Season 2026-27
Matchday 5 of Season 2026-27
August 2026 results
India's new companies, scored state against state from the monthly incorporation files of the Ministry of Corporate Affairs (MCA).
Quarter 2 is decided on Index Day, Tuesday 13 October 2026, when the September 2026 data is published.
Seven crowns for August 2026, all won by states. Tech and Green go by the share of a state's new companies, not by counts.
Rule: Most new companies among states.
MaharashtraPremier Division
3,510new companies
5th month running
Maharashtra (Apr to Aug)
Next among states:Uttar Pradesh 2,381Karnataka 1,642
Rule: Most new companies per million people among states with at least 1 million people.
TelanganaPremier Division
38.3new companies per million people
5th month running
Telangana (Apr to Aug)
Rule: Biggest gain in share of India's new companies versus its recent average, Premier Division states.
MaharashtraPremier Division
+1.6%share of India's new companies vs its recent average
Takes over from Karnataka
Gujarat (Apr); Haryana (May); Karnataka (Jun, Jul); Maharashtra (Aug)
Rule: Highest share of new companies in tech (IT, software, data, telecom, electronics, R&D), states with at least 500 new companies.
KarnatakaPremier Division
32.3%of its new companies were tech
531 of 1,642 new companies
3rd month running
Karnataka (Apr); Telangana (May); Karnataka (Jun to Aug)
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
8.4%of its new companies were in the green economy
74 of 878 new companies
5th month running
Rajasthan (Apr to Aug)
Rule: Biggest gain in share of India's new companies versus its recent average, Challenger Division states.
West BengalChallenger Division
+13.9%share of India's new companies vs its recent average
Takes over from Himachal Pradesh
Punjab (Apr); Chhattisgarh (May); Assam (Jun); Himachal Pradesh (Jul); West Bengal (Aug)
Rule: Biggest climb in the national ranking of league states by new companies versus last month.
Tamil NaduPremier Division
5th to 4thin the national ranking of league states
1 place up on last month
Takes over from Kerala
Telangana (Apr); Chhattisgarh (May); Assam (Jun); Kerala (Jul); Tamil Nadu (Aug)
One mark per crown, Season 2026-27 to date.
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 after 2 of 3 matchdays, ordered by quarter points, then companies registered in the quarter. When the quarter ends, the bottom 2 of the Premier Division go down and the top 2 of the Challenger Division go up.
| Pos | State | Volume rankin division | National rankof 20 league states | CompaniesAug 2026 | Companiesthis quarter | Companiesseason | Shareof India | Momentumshare change | Formlatest right | Volumepts | Momentumpts | Matchdaypts | Quarterpts | Playedin division | Crownsseason | Seasonpts in division |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Premier Division Bottom 2: drop zone | ||||||||||||||||
| 1 | Maharashtra | 1 | 1 | 3,510 | 7,789 | 18,018 | 16.32% | ▲+1.6% | 25 | 25 | 50 | 87 | 5 | 6 | 173 | |
| 2 | Karnataka | 3 | 3 | 1,642 | 3,699 | 8,296 | 7.63% | ▲+1.0% | 15 | 10 | 25 | 65 | 5 | 6 | 141 | |
| 3 | Tamil Nadu | 4 | 4 | 1,483 | 3,373 | 7,636 | 6.89% | ▲+1.3% | 12 | 12 | 24 | 52 | 5 | 1 | 96 | |
