emerged who have built size, scale, profitability and global competitiveness while staying away from the limelight.
- Mar 13, 2026,
- Updated Mar 13, 2026 3:12 PM IST
For many decades, since the economic reforms of 1991, the country’s GDP growth and value addition has been centred around a handful of big cities – Delhi-NCR, Mumbai, Chennai, Bengaluru, Hyderabad. These cities housed the headquarters of India’s biggest and most well-known businesses.
Rise of Modern Bharat
This is beginning to change. In the past decade, the Bharat story has come of age – and we call it Modern Bharat. This transformation has come on the back of several factors – development of physical infrastructure, including new highways and airports – as also digital infrastructure with the penetration of broadband internet that has connected Bharat with the rest of the world.
Reforms like GST, PLI, and Make in India have enabled entrepreneurs beyond the metros to scale up, create jobs, and take Indian manufacturing and innovation to the world. The results are palpable: higher incomes, rising consumption, and growing influence of non-metro cities on national demand. In FY26, 21 of 97 mainboard IPOs emerged from tier 2 and 3 cities; over a third of new IPO investors in 2025 came from outside the metros. Today, 50% of DPIIT-recognised startups are born in these cities.
While large conglomerates and enterprises remain India’s engines of growth and employment, a new breed of companies from small and big towns is rising and fueling the next wave of economic growth.
Hunger for growth drives Modern Bharat
Over the past decade, several enterprises based in cities beyond the metros have quietly built scale and dominance in their chosen niches. They have focused on not just servicing the domestic market but also on becoming globally competitive and championing exports. You could call these companies the new, yet-to-become famous Kohinoors growing from Modern Bharat. That’s a true story of भारतकेकोहिनूर: शहरोंसेबाहर, दुनियाकेकेंद्रमें.
Most of them – though not all – have built significant size, without seeking capital from public markets. Maintaining strong governance and financial discipline, most of them have achieved EBITDA of more than INR 100 crore, setting unparalleled industry benchmarks.
What differentiates the Hidden Gems
These Kohinoors span diverse sectors—from precision manufacturing and pharma APIs to climate control and consumer goods. What’s common to them is an unwavering focus on quality, scalable operations, strong competitive moats, ahead of the curve investment, and long term value creation.
Investing for the future: These entrepreneurs continue to commit capital to technology, operations, and talent through cycles, rather than pulling back in uncertain times. This counter‑cyclical mindset has built resilience and long‑term competitiveness.
Execution discipline: Equally distinctive is their ability to move swiftly from experimentation to execution, coupled with a clear global ambition. Many adopted digital platforms, automation, and data driven decision making early.
Serving from Bharat to the world: Our research discovered examples like a design-led lamination company that now exports to 40+ countries, a speciality oils and nutraceuticals company that serves dozens of countries across the globe and a high-precision laminated tubes manufacturer that counts prominent international cosmetics brands as its customers. Clearly, these ‘Bharatpreneurs’ are evolving from cost‑efficient producers into global suppliers and innovation partners.
Inspiring the Next Wave of Bharat’s Global Champions
The inspiring stories of Modern Bharat’s Kohinoors reflect what is possible when ambition is matched by discipline. By spotlighting these enterprises, EY seeks to bring overdue recognition to businesses that are already shaping India’s growth - their impact is not hidden for long. They are India’s next global champions!
(Views are personal; the author is Partner and National Clients & Industries Leader, EY India)
For many decades, since the economic reforms of 1991, the country’s GDP growth and value addition has been centred around a handful of big cities – Delhi-NCR, Mumbai, Chennai, Bengaluru, Hyderabad. These cities housed the headquarters of India’s biggest and most well-known businesses.
Rise of Modern Bharat
This is beginning to change. In the past decade, the Bharat story has come of age – and we call it Modern Bharat. This transformation has come on the back of several factors – development of physical infrastructure, including new highways and airports – as also digital infrastructure with the penetration of broadband internet that has connected Bharat with the rest of the world.
Reforms like GST, PLI, and Make in India have enabled entrepreneurs beyond the metros to scale up, create jobs, and take Indian manufacturing and innovation to the world. The results are palpable: higher incomes, rising consumption, and growing influence of non-metro cities on national demand. In FY26, 21 of 97 mainboard IPOs emerged from tier 2 and 3 cities; over a third of new IPO investors in 2025 came from outside the metros. Today, 50% of DPIIT-recognised startups are born in these cities.
While large conglomerates and enterprises remain India’s engines of growth and employment, a new breed of companies from small and big towns is rising and fueling the next wave of economic growth.
Hunger for growth drives Modern Bharat
Over the past decade, several enterprises based in cities beyond the metros have quietly built scale and dominance in their chosen niches. They have focused on not just servicing the domestic market but also on becoming globally competitive and championing exports. You could call these companies the new, yet-to-become famous Kohinoors growing from Modern Bharat. That’s a true story of भारतकेकोहिनूर: शहरोंसेबाहर, दुनियाकेकेंद्रमें.
Most of them – though not all – have built significant size, without seeking capital from public markets. Maintaining strong governance and financial discipline, most of them have achieved EBITDA of more than INR 100 crore, setting unparalleled industry benchmarks.
What differentiates the Hidden Gems
These Kohinoors span diverse sectors—from precision manufacturing and pharma APIs to climate control and consumer goods. What’s common to them is an unwavering focus on quality, scalable operations, strong competitive moats, ahead of the curve investment, and long term value creation.
Investing for the future: These entrepreneurs continue to commit capital to technology, operations, and talent through cycles, rather than pulling back in uncertain times. This counter‑cyclical mindset has built resilience and long‑term competitiveness.
Execution discipline: Equally distinctive is their ability to move swiftly from experimentation to execution, coupled with a clear global ambition. Many adopted digital platforms, automation, and data driven decision making early.
Serving from Bharat to the world: Our research discovered examples like a design-led lamination company that now exports to 40+ countries, a speciality oils and nutraceuticals company that serves dozens of countries across the globe and a high-precision laminated tubes manufacturer that counts prominent international cosmetics brands as its customers. Clearly, these ‘Bharatpreneurs’ are evolving from cost‑efficient producers into global suppliers and innovation partners.
Inspiring the Next Wave of Bharat’s Global Champions
The inspiring stories of Modern Bharat’s Kohinoors reflect what is possible when ambition is matched by discipline. By spotlighting these enterprises, EY seeks to bring overdue recognition to businesses that are already shaping India’s growth - their impact is not hidden for long. They are India’s next global champions!
(Views are personal; the author is Partner and National Clients & Industries Leader, EY India)