How top corporate groups fared in stock mkt this year

Bajaj, Aditya Birla biggest wealth creators among top 10; Tata, Godrej worst performers

- Mayur Bhalerao

In a year of global uncertainty and turbulent equities, a handful of India's largest conglomerates have proven their mettle by creating substantial shareholder wealth.

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 lll 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.