Compare Tata, Adani, Aditya Birla, Bajaj, Godrej, Mahindra, Reliance, Murugappa, TVS, Piramal listed entities.
Open Conglomerates Tracker →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.
India's most diversified group — automotive, steel, IT, hospitality, chemicals, retail, financial services.
Ports, airports, power, gas distribution, green energy, FMCG, data centers, media.
Cement, telecom, metals, fashion, financial services, chemicals, paints.
Two-wheelers, NBFC/lending, insurance, holdings. One of India's highest-quality conglomerates by ROCE.
Consumer goods, real estate, agribusiness, chemicals. Strong brand-moat businesses.
Automotive, tractors, IT services, financial services, hospitality, aerospace.
Petrochemicals, retail, telecom, new energy, media. India's largest group by market cap.
Engineering, fertilisers, abrasives, financial services, sugar, cycles. Tamil Nadu-rooted conglomerate.
Two-wheelers, logistics, automotive components, credit. South Indian business group.
Pharma, financial services, real estate finance. Undergone significant restructuring in recent years.
Click any of the 10 group tabs. The page loads all listed entities within that group — usually 4 to 15 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.
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 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. The best conglomerate subsidiary is usually the one with 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 (leverage boosts ROE without earning quality). |
| OPM | Operating Profit Margin — EBIT / Revenue. | Shows pricing power and cost control. Higher is better. Compare within the same industry — commodity businesses run at 5-10% OPM, branded consumer at 20-30%. |
| D/E Ratio | Debt to Equity — total debt divided by shareholder equity. | Lower is safer. <0.5 is conservative; >1.0 warrants scrutiny. Financial services companies legitimately run at much higher D/E — adjust benchmarks accordingly. |
| 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. Tata's consumer businesses, Godrej's FMCG segment, Murugappa's abrasives business — these often trade at a discount to pure-play peers despite similar or better fundamentals.