| 4 | Uttar Pradesh | 2 | 2 | 2,381 | 5,210 | 12,488 | 11.07% | ▼−2.8% | 18 | 2 | 20 | 39 | 5 | 0 | 125 | |
| 5 | Gujarat | 6 | 6 | 1,386 | 3,059 | 7,107 | 6.44% | ▲+1.4% | 8 | 15 | 23 | 39 | 5 | 1 | 112 | |
| 6 | Telangana | 5 | 5 | 1,466 | 3,425 | 8,032 | 6.82% | ▼−8.1% | 10 | 1 | 11 | 38 | 5 | 7 | 116 | |
| 7 | Madhya PradeshPromoted after Q1 | 10 | 12 | 670 | 1,449 | 3,351 | 3.11% | ▲+1.6% | 1 | 18 | 19 | 26 | 2 | 0 | 26 | |
| 8 | Haryana | 7 | 7 | 1,153 | 2,536 | 5,990 | 5.36% | ▼−1.4% | 6 | 6 | 12 | 22 | 5 | 1 | 88 | |
| 9 | RajasthanDrop zone | 8 | 9 | 878 | 1,910 | 4,524 | 4.08% | ▲+0.4% | 4 | 8 | 12 | 18 | 5 | 5 | 65 | |
| 10 | BiharDrop zonePromoted after Q1 | 9 | 11 | 727 | 1,625 | 3,797 | 3.38% | ▼−2.6% | 2 | 4 | 6 | 18 | 2 | 0 | 18 | |
| Challenger Division Top 2: promotion zone | ||||||||||||||||
| 1 | West BengalPromotion zoneRelegated after Q1 | 1 | 8 | 1,044 | 2,228 | 4,929 | 4.85% | ▲+13.9% | 25 | 25 | 50 | 87 | 2 | 1 | 87 | |
| 2 | KeralaPromotion zoneRelegated after Q1 | 2 | 10 | 767 | 1,726 | 3,803 | 3.57% | ▲+2.9% | 18 | 8 | 26 | 59 | 2 | 1 | 59 | |
| 3 | Andhra Pradesh | 3 | 13 | 600 | 1,285 | 2,903 | 2.79% | ▲+8.5% | 15 | 15 | 30 | 53 | 5 | 0 | 125 | |
| 4 | Assam | 7 | 17 | 218 | 458 | 969 | 1.01% | ▲+12.5% | 6 | 18 | 24 | 48 | 5 | 2 | 104 | |
| 5 | Himachal Pradesh | 10 | 20 | 90 | 205 | 435 | 0.42% | ▲+8.1% | 1 | 12 | 13 | 39 | 5 | 1 | 64 | |
| 6 | Odisha | 4 | 14 | 396 | 817 | 1,966 | 1.84% | ▲+3.8% | 12 | 10 | 22 | 35 | 5 | 0 | 102 | |
| 7 | Punjab | 5 | 15 | 335 | 731 | 1,731 | 1.56% | ▲+1.2% | 10 | 6 | 16 | 28 | 5 | 1 | 99 | |
| 8 | Jharkhand | 6 | 16 | 275 | 611 | 1,405 | 1.28% | ▼−0.9% | 8 | 1 | 9 | 27 | 5 | 0 | 78 | |
| 9 | Uttarakhand | 8 | 18 | 187 | 414 | 962 | 0.87% | ▲+1.0% | 4 | 4 | 8 | 18 | 5 | 0 | 47 | |
| 10 | Chhattisgarh | 9 | 19 | 185 | 405 | 956 | 0.86% | ▲+0.2% | 2 | 2 | 4 | 10 | 5 | 2 | 66 | |
Union territories are compared only with union territories. They are not part of the league and are never ranked against a state.
| Rank | Union territory | CompaniesAugust 2026 | Changevs July 2026 | Shareof India | Per millionpeople | Momentumshare change |
|---|---|---|---|---|---|---|
| 1 | Delhi | 1,725 | −425 (−19.8%) | 8.02% | 79.3 | ▼−7.2% |
| 2 | Jammu & Kashmir | 169 | −51 (−23.2%) | 0.79% | 12.1 | ▼−0.7% |
| 3 | Chandigarh | 69 | +10 (+16.9%) | 0.32% | 55.5 | ▲+33.3% |
| 4 | Puducherry | 18 | −19 (−51.4%) | 0.08% | 12.9 | Too few to measure |
| 5 up 1 from 6th | Dadra & Nagar Haveli and Daman & Diu | 8 | 0 (0.0%) | 0.04% | n/a* | Too few to measure |
| 6 down 1 from 5th | Andaman & Nicobar Islands | 3 | −8 (−72.7%) | 0.01% | n/a* | Too few to measure |
| 7 | Lakshadweep | 1 | 0 (0.0%) | 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.
Two states go up and two go down at the end of every quarter.
Quarter 2, if it ended now (1 month left; decided on Index Day, Tuesday 13 October 2026)
Promotion zone
After Quarter 1 (June 2026 data)
Promoted to Premier
Relegated to Challenger
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.
Smaller states that play outside the 20-state league, with companies registered April to August this season.
Four state rivalries scored on weekly rounds: the state that registers more companies in a round wins it.
Latest: Matchday 5, August 2026.
