Monthly record, data month May 2026
BBR Index, May 2026
The Business Birth Rate Index (BBR Index) read 104.7 in May 2026, up 9.6 points from 95.1 in April 2026. India registered 21,859 new companies in the month, 1,040.9 per working day over 21 working days, and 9,216 limited liability partnerships (LLPs).
- BBR Index
- 104.7+9.6 points on April
- New companies
- 21,859+122 (+0.6%) on April
- Per working day
- 1,040.921 working days
- New LLPs
- 9,216−1,208 (−11.6%) on April
The reading
The BBR Index measures the pace of company births: new companies per working day, counted from the monthly incorporation files of the Ministry of Corporate Affairs (MCA). An index of 100 equals the January to August 2026 average of 994.1 new companies per working day. A working day counts weekdays as one day and Saturdays as half a day; Sundays and days with no registrations count as none.
BBR IndexMay 2026100 = January to August 2026 average
| Month | BBR Index | New companies | Working days | Per working day | New LLPs |
|---|---|---|---|---|---|
| January 2026 | 99.6 | 23,269 | 23.5 | 990.2 | 10,081 |
| February 2026 | 110.4 | 24,136 | 22 | 1,097.1 | 9,780 |
| March 2026 | 99.8 | 22,320 | 22.5 | 992.0 | 9,489 |
| April 2026 | 95.1 | 21,737 | 23 | 945.1 | 10,424 |
| May 2026 | 104.7 | 21,859 | 21 | 1,040.9 | 9,216 |
Sub-indices
Each sub-index is indexed to its own January to August 2026 average per working day (100). The Bharat sub-index starts in March 2026, the first full month after MCA split four offices of the Registrar of Companies (ROC) on 16 February 2026.
| Sub-index | May 2026 | Apr 2026 | Change, points | Registered in May |
|---|---|---|---|---|
| Tech | 107.1 | 93.6 | +13.5 | 3,714 companies |
| Green | 107.7 | 89.1 | +18.6 | 884 companies |
| Bharat | 104.2 | 94.4 | +9.8 | 8,205 companies |
| Non-profit | 105.5 | 93.8 | +11.7 | 1,636 companies |
| Foreign Entry | 98.9 | 107.5 | −8.6 | 173 companies |
| LLP | 101.7 | 105.0 | −3.3 | 9,216 LLPs |
What each sub-index covers
- Tech
- IT, software, data, telecom, electronics and R&D companies
- Green
- Power, water, waste and recycling companies plus solar, EV, storage and climate names
- Bharat
- Companies registered outside the big-metro ROC offices
- Non-profit
- Section 8 companies: not-for-profit companies licensed under Section 8 of the Companies Act, 2013
- Foreign Entry
- Foreign-owned subsidiaries plus foreign companies opening an Indian place of business
- LLP
- Limited liability partnerships
States and union territories
Maharashtra registered the most new companies among states in May 2026: 3,515, 16.08% of India's total. States are ranked among the twenty-seven states in the files and union territories only among union territories.
Top ten states
| Rank | State | New companies | Change on Apr 2026 | Share of India |
|---|---|---|---|---|
| 1 | Maharashtra | 3,515 | −143 (−3.9%) | 16.08% |
| 2 | Uttar Pradesh | 2,638 | +187 (+7.6%) | 12.07% |
| 3 | Telangana | 1,650 | +95 (+6.1%) | 7.55% |
| 4 | Karnataka | 1,586 | +42 (+2.7%) | 7.26% |
| 5 | Tamil Nadu | 1,412 | −132 (−8.5%) | 6.46% |
| 6 | Gujarat | 1,325 | −116 (−8.0%) | 6.06% |
| 7 | Haryana | 1,248 | +73 (+6.2%) | 5.71% |
| 8 | Rajasthan | 929 | +22 (+2.4%) | 4.25% |
| 9 | West Bengal | 872 | −128 (−12.8%) | 3.99% |
| 10 | Bihar | 744 | +9 (+1.2%) | 3.40% |
Every state and union territory has its own page: states and union territories. Sikkim and Ladakh have no companies in the MCA files, so neither is ranked. The file for May 2026 lists every state and union territory.
