India’s top 10 corporate giants—Reliance group, Tata Group, Bajaj Group, Aditya Birla Group, Murugappa Group, Adani Group, JSW Group, Mahindra Group, Godrej Group and L&T Group—collectively account for 24% of the Indian stock market’s total market capitalisation of ₹111 trillion.
But a closer look reveals a striking paradox.
While the 30 companies in the Sensex have gained 6.2% in market cap so far in 2025, this elite group’s combined market cap has inched up by a modest 4.7%. However, this overall underperformance conceals a sharp divergence: while some conglomerates have grown significantly, others have seen their value shrink.
The stark differences in performance can only be understood by putting this year’s results into a broader context, experts said. Hemant Nahata, executive vice president – strategy, YES Securities, said, “Performance must be seen in the context of the past four to five years, not just year-to-date. Markets move in phases, and some companies gain when cycles turn while others face corrections. Bharti Airtel benefited from last year’s rate hikes, while Adani Group, after a massive run-up, faced a correction and subsequent challenges,” adding, “High valuations without earnings support always lead to underperformance.”
Let’s start with the winners.
Wealth creators
The Bajaj Group has been a powerhouse of wealth creation in 2025, with its market cap surging 29% so far this year. Its performance is the culmination of a powerful, multi-year growth trajectory, building on gains of 5% in 2024 and 23% in 2023, which more than offset a minor 3% dip in 2022. Growth hasn’t been driven by any single entity – it’s broad-based. Of its nine listed companies, collectively valued at ₹13.9 trillion, a remarkable six have outperformed the Sensex in 2025.
Leading the pack is Maharashtra Scooters, which has seen its market cap skyrocket 87.4%, outpacing the benchmark by a massive 81 percentage points. The group’s heavyweights have also posted stellar gains, with Bajaj Finance’s market cap up 48%, Bajaj Finserv’s up 33%, and Bajaj Consumer Care’s up 13%.
Aditya Birla Group has been the second-largest wealth creator in 2025, with its market cap growing by 17.5% since the start of the year, following 6.4% growth in 2024 and 41% in 2023. Its listed entities, which have a combined market cap of ₹9.3 trillion, span a diverse range of industries including metals, cement, financial services and telecom. Five of its eight stocks have outperformed the benchmark index in 2025, demonstrating the group’s broad strength.
Leading the charge is Aditya Birla Capital, which has seen its value soar 64%. Vodafone Idea has staged a significant turnaround, climbing 50%, while heavyweights Hindalco and Grasim have also posted robust double-digit gains.
The Reliance group claims the third spot with a market-cap gain of 12.9% so far in 2025. However, this performance has been overwhelmingly driven by its flagship Reliance Industries, which alone accounts for 89% of the group’s total market cap. RIL has comfortably outperformed the benchmark with a 15% gain following a 3.1% decline in 2024, and gains of 10.6% and 7% in 2023 and 2022, respectively.
Murugappa Group claims the fourth spot. Its market cap has grown 12.5% in 2025 after rising 21% in 2024, 53% in 2023, and 33% in 2022. In contrast to Reliance’s top-heavy performance, the Chennai conglomerate’s growth has been broad-based, with six of its eight core stocks outperforming the market in 2025. Leading the pack are its financial services arms: Cholamandalam Financial Holdings (market cap up 33.5%), and Cholamandalam Investment & Finance (up 28%). Performance has been further bolstered by gains of more than 18% each from its agriculture-focused entities EID Parry and Coromandel International.
Rounding out the top six wealth creators are JSW Group and Mahindra Group with nearly identical market-cap gains of around 11% in 2025. However, their stories differ significantly.
JSW Group ranks fifth with an 11.5% gain, a notable slowdown from 26% growth in 2024 and 39% in 2023. The group’s performance has been narrow, with only two of its seven listed companies, including the newly acquired Akzo Nobel India, beating the benchmark. JSW Holdings leads the charge, with its market cap surging 23%, while flagship JSW Steel (which accounts for 56% of the group’s market cap) has climbed 22%.
The Mahindra Group, meanwhile, has posted an 11.1% market-cap gain this year, after 50% in 2024 and 32% in 2023. Unlike JSW, Mahindra’s strength has been broad-based, with seven of its nine listed companies outperforming the benchmark.
The laggards
The Adani Group, still recovering from a difficult period, has eked out modest 3% market-cap gains so far in 2025, underperforming the Sensex. This tepid rebound follows steep declines of 7% in 2024 and 27% in 2023, which dramatically pared its historic 82% surge in 2022.
The group’s performance has been mixed this year, with only three of its 10 listed companies managing to outperform. The brightest spots have been NDTV (market cap up 42.8%), Adani Power (23%), and Adani Ports & Special Economic Zone (13.3%).
The Tata Group, meanwhile, has seen its market cap decline 13% this year, after gains of 10% in 2024 and 34% in 2023, and a 9% decline in 2022. Of its 24 listed companies, only five have managed to outperform the benchmark index this year. Several key companies—TCS, Voltas, Trent, TRF, Tejas Networks and Tata Technologies—have seen their market caps shrink more than 20% during the year.
The Godrej Group has also seen its market cap decline in 2025, albeit by a modest 2%. The group has seen broad underperformance, partially offset by a 15% surge in Godrej Consumer Products.
The L&T Group has also struggled, registering just a 1% market-cap increase. A standout 74% gain in L&T Finance has single-handedly prevented a decline so far.
What’s next for markets?
Meanwhile, global equities aren’t out of the woods yet, experts said. Anirudh Garg, partner and fund manager at INVasset PMS, said, “Heading into late 2025, the global outlook is finely balanced between easing rates and persistent risks. The US Fed’s December 2024 pivot, cutting the funds rate to 4.5%, has added liquidity, though its impact will play out through the first half of 2026. Softer US inflation at 2.7% year-on-year offers room for more cuts, but tight labour markets are keeping the Fed cautious.
“Renewed US tariff threats are weighing on IT and manufacturing exports, while the Ukraine war is keeping energy volatile. Brent crude near $66-70/barrel is manageable for India, which is bolstered by a record ₹11.11 trillion FY26 capex push, favouring the consumption and infrastructure sectors.”
