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Bharti Airtel, ICICI Bank, SBI & others - Motilal Oswal lists top 10 wealth-creating stocks
- Written by Anubhav Maurya
Published: 5:21 PM, Dec 15, 2025
|Updated: 5:34 PM, Dec 15, 2025
A recent study by Motilal Oswal highlights the companies that created the most shareholder wealth in India between March 2020 and March 2025. This period saw a strong recovery in equities following the COVID-19 market crash.
Over five years, the top 100 companies added a record Rs 1,48,00,000 crore in market capitalisation. Leading the list were Bharti Airtel, ICICI Bank, and State Bank of India, along with notable contributions from companies in the financial, industrial, IT, healthcare, and energy sectors.
The top ten wealth creators alone contributed nearly 31 per cent of the total wealth generated during this period.
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Bharti Airtel Leads the List
At the top, Bharti Airtel emerged as the largest wealth creator, adding around Rs 7,94,400 crore in market value over five years. The telecom company benefited from tariff hikes, improving profitability, and a stronger balance sheet, making it the biggest contributor to shareholder wealth.
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Bank Stocks
ICICI Bank ranked second, creating wealth of about Rs 7,41,700 crore, supported by steady loan growth, improving asset quality, and rising returns.
State Bank of India (SBI) stood third, adding nearly Rs 5,59,300 crore, helped by better credit metrics and strong performance across its banking and subsidiary businesses.
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NBFC Stock
Other notable contributors include Bajaj Finance, which created Rs 4,20,600 crore, reflecting consistent growth in its lending portfolio.
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Larsen & Toubro
Larsen & Toubro (L&T) added around Rs 3,97,400 crore, supported by a strong order book and momentum in infrastructure and defence projects.
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IT, FMCG, and Healthcare Leaders
ITC created wealth of about Rs 3,76,500 crore, driven by stable cash flows and gradual re-rating. HCL Technologies added nearly Rs 3,70,800 crore, supported by steady demand for IT services and margin stability.
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Pharma Stock
Sun Pharmaceutical Industries generated Rs 3,45,900 crore, aided by improved margins and product performance in key markets.
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Auto and Energy Sector Contributors
Mahindra & Mahindra added around Rs 3,05,500 crore, benefiting from recovery in the auto and farm equipment segments. NTPC completed the top ten list with nearly Rs 2,99,700 crore, supported by stable earnings.
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