This edition of the Fortune India  carries the Next 500 listing, the only comprehensiveone of its kind in the country. The cumulative profit of the Next 500 companies fell 36 this year, a much better show when compared to last year’s fall of 65. The churn continues, with the list seeing 119 new entrants as compared to last year ’s 163.  Branded spirits maker Radico Khaitan is the new No. 1 on the Next 500 list this year—jumping from No. 28 last year—powered by its bestselling brands and a new policy framework inUttar Pradesh. The stories we bring you in this issue are as distinct as they are interesting. We hope you enjoy reading this issue as much as we did putting it together.