Reliance overtakes Tata as India's most valuable group
What's the story
Reliance Group has become India's largest conglomerate by market capitalization, after its subsidiary Jio Platforms debuted on the stock exchange. The listing of Jio Platforms at ₹1,358 per share, 21% higher than its issue price of ₹1,119, has taken the combined market cap of Reliance Group's listed companies to over ₹30.5 lakh crore. This milestone pushes Tata Group down from its long-held position as India's top corporate entity by market cap.
Market debut
Jio Platforms enters elite club of companies
Jio Platforms' stock market debut has also pushed it into the elite club of companies valued at over ₹10 lakh crore.
With a market capitalization of ₹12.5 lakh crore, Jio Platforms is now India's second-most valuable listed company after its parent company, Reliance Industries Ltd (RIL).
The development also reshuffles the rankings in the telecom sector, with Bharti Airtel now in third place.
Financials
Jio Platforms's financial performance and contribution to group valuation
For the fiscal year ending March 2026, Jio Platforms reported a net profit of ₹30,049 crore on revenue of ₹1.5 lakh crore with an EBITDA margin of 52%. This highlights the scale and profitability of its digital and telecom businesses.
The Reliance Group's combined market capitalization is now spread across 11 listed companies, with RIL accounting for around 53% of the group's total valuation while Jio Platforms contributes another 42%.
IPO details
Promoter stake dilution in Jio Platforms post listing
The listing has also led to a slight dilution of promoter stake in Jio Platforms.
RIL's stake has come down to 64.5% from 66.4% post the public offering, while the rest is owned by public shareholders including prominent institutional investors like Life Insurance Corporation of India (LIC), New World Fund of Capital Group, Government of Singapore and SBI Focused Fund.
Corporate force
Tata Group remains a formidable corporate entity
Despite losing its top spot in the combined market-capitalization rankings, Tata Group remains a strong corporate force.
Tata Consultancy Services (TCS), Asia's leading IT services exporter and a key group company, contributes nearly 37% of Tata's combined market value.
Titan Company accounts for some 16%, while Tata Steel contributes nearly 9%. Trent and Tata Motors each contribute just over 6%.
TCS closed its fiscal year ending March 2026 with revenue of over $30 billion.