Reliance, HDFC, Bharti, Bajaj, Adani & Tata Group: Who created maximum wealth in 2025?
Bharti Airtel, the Bharti Group star, secured the second spot, adding Rs 3.5 lakh crore to investor wealth, primarily led by a 36% contribution from its telecom business.
- Dec 30, 2025,
- Updated Dec 30, 2025 12:54 PM IST
As the curtain falls on 2025, in a year defined by volatility and sector rotation, India’s top conglomerates—Tata Group, Reliance Group, HDFC Group, Bharti Group, Bajaj Group, Adani Group, and ICICI Group—collectively added nearly Rs 10 lakh crore to their market capitalisation. With their combined valuation now standing at Rs 122 lakh crore, representing 60% of the Nifty 50.
Reliance Industries, Mukesh Ambani’s Heavylifter, emerged as the undisputed champion of 2025, adding Rs 4.6 lakh crore to its market cap with the stock surging nearly 30%. Despite a sluggish start to the year, the conglomerate picked up pace, driven heavily by its telecom and retail arms.
In an interview with Business Today, Gaurav Sharma, Associate VP & Head of Research at Globe Capital, noted the significance of this move. “When that size of a stock moves by about 27, 28 or 30 percentage points in a year, adding that have a meaningful and sizable impact on the overall markets, because this is actually a mammoth size market cap we are talking about,” Sharma said. He emphasised that Jio has played a vital role in the growth story, alongside the buzzing demerger narratives.
Bharti Airtel, the Bharti Group star, secured the second spot, adding Rs 3.5 lakh crore to investor wealth, primarily led by a 36% contribution from its telecom business. The sharp rise in Average Revenue Per User (ARPU)—from the 120-140 levels to 250 plus—has been a game changer.
Sharma remained visibly bullish on the counter. “I have been biased to the Bharti Airtel space all throughout the year now. I have been hunting for dips in this particular stocks to add more,” he said, adding that a 30% growth is pretty much reasonable from this stock.
The HDFC Group was another heavy hitter, adding Rs 2.2 lakh crore to its market capitalisation. While the buzz around the HDB Financials IPO kept the street interested, the flagship HDFC Bank had a relatively quieter year in terms of returns compared to its peers.
However, Sharma said, “For this year, 2025, yes, the returns have not been that great, but I think it will perform better than what it has performed in this year,”. He reaffirmed his confidence in the private sector lender, noting that “this remains our favourite pick and we continue to have a bullish view on this stock going forward for 2026 as well.”
The Adani Group added Rs 1.1 lakh crore, continuing its recovery post the Hindenburg saga. However, Sharma advised patience. “In most of their... companies, the gestation period is high,” Sharma cautioned, suggesting a two-to-three-year horizon. His top pick remains Adani Ports, which he termed a must-have stock in a portfolio.
Meanwhile, the Bajaj Group added Rs 2.6 lakh crore. While Bajaj Auto consolidated, Sharma sees value in its export numbers and potential breakout. On the financing side, he highlighted the acquisition of the Allianz stake as big news for Bajaj Finserv.
In a twist, the salt-to-software Tata Group emerged as a wealth destroyer in 2025, with TCS alone shedding Rs 3 lakh crore in market cap. However, not all is bleak. Tata Steel bucked the trend with 25% growth.
Reflecting on the anomaly, Sharma said, “Tata Group's underperformance is pretty much unlikely, but 2025, that is what it was.” He remains optimistic for a turnaround in 2026, predicting that by the middle of 2026, even the passenger vehicle segment should also start performing.
As the curtain falls on 2025, in a year defined by volatility and sector rotation, India’s top conglomerates—Tata Group, Reliance Group, HDFC Group, Bharti Group, Bajaj Group, Adani Group, and ICICI Group—collectively added nearly Rs 10 lakh crore to their market capitalisation. With their combined valuation now standing at Rs 122 lakh crore, representing 60% of the Nifty 50.
Reliance Industries, Mukesh Ambani’s Heavylifter, emerged as the undisputed champion of 2025, adding Rs 4.6 lakh crore to its market cap with the stock surging nearly 30%. Despite a sluggish start to the year, the conglomerate picked up pace, driven heavily by its telecom and retail arms.
In an interview with Business Today, Gaurav Sharma, Associate VP & Head of Research at Globe Capital, noted the significance of this move. “When that size of a stock moves by about 27, 28 or 30 percentage points in a year, adding that have a meaningful and sizable impact on the overall markets, because this is actually a mammoth size market cap we are talking about,” Sharma said. He emphasised that Jio has played a vital role in the growth story, alongside the buzzing demerger narratives.
Bharti Airtel, the Bharti Group star, secured the second spot, adding Rs 3.5 lakh crore to investor wealth, primarily led by a 36% contribution from its telecom business. The sharp rise in Average Revenue Per User (ARPU)—from the 120-140 levels to 250 plus—has been a game changer.
Sharma remained visibly bullish on the counter. “I have been biased to the Bharti Airtel space all throughout the year now. I have been hunting for dips in this particular stocks to add more,” he said, adding that a 30% growth is pretty much reasonable from this stock.
The HDFC Group was another heavy hitter, adding Rs 2.2 lakh crore to its market capitalisation. While the buzz around the HDB Financials IPO kept the street interested, the flagship HDFC Bank had a relatively quieter year in terms of returns compared to its peers.
However, Sharma said, “For this year, 2025, yes, the returns have not been that great, but I think it will perform better than what it has performed in this year,”. He reaffirmed his confidence in the private sector lender, noting that “this remains our favourite pick and we continue to have a bullish view on this stock going forward for 2026 as well.”
The Adani Group added Rs 1.1 lakh crore, continuing its recovery post the Hindenburg saga. However, Sharma advised patience. “In most of their... companies, the gestation period is high,” Sharma cautioned, suggesting a two-to-three-year horizon. His top pick remains Adani Ports, which he termed a must-have stock in a portfolio.
Meanwhile, the Bajaj Group added Rs 2.6 lakh crore. While Bajaj Auto consolidated, Sharma sees value in its export numbers and potential breakout. On the financing side, he highlighted the acquisition of the Allianz stake as big news for Bajaj Finserv.
In a twist, the salt-to-software Tata Group emerged as a wealth destroyer in 2025, with TCS alone shedding Rs 3 lakh crore in market cap. However, not all is bleak. Tata Steel bucked the trend with 25% growth.
Reflecting on the anomaly, Sharma said, “Tata Group's underperformance is pretty much unlikely, but 2025, that is what it was.” He remains optimistic for a turnaround in 2026, predicting that by the middle of 2026, even the passenger vehicle segment should also start performing.