New Delhi, July 9 -- Fewer Indian companies are choosing to delist from stock exchanges, as buoyant market valuations and tighter pricing rules have made share buybacks increasingly expensive for promoters.

Voluntary delistings peaked at 47 in FY19 before declining to 45 in FY22, 22 in FY23, 24 in FY24, and just 12 in FY25, the lowest in at least a decade, according to a Mint analysis of exchange data.

Since FY21, 272 companies have listed on Indian exchanges, underscoring a broader trend: public markets are attracting more companies than they're losing.

Delisting decisions are typically strategic, unlike initial public offerings (IPOs), which are timed to market cycles. A promoter may choose to delist a company to regain full control,...