BizExpress

Monthly reading for September 2026

Business Birth Rate Index (BBR Index)

BBR Index, September 2026: 102.0

Up 3.6 points from August's 98.4

The BBR Index measures the pace of company births in India: new companies registered per working day (Monday to Friday count as one day each and Saturday as half), where 100 is the January to August 2026 average.

  • January to August 2026 average = 100
  • Data through 30 September 2026

Next reading: Thursday 5 November 2026 (October data)

Press room Key findings Embed kit

24,325

companies registered in September 2026

1,013.5

companies per working day

Base 994.1, over 24.0 working days

10,877

limited liability partnerships (LLPs) registered in September 2026

17.3

new companies per million people

India's business birth rate in September 2026

In September India registered a new company about every 2 minutes, and a new company or LLP every 74 seconds (September's totals spread over every hour of the month).

Key findings, September 2026

Five findings, generated from the data by fixed rules. Quote them with the source line.

  • Index

    The BBR Index rose 3.6 points to 102.0 in September 2026, from 98.4 in August. India registered 24,325 companies, 1,013.5 per working day against a base of 994.1.

  • Sub-indices

    Green was the strongest sub-index at 116.8, up 15.0 points; Non-profit was the weakest at 94.3, down 12.7 points. Five of the six sub-indices rose.

  • Birth rate

    Telangana had the highest business birth rate among states in September 2026, 45.2 new companies per million people, against 17.3 for India as a whole; among union territories Delhi led at 91.9. Telangana takes the Birth Rate Crown for the sixth month running.

  • Milestone

    India passed 2,00,000 companies in 2026 on 25 September 2026. At the July to September pace of 1,133.9 companies and LLPs a day, India would reach 3,00,000 companies and LLPs in 2026 around 6 October 2026: an estimate that the October 2026 file will confirm.

  • Sector of the Month

    Power & renewables was Sector of the Month: its sector-market index stood at 121.7 (January to August 2026 average = 100), 24.6% above its June to August 2026 average, with 690 new companies in September 2026.

The BBR Index by month, January to September 2026

Companies registered per working day, indexed so that the January to August 2026 average equals 100.

BBR Index by month
MonthIndexCompaniesWorking daysCompanies per working day
January 202699.623,26923.5990.2
February 2026110.424,13622.01,097.1
March 202699.822,32022.5992.0
April 202695.121,73723.0945.1
May 2026104.721,85921.01,040.9
June 202686.619,37222.5861.0
July 2026105.526,22525.01,049.0
August 202698.421,51122.0977.8
September 2026102.024,32524.01,013.5
June 2026: An MCA data centre fire on 5 June 2026 stopped incorporations for three days; working-day adjustment removes most of the effect. Source: BBR Index by BizExpress, based on MCA monthly incorporation data.

Sub-indices

Six slices of new company formation, each indexed to its own January to August 2026 average per working day. Values for September 2026, change on August.

  • Tech

    up 4.8 points

    109.1

    Tech: August 2026: 104.3

    IT, software, data, telecom, electronics and R&D companies

    4,326 companies in September 2026

  • Green

    up 15.0 points

    116.8

    Green: August 2026: 101.8

    Power, water, waste and recycling companies plus solar, EV, storage and climate names

    1,095 companies in September 2026

  • Bharat

    up 2.4 points

    104.2

    Bharat: August 2026: 101.8

    Companies registered outside the big-metro offices of the Registrar of Companies (ROC)

    From March 2026*

    9,378 companies in September 2026

  • Non-profit

    down 12.7 points

    94.3

    Non-profit: August 2026: 107.0

    Section 8 companies: not-for-profit companies licensed under Section 8 of the Companies Act, 2013

    1,671 companies in September 2026

  • Foreign Entry

    up 2.7 points

    108.0

    Foreign Entry: August 2026: 105.3

    Foreign-owned subsidiaries plus foreign companies opening an Indian place of business

