diff --git a/pkg/app/app.go b/pkg/app/app.go
index 38c084a5..b8e1b073 100644
--- a/pkg/app/app.go
+++ b/pkg/app/app.go
@@ -779,7 +779,14 @@ func (a *App) dag(r *Run) error {
 }
 
 func (a *App) ListReleases(c ListConfigProvider) error {
-	releasesChan := make(chan []*HelmRelease, 100)
+	// Collect the per-state results under a mutex. ForEachState may visit
+	// states concurrently, and a bounded channel that is drained only after the
+	// visit finishes blocks forever once more states carry releases than the
+	// buffer can hold (the previous 100-slot channel deadlocked at 101 states).
+	var (
+		releasesMu sync.Mutex
+		releases   []*HelmRelease
+	)
 
 	err := a.ForEachState(func(run *Run) (_ bool, errs []error) {
 		var stateReleases []*HelmRelease
@@ -812,20 +819,14 @@ func (a *App) ListReleases(c ListConfigProvider) error {
 		}
 
 		if len(stateReleases) > 0 {
-			releasesChan <- stateReleases
+			releasesMu.Lock()
+			releases = append(releases, stateReleases...)
+			releasesMu.Unlock()
 		}
 
 		return
 	}, false, SetFilter(true))
 
-	close(releasesChan)
-
-	// Collect all releases from channel
-	var releases []*HelmRelease
-	for rels := range releasesChan {
-		releases = append(releases, rels...)
-	}
-
 	if err != nil {
 		return err
 	}
diff --git a/pkg/app/app_list_test.go b/pkg/app/app_list_test.go
index 9fbb4644..b0a7fa7a 100644
--- a/pkg/app/app_list_test.go
+++ b/pkg/app/app_list_test.go
@@ -3,8 +3,10 @@ package app
 import (
 	"bytes"
 	"encoding/json"
+	"fmt"
 	"os"
 	"testing"
+	"time"
 
 	"github.com/google/go-cmp/cmp"
 	"github.com/helmfile/vals"
@@ -303,6 +305,80 @@ func TestListWithJSONOutput(t *testing.T) {
 	})
 }
 
+// TestListWithManyStates guards against a deadlock in ListReleases: per-state
+// results used to be collected through a channel with a fixed buffer of 100
+// that was drained only after every state had been visited, so the 101st state
+// carrying releases blocked forever and `helmfile list` hung without output.
+func TestListWithManyStates(t *testing.T) {
+	const stateCount = 101
+
+	files := map[string]string{}
+	for i := 1; i <= stateCount; i++ {
+		files[fmt.Sprintf("/path/to/helmfile.d/helmfile_%03d.yaml", i)] = fmt.Sprintf(`
+releases:
+- name: release-%03d
+  namespace: default
+  chart: incubator/raw
+`, i)
+	}
+
+	stdout := os.Stdout
+	defer func() { os.Stdout = stdout }()
+
+	var buffer bytes.Buffer
+	syncWriter := testhelper.NewSyncWriter(&buffer)
+	logger := helmexec.NewLogger(syncWriter, "debug")
+
+	valsRuntime, err := vals.New(vals.Options{CacheSize: 32})
+	if err != nil {
+		t.Fatalf("unexpected error creating vals runtime: %v", err)
+	}
+
+	app := appWithFs(&App{
+		OverrideHelmBinary:              DefaultHelmBinary,
+		fs:                              ffs.DefaultFileSystem(),
+		OverrideKubeContext:             "default",
+		DisableKubeVersionAutoDetection: true,
+		Env:                             "default",
+		Logger:                          logger,
+		valsRuntime:                     valsRuntime,
+	}, files)
+
+	expectNoCallsToHelm(app)
+
+	// A regression shows up as a hang, not as an error, so run the listing in
+	// a goroutine and fail fast instead of waiting for the go test timeout.
+	type result struct {
+		out string
+		err error
+	}
+	done := make(chan result, 1)
+	go func() {
+		var listErr error
+		out, err := testutil.CaptureStdout(func() {
+			listErr = app.ListReleases(configImpl{skipCharts: true, output: "json"})
+		})
+		if err == nil {
+			err = listErr
+		}
+		done <- result{out: out, err: err}
+	}()
+
+	var res result
+	select {
+	case res = <-done:
+	case <-time.After(60 * time.Second):
+		t.Fatalf("ListReleases did not return within 60s for %d states: deadlock while collecting releases", stateCount)
+	}
+	assert.NoError(t, res.err)
+
+	var releases []HelmRelease
+	if err := json.Unmarshal([]byte(res.out), &releases); err != nil {
+		t.Fatalf("failed to parse JSON output: %v", err)
+	}
+	assert.Len(t, releases, stateCount, "expected one release per state")
+}
+
 func TestListWithLockFileVersion(t *testing.T) {
 	files := map[string]string{
 		"/path/to/helmfile.yaml": `