BizExpress

Season 2026-27

The Founders' League

Matchday 6 of Season 2026-27

September 2026 results

India's new companies, scored state against state from the monthly incorporation files of the Ministry of Corporate Affairs (MCA).

Next Quarter 2 is decided: West Bengal and Kerala go up and Bihar and Madhya Pradesh go down. The next quarter starts with the October 2026 data on Index Day, Thursday 5 November 2026.

Crowns

Seven crowns for September 2026, all won by states. Tech and Green go by the share of a state's new companies, not by counts.

Volume Crown

Rule: Most new companies among states.

MaharashtraPremier Division

3,921new companies

6th month running

  1. April 2026: Maharashtra
  2. May 2026: Maharashtra
  3. June 2026: Maharashtra
  4. July 2026: Maharashtra
  5. August 2026: Maharashtra
  6. September 2026: Maharashtra

Maharashtra (Apr to Sep)

Next among states:Uttar Pradesh 2,676Karnataka 1,988

Birth Rate Crown

Rule: Most new companies per million people among states with at least 1 million people.

TelanganaPremier Division

45.2new companies per million people

6th month running

  1. April 2026: Telangana
  2. May 2026: Telangana
  3. June 2026: Telangana
  4. July 2026: Telangana
  5. August 2026: Telangana
  6. September 2026: Telangana

Telangana (Apr to Sep)

Momentum Crown

Rule: Biggest gain in share of India's new companies versus its recent average, Premier Division states.

Tamil NaduPremier Division

+7.0%share of India's new companies vs its recent average

Takes over from Maharashtra

  1. April 2026: Gujarat
  2. May 2026: Haryana
  3. June 2026: Karnataka
  4. July 2026: Karnataka
  5. August 2026: Maharashtra
  6. September 2026: Tamil Nadu

Gujarat (Apr); Haryana (May); Karnataka (Jun, Jul); Maharashtra (Aug); Tamil Nadu (Sep)

Tech Crown

Rule: Highest share of new companies in tech (IT, software, data, telecom, electronics, R&D), states with at least 500 new companies.

KarnatakaPremier Division

30.2%of its new companies were tech

601 of 1,988 new companies

4th month running

  1. April 2026: Karnataka
  2. May 2026: Telangana
  3. June 2026: Karnataka
  4. July 2026: Karnataka
  5. August 2026: Karnataka
  6. September 2026: Karnataka

Karnataka (Apr); Telangana (May); Karnataka (Jun to Sep)

Green Crown

Rule: 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.

RajasthanPremier Division

9.0%of its new companies were in the green economy

90 of 997 new companies

6th month running

  1. April 2026: Rajasthan
  2. May 2026: Rajasthan
  3. June 2026: Rajasthan
  4. July 2026: Rajasthan
  5. August 2026: Rajasthan
  6. September 2026: Rajasthan

Rajasthan (Apr to Sep)

Rising State Crown

Rule: Biggest gain in share of India's new companies versus its recent average, Challenger Division states.

UttarakhandChallenger Division

+14.5%share of India's new companies vs its recent average

Takes over from West Bengal

  1. April 2026: Punjab
  2. May 2026: Chhattisgarh
  3. June 2026: Assam
  4. July 2026: Himachal Pradesh
  5. August 2026: West Bengal
  6. September 2026: Uttarakhand

Punjab (Apr); Chhattisgarh (May); Assam (Jun); Himachal Pradesh (Jul); West Bengal (Aug); Uttarakhand (Sep)

Comeback of the Month

Rule: Biggest climb in the national ranking of league states by new companies versus last month.

UttarakhandChallenger Division

18th to 17thin the national ranking of league states

1 place up on last month

Takes over from Tamil Nadu

  1. April 2026: Telangana
  2. May 2026: Chhattisgarh
  3. June 2026: Assam
  4. July 2026: Kerala
  5. August 2026: Tamil Nadu
  6. September 2026: Uttarakhand

Telangana (Apr); Chhattisgarh (May); Assam (Jun); Kerala (Jul); Tamil Nadu (Aug); Uttarakhand (Sep)

Crowns won this season

One mark per crown, Season 2026-27 to date.

