Of the top 10 business groups in India by market value, 8 have given positive returns so far in 2025. According to ACE Equities data, the total market cap of these top 10 groups is expected to grow by nearly 8 per cent to Rs 130 lakh crore by December 15, 2025. At the same time, the total market cap of companies listed on BSE increased by 6.5 percent to Rs 469.70 lakh crore as of December 15. By December 31, 2024, it was Rs 441.96 lakh crore.
Among the top 10 business groups of the country, Tata Group and ITC Group registered a decline during the year 2025. The total market cap of Tata Group’s 24 listed companies fell by about 8.2 percent. Tata Consultancy Services saw a 21 percent decline in market cap. The market cap of other group companies like Trent, Nelco, Tata Technologies, Tejas Networks, Orient Hotels, Tata Chemicals and Tata Consumer Products also declined this year.
Talking about ITC Group, the total market value of ITC Limited and ITC Hotels Limited has declined by about 15 percent so far during 2025. The group’s performance was impacted by pressure in the agri business, higher tobacco costs and stiff competition.
Which group benefits the most
Bharti Group was the biggest gainer. The total market cap of its companies has increased by about 30 percent so far in 2025. The gains were led by Bharti Airtel, whose stock has gained more than 31 percent this year. Bharti Hexacom saw a rise of 21 per cent and Indus Towers saw a rise of over 15 per cent.
Reliance Industries Limited was the second biggest gainer in terms of market cap in 2025. The total market value of the group increased by 24.4 percent to Rs 23.14 lakh crore as of December 15. Reliance Industries’ stock rose 25 percent during the year. Support came from better performance in energy, retail and telecom businesses.
Condition of Aditya Birla and Bajaj Group
Aditya Birla Group and Bajaj Group were the next best performing groups. Both made a profit of about 22 percent during the year. Out of 10 companies of Aditya Birla Group, stocks of only 4 increased. Stocks of 4 out of 12 companies of Bajaj Group increased. Vodafone Idea was the top performer in Aditya Birla Group. The company has seen a growth of 128 percent so far in 2025. Aditya Birla Capital rose 105 percent and Hindalco Industries rose 42 percent. On the other hand, Aditya Birla Fashion declined by 68 percent. Aditya Birla Money fell by 43 percent, Aditya Birla Fashion Retail by 33 percent, Century Enka by 28 percent and Aditya Birla Sun Life by 10 percent.
Bajaj Finserv and Bajaj Finance had the biggest role in the growth of Bajaj Group. So far in the year 2025, Bajaj Finserv has seen a growth of about 50 percent and Bajaj Finance has seen a growth of 38 percent. Maharashtra Scooters have increased by 47 percent and Bajaj Consumer Care by 22 percent. Bajaj Auto grew by 2 percent during the year. On the other hand, Bajaj Projects declined by 38 percent. Bajaj Electricals fell by 37 per cent, Bajaj Hindustan Sugar by 35 per cent, Hercules Investments by 25 per cent and Bajaj Housing Finance by 22 per cent.
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Performance of L&T, Mahindra, Adani Group
Talking about other big groups, L&T Group has seen an increase of about 17 percent in 2025. Mahindra Group gained nearly 15 percent, Adani Group gained nearly 10 percent and OP Jindal Group gained 5 percent. Mid-sized groups saw huge fluctuations during the year. Muthoot Group remained on top among profit earners. It saw an increase of about 79 percent. After this, Hero Group saw a gain of 41 percent and GMR Group saw a gain of 33 percent.
On the other hand, BK Birla Group had the worst performance. This group recorded a decline of 62 percent during the year. ADAG Group fell by 32 percent and Birla SK Group by more than 31 percent. Similarly, during the year there was a decline of 31 percent in CK Birla Group, 23 percent in BC Jindal Group, 21 percent in Yash Birla Group, 16 percent in Kirloskar Group and 15 percent in RP-Sanjiv Goenka Group. KK Birla Group lost 14 percent, MP Birla Group lost 12 percent and Godrej Group lost 9 percent.
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