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The Reliance Industries Group, led by billionaire Mukesh Ambani, emerged as India's largest wealth creator in 2025, with the combined market capitalization of the refining-to-retail conglomerate surging by ₹4.6 lakh crore during the year to ₹23.44 lakh crore.
This sharp upmove was driven by a near-30% surge in the stock price of Reliance Industries, the group's flagship company during 2025.
Sunil Mittal's Bharti Group ranked second, adding ₹3.5 lakh crore to its overall investor wealth. The telecom major's group market cap rose to ₹14.6 lakh crore from ₹11.1 lakh crore at the start of the year.
Third on the list is the Bajaj Group, adding a combined market value of ₹2.6 lakh crore, followed by the HDFC Group (₹2.2 lakh crore) and the Adani Group (₹1.1 lakh crore). Adani Group's market cap rose to ₹14 lakh crore during the year.
Collectively, India’s top seven conglomerates — Tata, Reliance, HDFC, Bharti Group, Bajaj, Adani and ICICI Group — added close to ₹10 lakh crore to their market capitalisation in 2025. Reliance Group alone accounted for 48% of the total wealth created, followed by Bharti Group with a 36% contribution.
At the current price, the combined market capitalization of these seven conglomerates stands at ₹122 lakh crore, which is nearly 60% of the overall Nifty 50 market cap of ₹207 lakh crore.
While most of the other conglomerates saw addition to their market capitalization during the year, the same was not the case for the Tata Group, which emerged as a wealth destroyer.
Losses were led by its flagship company Tata Consultancy Services, which lost nearly ₹3 lakh crore in market capitalization so far this year as the sector saw slower earnings growth, uncertain revenue visibility, and structural shifts toward AI, cloud computing, and automation.
Other Tata group companies — including Trent, Tata Elxsi, Voltas, and Tata Technologies — have declined between 20% and 40% since the beginning of 2025. In fact, barring six companies, most Tata group stocks have delivered negative returns this year.
According to Morgan Stanley, Reliance Industries’ earnings estimates are expected to be upgraded every quarter through 2026, paving the way for a valuation re-rating. The global brokerage, which maintains an “overweight” rating, raised its price target on the stock to ₹1,847 from ₹1,701.
“Since Covid, Reliance has invested over $80 billion, and the stock is currently pricing in mid-cycle earnings for existing verticals. However, the monetisation cycle and capital redeployment into new growth engines remain underappreciated,” Morgan Stanley said in an investor note dated December 16.
Further upside could come from the group’s digital services arm, Jio Platforms Ltd, which is likely to hit the primary market next year, potentially providing an additional boost to the group’s overall market capitalisation.
35 out of the 37 analysts who cover Reliance Industries maintained their "buy" recommendation on the stock, with the other two having a "sell" rating.
This sharp upmove was driven by a near-30% surge in the stock price of Reliance Industries, the group's flagship company during 2025.
Sunil Mittal's Bharti Group ranked second, adding ₹3.5 lakh crore to its overall investor wealth. The telecom major's group market cap rose to ₹14.6 lakh crore from ₹11.1 lakh crore at the start of the year.
Third on the list is the Bajaj Group, adding a combined market value of ₹2.6 lakh crore, followed by the HDFC Group (₹2.2 lakh crore) and the Adani Group (₹1.1 lakh crore). Adani Group's market cap rose to ₹14 lakh crore during the year.
Collectively, India’s top seven conglomerates — Tata, Reliance, HDFC, Bharti Group, Bajaj, Adani and ICICI Group — added close to ₹10 lakh crore to their market capitalisation in 2025. Reliance Group alone accounted for 48% of the total wealth created, followed by Bharti Group with a 36% contribution.
At the current price, the combined market capitalization of these seven conglomerates stands at ₹122 lakh crore, which is nearly 60% of the overall Nifty 50 market cap of ₹207 lakh crore.
Losses From The Tata Group
While most of the other conglomerates saw addition to their market capitalization during the year, the same was not the case for the Tata Group, which emerged as a wealth destroyer.
Losses were led by its flagship company Tata Consultancy Services, which lost nearly ₹3 lakh crore in market capitalization so far this year as the sector saw slower earnings growth, uncertain revenue visibility, and structural shifts toward AI, cloud computing, and automation.
Other Tata group companies — including Trent, Tata Elxsi, Voltas, and Tata Technologies — have declined between 20% and 40% since the beginning of 2025. In fact, barring six companies, most Tata group stocks have delivered negative returns this year.
Street Bets On Reliance Industries
According to Morgan Stanley, Reliance Industries’ earnings estimates are expected to be upgraded every quarter through 2026, paving the way for a valuation re-rating. The global brokerage, which maintains an “overweight” rating, raised its price target on the stock to ₹1,847 from ₹1,701.
“Since Covid, Reliance has invested over $80 billion, and the stock is currently pricing in mid-cycle earnings for existing verticals. However, the monetisation cycle and capital redeployment into new growth engines remain underappreciated,” Morgan Stanley said in an investor note dated December 16.
Further upside could come from the group’s digital services arm, Jio Platforms Ltd, which is likely to hit the primary market next year, potentially providing an additional boost to the group’s overall market capitalisation.
35 out of the 37 analysts who cover Reliance Industries maintained their "buy" recommendation on the stock, with the other two having a "sell" rating.
