Springboard 2026 | India's 2025 corporate scorecard: See who won, who lost.

Despite persistent foreign investment outflows and a weakening rupee, several of India's premier conglomerates emerged as standout creators of shareholder wealth, outperforming even the benchmark indices.

Collectively, the top 10 corporate groups by market capitalization now command nearly 24% of the country's ₹474 trillion (as on 26 December) total market capitalization, reflecting their massive—though slightly diminished—footprint on Dalal Street, down from 30% in 2022.

However, performance within this elite group was far from uniform. While the Sensex climbed 8.4% in market value, the top 10 heavyweights collectively grew by a more modest 7.7%, with two seeing their valuations decline.

The leaders

The Aditya Birla Group topped the list. Its combined market capitalization jumped by 26.2% after a 6.4% rise in 2024 and a robust 40.8% jump in 2023, comfortably offsetting a 4.3% dip in 2022.

The rally was broad-based. Of the group’s eight listed companies, five outperformed the Sensex in 2025. Vodafone Idea led the surge, with its market value soaring 134%, outperforming the benchmark by a wide margin. Other major contributors included Aditya Birla Capital, up 96%, Hindalco Industries, which gained 45%, Grasim Industries, up 19%, and India Cements, which rose 17%. Together, the group’s listed entities are valued at nearly ₹10 trillion.

The Bajaj Group ranked second, with its market capitalization rising 25.5%. This followed gains of 4.8% in 2024 and 23% in 2023. The group’s nine listed companies, spanning financial services, automotive, and consumer businesses, together command a market value of about ₹13.5 trillion.

Bajaj Finance led the charge with a 47.3% rise in market value. Maharashtra Scooters posted stronger gains, rising 47.2%, up from a 31.3% gain in 2024, while Bajaj Finserv and Bajaj Consumer Care also delivered solid double-digit gains. In all, four of the group’s nine stocks beat the Sensex in 2025.

The Mukesh Ambani-led Reliance group of companies took third place, posting a 24% rise in market capitalization after a 3.1% decline in 2024. The rebound was driven overwhelmingly by Reliance Industries Ltd (RIL), which accounts for more than 90% of the group’s total market value. RIL gained over 28% during the year, outperforming the Sensex. It was down 6% in 2024, after gains of 1.6% in 2023 and of 8% in 2022.

The Mahindra Group ranked fourth, with its market value rising 16% in 2025. This growth, however, represents a moderation following the strong gains of 50% in 2024 and 32% in 2023. Seven of the group’s nine listed companies outperformed the market in 2025. SML Isuzu posted a stunning 158% rise in market capitalization, while Mahindra & Mahindra Financial Services gained 67%. Core entities, Mahindra & Mahindra and Swaraj Engines, also rose more than 20%.

The Larsen & Toubro (L&T) group took the fifth spot with a 15.2% gain after nearly a 3% decline in 2024 and seeing a 59% rise in 2023. Performance within the group was narrow: only two of its four listed companies beat the benchmark. L&T Finance surged 123%, while the flagship L&T, which contributes about 65% of the group’s total value, rose 12.2%.

The Murugappa Group followed closely in sixth place, with an 8.4% increase in market capitalization. This came after strong gains of 21% in 2024 and 53% in 2023. Four of the group’s eight listed companies outperformed the Sensex.

The laggards

The list of giants that failed to deliver is not long. The Adani Group, still navigating its recovery from a turbulent period, posted a modest 8.3% rise in market capitalization—slightly trailing the Sensex. This growth follows a 7% decline in 2024 and a sharp 27% contraction in 2023, largely offsetting its explosive 82% surge in 2022.

Performance within the group was mixed. Only four of its 10 listed companies beat the benchmark. Adani Power led with a 34% rise, followed by Adani Ports, up 29%, and Adani Energy, which gained 26%.

The Tata group was among the weakest performers, with its combined market value falling 15% in 2025. This came after gains of 10% in 2024 and 34% in 2023, following a decline in 2022. Of its 24 listed companies, only four managed to outperform the Sensex. Several key names, including Tata Consultancy Services, Tata Motors, Tata Technologies, Trent, Voltas, and TRF, saw their market capitalisation fall by more than 20%.

The Godrej Industries Group also struggled, with its market value declining 8.2%, as four of its five listed companies underperformed the benchmark. The JSW group fared only slightly better, posting a modest 6.8% rise in market capitalization, with the majority of the group’s stocks failing to beat the Sensex.

This fragmentation suggests that conglomerate identity is no longer a shield against market volatility.

“Large conglomerates house multiple listed companies across sectors, each with different growth cycles and earnings visibility," explained Kkunal V. Parar, viice-president of technical research and algo, Choice Broking. “As a result, investors are increasingly focused on stock-specific fundamentals rather than conglomerate identity. Weak performance in a few large constituents can drag overall group valuations even when other businesses perform well."

“Historically, the Sensex and the Nifty have been driven by rotating sector and stock leadership, not by a single business house," Parar noted. The current divergence reflects normal market behaviour rather than a structural shift away from conglomerates, he added.