  1. Telangana8 crowns
  2. Karnataka7 crowns
  3. Maharashtra7 crowns
  4. Rajasthan6 crowns
  5. Assam2 crowns
  6. Chhattisgarh2 crowns
  7. Tamil Nadu2 crowns
  8. Uttarakhand2 crowns
  9. Gujarat1 crown
  10. Haryana1 crown
  11. Himachal Pradesh1 crown
  12. Kerala1 crown
  13. Punjab1 crown
  14. West Bengal1 crown

League tables

Twenty states play in two divisions of ten. Points are won only inside a division. Select a state for its monthly record, crowns, derbies and the Registrar of Companies (ROC) offices inside it.

Quarter 2 final standings in each division, ordered by quarter points, then companies registered in the quarter. The bottom 2 of the Premier Division go down and the top 2 of the Challenger Division go up.

Quarter 2 race, Premier and Challenger Divisions
PosStateVolume rankin divisionNational rankof 20 league statesCompaniesSep 2026Companiesthis quarterCompaniesseasonShareof IndiaMomentumshare changeFormlatest rightVolumeptsMomentumptsMatchdayptsQuarterptsPlayedin divisionCrownsseasonSeasonpts in division
Premier Division Bottom 2: relegated
1Maharashtra113,92111,71021,93916.12%−0.1%25103512267208
2Karnataka331,9885,68710,2848.17%+6.4%1518339867174
3Tamil Nadu441,8085,1819,4447.43%+7.0%1225378962133
4Uttar Pradesh222,6767,88615,16411.00%−0.5%186246360149
5Telangana551,7315,1569,7637.12%−0.8%104145268130
6Gujarat661,4144,4738,5215.81%−10.3%8194861121
7Haryana771,2973,8337,2875.33%+0.3%612184061106
8Rajasthan899972,9075,5214.10%+2.2%41519376684
9Madhya PradeshRelegatedPromoted after Q110127562,2054,1073.11%−0.4%189353035
10BiharRelegatedPromoted after Q19118182,4434,6153.36%−2.8%224223022
Challenger Division Top 2: promoted
1West BengalPromotedRelegated after Q1181,0573,2855,9864.35%−4.5%2583312031120
2KeralaPromotedRelegated after Q12108622,5884,6653.54%−0.5%181028873187
3Andhra Pradesh3136841,9693,5872.81%+4.5%1512278060152
4Odisha4144681,2852,4341.92%+6.9%1215276260129
5Assam9192076651,1760.85%−10.3%2135162107
6Uttarakhand7172456591,2071.01%+14.5%62531496278
7Himachal Pradesh1020902955250.37%−8.5%145446169
8Jharkhand6162949051,6991.21%−5.3%8614416092
9Punjab5153391,0702,0701.39%−8.7%102124061111
10Chhattisgarh8182246291,1800.92%+9.9%41822326288
Win: momentum above +3% Draw: within 3% either way Loss: below −3% Relegated (Premier) Promoted (Challenger) Promoted this season Relegated this season

Union territories

Union territories are compared only with union territories. They are not part of the league and are never ranked against a state.

Union territories, September 2026, ranked among union territories only
RankUnion territoryCompaniesSeptember 2026Changevs August 2026Shareof IndiaPer millionpeopleMomentumshare change
1Delhi2,000+275 (+15.9%)8.22%91.9−1.2%
2Jammu & Kashmir193+24 (+14.2%)0.79%13.8−0.8%
3Chandigarh68−1 (−1.4%)0.28%54.7+8.5%
4Puducherry32+14 (+77.8%)0.13%23.0Too few to measure
5Dadra & Nagar Haveli and Daman & Diu11+3 (+37.5%)0.05%n/a*Too few to measure
6Andaman & Nicobar Islands4+1 (+33.3%)0.02%n/a*Too few to measure
7Lakshadweep0−1 (−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 is shown only for a union territory that registered at least 50 new companies in the month. No company in the files carries a code for Ladakh, so it is not listed.

Promotions and relegations

Two states go up and two go down at the end of every quarter.

