Eight of India's top 10 conglomerates delivered positive returns in 2025, Moneycontrol reported, citing data from ACE Equities. Bharti Airtel saw the biggest YoY jump in m-cap at 29.5%, followed by Reliance Industries at 24.4%, Aditya Birla Group at 22.6% and Bajaj Group at 22%. Meanwhile, m-caps of Tata Group and ITC Group declined by 8.2% and 15.5% YoY, respectively.