India's corporate scorecard: Who won, who lost in 2025

Heavyweights hold ground

- Mayur Bhalerao

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. But, performance within this elite group was far from uniform.

While the Sensex rose 8.4% in market value, top 10 heavyweights collectively grew 7.7%, with two seeing a decline. The Aditya Birla Group topped the list. Its combined market cap jumped 26.2% after up 6.4% in 2024 and a robust 40.8% jump in 2023, comfortably offsetting a 4.3% dip in 2022.