Moves this season

  1. After Quarter 2 (September 2026 data)

    Promoted to Premier

    Relegated to Challenger

  2. After Quarter 1 (June 2026 data)

    Promoted to Premier

    Relegated to Challenger

The seed

Divisions were seeded on March 2026 registrations (companies registered in each state that month).

Emerging: Goa 72, Manipur 32, Tripura 18, Meghalaya 14, Arunachal Pradesh 13, Nagaland 9, Mizoram 3.

Emerging states

Smaller states that play outside the 20-state league, with companies registered April to September this season.

Derbies

Four state rivalries scored on weekly rounds: the state that registers more companies in a round wins it.

Latest: Matchday 6, September 2026.

Silicon Derby

Karnataka vs Telangana, the home states of Bengaluru and Hyderabad

KarnatakaWinner
Silicon Derby, weekly rounds, September 2026
State1 to 78 to 1415 to 2122 to 2829 to 30Total
Karnataka335 (won round)501 (won round)398 (won round)557 (won round)197 (won round)1,988
Telangana3083963844541891,731

Season to Sep: Karnataka 4 wins, 1 draw, Telangana 1 win

Southern Derby

Tamil Nadu vs Telangana, two southern states that trade places month to month

Tamil NaduWinner
Southern Derby, weekly rounds, September 2026
State1 to 78 to 1415 to 2122 to 2829 to 30Total
Tamil Nadu311 (won round)428 (won round)393 (won round)504 (won round)1721,808
Telangana308396384454189 (won round)1,731

Season to Sep: Tamil Nadu 3 wins, 0 draws, Telangana 3 wins

Class of 2000 Derby

Uttarakhand vs Chhattisgarh, both formed in November 2000

Draw on weekly rounds

Class of 2000 Derby, weekly rounds, September 2026
State1 to 78 to 1415 to 2122 to 2829 to 30Total
Uttarakhand375169 (won round)64 (won round)24 (drawn round)245
Chhattisgarh43 (won round)54 (won round)495424 (drawn round)224

Level on rounds. Uttarakhand registered more companies (245 to 224).

Season to Sep: Uttarakhand 4 wins, 1 draw, Chhattisgarh 1 win

Holiday Derby

Himachal Pradesh vs Goa: the hills against the beaches

Goa
Holiday Derby, weekly rounds, September 2026
State1 to 78 to 1415 to 2122 to 2829 to 30Total
Himachal Pradesh20 (won round)27 (won round)18 (drawn round)20 (won round)590
Goa121618 (drawn round)117 (won round)64

Season to Sep: Himachal Pradesh 5 wins, 1 draw, Goa 0 wins

Sector stock market

Price is companies registered per working day in a sector, where the January to August 2026 average = 100.

