Even as foreign money left India and the rupee weakened, some of the country’s biggest business groups still managed to grow their value and reward shareholders in 2025.
Top Performing Conglomerates
Aditya Birla Group leads the pack
The Birla group’s total market value jumped 26.2% in 2025, building on solid gains in the previous two years. Five of its eight listed companies beat the Sensex, with Vodafone Idea soaring 134% and Aditya Birla Capital up 96%.
- Vodafone Idea: +134%
- Aditya Birla Capital: +96%
- Hindalco Industries: +45%
- Grasim Industries: +19%
- India Cements: +17%
Bajaj Group follows closely
Bajaj’s market cap rose 25.5% in 2025. Four of its nine listed firms outperformed the benchmark, led by Bajaj Finance (+47.3%) and Maharashtra Scooters (+47.2%).
- Bajaj Finance: +47.3%
- Maharashtra Scooters: +47.2%
- Bajaj Finserv: double‑digit growth
- Bajaj Consumer Care: double‑digit growth
Reliance, Mahindra, L&T also posted solid gains
Reliance Industries drove a 28% rise for its group, Mahindra Group grew 16% after a spectacular 2024, and L&T’s flagship business added 12.2%.
Conglomerates That Lagged
Adani Group’s modest rebound
Adani’s total market value increased only 8.3% in 2025, still below the Sensex. Growth was uneven, with Adani Power (+34%) and Adani Ports (+29%) leading the way.
Tata Group sees a 15% drop
The Tata family’s combined market cap fell 15% as major names like Tata Consultancy Services, Tata Motors and Tata Technologies each lost more than 20% of their value.
Godrej and JSW struggle
Godrej Industries slipped 8.2% and JSW posted a modest 6.8% rise, with most of their stocks lagging the broader market.
What This Means for Retail Investors
Large business houses no longer guarantee safety. Investors are looking at the fundamentals of each listed company rather than relying on the overall conglomerate name. A few weak stocks can pull down the whole group’s valuation, even if other businesses are thriving.
Key takeaway: Focus on the individual performance and earnings outlook of each stock, especially when the broader group shows mixed results.
Disclaimer
Remember, this is my perspective, not a prediction. Always do your own research and consider your risk tolerance before making any investment decisions.