Union territories
| Rank | Union territory | New companies | Change on Apr 2026 | Share of India | Per million people | Momentum |
|---|---|---|---|---|---|---|
| 1 | Delhi | 1,963 | +115 (+6.2%) | 8.98% | 90.2 | +9.8% |
| 2 | Jammu & Kashmir | 166 | −7 (−4.0%) | 0.76% | 11.9 | +0.7% |
| 3 | Chandigarh | 59 | +11 (+22.9%) | 0.27% | 47.5 | +15.6% |
| 4 | Puducherry | 24 | +1 (+4.3%) | 0.11% | 17.3 | Too few to measure |
| 5 | Andaman & Nicobar Islands | 7 | +1 (+16.7%) | 0.03% | n/a* | Too few to measure |
| 6 | Dadra & Nagar Haveli and Daman & Diu | 6 | −1 (−14.3%) | 0.03% | n/a* | Too few to measure |
| 7 | Lakshadweep | 0 | −1 (−100.0%) | 0.00% | n/a* | Too few to measure |
* Per million people is shown only for union territories with at least 1 million people. Momentum compares a union territory's share of India's new companies with its average share over up to three earlier months, and is shown only when it registered at least 50 new companies in the month.
Business birth rate
The business birth rate is new companies per million people (2024 projected population). In May 2026, Telangana led the states with 43.1 and Delhi led the union territories with 90.2; India as a whole recorded 15.6. States and union territories are ranked separately, and places under 1 million people are not ranked.
States
| Rank | State | Per million people | New companies |
|---|---|---|---|
| 1 | Telangana | 43.1 | 1,650 |
| 2 | Goa | 41.1 | 65 |
| 3 | Haryana | 40.8 | 1,248 |
| 4 | Maharashtra | 27.6 | 3,515 |
| 5 | Karnataka | 23.3 | 1,586 |
| 6 | Kerala | 19.9 | 715 |
| 7 | Tamil Nadu | 18.3 | 1,412 |
| 8 | Gujarat | 18.3 | 1,325 |
| 9 | Uttarakhand | 15.1 | 178 |
| 10 | Rajasthan | 11.3 | 929 |
Union territories
| Rank | Union territory | Per million people | New companies |
|---|---|---|---|
| 1 | Delhi | 90.2 | 1,963 |
| 2 | Chandigarh | 47.5 | 59 |
| 3 | Puducherry | 17.3 | 24 |
| 4 | Jammu & Kashmir | 11.9 | 166 |
Sector of the Month
A sector's price is its companies registered per working day, with the January to August 2026 average = 100. Sector of the Month is the sector whose price rose most against its own average over the previous three months. By new companies, the largest sector in May 2026 was IT, software & telecom.
Sector of the Month, May 2026
Water, waste & recycling
Price 118.6, +21.8% on its average over the previous three months.
Climbers
- Water, waste & recycling+21.8%
- Media, entertainment & sports+11.3%
- Mfg: vehicles & transport equipment+11.2%
Sliders
- Agriculture & allied−27.2%
- Mfg: textiles, apparel & leather−10.9%
- Mfg: food & beverages−4.6%
Records and milestones
No 2026 record was set in May 2026.
- Busiest day of the month: 14 May 2026, 1,446 companies.
- Milestone passed: 1,00,000 companies in 2026 on 13 May 2026.
- Milestone passed: 1,50,000 companies and LLPs in 2026 on 18 May 2026.
The Founders' League, Matchday 2
Matchday 2 of Season 2026-27 covers May 2026 registrations. In each division the ten states race twice: on new companies, and on momentum (the change in a state's share of India's new companies against its average share over the previous three months). Places one to ten score 25, 18, 15, 12, 10, 8, 6, 4, 2 and 1 points in each race. After this matchday, with one month left in Quarter 1, the Premier drop zone held Kerala and West Bengal and the Challenger promotion zone held Punjab and Bihar.
