Market Trends: The Indian stock market faced a turbulent FY25 by leading to significant market capitalisation losses for major conglomerates like Reliance, Adani and Tata. However Aditya Birla Group stood out as the only major Indian conglomerate to record an increase in market value.

Market Performance in FY25

During FY25, external challenges such as foreign investor sell-offs, trade war concerns, and valuation fluctuations impacted Indian conglomerates. While most companies struggled with declining stock prices, Aditya Birla Group companies saw overall market cap growth.

Among the 40 companies under the Aditya Birla Group, 26 recorded gains in share prices, while 14 experienced losses. This growth led to a ₹1,45,495 crore increase in market capitalisation.

UltraTech Cement was the group’s top performer, adding ₹57,680 crore to its market cap with an 18% share price surge. The rise was supported by positive sector trends, including structural cost savings and price stability. UBS upgraded UltraTech Cement’s stock rating, increasing its target price from ₹9,000 to ₹13,000.

Other notable contributors included Hindalco Industries, Grasim Industries, Chambal Fertilisers, and Aditya Birla Fashion. However Kesoram Industries and Birla Corporation dragged the overall performance down.

While Aditya Birla Group saw growth, other major conglomerates faced sharp declines in market capitalisation.

The Adani Group witnessed a substantial decline in FY25 with no company in the group recording a gain. Adani Green Energy suffered the biggest loss, dropping 48% and wiping out ₹1,40,171 crore in market cap. Adani Enterprises, the group’s flagship company, lost ₹96,093 crore in value.

Allegations of bribery and fraud intensified scrutiny on the group, leading to investor concerns. Adani stocks lost between 5% and 48% due to these challenges.

Reliance Group’s Decline

Mukesh Ambani-led Reliance Group saw its market capitalisation shrink by ₹3,78,758 crore. Reliance Industries (RIL) was the biggest loser with its share price falling 14%, resulting in a ₹2,88,633 crore market cap decline.

The losses were linked to earnings downgrades particularly in the refining and petrochemical businesses. Investors expect a potential recovery in Reliance shares post-Q4 results especially with expected value unlocking in its retail segment.

Jio Financial Services also suffered a steep decline, losing ₹80,306 crore in market cap due to a 35.73% drop in its stock price. However TV18 Broadcast and Just Dial were among the few gainers in the Reliance Group.

Tata Group’s Market Cap Decline

The Tata Group also faced a challenging year, with its market capitalisation falling by ₹2,58,770 crore. Out of 25 companies, only nine saw gains while 16 recorded losses.

Tata Motors and Tata Consultancy Services (TCS) were the worst performers, losing ₹1,15,365 crore and ₹1,00,981 crore, respectively. Tata Motors’ 32% share price drop was influenced by weak sales and U.S. tariff concerns. Meanwhile, TCS struggled due to reduced discretionary IT spending in the U.S. and recession fears.

Market Trends:

Despite the overall decline, Trent, Indian Hotels and Voltas emerged as positive contributors to the Tata Group’s market value.

Also Read:World’s Greatest Places 2025: Two Indian Destinations Make the List

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