Reliance overtakes Tata Group to become India's biggest conglomerate

Listen to this article in summarized format

Reliance Industries' combined market cap rose to roughly ₹30.26 lakh crore on October 28, overtaking the Tata Group's ₹25.39 lakh crore.

Reliance Industries' combined market cap rose to roughly ₹30.26 lakh crore on October 28, overtaking the Tata Group's ₹25.39 lakh crore and reclaiming the top position for the first time since October 2020, according to ET Intelligence calculations based on listed group companies. Adani Group ranked third with a market capitalisation of ₹16.8 lakh crore, followed by Bharti Telecom Group at ₹13.98 lakh crore and Bajaj Group at ₹13.32 lakh crore.

Before Jio's listing, Reliance Industries Group's listed companies had a combined market capitalisation of around ₹17.78 lakh crore, compared with ₹25.5 lakh crore for Tata Group companies. The listing effectively added a new large business to the group's listed universe and altered the balance among India's largest conglomerates.

The rankings also reflect a challenging year for some of India's largest business houses. Tata Group's market capitalisation has declined 12.9% so far in 2026, while Mahindra Group is down 15.7% and Larsen & Toubro Group has fallen 13.5%. Reliance Industries' group market cap also came under pressure before the Jio listing, led by a decline in Reliance Industries shares.

Not all large conglomerates have struggled. Adani Group's combined market capitalisation has risen by 13.8% in 2026.