Bharti Group overtakes Adani, Bajaj to claim India’s fourth-largest conglomerate spot

The combined market capitalisation of companies owned by billionaire Sunil Mittal has surged by more than 30% so far this year to ₹14.5 lakh crore, propelling the Bharti Group past both the Adani and Bajaj groups to become India’s fourth-largest conglomerate.

The rally has been driven primarily by Bharti Airtel Ltd., whose shares have risen nearly 32% year-to-date, supported by robust earnings growth, rising average revenue per user (ARPU), and the rapid expansion of 5G services.

The wireless carrier, which accounts for about 82% of the group’s valuation, reported better-than-expected results for the September quarter on the back of strong operating performance.

Other group companies also contributed to the upswing, with Indus Towers and Bharti Hexacom gaining 20% and 23%, respectively, over the same period.

As at 13 November, the Bharti Group’s combined market capitalisation stood at ₹14.5 lakh crore, edging past both the Adani Group and the Bajaj Group, each valued at around ₹14.4 lakh crore, according to Bloomberg data.

Brokerage firm Nuvama Institutional Equities, which maintains a Buy rating on Bharti Airtel with a 12-month target price of ₹2,500, noted that the company is “in an enviable position, generating ₹15,000 crore of quarterly free cash flow (FCF), which should further improve with peak 5G capex behind, leading to better shareholder returns.”

It added that Bharti continues to have industry-leading ARPU and a strong balance sheet, supported by consistent subscriber additions and healthy FCF generation.

Meanwhile, the Bajaj Group, which briefly crossed the ₹15 lakh crore mark in October, slipped after its lending arm missed Street estimates for the September quarter and trimmed its FY26 asset-growth guidance.

With this shift, the Bharti Group now trails only the Tata Group, the Reliance Industries Group, and the HDFC Group, which together dominate India’s corporate landscape.

The Tata Group remains firmly on top with a combined valuation of around ₹27 lakh crore, followed by Reliance at ₹23 lakh crore and HDFC Group at about ₹18 lakh crore.Read about our editorial guidelines and ethics policy