Jio listing propels Reliance past Tata Group as India's biggest conglomerate

Mumbai: The listing of Jio Platforms has reshaped India's corporate pecking order, propelling the Mukesh Ambani-led Reliance Industries back to the top of the country's conglomerate rankings by market capitalisation.

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.

The change was driven by Jio Platforms' stock market debut on Wednesday. The company's shares closed at ₹1,417.35, a premium of 26.66% over the issue price of ₹1,119, adding ₹13.05 lakh crore to the group.

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.