India Inc created a record Rs 148 trillion in shareholder wealth between 2020 and 2025, the highest in 17 study periods, as equity markets rebounded sharply from the Covid-induced crash of March 2020.
The pace of wealth creation stood at a compound annual growth rate (CAGR) of 38 percent, significantly higher than the BSE Sensex’s 21 percent CAGR over the same period, according to the Motilal Oswal Wealth Creation Study (2020-2025).
Covid low drove outsized gains
March 2020 marked one of the steepest market drawdowns in recent history following nationwide lockdowns. The low base amplified subsequent gains as earnings recovered, balance sheets improved and valuations re-rated across sectors.
This rebound effect explains both the scale and speed of wealth creation during 2020–25, the study said.
Airtel, ICICI Bank lead long-term gains
Bharti Airtel emerged as the biggest wealth creator over the 2000–2025 period, adding Rs 7.9 trillion in wealth, followed by ICICI Bank at Rs 7.4 trillion.
Notably, the top 10 wealth creators accounted for just 31 percent of total wealth created during 2020–25, the lowest share on record. This indicates the broadest distribution of wealth creation seen in Indian equities, the study notes.
Eight of the top 10 companies benefited from sharp price-to-earnings re-rating, largely supported by improved return on equity from March 2020 lows.
BSE tops fastest wealth creators
BSE emerged as the fastest wealth creator between 2020 and 2025, delivering a total return CAGR of 124 percent.
An investment of Rs 10 million made equally across the top 10 fastest wealth creators in 2020 would be worth about Rs 240 million in 2025, translating into an 88 percent CAGR. By comparison, the Nifty Total Return Index delivered a 24 percent CAGR over the same period.
Adani Enterprises featured among the top 10 fastest wealth creators for a record fifth consecutive time.
HAL stands out on consistency
Hindustan Aeronautics emerged as the most consistent wealth creator, outperforming the Nifty Total Return Index in each of the last five years.
The defence major posted the highest total return CAGR of 75% among consistent performers. Only 13 of the top 100 companies managed to outperform the benchmark in all five years, underscoring how rare sustained outperformance remains.
Based on a combined ranking of biggest, fastest and most consistent wealth creators, Hindustan Aeronautics also emerged as the best all-round wealth creator.
Wealth destruction at historic low
Wealth destruction during 2020–25 fell to Rs 666 billion, just 0.4 percent of the total wealth created by the top 100 companies.
Only 24 of the top 500 companies destroyed wealth during the period, reflecting the powerful impact of the Covid-era market trough. The top 10 wealth-destroying companies accounted for 82 percent of the total erosion, with all of them operating in consumer-facing businesses.
Why this cycle looks different
Unlike earlier bull markets dominated by a narrow set of heavyweights, the post-Covid rally delivered unusually broad-based gains, the report marked. The dispersion suggests earnings recovery, balance-sheet repair and sectoral rotation, not just valuation expansion, drove returns.
Whether this breadth sustains will depend on earnings growth as the base effect from March 2020 fades.
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