India's Top 10 Conglomerates: Market Cap Winners and Losers in 2025
India's top 10 conglomerates showed mixed performance in 2025, with Reliance Group leading gains at ₹4.65 lakh crore driven by Reliance Industries, while Tata Group faced the largest decline of ₹3.40 lakh crore due to TCS losses. Financial services and infrastructure sectors drove most gains across groups like HDFC, Bajaj, and Adani, while technology services faced headwinds. The performance reflects broader sectoral trends and highlights the importance of diversification and operational execution in conglomerate success.
*this image is generated using AI for illustrative purposes only.
India's largest business conglomerates witnessed contrasting fortunes in 2025, with some groups achieving substantial wealth creation while others faced significant market value erosion. The performance of these top 10 conglomerates reflects broader sectoral trends and company-specific developments that shaped investor sentiment throughout the year.
Market Cap Performance Overview
The year's results show a clear divide among India's business giants, with financial services, infrastructure, and energy sectors driving most gains while technology services faced challenges.
| Group | Market Cap Change | Key Driver |
|---|---|---|
| Reliance Group | +₹4.65 lakh crore | Reliance Industries |
| HDFC Group | +₹2.90 lakh crore | HDFC Bank |
| Bajaj Group | +₹2.48 lakh crore | Bajaj Finance |
| Aditya Birla Group | +₹2.00 lakh crore | Hindalco, Vodafone Idea |
| Adani Group | +₹1.40 lakh crore | Adani Ports, Adani Power |
| Tata Group | -₹3.40 lakh crore | TCS decline |
Top Performers: Financial and Infrastructure Focus
Reliance Group dominated wealth creation, adding ₹4.65 lakh crore in market value with Reliance Industries contributing ₹4.79 lakh crore alone. The gains stemmed from positive developments across telecom, energy, and consumer businesses, with Reliance Jio regaining momentum after a subdued 2024. However, other group companies including Network18 (-₹4,319 crore), Just Dial (-₹2,282 crore), and Jio Financial Services (-₹2,414 crore) posted losses.
HDFC Group delivered steady performance with ₹2.90 lakh crore in added value, led by HDFC Bank's ₹1.70 lakh crore contribution. HDFC Life (₹28,917 crore) and HDFC AMC (₹24,689 crore) provided additional support, reflecting investor confidence in the group's consistent earnings profile.
Bajaj Group saw ₹2.48 lakh crore in market value addition, with financial arms driving growth. Bajaj Finance alone contributed ₹1.92 lakh crore while Bajaj Finserv added over ₹75,000 crore, benefiting from strong loan growth and improving profitability.
Infrastructure and Industrial Gains
Adani Group added ₹1.40 lakh crore despite regulatory challenges, with Adani Ports (₹73,107 crore) and Adani Power (₹71,681 crore) leading gains. The group reported record performance with H1FY26 EBITDA at ₹47,375 crore and trailing twelve-month EBITDA reaching ₹92,943 crore, representing 11.20% year-over-year growth. SEBI's closure of Hindenburg-related investigations provided additional relief.
Aditya Birla Group gained nearly ₹2.00 lakh crore, with Hindalco and Vodafone Idea contributing over ₹1.25 lakh crore combined. Hindalco benefited from higher aluminium prices and improved global sentiment, while Vodafone Idea added ₹61,235 crore in market value.
Mixed Results Across Other Groups
Several conglomerates showed moderate gains with sector-specific variations:
- L&T Group: Added ₹1.20 lakh crore with Larsen & Toubro contributing ₹65,000 crore supported by strong order book execution
- Mahindra Group: Gained ₹1.00 lakh crore led by Mahindra & Mahindra's ₹87,000 crore addition from SUV and tractor demand, offset by Tech Mahindra's ₹11,000 crore loss
- JSW Group: Added ₹51,000 crore with JSW Steel gaining ₹64,000 crore, partially offset by JSW Energy and JSW Infrastructure losses of ₹35,000 crore combined
Major Decline: Tata Group Challenges
Tata Group experienced the steepest decline, losing ₹3.40 lakh crore in market value. Tata Consultancy Services alone accounted for over ₹3.20 lakh crore in losses due to slowing global IT spending and pricing pressures in the AI era. Trent lost over ₹1.00 lakh crore while Indian Hotels declined by ₹19,593 crore.
Positive contributors within the group included Titan (₹70,756 crore gain), Tata Steel (₹52,368 crore), and Tata Consumer Products (₹27,482 crore), but these gains were insufficient to offset the major declines.
Sector Trends and Outlook
The 2025 performance highlights the strength of financial services and infrastructure sectors while revealing challenges in technology services. Groups with diversified portfolios in growing sectors demonstrated resilience, while those heavily exposed to declining segments faced significant headwinds. The results underscore the importance of sectoral positioning and operational execution in driving conglomerate performance.
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