Crowns
| Crown | Winner | Result | Rule |
|---|---|---|---|
| Volume Crown | Maharashtra | 3,515 new companies | Most new companies among states. |
| Birth Rate Crown | Telangana | 43.1 new companies per million people | Most new companies per million people among states with at least 1 million people. |
| Momentum Crown | Haryana | +10.2% share of India's new companies against its recent average | Biggest gain in share of India's new companies versus its recent average, Premier Division states. |
| Tech Crown | Telangana | 29.8% of its new companies were tech 492 of 1,650 new companies | Highest share of new companies in tech (IT, software, data, telecom, electronics, R&D), states with at least 500 new companies. |
| Green Crown | Rajasthan | 8.7% of its new companies were in the green economy 81 of 929 new companies | Highest share of new companies in the green economy (power, water, waste, recycling, solar, EV and storage names), states with at least 500 new companies. |
| Rising State Crown | Chhattisgarh | +7.4% share of India's new companies against its recent average | Biggest gain in share of India's new companies versus its recent average, Challenger Division states. |
| Comeback of the Month | Chhattisgarh | 18th to 17th in the national ranking of league states 1 place up | Biggest climb in the national ranking of league states by new companies versus last month. |
Premier Division
| Pos | State | New companies | Momentum | Volume pts | Momentum pts | Matchday pts | Quarter pts | Season pts in division |
|---|---|---|---|---|---|---|---|---|
| 1 | Uttar Pradesh | 2,638 | +7.8% | 18 | 18 | 36 | 58 | 58 |
| 2 | Haryana | 1,248 | +10.2% | 6 | 25 | 31 | 52 | 52 |
| 3 | Maharashtra | 3,515 | −4.4% | 25 | 4 | 29 | 60 | 60 |
| 4 | Telangana | 1,650 | +6.2% | 15 | 12 | 27 | 54 | 54 |
| 5 | Karnataka | 1,586 | +0.7% | 12 | 10 | 22 | 36 | 36 |
| 6 | Rajasthan | 929 | +6.8% | 4 | 15 | 19 | 39 | 39 |
| 7 | Gujarat | 1,325 | −3.4% | 8 | 6 | 14 | 47 | 47 |
| 8 | Tamil Nadu | 1,412 | −10.8% | 10 | 2 | 12 | 32 | 32 |
| 9 | Kerala Drop zone | 715 | −3.1% | 1 | 8 | 9 | 11 | 11 |
| 10 | West Bengal Drop zone | 872 | −10.8% | 2 | 1 | 3 | 17 | 17 |
Challenger Division
| Pos | State | New companies | Momentum | Volume pts | Momentum pts | Matchday pts | Quarter pts | Season pts in division |
|---|---|---|---|---|---|---|---|---|
| 1 | Chhattisgarh | 201 | +7.4% | 6 | 25 | 31 | 53 | 53 |
| 2 | Bihar Promotion zone | 744 | −8.3% | 25 | 4 | 29 | 56 | 56 |
| 3 | Madhya Pradesh | 646 | −2.6% | 18 | 10 | 28 | 50 | 50 |
| 4 | Jharkhand | 288 | +5.5% | 8 | 15 | 23 | 37 | 37 |
| 5 | Punjab Promotion zone | 348 | −1.1% | 10 | 12 | 22 | 57 | 57 |
| 5 | Assam | 190 | +6.4% | 4 | 18 | 22 | 25 | 25 |
| 7 | Odisha | 386 | −3.9% | 12 | 6 | 18 | 40 | 40 |
| 8 | Andhra Pradesh | 530 | −10.8% | 15 | 2 | 17 | 47 | 47 |
| 9 | Himachal Pradesh | 80 | −3.1% | 1 | 8 | 9 | 22 | 22 |
| 10 | Uttarakhand | 178 | −14.8% | 2 | 1 | 3 | 17 | 17 |
Positions follow matchday points; tied states share the higher place. Quarter points decide promotion and relegation; season points count only in a state's current division.
Derbies
| Derby | States | Rounds | Result | Companies |
|---|---|---|---|---|
| Silicon Derby | Karnataka v Telangana | 1-4 | Telangana win | 1,586 to 1,650 |
| Southern Derby | Tamil Nadu v Telangana | 0-5 | Telangana win | 1,412 to 1,650 |
| Class of 2000 Derby | Uttarakhand v Chhattisgarh | 2-3 | Chhattisgarh win | 178 to 201 |
| Holiday Derby | Himachal Pradesh v Goa | 2-2 | Draw | 80 to 65 |
A derby is scored on five weekly rounds (days 1 to 7, 8 to 14, 15 to 21, 22 to 28 and 29 to the month end): the state that registers more companies in a round wins it.
Data and citation
Data files
The first file holds the May 2026 figures for every state and union territory. The other files cover the whole series and are updated after each Index Day. The data files are plain CSV with a header row; About the data files gives the source line and field notes.
- Every state and union territory, May 2026 (CSV, 6 KB): new companies, change on the previous month, share of India, ranks within each group and business birth rate, with momentum and matchday points for the league
- BBR Index and sub-indices by month (CSV, 1 KB): every month from January 2026
- Crowns by month (CSV, 2 KB): every matchday of the season
- Derby results (CSV, 1 KB): every matchday of the season
- About the data files (text)
Cite this page
Business Birth Rate Index (BBR Index) by BizExpress, monthly record for May 2026, https://bizexpress.in/business-birth-rate/2026-05/. Based on Ministry of Corporate Affairs (MCA) monthly incorporation data.
Free to republish with credit to the BBR Index by BizExpress. The methodology explains every measure on this page; the BBR Index page has the latest reading and The Founders' League the latest tables.