    216 companies in September 2026

  • LLP

    up 4.3 points

    105.0

    LLP: August 2026: 100.7

    Limited liability partnerships

    10,877 LLPs in September 2026

Sub-index values (January to August 2026 average = 100)
MonthTechGreenBharatNon-profitForeign EntryLLP
January 202691.9101.8not calculated99.5100.199.4
February 2026102.2111.1not calculated101.6104.2103.0
March 202695.592.9105.0107.699.897.7
April 202693.689.194.493.8107.5105.0
May 2026107.1107.7104.2105.598.9101.7
June 202692.789.188.486.081.181.9
July 2026112.6106.6106.199.8102.8109.6
August 2026104.3101.8101.8107.0105.3100.7
September 2026109.1116.8104.294.3108.0105.0
Registrations counted in each sub-index
MonthTechGreenBharatNon-profitForeign EntryLLP
January 20263,5669359,4171,72719610,081
February 20263,7139559,5641,6511919,780
March 20263,5508178,8581,7881879,489
April 20263,5558018,1461,59320610,424
May 20263,7148848,2051,6361739,216
June 20263,4467837,4571,4291527,951
July 20264,6501,0419,9471,84321411,819
August 20263,7908758,4031,7381939,562
September 20264,3261,0959,3781,67121610,877

Bharat is calculated from March 2026, so its base is the March to August 2026 average. MCA split the Delhi, Mumbai, Kanpur and Kolkata ROCs on 16 February 2026. State totals are unaffected; ROC-office detail and the Bharat sub-index start in March 2026. Source: BBR Index by BizExpress, based on MCA monthly incorporation data.

Business birth rate

New companies per million people. States are ranked among states and union territories among union territories. India averaged 17.3 in September 2026.

States, ranked among states
Rank, Sep 2026StatePer million, Sep 2026Companies, Sep 2026Per million, January to September 2026Rank, January to September 2026Population
1Telangana45.21,731382.013,82,72,000
2Haryana42.41,297355.133,05,73,000
3Goa40.464358.2215,83,000
4Maharashtra30.73,921263.7412,75,28,000
5Karnataka29.21,988225.056,81,15,000
6Kerala24.0862198.763,59,20,000
7Tamil Nadu23.51,808186.277,70,89,000
8Uttarakhand20.8245159.791,17,55,000
9Gujarat19.51,414176.487,23,67,000
10Andhra Pradesh12.8684102.1125,33,40,000
11Rajasthan12.2997100.8138,18,97,000
12Himachal Pradesh12.090105.71075,05,000
13Arunachal Pradesh11.41883.81615,76,000
14Uttar Pradesh11.12,67695.61424,10,66,874
15Punjab11.0339102.2113,09,26,000
16West Bengal10.61,05791.5159,95,63,000
17Odisha10.146879.7174,65,66,000
18Madhya Pradesh8.675672.4188,76,10,000
19Jharkhand7.429465.1203,99,63,000
20Chhattisgarh7.322459.1213,05,24,000
21Bihar6.481856.52212,85,92,000
22Nagaland6.21433.72622,53,000
23Assam5.720751.0233,60,47,000
24Manipur5.21765.81932,53,000
25Tripura4.31843.52441,84,000
26Mizoram4.0534.42512,50,000
27Meghalaya1.5520.42733,79,000
India (all states and union territories)17.324,325146.01,40,22,16,624
Union territories, ranked among union territories
Rank, Sep 2026Union territoryPer million, Sep 2026Companies, Sep 2026Per million, January to September 2026Rank, January to September 2026Population
1Delhi91.92,000783.112,17,52,000
2Chandigarh54.768434.4212,43,000
3Puducherry23.032164.6313,91,163
4Jammu & Kashmir13.8193114.341,40,03,000
Not rankedAndaman & Nicobar Islands9.94141.1Not ranked4,04,000
Not rankedDadra & Nagar Haveli and Daman & Diu16.711104.9Not ranked6,57,587
Not rankedLakshadweep0.0072.5Not ranked69,000
States are ranked among states and union territories among union territories. Union territories include city territories such as Delhi and Chandigarh, whose rates are not comparable with whole states. Each company is placed in a state or union territory by the ROC code in its Corporate Identification Number (CIN). Population: 2024 projected population (UIDAI Aadhaar report, 31 October 2024). Places with fewer than 1 million people are listed but not ranked. Source: BBR Index by BizExpress, based on MCA monthly incorporation data.

State explorer

Every state and union territory with its September 2026 numbers, ranked within its own group: states among states, union territories among union territories. Choose one for its dossier: new companies, business birth rate, top sector and its place in The Founders' League or the union territory table.

The Founders' League: September crowns and zones

States compete with states in two divisions of ten; union territories have their own table. After Matchday 6, Maharashtra leads the Premier Division on 208 points and Andhra Pradesh leads the Challenger Division on 152.

