The race to become India’s largest business conglomerate by combined market capitalisation could intensify with the upcoming listing of Jio Platforms. Based on its estimated valuation, the IPO could propel Mukesh Ambani-led Reliance Group past the Tata Group to claim the top spot, with the Adani Group and Bajaj Group following behind.
According to recent data, Reliance Group has 12 listed companies with a combined market capitalisation of ₹18.05 lakh crore. Reliance Industries accounts for the lion’s share, with a market value of ₹16.2 lakh crore, followed by Jio Financial Services at ₹1.41 lakh crore.
Jio Platforms is estimated to be valued at around ₹10.3 lakh crore at the upper end of its proposed IPO price range. If listed at this valuation, the combined market capitalisation of the Reliance Group could rise to approximately ₹28.35 lakh crore, potentially surpassing the Tata Group’s combined market capitalisation of ₹25.92 lakh crore.
Reliance Group: Reliance Industries dominates market value
Reliance Industries remains the dominant contributor to the group’s market capitalisation, with a market value of ₹16.2 lakh crore. At its peak, the company commanded a market capitalisation of ₹21.2 lakh crore.
Beyond Reliance Industries and Jio Financial Services, the group’s other listed companies have comparatively smaller market values. These include Just Dial, with a market capitalisation of ₹6,223 crore; Hathway Cable and Datacom, at ₹1,725.85 crore; DEN Networks, at ₹1,232 crore; Reliance Industrial Infrastructure, at ₹1,129.40 crore; and GTPL Hathway, at ₹615 crore.
Tata Group: Market capitalisation slips from October 2025 peak
The Tata Group ranks behind Reliance on the basis of the current combined market capitalisation of its listed companies, at ₹25.92 lakh crore. This is down around 16.4% from its October 2025 peak of approximately ₹31 lakh crore, amid weakness in major group companies, including Tata Consultancy Services (TCS), Titan Company and Tata Steel.
The group’s listed companies span several industries, including information technology, automobiles, consumer goods, power, steel and hospitality. Its major listed stocks include Trent, Nelco, Tata Investment Corporation, Titan Company, Tata Consumer Products, Indian Hotels Company, Tata Elxsi, Tata Power, Tata Steel, Voltas, Tata Chemicals, Tata Communications and Tejas Networks.
Despite the recent decline in its combined market value, the Tata Group remains one of India’s largest business conglomerates, with a diversified portfolio of listed companies.
Adani Group ranks third among India’s largest conglomerates
The Adani Group ranks third, with a combined market capitalisation of ₹17.23 lakh crore. Its largest listed companies include Adani Ports and Special Economic Zone, with a market value of ₹4.01 lakh crore; Adani Enterprises, at ₹3.63 lakh crore; Adani Power, at ₹3.75 lakh crore; Adani Green Energy, at ₹2.14 lakh crore; and Ambuja Cements, at ₹0.90 lakh crore.
The group’s valuation is led by its infrastructure, energy and cement businesses, which account for a substantial share of its overall market capitalisation.
HDFC Group ranks fourth with an ₹14 lakh crore market cap
With just four listed companies, the HDFC Group ranked fourth among India’s leading conglomerates, with a combined market capitalisation of nearly ₹13.9 lakh crore. HDFC Bank was the largest contributor, with a market value of ₹11.22 lakh crore.
HDFC Life Insurance and HDFC Asset Management Company have market values of above ₹one lakh crore, while HDB Financial Services has ₹43,600 crore in market value.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
