From RIL to TCS: Stocks that will increase the market value of India’s 10 largest conglomerates by 2025

The year 2025 turned out to be a mixed year for India’s largest business houses. A look at the top 10 conglomerates shows that groups like Reliance, HDFC, Adani, Bajaj and Aditya Birla ended the year with significant gains, driven by a handful of major stocks that attracted strong investor interest. In contrast, Tata Group and Godrej Group saw meaningful erosion in market value as sharp declines in some heavyweight companies overshadowed gains elsewhere.

Reliance Group: One stock did all the heavy lifting

Mukesh Ambani-led Reliance emerged as the largest wealth creator among large groups in absolute terms. The group’s total market capitalization rose by around Rs 4.65 lakh crore during the year. Almost the entire gain came from Reliance Industries, which alone added nearly Rs 4.79 lakh crore in value.

The gains were driven by a rare alignment of positive triggers across telecom, energy and consumer companies. Reliance Jio regained momentum after a dull 2024, and brokers became more optimistic, with expectations of steady revenue and profit growth.That said, most other Reliance group stocks lost their value. Network18 (-Rs 4,319 crore), Just Dial (-Rs 2,282 crore), Alok Industries and cable companies such as Hathway (-Rs 2.74 crore) and Den Networks (-Rs 597 crore) all ended the year lower. Jio Financial Services, with a net mark-to-market loss of Rs 2,414 crore, also declined slightly. Yet the size of Reliance Industries ensured that the group finished firmly in the green.

Adani Group: Gates and power shine

The Adani Group added around Rs 1.4 lakh crore in market value by 2025. The biggest contributors were Adani Ports (Rs 73,107 crore) and Adani Power (Rs 71,681 crore), which together added nearly Rs 1.45 lakh crore. Strong freight volumes, better pricing and infrastructure spending supported Adani Ports, while Adani Power benefited from improved demand and operational performance.

Adani Energy Solutions also added around Rs 26,770 crore market value to the group by 2025. However, market capitalization losses in Adani Total Gas (-Rs 21,512 crore), AWL Agri Business (-Rs 9195 crore) and ACC (-Rs 2401 crore) limited the overall upside. Adani Enterprises was largely flat and acted as a mild drag.

The group reported a strong first half for FY26, driven by record investments, higher operating profits and continued improvement in credit quality across its core infrastructure businesses. EBITDA for H1FY26 stood at Rs 47,375 crore, the highest in the first half, while trailing twelve months EBITDA reached Rs 92,943 crore, up 11.2% from a year earlier.

Apart from the operational numbers, Sebi’s closure of the investigation into Hindenburg’s allegations comes as a big relief for the Adani Group. Now that the regulatory cloud has lifted, brokers have turned their attention back to the fundamentals and growth potential.

Bajaj Group: Financial weapons dominate profits

The Bajaj Group saw a sharp jump in market value of around Rs 2.48 lakh crore by 2025, led by its financial businesses. Bajaj Finance alone added nearly Rs 1.92 lakh crore, while Bajaj Finserv gained over Rs 75,000 crore. These two stocks were responsible for most of the group’s wealth creation, helped by strong credit growth and improving profitability.
How India’s 10 largest conglomerates will fare in 2025: winners, losers and major shifts in market value

Bajaj Auto posted a modest profit of Rs 15,339 crore, but Bajaj Housing Finance and some older companies like Bajaj Electricals and Bajaj Hindusthan Sugar saw a decline. Yet the group ended the year significantly higher.

Aditya Birla Group: Metals and telecom see a surge

The Aditya Birla Group added nearly Rs 2 lakh crore in market value. Hindalco and Vodafone Idea were the largest contributors, adding over Rs 1.25 lakh crore. Hindalco benefited from higher aluminum prices and better global sentiment, while Vodafone Idea flip-flopped in 2025. The telecom major added around Rs 61,235 crore to its market value during the year.

HDFC Group: Stable and consistent

HDFC Group had a strong but relatively quiet year, adding around Rs 2.9 lakh crore in value. HDFC Bank was the main driving force, contributing over Rs 1.7 lakh crore. HDFC Life (Rs 28,917 crore) and HDFC AMC (Rs 24,689 crore) also added stable value to the group, reflecting investors’ comfort with the group’s predictable earnings profile.

L&T Group: Infrastructure and finance support growth

The L&T Group added over Rs 1.2 lakh crore in market value. Larsen & Toubro itself added over Rs 65,000 crore, supported by a strong order book and good execution. L&T Finance also surprised on the upside, while LTIMindtree posted modest gains. L&T Technology Services was the only major laggard.

Mahindra Group: Autos lead, IT drags

The Mahindra Group added around Rs 1 lakh crore in value. Mahindra & Mahindra was the largest contributor, raking in nearly Rs 87,000 crore on strong demand for SUVs and tractors. Mahindra Finance also performed well with a market capitalization of around Rs 23,000 crore.

However, Tech Mahindra lost over Rs 11,000 crore as IT expenditure declined, reducing the group’s overall profits.

Murugappa Group: Finances compensate for industrial weakness

The Murugappa Group saw a modest net profit of around Rs 28,300 crore. Cholamandalam Investment and Finance was the star, adding nearly Rs 44,000 crore. Coromandel International also made a positive contribution with a net market capitalization gain of Rs 11,623 crore. These gains were partially offset by sharp declines in Tube Investments, CG Power and Carborundum Universal.

JSW Group: Steel strength, energy weakness

The JSW Group added around Rs 51,000 crore to its market value by 2025. JSW Steel led from the front, gaining over Rs 64,000 crore, supported by capacity expansion and stable demand.

In contrast, JSW Energy and JSW Infrastructure lost significant market value, together close to Rs 35,000 crore, dragging down overall profits.

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Tata Group: A year of losses

The Tata Group was the biggest laggard among major conglomerates, losing nearly Rs 3.4 lakh crore in market value. The damage was concentrated in a few large stocks. Tata Consultancy Services alone lost more than Rs 3.2 lakh crore as global IT spending slowed and pricing pressure increased in the AI ​​era.

Another major drag was Trent, which lost over Rs 1 lakh crore, followed by Indian Hotels, which saw a decline of Rs 19,593 crore in market value.

There were some bright spots. Titan added Rs 70,756 crore in value, Tata Steel about Rs 52,368 crore and Tata Consumer Products gained Rs 27,482 crore, but their profits were far too small to offset losses in TCS and Tata Motors PV.

Facts: Ritesh Presswala

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