Adani, Ambani, Tata & Birla: Only THIS Indian conglomerate saw an increase in market capitalisation in FY25

Indian stock market: It was a challenging financial year not just for the Indian stock market but also for the country's biggest conglomerates. As the market grappled with headwinds like foreign investor selling, trade war jitters and valuation concerns, the group companies of Mukesh Ambani, Gautam Adani, Kumar Mangalam Birla, and the Tatas were far from immune to the turbulence.

An analysis by Mint reveals that, out of these four prominent Indian conglomerates, only one—Aditya Birla Group—saw a growth in the combined market capitalisation of its companies.

On the winning side

Out of the 40 Aditya Birla group companies, 26 witnessed an increase in their share prices while 14 suffered losses, according to Capitaline data. This drove the overall market cap by ₹1,45,495 crore in the financial year 2024-25 (FY25).

The group's flagship firm, UltraTech Cement, witnessed the highest market cap increase, by ₹57,680 crore, as its shares rallied 18%.

UBS recently upgraded the stock to 'buy' and raised the target price to ₹13,000 from ₹9,000 earlier as it remains positive on the sector amid structural cost savings, price stabilisation and consolidation driven by UltraTech and Ambuja Cement.

Chambal Fertilisers, Aditya Birla Fashion, Hindalco Industries and Grasim were among the major contributors to the group's market cap. On the flip side, Kesoram Industries and Birla Corporation were among the top drags.

Tough year for Adanis, Ambanis & Tatas

Meanwhile, FY25 proved to be a tough year for Mukesh Ambani, Gautam Adani and the Tatas as these conglomerates saw m-cap erosion

Adani group

In the Adani group, none of the companies witnessed any increase in their share price, with Adani Green, down 48% in FY25, alone wiping out ₹1,40,171 crore in market cap. The flagship company of the Adani group – Adani Enterprises – also saw a massive wealth erosion of ₹96,093 crore in the recently-concluded financial year.

During this period, Adani group stocks lost between 5-48%, highlighting the challenges faced by the company, including allegations of bribery and fraud, leading to scrutiny of its business practices and potential impacts on its projects and partnerships, both domestically and internationally.

Ambani group

Reliance group led by one of India's richest men – Mukesh Ambani – saw an overall market cap erosion of ₹3,78,758 crore, with Reliance Industries (RIL) emerging as the biggest wealth destroyer.

RIL share price tanked 14% in FY26, resulting in a ₹2,88,633 crore hit to the group's market capitalisation. The stock has faced a selloff amid an earnings downgrade due to weakness in the refining and petchem business and growth moderation in Reliance Retail.

Experts, however, feel that Reliance stock may see fresh movement after the Q4 results. They have a long-term positive view of the stock as they anticipate value unlocking in the retail business next year.

Recently demerged and listed Jio Financial saw its market cap decline by ₹80,306 crore in FY26 amid a 35.73% fall in the company's stock.

TV18 Broadcast and Just Dial, on the other hand, emerged as the biggest gainers in the Reliance group.

Tata group

From the Tata group, nine out of 25 companies gained while 16 saw a decline in their market cap, with the overall group m-cap falling by ₹2,58,770 crore.

Tata Motors and Tata Consultancy Services (TCS) saw m-cap erosion of over ₹1 lakh crore, losing ₹1,15,365 crore and ₹1,00,981 crore, respectively. Tata Motors shares (down 32%) have faced a selloff due to a slowdown in sales and amid recent concerns of 25% tariffs imposed by Donald Trump on auto imports. Meanwhile, IT major TCS has lost 19% in this period hurt by a fall in discretionary spending in the US and fears of recession in the world's largest economy.

Trent, however, has emerged as the biggest m-cap contributor for the Tata group, followed by Indian Hotels and Voltas.

Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.