India's top conglomerates, led by Adani and Reliance, have significantly expanded their reach in the past five years, adding a total of 20 listed companies since 2021. This surge matches the growth witnessed in the entire preceding decade, highlighting the aggressive expansion strategies adopted by these corporate giants. This growth has been fueled by acquisitions, initial public offerings (IPOs), and demergers, underscoring the growing dominance of India's corporate powerhouses.

The Adani Group has been at the forefront of this expansion, adding eight new listed companies to its portfolio since 2021. A significant portion of this growth can be attributed to the group's strategic foray into the cement sector, marked by the acquisition of five listed cement companies in quick succession. Major listed companies in the Adani Group include Adani Enterprises, Adani Ports, Adani Green Energy, and Adani Power. Adani Enterprises serves as the group's incubator, with interests in airports, green hydrogen, roads, and data centers. Adani Ports is India's largest private port operator. Adani Power is a major private thermal power producer. Adani Green Energy is focused on renewable energy.

Reliance Industries, another key player, has also contributed to this trend by adding three listed companies. Reliance Industries has a presence in energy, petrochemicals, natural gas, retail, entertainment, telecommunications, mass media, and textiles. Reliance Retail is the largest retailer in India. On September 9, 2025, Reliance Industries incorporated a new wholly owned subsidiary named Reliance Intelligence Limited.

Several other business houses are expected to launch public offers in the coming years, including Jio Platforms, Tata Capital, Adani Airports, and one from the JSW Group. Tata Motors is also expected to split into two separately listed companies.

This increase in listed companies reflects a broader trend of growth among these conglomerates, which have also been actively pursuing unlisted acquisitions and making substantial investments in their existing businesses. The rise in the number of listed companies serves as an indicator of the expansion and diversification of these large and diverse conglomerates.

Diversification, a strong market position, and growth potential are benefits of investing in these conglomerates. Conglomerates operate in multiple sectors, offering investors exposure to different industries. Companies like RIL, Jio, and Reliance Retail are market leaders in their respective fields. Ventures into digital technology, renewable energy, and retail provide growth opportunities.

Some of the top profit-making companies in the Adani Group are Adani Power and Adani Wilmar. Adani Power's net profit and sales have grown over the past five years. Adani Wilmar has also seen substantial stock growth.

The Indian government's National Green Hydrogen Mission, launched in 2021, has further spurred investments in the green energy sector, with Adani Enterprises and Reliance Industries among the companies securing contracts under the mission. Adani has secured incentives for electrolyser manufacturing capacity, while Reliance has received incentives for green hydrogen and electrolyzers.