Bharti Group was biggest gainer among Indian conglomerates in 2025
What's the story
The Bharti Group, which owns telecom giant Bharti Airtel, was the biggest gainer among India's top business conglomerates in the calendar year (CY) 2025. The combined market capitalization of its three group companies rose by a whopping 37.3% last year to ₹14.7 trillion from ₹10.7 trillion at the end of December 2024. This puts the third-largest family-owned conglomerate behind only Tata and Mukesh Ambani-led groups but ahead of Adanis, Bajajs, Kumar Mangalam Birla's group and Mahindras.
Telecom boost
Bharti Airtel drives market cap surge
All three companies in the Bharti Group outperformed in CY25, with Bharti Airtel being the biggest contributor. The telecom operator's market capitalization surged by 40.1% to ₹12.67 trillion from ₹9.05 trillion at the end of December 2025. This massive jump was instrumental in driving up the overall market capitalization of the group and solidifying its position among India's top business conglomerates for 2025.
Market movers
Vedanta and Reliance Industries follow Bharti's lead
The second-biggest gainer was Anil Agarwal-owned Vedanta, whose three listed companies saw a 36.3% rise in their combined market capitalization to around ₹5 trillion from ₹3.67 trillion at the end of CY24. This surge was largely driven by Hindustan Zinc's stock price surge and a record rally in silver prices. Mukesh Ambani-led Reliance Industries came third with a 24.7% increase in its nine listed companies' combined market capitalization to ₹23.4 trillion from ₹18.73 trillion at the end of December 2024.
Market fluctuations
Tatas face market cap dip, others gain
The Tata Group, which had a group market capitalization of around ₹27.7 trillion at the end of CY25, saw a sharp correction in Tata Consultancy Services (TCS)'s share prices. The company's market capitalization fell by 21.8% in CY25. However, other business groups with interests in manufacturing and financial services such as Bajajs (up 21.1%), Kumar Mangalam Birla (up 17%), Mahindras (up 17%), JSW group (up 8.3%) and Adanis (up 8%) witnessed significant gains during this period.