Reliance Industries tops wealth creators list, Tata Group sees losses
What's the story
Mukesh Ambani's Reliance Group has emerged as the top wealth creator in India for 2025. The group's market capitalization increased by ₹4.6 lakh crore during the year to reach ₹23.44 lakh crore. This huge jump was mainly driven by a nearly 30% rise in Reliance Industries' stock price, the flagship company of the conglomerate.
Market performance
Bharti Group and Bajaj Group follow suit
The second spot on the wealth creators list was taken by Sunil Mittal's Bharti Group, which added ₹3.5 lakh crore to its overall investor wealth. The telecom giant's group market cap increased from ₹11.1 lakh crore at the start of the year to ₹14.6 lakh crore now. Third on the list is Bajaj Group, with a combined market value addition of ₹2.6 lakh crore for its investors during this period.
Wealth accumulation
HDFC and Adani groups make significant gains
The HDFC Group and the Adani Group also made it to the top five wealth creators for 2025. The HDFC Group added ₹2.2 lakh crore to its market cap, while the Adani Group added ₹1.1 lakh crore during this period. The latter's market cap rose to ₹14 lakh crore in 2025.
Market struggles
Tata Group faces challenges in 2025
Unlike other conglomerates, the Tata Group has struggled with its market capitalization in 2025. Its flagship company Tata Consultancy Services (TCS) lost nearly ₹3 lakh crore in market cap this year due to slower earnings growth, uncertain revenue visibility, and structural shifts toward AI, cloud computing, and automation. Other Tata group companies such as Trent, Tata Elxsi, Voltas, and Tata Technologies have also seen declines between 20% and 40% since early 2025.
Future prospects
Reliance Industries receives positive outlook from analysts
Despite the challenges faced by other conglomerates, Reliance Industries has been given a positive outlook by analysts. Morgan Stanley expects its earnings estimates to be upgraded every quarter through 2026, paving the way for a valuation re-rating. The global brokerage raised its price target on the stock to ₹1,847 from ₹1,701 and maintained an "overweight" rating on it.