Springboard 2026 | India's 2025 corporate scorecard: See who won, who lost.

Dear reader, as 2025, a year of global tumult and volatility, rolls by, Mint's reporters and columnists look around the corner on what is coming in 2026—to help you know what to expect and prepare for it. Tell us what you think at [email protected].Despite persistent foreign investment outflows and a weakening rupee, several of India's premier conglomerates emerged as standout creators of shareholder wealth,outperforming even the benchmark indices.Collectively, the top 10 corporate groups by market capitalization now command nearly 24% of the country's ₹474 trillion (as on 26 December) total market capitalization, reflecting their massive—though slightly diminished—footprint on Dalal Street, down from 30% in 2022.However, performance within this elite group was far from uniform.

While the Sensex climbed 8.4% in market value, the top 10 heavyweights collectively grew by a more modest 7.7%, with two seeing their valuations decline.The Aditya Birla Group topped the list. Its combined market capitalization jumped by 26.2% after a 6.4% rise in 2024 and a robust 40.8% jump in 2023, comfortably offsetting a 4.3% dip in 2022.The rally was broad-based.

Of the group’s eight listed companies, five outperformed the Sensex in 2025. Vodafone Idea led the surge, with its market value soaring 134%, outperforming the benchmark by a wide margin.

Other major contributors included Aditya Birla Capital, up 96%, Hindalco Industries, which gained 45%, Grasim Industries, up 19%, and India Cements, which rose 17%. Together, the group’s listed entities are valued at nearly ₹10 trillion.The Bajaj Group ranked second, with its market capitalization rising 25.5%.

This followed gains of 4.8% in 2024 and 23% in 2023. The group’s nine listed