THEBUSINESSBYTES
BUREAU
MUMBAI,
OCTOBER 28, 2026
Reliance Group has
overtaken the Tata Group to become India’s most valuable business conglomerate,
with the blockbuster stock market debut of Jio Platforms catapulting the
combined market capitalisation of its listed companies to ₹28.9 lakh crore on Wednesday.
The Tata Group ranked
second with a combined market value of ₹25.6 lakh crore, while the Adani Group stood third at
₹16.6 lakh crore, according to the market capitalisation of
listed companies belonging to the respective business groups.
Jio Platforms made a
strong debut on the stock exchanges on Wednesday, listing at ₹1,358 per share, a premium of 21.4
per cent over its initial public offering (IPO) issue
price of ₹1,119.
At the listing price, the digital services and telecom giant commanded a market
capitalisation of ₹12.5 lakh crore, providing a significant boost to Reliance
Group’s overall valuation.
Together, Reliance
Industries Ltd (RIL) and Jio Platforms alone commanded a combined market value
of ₹28.7 lakh crore, exceeding the total
market capitalisation of all listed Tata Group companies by around ₹3.1 lakh
crore. The milestone puts RIL and Jio Platforms in the first and second positions,
respectively, among India’s most valuable listed companies.
The comparison
underscores the scale of Jio’s market debut, which has reshaped the pecking
order of India’s largest corporate groups and reinforced Reliance’s position at
the top of the country’s equity market valuation rankings.
The traditional
bell-ringing ceremony marking Jio Platforms’ listing was held at the National
Stock Exchange (NSE) in Mumbai in the presence of Reliance Industries Chairman
Mukesh Ambani, Nita Ambani and their children Akash, Isha and Anant Ambani.
Addressing the
gathering ahead of the listing, Akash Ambani, Managing Director of Jio
Platforms, said, “Today's listing is not a finish line, but a starting line. We
will communicate openly, honour our commitments, and earn your trust through
action.”
Jio Platforms has
also emerged as the company with the largest shareholder base in the country,
with 79.8 lakh shareholders, or nearly 8 million investors. It is followed by
Tata Motors Passenger Vehicles with 61.2 lakh shareholders and Vodafone Idea
with 57.9 lakh.
Reliance Industries ranks eighth in terms of shareholder base, with 50.7 lakh shareholders, while Jio Financial Services occupies the 10th position with 49.7 lakh shareholders.
The group-wise valuation comparison is based on the combined market capitalisation of listed companies belonging to each business conglomerate. Jio Financial Services has been excluded from the Reliance Group calculation.
