Bajaj Holdings tops India’s listed holding companies

Bajaj Holdings and Investments is the largest listed holding company in India by market capitalisation at Rs 1.26 trillion as on August 7, according to a Business Standard analysis of 41 listed holding companies. The company holds significant stakes in Bajaj Auto, Bajaj Finserv, Maharashtra Scooters and other group firms, with its listed equity investments valued at around Rs 2.44 trillion at the end of FY25. Tube Investments of the Murugappa group is second with a market cap of Rs 53,600 crore, followed by Tata Investment Corporation at Rs 35,000 crore.

The analysis excludes large operating companies such as Reliance Industries and Adani Enterprises that act as holding-cum-promoter firms. The top 15 holding companies have a combined market capitalisation of roughly Rs 3.45 trillion against assets of Rs 1.79 trillion. Investors use these companies for indirect exposure to group businesses, though a 'holding company discount' of 80 per cent or more often applies, meaning market value of stakes far exceeds the holding firm's own valuation.