Jio Platforms’ proposed IPO could lift Reliance Group’s market value to ₹28.35 lakh crore, potentially putting it ahead of Tata Group. Here’s how India’s leading business houses compare in valuation.
Reliance Group could overtake Tata Group to become India’s largest conglomerate by combined market capitalization following the proposed initial public offering (IPO) of Jio Platforms, according to estimates based on an assumed valuation of ₹10.30 lakh crore for the telecom and digital services business.
As of Friday, October 16, Reliance Group’s listed companies had a combined market capitalization of ₹18.05 lakh crore. Adding Jio Platforms at the estimated valuation would take the total to ₹28.35 lakh crore, ahead of Tata Group’s ₹25.92 lakh crore.
The potential shift would come despite Reliance having fewer listed companies than Tata Group. Jio Platforms would become the 13th listed company in the Reliance Group, compared with 27 companies in the Tata Group, based on the reported figures.
How Jio Platforms Could Change Reliance’s Valuation
Reliance Industries Ltd (RIL), India’s largest company by market capitalization, accounted for the bulk of Reliance Group’s existing valuation at ₹16.37 lakh crore as of October 16. Jio Financial Services contributed another ₹1.43 lakh crore.
Other listed companies in the group include Alok Industries, DEN Networks, Hathway Bhawani Cabletel & Datacom, Hathway Cable and Datacom, Just Dial, Network18 Media, GTPL Hathway and SW Solar.
Although these companies contribute to the group’s overall market value, the proposed Jio Platforms listing would make the biggest difference to its combined valuation under the ₹10.30 lakh crore assumption.
The estimated total of ₹28.35 lakh crore remains conditional on Jio Platforms listing at that valuation. Its eventual market capitalization could differ depending on the IPO pricing and market performance after listing.
Tata Group Remains a Major Competitor
Tata Group’s 27 listed companies had a combined market capitalization of ₹25.92 lakh crore as of October 16.
Tata Consultancy Services (TCS) was the group’s largest contributor, with a market capitalization of ₹8.91 lakh crore. Other major companies included Titan Company at ₹3.95 lakh crore, Tata Steel at ₹2.20 lakh crore, Trent at ₹1.57 lakh crore, and Tata Motors at ₹1.55 lakh crore.
Tata Capital was valued at ₹1.37 lakh crore, while Tata Power and Indian Hotels had market capitalizations of ₹1.12 lakh crore and ₹1.10 lakh crore, respectively.
The comparison highlights how the market value of a conglomerate can depend heavily on a handful of large listed businesses, even when the group has a much wider portfolio of companies.
Adani Group Ranks Third Among Major Conglomerates
Adani Group ranked third, with a combined market capitalization of ₹17.23 lakh crore.
Adani Ports was valued at ₹4.01 lakh crore, followed by Adani Power at ₹3.75 lakh crore and Adani Enterprises at ₹3.63 lakh crore. Adani Green Energy had a market capitalization of ₹2.14 lakh crore, while Ambuja Cements was valued at ₹90,000 crore.
The figures place Adani Group behind both Reliance and Tata based on their reported combined valuations as of October 16.
HDFC and Aditya Birla Groups Round Out the Top Five
HDFC Group ranked fourth, with a combined market capitalization of nearly ₹13.9 lakh crore across four listed companies.
HDFC Bank accounted for most of the total, with a market capitalization of ₹11.22 lakh crore. HDFC Life Insurance was valued at ₹1.20 lakh crore, HDFC Asset Management Company at ₹1.04 lakh crore,e and HDB Financial Services at ₹43,600 crore.
Aditya Birla Group ranked fifth, with a combined market capitalization of more than ₹10.20 lakh crore. Its major listed companies included UltraTech Cement at ₹3.22 lakh crore, Hindalco Industries at ₹2.05 lakh crore, Grasim Industries at ₹1.98 lakh crore, Vodafone Idea at ₹1.36 lakh crore, and Aditya Birla Capital at ₹1.04 lakh crore. The group also has six other companies listed on Indian stock exchanges.
Why the Jio Platforms IPO Matters
A Jio Platforms listing could reshape the market-capitalization rankings of India’s largest business groups by adding a substantial publicly traded business to Reliance’s portfolio.
However, the comparison depends on the assumed valuation and the market prices of the groups’ listed companies. Market capitalization changes with share prices, so the rankings could shift even before the IPO takes place.
For now, the ₹28.35 lakh crore figure represents a potential post-listing valuation for Reliance Group, not its current market capitalization. Whether it overtakes Tata Group will depend on Jio Platforms’ eventual listing valuation and how both groups’ stocks perform.
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Source: Business Market Today