  • Volume Crown

    Maharashtra

    3,921 new companies, 6th month running

    Most new companies among states

  • Birth Rate Crown

    Telangana

    45.2 new companies per million people, 6th month running

    Most new companies per million people, states with at least 1 million people

  • Momentum Crown

    Tamil Nadu

    Share of India's new companies 7.0% above its recent average

    Biggest gain in share of India's new companies against its recent average, Premier Division

  • Tech Crown

    Karnataka

    30.2% of its new companies were in tech (601 of 1,988), 4th month running

    Highest share of new companies in tech, states with at least 500 new companies

  • Green Crown

    Rajasthan

    9.0% of its new companies were in the green economy (90 of 997), 6th month running

    Highest share of new companies in the green economy, states with at least 500 new companies

  • Rising State Crown

    Uttarakhand

    Share of India's new companies 14.5% above its recent average

    Biggest gain in share of India's new companies against its recent average, Challenger Division

  • Comeback of the Month

    Uttarakhand

    Climbed from 18th to 17th

    Biggest climb in the national ranking of the 20 league states

  • Zones

    Relegated, Premier Division: Bihar and Madhya Pradesh

    Promoted, Challenger Division: West Bengal and Kerala

    Decided on Quarter 2 points

Quarter 2 is complete: Bihar and Madhya Pradesh go down to the Challenger Division and West Bengal and Kerala come up to the Premier Division. Points count only inside each division, so a Premier and a Challenger state's points are never compared.

See the full league tables

Born in India

Born in India turns the same MCA data into a card for your company's date of incorporation: how many companies India registered that day, how many were born in your state or union territory that month, and a first-year compliance calendar.

Make your company's card

Busiest day of 2026 so far

Tuesday 28 July 2026

1,896 companies were incorporated in India that day.

Source: BBR Index by BizExpress, based on MCA monthly incorporation data.

Press room

Charts, data and the full methodology for the September 2026 reading. Free to republish with credit to the BBR Index by BizExpress.

Methodology

Data

CSV files for January to September 2026 from the monthly build, with Western digit grouping, and a read-me with the field notes, attribution and disclaimer.

Charts

PNG images, 2,400 pixels wide, with the source line built in. Select a chart to see it larger.

Embed kit

Four widgets for newsrooms, state startup missions, newsletters and blogs. Each one updates itself on Index Day and carries the source line.

  • Preview of the Index card widget: BBR Index 102.0 for September 2026, up 3.6 points, with a monthly trend line and the next Index Day.

    Index card

    The latest BBR Index reading, its change on the month, a monthly trend line against 100 and the next Index Day.

    <iframe src="https://bizexpress.in/business-birth-rate/embed/index-card.html" title="Business Birth Rate Index (BBR Index): Index card" width="400" height="500" loading="lazy" style="border:0;max-width:100%"></iframe>

    400 × 500 pixels

  • Preview of the Company Clock widget: an estimate of companies registered in India so far this year, with the last official figure and the next milestone.

    Company Clock

    An estimate of companies registered in India so far this calendar year, projected from the last official figure at the recent daily pace. It is not a live count.

    <iframe src="https://bizexpress.in/business-birth-rate/embed/company-clock.html" title="Business Birth Rate Index (BBR Index): Company Clock" width="400" height="530" loading="lazy" style="border:0;max-width:100%"></iframe>

    400 × 530 pixels

  • Preview of the State badge widget for Maharashtra: 3,921 new companies in September 2026, 1st of 27 states, with its business birth rate, division and crowns.

    State badge

    One state or union territory: new companies and business birth rate, each ranked within its own group, with its division in The Founders' League and its crowns this season.

    <iframe src="https://bizexpress.in/business-birth-rate/embed/state-badge.html?state=maharashtra" title="Business Birth Rate Index (BBR Index): State badge" width="400" height="630" loading="lazy" style="border:0;max-width:100%"></iframe>

    400 × 630 pixels

  • Preview of the League table widget: The Founders' League after Matchday 6, with the Premier and Challenger Divisions, zones and form.

    League table

    The Founders' League after the latest matchday: both divisions with points, zones and form, or one division on its own.

    <iframe src="https://bizexpress.in/business-birth-rate/embed/league-table.html" title="Business Birth Rate Index (BBR Index): League table" width="400" height="1290" loading="lazy" style="border:0;max-width:100%"></iframe>

    400 × 1290 pixels

Free to embed on any site with attribution: keep the widget's source line visible and do not edit, crop or overlay the figures. The Company Clock is an estimate at the recent daily pace, not a live count. Frames are 400 pixels wide and narrow with your column; the heights fit widths from 320 to 600 pixels.

Methodology in brief

How the BBR Index and the business birth rate are built. The full methodology sets out every definition, adjustment and revision rule.

