At one end of the spectrum was the Reliance Industries group, which emerged as the single largest creator of wealth among major business houses in 2025. At the other end stood the Tata Group, which witnessed a sharp decline in aggregate market capitalisation despite pockets of strength.
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Reliance Industries
Reliance Industries ended 2025 as the biggest gainer in absolute terms. The combined market capitalisation of listed Reliance entities rose from about Rs 18.7 lakh crore at the end of 2024 to nearly Rs 23.4 lakh crore by December 2025, translating into a net addition of roughly Rs 4.6 lakh crore in a single year.This gain was driven almost entirely by Reliance Industries, whose market value jumped more than 29% to over Rs 21.2 lakh crore. Investor sentiment improved on the back of a rare alignment of positive triggers across its businesses. The telecom arm, Reliance Jio, regained momentum after a subdued phase in 2024.
Brokerages also turned more bullish. Jefferies raised its target enterprise value for Jio to $180 billion, citing strong visibility on revenue and EBITDA growth over the next three years.
The oil-to-chemicals (O2C) business also surprised on the upside. Improving Asian refining margins and steady demand for transportation fuels prompted analysts such as UBS to project a sharp recovery in O2C earnings by FY27. Together, these factors revived confidence in India’s most valuable company and helped offset weakness in smaller group companies such as Network18, Just Dial and Hathway, all of which ended the year with double-digit declines.
Adani Group: Recovery with volatility
The Adani Group added around Rs 1.4 lakh crore in market value in 2025, with its combined market capitalisation rising from about Rs 13.2 lakh crore to Rs 14.6 lakh crore. The performance, however, was uneven.
Adani Power and Adani Ports emerged as standout performers, gaining more than 35% and nearly 20%, respectively, supported by strong cash flows and improved balance sheets. Adani Energy Solutions also posted a sharp rise. In contrast, Adani Enterprises, Adani Total Gas and AWL Agri Business ended the year in the red, reflecting lingering concerns over valuations and growth visibility. Overall, the group’s recovery story continued, but investors remained selective.
Tata Group
The Tata Group emerged as the biggest laggard among India’s top conglomerates in 2025. The combined market capitalisation of Tata companies fell from about Rs 31.1 lakh crore at the end of 2024 to roughly Rs 27.7 lakh crore by December 2025, translating into a net erosion of nearly Rs 4.9 lakh crore.
The underperformance was broad-based, though a few large companies accounted for most of the damage. Tata Consultancy Services, which represents a significant share of the group’s total market value, fell around 19% during the year. Weak global IT spending, cautious client budgets and concerns over pricing pressure in the age of artificial intelligence weighed on sentiment. Given TCS’s sheer size, even a modest percentage decline resulted in a substantial loss in absolute value.
Another major drag was Tata Motors’ passenger vehicle business, which declined 21% in 2025. Investor confidence was dented after a cyberattack disrupted operations at Jaguar Land Rover, the company’s key overseas subsidiary. JLR is central to Tata Motors’ profitability and global narrative, and the incident raised concerns about operational resilience and near-term earnings visibility.
There was, however, a positive development. Tata Motors completed the demerger of its commercial vehicles business, a move aimed at unlocking value and sharpening strategic focus. The newly listed Tata Motors CV entity now has a market capitalisation of around Rs 1.5 lakh crore and is up about 28% since listing, indicating that investors see merit in the separation.
HDFC Group
The HDFC group delivered steady gains in 2025, with its combined market capitalisation rising from about Rs 15.8 lakh crore to Rs 18 lakh crore. The net addition of roughly Rs 2.2 lakh crore reflected strong performance from HDFC Bank, HDFC Life and HDFC AMC. In a volatile market, the group benefited from its reputation for consistent execution and balance sheet strength.
It is also worth noting that HDB Financial listed on the exchanges this year, adding about Rs 63,510 crore to the group’s overall market value.
Aditya Birla Group
The Aditya Birla Group added nearly Rs 2 lakh crore in market value during the year. The gains were driven by stocks such as Aditya Birla Capital, Hindalco and Vodafone Idea, all of which saw sharp rallies.
L&T, Mahindra and Bajaj: Quiet compounding
Larsen & Toubro group companies added over Rs 1.2 lakh crore in market value, supported by strong execution in infrastructure and financial services. The Mahindra Group also ended the year with a net gain of about Rs 1 lakh crore, driven by Mahindra & Mahindra and its financial arm.
The Bajaj Group—which includes businesses under Rajiv Bajaj and Sanjiv Bajaj—was another clear gainer, with aggregate market capitalisation rising by nearly Rs 2.5 lakh crore. Bajaj Finance and Bajaj Finserv remained the primary drivers, reinforcing the group’s strength in financial services.
Godrej, Murugappa and JSW
The Godrej Group saw a modest decline in market value, with losses in Godrej Properties and Godrej Industries outweighing gains in Godrej Consumer Products. The Murugappa Group added a small amount of value overall, supported by strong performance in its financial services arms despite weakness in manufacturing companies.
The JSW Group posted a moderate net gain, led by JSW Steel and JSW Holdings, even as JSW Energy and JSW Infrastructure ended the year lower.
Data: Ritesh Presswala
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