Sector prices, January to August 2026 average = 100
TrendJan to SepJan2026Feb2026Mar2026Apr2026May2026Jun2026Jul2026Aug2026Sep2026
IT, software & telecom108.6+3.8%+5.4%92.2102.195.393.8107.492.7111.8104.6108.63,938
Wholesale trade104.1+6.0%+8.8%96.0112.4103.296.8105.285.7103.198.2104.12,493
Construction & infrastructure105.9+9.9%+10.6%103.1116.596.993.8102.083.5107.496.4105.91,627
Retail, e-commerce & auto dealers100.6+10.2%+7.8%104.2117.295.896.5106.585.4103.291.3100.61,605
Consulting & professional services89.7−4.2%−5.4%100.5110.199.798.7106.384.7106.393.689.71,467
Non-profit & social work98.3−9.0%+0.6%98.9103.1107.993.4104.084.1101.1108.098.31,136
Real estate98.0+3.4%+6.5%104.3115.3100.398.2106.782.598.794.898.01,033
Hospitality, food service & travel101.2+1.6%+3.4%103.0109.796.790.5106.185.8108.399.6101.2963
Staffing, security & business support100.4+6.7%+2.4%103.5114.292.493.3101.587.0112.994.1100.4957
Education90.9−10.9%−6.6%107.0110.1100.588.8101.988.1101.8102.090.9948
Mfg: metals, machinery & electricals110.1+8.8%+14.5%99.1107.9102.3100.7101.785.5101.8101.2110.1843
Mfg: chemicals, pharma & plastics98.1+5.9%+2.6%96.7112.197.096.7111.189.0105.392.698.1782
Mfg: food & beverages103.6−0.3%+6.0%99.6118.095.395.598.281.1108.1103.9103.6776
Power & renewables
Sector of the Month
121.7+19.1%+24.6%105.0115.391.688.0107.788.1102.8102.2121.7690
Media, entertainment & sports102.6−0.9%+6.1%102.3113.495.589.2110.686.4100.3103.5102.6666
Finance & insurance96.7−7.3%−2.6%94.2104.698.9101.3103.186.6107.0104.396.7665
Transport & logistics102.2+9.1%+6.9%103.7111.3101.294.4102.287.0106.193.7102.2638
Healthcare & care95.4+0.3%+0.3%100.9101.2107.199.6106.090.0100.395.195.4614
Mfg: other99.8+8.0%+8.4%110.3114.2105.290.3103.982.4101.392.499.8561
Agriculture & allied85.5+4.5%+5.4%106.4128.6137.397.088.174.187.481.885.5436
Mfg: textiles, apparel & leather112.5+11.6%+15.6%91.0108.9110.3102.595.590.2100.9100.8112.5346
Personal & other services101.2+10.5%+8.4%99.0113.2102.0102.2102.679.5109.091.6101.2311
Research & development117.3+16.8%+11.6%84.6109.895.187.0106.584.7130.3100.4117.3204
Mfg: electronics111.3+9.5%+6.8%92.196.4101.396.0100.9100.7110.4101.6111.3184
Water, waste & recycling108.0+20.0%+5.7%83.1101.393.996.9118.6101.6114.890.0108.0178
Mfg: vehicles & transport equipment113.6−1.0%+5.6%98.290.0101.783.7102.188.8119.2114.8113.6150
Mining104.5+53.7%+14.5%107.7108.099.799.5110.094.8110.968.0104.5114

Records, streaks and milestones

The record book for India's new companies in 2026, from the monthly incorporation files.

Busiest day

1,896companies

28 July 2026

2,541 companies and limited liability partnerships (LLPs) that day.

Busiest week

7,565companies

Week ending 15 March 2026

Weeks run Monday to Sunday.

Busiest month

26,225companies

July 2026

Also the busiest month for LLPs: 11,819.

The outage

3days without a new company

5 to 7 June 2026

MCA data centre fire: no companies were registered on those 3 days. The index adjusts for working days.

Milestones passed

  1. 25 September 20262,00,000 companies in 2026
  2. 20 August 20262,50,000 companies and LLPs in 2026
  3. 14 August 20261,00,000 companies in FY 2026-27
  4. 22 July 20261,50,000 companies in 2026
  5. 10 July 20262,00,000 companies and LLPs in 2026
  6. 13 June 202650,000 companies in FY 2026-27
  7. 18 May 20261,50,000 companies and LLPs in 2026
  8. 13 May 20261,00,000 companies in 2026
  9. 1 April 20261,00,000 companies and LLPs in 2026
  10. 9 March 202650,000 companies in 2026

Next milestones

  • Estimate2,50,000 companies in 2026Around 27 November 20262,04,754 companies to 30 September 2026, at the July to September pace of 783.3 a day.
  • Estimate1,50,000 companies in FY 2026-27Around 20 October 20261,35,029 companies to 30 September 2026, at the July to September pace of 783.3 a day.
  • Estimate3,00,000 companies and LLPs in 2026Around 6 October 20262,93,953 companies and LLPs to 30 September 2026, at the July to September pace of 1133.9 a day.

Streaks

AI-named share of new companies

6 of 8months up

1.15% of new companies in January 2026, 1.45% in September 2026.

AI-named share of new companies by month
MonthShare
January 20261.15%
February 20261.20%
March 20261.38%
April 20261.50%
May 20261.52%
June 20261.60%
July 20261.56%
August 20261.67%
September 20261.45%

'Ventures' in new company names

7 of 8months up

Call the Matchday

Call the October 2026 results. Picks lock at 23:59 IST on 31 October 2026. It is free to play, with no entry fee and no prizes. Save your picks under a display name to join the season leaderboard; your picks also stay on this device.

