Volatile 2025 market reshapes business group rankings; Shriram, TVS shine
Indian business groups saw varied fortunes in 2025. The Shriram Group topped gains with a 59% market cap increase. Venu Srinivasan Group and Vedanta Group also performed well. However, Ravi Jaipuria Group and HCL Group experienced significant drops. Tata Group companies like TCS and Trent faced pressure. Market volatility impacted returns across the board.
Mumbai: The heightened market volatility in 2025 amid geopolitical and tariff-related issues has affected not only the portfolio returns but also the fortunes of Indian business houses. An analysis of their performance on bourses this year throws some surprises while revealing poor show by business groups that usually top the chart.
Based on a sample of business groups that have combined market capitalisation of ₹1 lakh and above, the Shriram Group has emerged on top with 59% gain in its market cap. The group's flagship company Shriram Finance gained 65% this year after its stock rose significantly over the past three months buoyed by strong financial performance, and a strategic investment form Japan's MUFG Bank.
Venu Srinivasan Group is on the second spot in the ranking with 44% return, led by a 51% jump in shares of TVS Motor Company, and 31% rise in TVS Holdings. It is followed by Anil Agarwal's Vedanta Group, which has posted 36% jump in market cap. The group was benefitted from the commodities play seen in 2025. The group company Hindustan Zinc, which has silver as one of its by-products, has gained 39%, while Vedanta has posted 34% return so far this year. The Bharti Telecom Group and Mukesh Ambani's Reliance Group were next in line with gains of 23-30%.
Agencies
The Winners & Losers Top gainers include Anil Agarwal’s Vedanta Group, Mukesh Ambani’s Reliance, Bajaj and Bharti Telecom; Ravi Jaipuria Group and HCL among major losers
Other top gainers include Bajaj Group and Nusli Wadia Group with gains of 21% and 20%, respectively.
Among the groups that went out of favour include the Ravi Jaipuria group, which had the worst fall of 24% in the market cap in the sample. It was driven by a similar fall reported by the group's flagship company Varun Beverages amid extended monsoon and higher competitive pressure.
It is followed by HCL Group, which reported a 15% drop in market capitalisation as its flagship company lost momentum this year amid delayed decision making by clients, which has affected project ramp ups.