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Quick overview + flashcards to master the Conglomerates Tracker
India's largest business groups — Tata, Adani, Aditya Birla, Bajaj and more — each have multiple listed entities on NSE. Within a single group, the quality of businesses varies enormously. The Conglomerates Tracker puts all companies within each major group side by side so you can compare them on ROCE, ROE, OPM, and D/E in one view. No login required.
India's largest business groups — Tata, Adani, Aditya Birla, Bajaj, Godrej, Mahindra, and others — each have multiple listed entities on NSE. Within a single group, the quality of businesses varies enormously. Some subsidiaries are world-class capital allocators; others drag down the group average.
The Finmagine Conglomerates Tracker puts all listed companies within each major group side by side on one screen, letting you compare them on ROCE, ROE, OPM, D/E ratio, and growth metrics. This makes it easy to find the best business within a group — and to avoid the weaker ones.
The page is fully public — no login required. All data is sourced from the Finmagine fundamentals database.
Click any tab to load all listed companies within that group and compare them side by side.
India's most diversified group — automotive, steel, IT, hospitality, chemicals, retail, financial services. 19 listed companies.
Ports, airports, power, gas distribution, green energy, FMCG, data centers, media. 10 listed companies.
Cement, telecom, metals, fashion, financial services, chemicals, paints. 8 listed companies.
Two-wheelers, NBFC/lending, insurance, holdings. One of India's highest-quality conglomerates by ROCE. 10 listed companies.
Consumer goods, real estate, agribusiness, chemicals. Strong brand-moat businesses. 5 listed companies.
Automotive, tractors, IT services, financial services, hospitality, aerospace. 8 listed companies.
Petrochemicals, retail, telecom, new energy, media. India's largest group by market cap. 8 listed companies.
Engineering, fertilisers, abrasives, financial services, sugar. Tamil Nadu-rooted conglomerate. 10 listed companies.
Two-wheelers, logistics, automotive components, credit. South Indian business group. 10 listed companies.
Pharma, financial services, real estate finance. Significant restructuring in recent years. 3 listed companies.
Banking (IndusInd), commercial vehicles, lubricants, BPO services. 6 listed companies.
Steel, energy, ports & logistics. Sajjan Jindal-led, anchored by India's largest private steel producer. 4 listed companies.
Engineering & construction, IT services, financial services, technology. India's largest infrastructure conglomerate. 4 listed companies.
Pumps, oil engines, compressors, electric motors, industrial machinery. 130+ years of engineering heritage. 6 listed companies.
Every group tab shows these NSE-listed companies. Click any row in the tracker to open the full Finmagine analysis page for that stock.
TCS, Tata Motors, Tata Steel, Titan Company, Trent, Tata Power, Tata Consumer Products, Tata Chemicals, Tata Elxsi, Tata Investment Corporation, Indian Hotels (IHCL), Voltas, Rallis India, Tejas Networks, Tata Communications, Tata Technologies, Nelco, Tata Teleservices Maharashtra, Oriental Hotels.
Adani Enterprises, Adani Ports & SEZ, Adani Power, Adani Green Energy, Adani Total Gas, Adani Energy Solutions, ACC, Ambuja Cements, AWL Agri Business, NDTV.
UltraTech Cement, Grasim Industries, Hindalco Industries, Aditya Birla Capital, Vodafone Idea, Aditya Birla Fashion & Retail, Aditya Birla Sun Life AMC, Aditya Birla Money.
Bajaj Auto, Bajaj Finance, Bajaj Finserv, Bajaj Holdings & Investment, Bajaj Consumer Care, Bajaj Hindusthan Sugar, Bajaj Electricals, Mukand, Bajaj Steel Industries, Bajaj Healthcare.
Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet, Astec Lifesciences.
Mahindra & Mahindra, Tech Mahindra, M&M Financial Services, Mahindra Holidays & Resorts, Mahindra Lifespace Developers, Mahindra Logistics, Mahindra EPC Irrigation, Swaraj Engines.
Reliance Industries, Reliance Industrial Infrastructure, Jio Financial Services, Network18, TV18 Broadcast, Hathway Cable & Datacom, DEN Networks, Just Dial.