Round: October 2026. Picks lock at 23:59 IST on 31 October 2026. Results on Index Day, Thursday 5 November 2026.

This round's questions

  1. Which state wins the Volume Crown for October 2026?
  2. Which Premier Division state wins the Momentum Crown for October 2026?
  3. Silicon Derby: Karnataka or Telangana?
  4. Southern Derby: Tamil Nadu or Telangana?
  5. Will the BBR Index for October 2026 be above 100?
  6. Which sector group will be Sector of the Month?
  7. Tie-breaker: how many companies will India register in October 2026?

Each correct answer scores 10 points. The tie-breaker scores no points: it splits ties on points, and no guess counts as a guess of zero. Making picks and joining the leaderboard needs JavaScript.

How the league works

The rules, exactly as the scoring engine applies them.

Why states

The Founders' League compares states with states; union territories have their own table. The monthly incorporation files carry no address field. The only location in each record is the code of the Registrar of Companies (ROC) office inside the company's Corporate Identity Number (CIN), and every ROC code maps to exactly one state or union territory. ROC offices cover very different areas, from a whole state to a single city, so ranking the offices against each other would compare unlike things. The league compares whole states instead. A state's total adds up every ROC office inside it; the offices appear only as detail in each state's panel.

States and divisions

Twenty-seven states appear in the files. Twenty play in the league: ten in the Premier Division and ten in the Challenger Division, seeded on March 2026 registrations. The smaller states (Goa, Manipur, Tripura, Arunachal Pradesh, Nagaland, Meghalaya and Mizoram) play outside the league as Emerging states. No company in the files carries a code for Sikkim.

Union territories

Union territories (Delhi, Jammu & Kashmir, Chandigarh, Puducherry, Dadra & Nagar Haveli and Daman & Diu, Andaman & Nicobar Islands and Lakshadweep) have their own table. They are compared only with union territories, are never ranked against a state and are not part of the league. Momentum is shown only for a union territory that registered at least 50 new companies in the month; below that there are too few to measure. No company in the files carries a code for Ladakh.

Two races inside each division

Every month each division runs two races: the volume race (most new companies) and the momentum race (biggest gain in share of India's new companies). Places 1 to 10 in each race score the points below, and matchday points are volume points plus momentum points. Points are won inside a division, so the points of a Premier and a Challenger state are never compared.

  1. 1st25
  2. 2nd18
  3. 3rd15
  4. 4th12
  5. 5th10
  6. 6th8
  7. 7th6
  8. 8th4
  9. 9th2
  10. 10th1

Momentum

Momentum compares a state's share of India's new companies in the month with its average share over up to three previous months, counting months from January 2026 (state totals are continuous across the ROC changes). Example: in September 2026, Tamil Nadu registered 7.43% of India's new companies, 7.0% above its average share over June to August, so its momentum was +7.0%.

Form

Form shows the last five matchdays, latest on the right: W when momentum is above +3%, L when it is below −3%, and D (a draw) in between.

Quarters, promotion and relegation

Quarter points reset in April, July, October and January. When a quarter ends (after the June, September, December and March data), the bottom two of the Premier Division go down and the top two of the Challenger Division go up. Ties on quarter points are split by companies registered in the quarter. A state that goes up or down starts its season points again from zero in its new division. Season points restart each April; divisions carry over.

Crowns

Seven crowns are awarded every matchday, all to states. Volume goes by the count of new companies and Birth Rate by new companies per million people (states with at least 1 million people). Tech and Green go by the share of a state's new companies, among states with at least 500 new companies in the month. Momentum is for Premier Division states and Rising State for Challenger Division states. A tie on a crown's value goes to the state with the bigger share gain. The leading union territory appears in the union territory table, not as a crown.

