India's top conglomerates experienced a mixed performance in 2025, with Reliance Industries leading in wealth creation and Tata Group facing market value erosion. While some groups saw substantial gains driven by sector-specific strengths and positive investor sentiment, others struggled with weak earnings and company-specific challenges. Reliance's market capitalization increased significantly, largely due to its core businesses, while Tata Group's aggregate market value declined despite some strong individual company performances.