Carborundum Universal (CUMI), CG Power & Industrial Solutions, Cholamandalam Financial Holdings, Cholamandalam Investment & Finance, Coromandel International, EID-Parry India, Shanthi Gears, Tube Investments of India, Wendt India, NACL Industries.
TVS Motor Company, TVS Holdings, TVS Supply Chain Solutions, Sundram Fasteners, TVS Srichakra, Wheels India, India Motor Parts & Accessories, India Nippon Electricals, TVS Electronics, Sundaram Brake Linings.
Piramal Enterprises, Piramal Pharma, Peninsula Land.
IndusInd Bank, Ashok Leyland, Gulf Oil Lubricants India, GOCL Corp, Hinduja Global Solutions (HGS), NDL Ventures.
JSW Steel, JSW Energy, JSW Infrastructure, JSW Holdings.
Larsen & Toubro, LTIMindtree, L&T Technology Services, L&T Finance.
Kirloskar Brothers, Kirloskar Oil Engines, Kirloskar Pneumatic, Kirloskar Industries, Kirloskar Ferrous Industries, Kirloskar Electric.
The companies shown in each tab are those for which Finmagine has fundamental data. A few smaller or recently restructured group entities may not appear if data coverage is incomplete.
Click any of the 14 group tabs. The page loads all listed entities within that group — usually 3 to 20 companies depending on the group's breadth.
At the top you'll see aggregate metrics — average ROCE, ROE, OPM, and D/E for the group as a whole. This sets the baseline for comparing individual subsidiaries against the group average.
Each row is one listed company. Compare across ROCE, ROE, OPM, D/E, revenue growth, and PAT growth simultaneously. The table highlights the best performer in each column.
ROCE (Return on Capital Employed) is the most important metric for comparing businesses within a conglomerate. High ROCE means the business earns excellent returns on the money invested in it. This is usually the stock with the best long-term compounding track record.
Click any symbol to open the full Finmagine analysis page — financials, ratios, scorecard, forensics, valuation, and AI Advisor are all there.
| Metric | What it measures | What to look for |
|---|---|---|
| ROCE | Return on Capital Employed — profit as a % of total capital used in the business. | Higher is better. >15% is good; >25% is excellent. Best conglomerate subsidiary usually has the highest sustained ROCE. |
| ROE | Return on Equity — profit as a % of shareholder equity. | Good measure of shareholder value creation. >15% is decent; >20% is strong. Watch for ROE inflated by high debt. |
| OPM | Operating Profit Margin — EBIT / Revenue. | Shows pricing power and cost control. Compare within the same industry — commodity businesses run at 5–10%, branded consumer at 20–30%. |
| D/E Ratio | Debt to Equity — total debt divided by shareholder equity. | Lower is safer for non-financial companies. <0.5 is conservative; >1.0 warrants scrutiny. Financial services companies legitimately run at 4–6x. |
| Revenue Growth | Year-on-year top-line growth rate. | Double-digit growth indicates business momentum. Check if it's organic or acquisition-driven. |
| PAT Growth | Profit After Tax year-on-year growth. | Should ideally exceed revenue growth (margin expansion). PAT growth lagging revenue growth signals margin compression. |
In most Indian conglomerates, the holding company (e.g. Bajaj Holdings, Tata Investment Corporation) trades at a holding company discount — you get the asset exposure but at a market-cap discount. The operating subsidiary — the actual business — usually compounds better. Identify which subsidiary does the group's highest-quality work.
If you're looking at cement, compare Aditya Birla's UltraTech with Adani's ACC/Ambuja. The best business within a group may still be mediocre compared to a pure-play in the same sector.
Financial services companies (NBFCs, banks) borrow to lend — D/E of 4–6x is normal and not alarming. Industrials and consumer companies at D/E > 1.5x deserve scrutiny. Always compare D/E within the same sector, not across sectors.
Many conglomerates have one high-quality subsidiary that gets less attention than the group's flagship. These often trade at a discount to pure-play peers despite similar or better fundamentals — Tata's consumer businesses, Godrej's FMCG, Murugappa's abrasives business.
After you identify a strong subsidiary here, run the Quality Compounders preset in the Screener to see how it stacks up against non-conglomerate peers on the same metrics.
Finmagine gives you 30+ computed financial ratios, sector benchmarks, FII/DII flows, the Finmagine Score, and AI-powered analysis — all in one place.