Karnataka vs Telangana, the home states of Bengaluru and Hyderabad
| State | 1 to 7 | 8 to 14 | 15 to 21 | 22 to 28 | 29 to 31 | Total |
|---|---|---|---|---|---|---|
| Karnataka | 381 (won round) | 446 | 412 (won round) | 288 (won round) | 115 (won round) | 1,642 |
| Telangana | 316 | 462 (won round) | 341 | 256 | 91 | 1,466 |
Season to Aug: Karnataka 3 wins, 1 draw, Telangana 1 win
Tamil Nadu vs Telangana, two southern states that trade places month to month
| State | 1 to 7 | 8 to 14 | 15 to 21 | 22 to 28 | 29 to 31 | Total |
|---|---|---|---|---|---|---|
| Tamil Nadu | 298 | 452 | 343 (won round) | 284 (won round) | 106 (won round) | 1,483 |
| Telangana | 316 (won round) | 462 (won round) | 341 | 256 | 91 | 1,466 |
Season to Aug: Tamil Nadu 2 wins, 0 draws, Telangana 3 wins
Uttarakhand vs Chhattisgarh, both formed in November 2000
| State | 1 to 7 | 8 to 14 | 15 to 21 | 22 to 28 | 29 to 31 | Total |
|---|---|---|---|---|---|---|
| Uttarakhand | 44 (won round) | 50 | 36 | 40 (won round) | 17 (won round) | 187 |
| Chhattisgarh | 31 | 62 (won round) | 54 (won round) | 28 | 10 | 185 |
Season to Aug: Uttarakhand 4 wins, 0 draws, Chhattisgarh 1 win
Himachal Pradesh vs Goa: the hills against the beaches
| State | 1 to 7 | 8 to 14 | 15 to 21 | 22 to 28 | 29 to 31 | Total |
|---|---|---|---|---|---|---|
| Himachal Pradesh | 22 (won round) | 23 | 25 (won round) | 14 (won round) | 6 (won round) | 90 |
| Goa | 14 | 26 (won round) | 7 | 8 | 4 | 59 |
Season to Aug: Himachal Pradesh 4 wins, 1 draw, Goa 0 wins
Price is companies registered per working day in a sector, where the January to August 2026 average = 100.
| TrendJan to Aug | Jan2026 | Feb2026 | Mar2026 | Apr2026 | May2026 | Jun2026 | Jul2026 | Aug2026 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| IT, software & telecom | 104.6 | ▼−6.4% | ▲+0.6% | 92.2 | 102.1 | 95.3 | 93.8 | 107.4 | 92.7 | 111.8 | 104.6 | 3,476 | |
| Wholesale trade | 98.2 | ▼−4.8% | ▲+0.2% | 96.0 | 112.4 | 103.2 | 96.8 | 105.2 | 85.7 | 103.1 | 98.2 | 2,155 | |
| Consulting & professional services | 93.6 | ▼−11.9% | ▼−5.5% | 100.5 | 110.1 | 99.7 | 98.7 | 106.3 | 84.7 | 106.3 | 93.6 | 1,403 | |
| Construction & infrastructure | 96.4 | ▼−10.2% | ▼−1.3% | 103.1 | 116.5 | 96.9 | 93.8 | 102.0 | 83.5 | 107.4 | 96.4 | 1,358 | |
| Retail, e-commerce & auto dealers | 91.3 | ▼−11.5% | ▼−7.2% | 104.2 | 117.2 | 95.8 | 96.5 | 106.5 | 85.4 | 103.2 | 91.3 | 1,335 | |
| Non-profit & social work Sector of the Month | 108.0 | ▲+6.8% | ▲+12.0% | 98.9 | 103.1 | 107.9 | 93.4 | 104.0 | 84.1 | 101.1 | 108.0 | 1,144 | |
| Education | 102.0 | ▲+0.2% | ▲+4.9% | 107.0 | 110.1 | 100.5 | 88.8 | 101.9 | 88.1 | 101.8 | 102.0 | 975 | |
| Real estate | 94.8 | ▼−4.0% | ▼−1.2% | 104.3 | 115.3 | 100.3 | 98.2 | 106.7 | 82.5 | 98.7 | 94.8 | 916 | |
| Hospitality, food service & travel | 99.6 | ▼−8.0% | ▼−0.5% | 103.0 | 109.7 | 96.7 | 90.5 | 106.1 | 85.8 | 108.3 | 99.6 | 869 | |
| Staffing, security & business support | 94.1 | ▼−16.7% | ▼−6.3% | 103.5 | 114.2 | 92.4 | 93.3 | 101.5 | 87.0 | 112.9 | 94.1 | 822 | |
| Mfg: food & beverages | 103.9 | ▼−3.9% | ▲+8.5% | 99.6 | 118.0 | 95.3 | 95.5 | 98.2 | 81.1 | 108.1 | 103.9 | 713 | |
| Mfg: metals, machinery & electricals | 101.2 | ▼−0.6% | ▲+5.1% | 99.1 | 107.9 | 102.3 | 100.7 | 101.7 | 85.5 | 101.8 | 101.2 | 710 | |
| Mfg: chemicals, pharma & plastics | 92.6 | ▼−12.1% | ▼−9.0% | 96.7 | 112.1 | 97.0 | 96.7 | 111.1 | 89.0 | 105.3 | 92.6 | 677 | |
| Finance & insurance | 104.3 | ▼−2.5% | ▲+5.5% | 94.2 | 104.6 | 98.9 | 101.3 | 103.1 | 86.6 | 107.0 | 104.3 | 657 | |
| Media, entertainment & sports | 103.5 | ▲+3.2% | ▲+4.4% | 102.3 | 113.4 | 95.5 | 89.2 | 110.6 | 86.4 | 100.3 | 103.5 | 616 | |
| Healthcare & care | 95.1 | ▼−5.2% | ▼−3.7% | 100.9 | 101.2 | 107.1 | 99.6 | 106.0 | 90.0 | 100.3 | 95.1 | 561 | |
