India’s top listed companies have created record wealth over the past five years. The latest Motilal Oswal Wealth Creation Study reports that the top 100 companies added ₹148 lakh crore in market value between March 2020 and March 2025. This is the highest increase seen since the study began 30 years ago.
The sharp rise in wealth came during a period of strong corporate earnings and steady market participation. Domestic investors also played a major role in keeping markets stable and active.
Bharti Airtel emerged as the biggest wealth creator in this five-year cycle. The telecom major added nearly ₹8 lakh crore to its market value. Strong subscriber growth and higher data usage supported its performance. ICICI Bank and State Bank of India followed Airtel, driven by healthier balance sheets and better credit growth.
The study highlights that the financial sector continues to contribute the most to overall wealth creation. Banks and non-banking financial companies saw strong demand, improved asset quality and better profitability.
A separate list in the study tracks the fastest wealth creators. BSE Ltd, the stock exchange operator, topped this category due to a high compound annual growth rate. The company benefited from increased trading activity and rising investor participation.
Defence and capital goods companies also stood out. Hindustan Aeronautics Ltd (HAL) delivered consistent performance each year. It was ranked the most consistent wealth creator and the best overall performer. Other defence players such as Bharat Dynamics and Bharat Electronics also saw strong gains. Higher government spending on defence supported this trend.
The study notes the rising importance of public sector undertakings. Several PSUs in energy, defence and utilities reported sharp increases in market value. Investor interest in these companies grew as they reported stronger profits and benefited from policy support.
Motilal Oswal says the last five years represent a broad and healthy phase for India’s equity markets. It adds that India may be entering a long multi-year growth cycle. The firm believes that rising incomes, higher savings and economic expansion will continue to support wealth creation.
The study concludes that India’s markets are well-positioned for further gains if earnings growth remains steady and investor participation continues.
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