India’s top 100 companies add record ₹148 lakh crore in 5 years: Motilal Oswal study

India recorded its strongest equity wealth-creation phase on record, with the top 100 listed companies adding ₹148 lakh crore in market value between 2020 and 2025, according to Motilal Oswal Financial Services’ 30th Annual Wealth Creation Study. The report identifies this period as the start of a prolonged compounding cycle as the economy advances toward a projected $16 lakh crore.

Airtel, BSE and HAL lead wealth creation

Bharti Airtel emerged as the Biggest Wealth Creator, adding ₹7.9 lakh crore, followed by ICICI Bank and SBI.

BSE delivered the fastest gains, posting a 124% total return CAGR, the highest in the study.

Hindustan Aeronautics Ltd. (HAL) outperformed the market in each of the five years, making it the Most Consistent and Best All-round Wealth Creator.

Wealth creation during the period rose at a 38% CAGR, well above the Sensex’s 21% CAGR.

Financials dominate; PSUs strengthen

Financial services led sectoral wealth creation, supported by credit growth and stronger balance sheets. Industrials, capital markets, technology and utilities followed.

Public-sector enterprises continued their revival, particularly in defence, energy and utilities, with HAL, BEL and NTPC ranking among key contributors.

Study flags multi-trillion-dollar expansion ahead

The theme study—India: The Multi-Trillion Dollar Opportunity—highlights that financial wealth has expanded steadily, with India’s market cap compounding at 17% annually over two decades and now standing at 1.3 times GDP.

Motilal Oswal projects another GDP quadrupling over the next 17 years, from $4 lakh crore to $16 lakh crore, driven by higher incomes, financialization and a broadening corporate profit cycle.

Compounding era to shape market leadership

Raamdeo Agrawal, Chairman of Motilal Oswal Financial Services, said India is entering its “most powerful compounding era,” where long-term performance will depend on identifying high-quality, durable businesses rather than timing market cycles.

The study notes that financials, capital markets and consumer discretionary sectors are positioned to benefit most from rising penetration and scale, while large caps may retain an advantage due to stronger balance sheets and institutional participation.