| Transport & logistics | 93.7 | ▼−11.7% | ▼−4.8% | 103.7 | 111.3 | 101.2 | 94.4 | 102.2 | 87.0 | 106.1 | 93.7 | 536 | |
| Power & renewables | 102.2 | ▼−0.6% | ▲+2.7% | 105.0 | 115.3 | 91.6 | 88.0 | 107.7 | 88.1 | 102.8 | 102.2 | 531 | |
| Mfg: other | 92.4 | ▼−8.8% | ▼−3.6% | 110.3 | 114.2 | 105.2 | 90.3 | 103.9 | 82.4 | 101.3 | 92.4 | 476 | |
| Agriculture & allied | 81.8 | ▼−6.4% | ▼−1.7% | 106.4 | 128.6 | 137.3 | 97.0 | 88.1 | 74.1 | 87.4 | 81.8 | 382 | |
| Mfg: textiles, apparel & leather | 100.8 | ▼−0.1% | ▲+5.5% | 91.0 | 108.9 | 110.3 | 102.5 | 95.5 | 90.2 | 100.9 | 100.8 | 284 | |
| Personal & other services | 91.6 | ▼−16.0% | ▼−5.6% | 99.0 | 113.2 | 102.0 | 102.2 | 102.6 | 79.5 | 109.0 | 91.6 | 258 | |
| Research & development | 100.4 | ▼−22.9% | ▼−6.3% | 84.6 | 109.8 | 95.1 | 87.0 | 106.5 | 84.7 | 130.3 | 100.4 | 160 | |
| Mfg: electronics | 101.6 | ▼−8.0% | ▼−2.3% | 92.1 | 96.4 | 101.3 | 96.0 | 100.9 | 100.7 | 110.4 | 101.6 | 154 | |
| Mfg: vehicles & transport equipment | 114.8 | ▼−3.7% | ▲+11.1% | 98.2 | 90.0 | 101.7 | 83.7 | 102.1 | 88.8 | 119.2 | 114.8 | 139 | |
| Water, waste & recycling | 90.0 | ▼−21.6% | ▼−19.4% | 83.1 | 101.3 | 93.9 | 96.9 | 118.6 | 101.6 | 114.8 | 90.0 | 136 | |
| Mining | 68.0 | ▼−38.7% | ▼−35.4% | 107.7 | 108.0 | 99.7 | 99.5 | 110.0 | 94.8 | 110.9 | 68.0 | 68 |
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.
AI-named share of new companies
6 of 7months up
1.15% of new companies in January 2026, 1.67% in August 2026. Up 1 month in a row after a dip.
| Month | Share |
|---|---|
| January 2026 | 1.15% |
| February 2026 | 1.20% |
| March 2026 | 1.38% |
| April 2026 | 1.50% |
| May 2026 | 1.52% |
| June 2026 | 1.60% |
| July 2026 | 1.56% |
| August 2026 | 1.67% |
'Ventures' in new company names
6 of 7months up
Call the September 2026 results. Picks lock at 23:59 IST on 30 September 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: September 2026. Picks lock at 23:59 IST on 30 September 2026. Results on Index Day, Tuesday 13 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.
The rules, exactly as the scoring engine applies them.
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.
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, Meghalaya, Nagaland and Mizoram) play outside the league as Emerging states. No company in the files carries a code for Sikkim.
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.
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.
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 August 2026, Maharashtra registered 16.32% of India's new companies, 1.6% above its average share over May to July, so its momentum was +1.6%.
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.
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.
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.
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.
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 August 2026, Madhya Pradesh, promoted after Quarter 1, has 26 points from 2 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.
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.
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.
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.
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.
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.
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.
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.
Results are settled on Index Day, the second Tuesday of the month, when the BBR Index for the previous month is published from the monthly incorporation files. The September 2026 round is settled on Index Day, Tuesday 13 October 2026. The leaderboard and your season total update after each Index Day, and your picks stay on your device in the meantime.