  • Volume Crown: Most new companies among states.
  • Birth Rate Crown: Most new companies per million people among states with at least 1 million people.
  • Momentum Crown: Biggest gain in share of India's new companies versus its recent average, Premier Division states.
  • Tech Crown: Highest share of new companies in tech (IT, software, data, telecom, electronics, R&D), states with at least 500 new companies.
  • Green Crown: 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: Biggest gain in share of India's new companies versus its recent average, Challenger Division states.
  • Comeback of the Month: Biggest climb in the national ranking of league states by new companies versus last month.

Derbies and weekly rounds

Each month is split into five weekly rounds (days 1 to 7, 8 to 14, 15 to 21, 22 to 28, then 29 to the month end). The state that registers more companies in a round wins it; equal counts draw the round. The score is rounds won, and equal rounds make a draw even when one side registered more companies.

  • Silicon Derby: Karnataka vs Telangana, the home states of Bengaluru and Hyderabad.
  • Southern Derby: Tamil Nadu vs Telangana, two southern states that trade places month to month.
  • Class of 2000 Derby: Uttarakhand vs Chhattisgarh, both formed in November 2000.
  • Holiday Derby: Himachal Pradesh vs Goa: the hills against the beaches.

Season table and ties

The season table counts only the points a state has won in its current division this season, and Played counts only its matchdays there. A promoted or relegated state starts again from zero, so points won in one division never count in the other. In September 2026, Madhya Pradesh, promoted after Quarter 1, has 35 points from 3 Premier Division matchdays. Ties are split by companies registered in the season. In the monthly races, tied states share the higher place and its points.

Data notes and files

League counts are companies incorporated in the monthly incorporation files of the Ministry of Corporate Affairs; limited liability partnerships (LLPs) are not counted. 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. An MCA data centre fire on 5 June 2026 stopped incorporations for three days; working-day adjustment removes most of the effect. A working day counts weekdays as one day and Saturdays as half a day; Sundays and days without registrations count as none.

Questions about the league and the contest

What is The Founders' League?

The Founders' League is a monthly league of India's states built from the incorporation files of the Ministry of Corporate Affairs. Twenty states play in a Premier and a Challenger Division. Each month they score points in two races, one for the number of new companies and one for the gain in their share of India's new companies. Union territories have their own table, and two states move between the divisions at the end of each quarter.

Why does the league rank states and not cities?

The monthly files carry no address field. The only location in each record is the code of the Registrar of Companies (ROC) office in the company's Corporate Identity Number, and ROC offices cover areas as different as a whole state and a single city. Ranking the offices would compare unlike areas, so the league compares whole states, and union territories are compared only with union territories.

How are points scored?

In each division the ten states are ranked twice a month: by new companies (the volume race) and by the change in their share of India's new companies against their own average over up to three earlier months (the momentum race). Places one to ten score 25, 18, 15, 12, 10, 8, 6, 4, 2 and 1 points in each race. Tied states share the higher place and its points.

How do promotion and relegation work?

Quarter points decide the moves. After the June, September, December and March data, the two Premier Division states with the fewest quarter points go down and the two Challenger Division states with the most go up. Ties are split by companies registered in the quarter. A state that moves starts its season points again from zero in its new division, and season points restart every April.

How does Call the Matchday work, and is it free?

Each month you predict the next matchday: two crown winners, two derbies, whether the BBR Index will be above 100, the Sector of the Month and a tie-breaker company count. Each correct answer scores 10 points; ties on points are split by the closest tie-breaker guesses, and no guess counts as zero. It is free, with no entry fee and no prizes of any kind. Picks lock at 23:59 IST on the last day of the month.

What happens to my name and email address?

Your display name and your picks are kept until three months after the season ends, and your name appears on the public leaderboard with your points. An email address is optional: it is used only to send your results after each Index Day, if you tick the results box, and it is deleted at the same time. Every results email has a link to stop them. To have your name, picks or email deleted at any time, write to help@bizexpress.in.

When are the results published?

Results are settled on Index Day, the 5th of the month, when the BBR Index for the previous month is published from the monthly incorporation files. The October 2026 round is settled on Index Day, Thursday 5 November 2026. The leaderboard and your season total update after each Index Day, and your picks stay on your device in the meantime.

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