Reliance Group: One stock did all the heavy lifting
Mukesh Ambani-led Reliance emerged as the biggest wealth creator among large groups in absolute terms. The group’s total market cap rose by about Rs 4.65 lakh crore during the year. Almost the entire gain came from Reliance Industries, which alone added nearly Rs 4.79 lakh crore in value.
The gain was on the back of a rare alignment of positive triggers across telecom, energy and consumer businesses. Reliance Jio regained momentum after a dull 2024, and brokerages turned more bullish, with expectations of steady revenue and profit growth.
That said, most other Reliance group stocks lost value. Network18 (-Rs 4,319 crore), Just Dial (-Rs 2282 crore), Alok Industries and cable companies like Hathway (-Rs 2.74 crore) and Den Networks (-Rs 597 crore) all ended the year lower. Jio Financial Services, with a net market value loss of Rs 2,414 crore, also slipped slightly. Still, the sheer size of Reliance Industries ensured the group finished firmly in the green.
Adani Group: Ports and power shine
The Adani Group added around Rs 1.4 lakh crore in market value in 2025. The biggest contributors were Adani Ports (Rs 73,107 crore) and Adani Power (Rs 71,681 crore), which together added nearly Rs 1.45 lakh crore. Strong cargo volumes, better pricing and infrastructure spending supported Adani Ports, while Adani Power benefited from improved demand and operating performance.
Adani Energy Solutions also added about Rs 26,770 crore market value to the group in 2025. However, market cap losses in Adani Total Gas (-Rs 21,512 crore), AWL Agri Business (-Rs 9195 crore) and ACC (-Rs 2401 crore) capped the overall upside. Adani Enterprises was largely flat, acting as a mild drag.
The group reported a strong first half for FY26, driven by record capital expenditure, higher operating earnings and continued improvement in credit quality across its core infrastructure businesses.EBITDA for H1FY26 stood at Rs 47,375 crore, its highest for any first half, while trailing twelve-month EBITDA reached Rs 92,943 crore, an increase of 11.2% from a year earlier.
Apart from the operating metrics, Sebi’s closure of investigations into the Hindenburg allegations has come as a major relief to the Adani Group. With the regulatory cloud lifted, brokerages have turned their focus back to fundamentals and growth potential.
Bajaj Group: Finance arms dominate gains
The Bajaj Group saw a sharp jump in market value of about Rs 2.48 lakh crore in 2025, led by its financial businesses. Bajaj Finance alone added close to Rs 1.92 lakh crore, while Bajaj Finserv gained over Rs 75,000 crore. These two stocks accounted for most of the group’s wealth creation, helped by strong loan growth and improving profitability.
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Bajaj Auto posted a modest gain of Rs 15,339 crore, but Bajaj Housing Finance and some legacy businesses like Bajaj Electricals and Bajaj Hindusthan Sugar saw declines. Even so, the group ended the year significantly higher.
ETMarkets.comAditya Birla Group: Metals and telecom drive surge
The Aditya Birla Group added nearly Rs 2 lakh crore in market value. Hindalco and Vodafone Idea were the biggest contributors, together adding more than Rs 1.25 lakh crore. Hindalco benefited from higher aluminium prices and better global sentiment, while Vodafone Idea saw a flip-flop in 2025. The telco added about Rs 61,235 crore to its market value during the year.
HDFC Group: Steady and consistent
The HDFC Group had a strong but relatively calm year, adding around Rs 2.9 lakh crore in value. HDFC Bank was the main driver, contributing over Rs 1.7 lakh crore. HDFC Life (Rs 28,917 crore) and HDFC AMC (Rs 24,689 crore) also added steady value to the group, reflecting investor comfort with the group’s predictable earnings profile.
L&T Group: Infra and finance support growth
The L&T Group added over Rs 1.2 lakh crore in market value. Larsen & Toubro itself added more than Rs 65,000 crore, supported by a strong order book and execution. L&T Finance also surprised on the upside, while LTIMindtree posted moderate gains. L&T Technology Services was the lone major laggard.
Mahindra Group: Autos lead, IT drags
The Mahindra Group added about Rs 1 lakh crore in value. Mahindra & Mahindra was the biggest contributor, gaining nearly Rs 87,000 crore on strong demand for SUVs and tractors. Mahindra Finance also performed well with about Rs 23,000 crore market cap addition.
However, Tech Mahindra lost over Rs 11,000 crore as IT spending slowed, reducing the group’s overall gains.
Murugappa Group: Finance offsets industrial weakness
The Murugappa Group saw a modest net gain of about Rs 28,300 crore. Cholamandalam Investment and Finance was the star, adding nearly Rs 44,000 crore. Coromandel International also contributed positively with a net market cap gain of Rs 11,623 crore. These gains were partly offset by sharp declines in Tube Investments, CG Power and Carborundum Universal.
JSW Group: Steel strength, energy weakness
The JSW Group added around Rs 51,000 crore to its market value in 2025. JSW Steel led from the front, gaining over Rs 64,000 crore, supported by capacity expansion and stable demand.
In contrast, JSW Energy and JSW Infrastructure lost significant market value, nearly Rs 35,000 crore combined, pulling down the overall gains.
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Tata Group: A year of losses
The Tata Group was the biggest laggard among large conglomerates, losing nearly Rs 3.4 lakh crore in market value. The damage was concentrated in a few large stocks. Tata Consultancy Services alone lost over Rs 3.2 lakh crore as global IT spending slowed and pricing pressure intensified in the AI era.
Another major drag was Trent, which lost over Rs 1 lakh crore, followed by Indian Hotels, which saw a decline of Rs 19,593 crore in market value.
There were some bright spots. Titan added Rs 70,756 crore in value, Tata Steel about Rs 52,368 crore and Tata Consumer Products gained Rs 27,482 crore, but their gains were far too small to offset losses in TCS and Tata Motors PV.
Data: Ritesh Presswala
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