Source

The monthly incorporation files of the Ministry of Corporate Affairs (MCA): every company and limited liability partnership registered in India, dated by its date of incorporation. This release covers January to September 2026, with data through 30 September 2026: 2,04,754 companies and 89,199 LLPs.

The index

Companies registered in the month are divided by its working days, then by the base of 994.1 companies per working day (the January to August 2026 average), and multiplied by 100. September 2026: 24,325 companies over 24.0 working days is 1,013.5 a day, an index of 102.0.

Business birth rate

New companies in a month per million people, using the 2024 projected population. States are ranked among states and union territories among union territories; places with fewer than 1 million people are listed but not ranked.

States, not ROC offices

The MCA file has no address field, so each company is placed by the ROC code in its CIN, which maps to exactly one state or union territory. ROC offices appear only as detail inside a state and are never ranked.

Revisions

The whole series is recalculated every month from the MCA files, so earlier values can change if the MCA revises a file. Cite the reading month and use the latest figures.

Read the full methodology

Questions about the BBR Index

What is the Business Birth Rate Index (BBR Index)?

The Business Birth Rate Index (BBR Index) is a monthly measure, published by BizExpress, of how fast new companies are being formed in India. It counts companies registered per working day and sets the January to August 2026 average at 100, so a reading above 100 means a busier month than that average. The September 2026 reading was 102.0. Sub-indices and business birth rates for every state and union territory come with it.

How is the BBR Index calculated?

Companies registered in the month are divided by the month's working days, where Monday to Friday count as one day, Saturday as half, and Sundays and days with no registrations as zero. The result is divided by the base of 994.1 companies per working day, the January to August 2026 average, and multiplied by 100. In September 2026, 24,325 companies over 24.0 working days gave 1,013.5 a day and an index of 102.0.

Is the BBR Index an official government statistic?

No. The BBR Index is an independent analysis by BizExpress of public incorporation data published by the Ministry of Corporate Affairs (MCA). It is not affiliated with or endorsed by the Ministry of Corporate Affairs. The underlying counts come from the MCA's monthly files; the working-day adjustment, the index, the sub-indices and the rankings are BizExpress's own calculations, set out in full in the methodology.

Where does the data come from?

From the monthly incorporation files that the Ministry of Corporate Affairs publishes. They list every company and limited liability partnership incorporated in India, and every foreign company that registers a place of business here, with its registration number, name, date and business activity. The files have no address field, so each company is placed in a state or union territory by the Registrar of Companies (ROC) code in its Corporate Identification Number (CIN).

What is the business birth rate?

The business birth rate is the number of new companies registered in a month for every million people, using 2024 projected population. It adjusts for population, so a small state can be compared fairly with a large one. In September 2026 India's rate was 17.3; Telangana led the states at 45.2 and Delhi led the union territories at 91.9. Places with fewer than 1 million people are shown but not ranked.

Why are union territories ranked separately from states?

Several union territories are largely urban. Delhi and Chandigarh are city territories, so their companies per million people are not comparable with whole states that include large rural areas. To keep every comparison fair, states are ranked only among states and union territories only among union territories. The Founders' League is played by states, and union territories have their own table.

How often is the BBR Index updated, and when is the next Index Day?

Monthly. Each release comes out on Index Day, the 5th of the month, and covers the previous month's MCA data. The next Index Day is Thursday 5 November 2026, with October 2026 data. The whole series is recalculated with each release, so earlier values can change slightly if the MCA revises a file; cite the reading month with any figure.

Can I republish the BBR Index charts and data?

Yes. The charts, data files and widgets on this page are free to republish with credit to the BBR Index by BizExpress. With a chart or a short quote, use the line: Source: BBR Index by BizExpress, based on MCA monthly incorporation data. Please do not alter the numbers, and describe the index as an independent analysis, not an official statistic. Press enquiries: pr@bizexpress.in.

From the Incorporation Experts

Registering a company or LLP?

A company is incorporated through SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus), the MCA web form INC-32 that combines name reservation and incorporation, and its certificate of incorporation carries its CIN. The first deadlines follow quickly: a company with share capital must file its declaration for commencement of business in Form INC-20A within 180 days of incorporation, and its Board must appoint the first auditor within 30 days of registration.

An LLP is incorporated through Form FiLLiP and must file its LLP agreement in Form 3 within 30 days of incorporation.

BizExpress takes private limited companies and LLPs from name approval to certificate, and keeps the filings that follow on time.

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