Holding Company Stocks and Companies in India

The largest Holding Company stocks in India by market value are Bajaj Finserv (₹2.81 lakh crore), Bajaj Holdings & Investment (₹1.16 lakh crore) and Max Financial Services (₹42,943 crore), at prices of 4 Nov 2026.

• Bajaj Finserv: ₹1,756.50 | market value ₹2.81 lakh crore | P/BV 3.6
• Bajaj Holdings & Investment: ₹10,433 | market value ₹1.16 lakh crore | P/BV 1.6
• Max Financial Services: ₹1,244.30 | market value ₹42,943 crore | P/BV 7.5
• Godrej Industries: ₹978.50 | market value ₹32,961 crore | P/BV 3.0
• Tata Investment Corporation: ₹564.50 | market value ₹28,561 crore | P/BV 1.0
• Cholamandalam Financial Holdings: ₹1,374.80 | market value ₹25,815 crore | P/BV 1.7
• TVS Holdings: ₹12,237 | market value ₹24,758 crore | P/BV 3.7
• Maharashtra Scooters: ₹11,775 | market value ₹13,457 crore | P/BV 0.4
• JSW Holdings: ₹10,942 | market value ₹12,146 crore | P/BV 0.3
• Kama Holdings: ₹2,165.30 | market value ₹6,948 crore | P/BV 0.9

The other 8 Holding Company companies are in the full list below.

Share price | market value | P/BV or P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

The largest 15 of 18 listed Indian Finance - Holding Company companies are named here; all 18 are ranked in the scorecard. This is the set of companies people mean when they search for a Nifty Finance - Holding Company index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one.

1. Bajaj Finserv Ltd₹2.7 lakh cr
2. Bajaj Holdings & Investment Ltd₹1.1 lakh cr
3. Max Financial Services Ltd₹41,400 cr
4. Godrej Industries Ltd₹30,500 cr
5. Tata Investment Corporation Ltd₹28,500 cr
6. Cholamandalam Financial Holdings Ltd₹25,400 cr
7. TVS Holdings Ltd₹24,700 cr
8. Maharashtra Scooters Ltd₹13,300 cr
9. JSW Holdings Ltd₹12,100 cr
10. Kama Holdings Ltd₹6,860 cr
11. Pilani Investment & Industries Corporation Ltd₹4,290 cr
12. Elcid Investments Ltd₹2,700 cr
13. Alembic Ltd₹2,240 cr
14. Rane Holdings Ltd₹2,050 cr
15. Kalyani Investment Company Ltd₹1,900 cr

The remaining 3 Finance - Holding Company companies are named and ranked in the scorecard.

18 Holding companies in the Finance - Holding Company industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 18 are listed below, largest first. The largest is Bajaj Finserv (₹2.67 lakh crore) and the smallest with a market value is Max India.

Download all 18 Holding companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 6% behind NIFTY 500. Earnings across its companies grew 8% on average over the last four reported quarters.

1 of 18 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high). 4 are 20% or more behind over a year while earnings grew 20% or more.

Not ahead of NIFTY 500 on the three-month view this week; 2 of the 18 companies in the industry index above their 200-day average (3 fewer than four weeks earlier); 1 of those 18 pass the momentum test (no change from four weeks earlier); earnings rising at 12 of the 18 that report earnings.

Behind NIFTY 500 by −12.2% over a year, with participation off the floor of its own 26-week range. Earnings confirming, 12 of 18 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 18 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Finance - Holding Company has done worse than the NIFTY 500 by 10.7% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 6.2%. Alembic Ltd is the strongest against the sector itself at +3.6%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 10.5 as of 30 October 2026 (consolidation, falling).

Finance - Holding Company has done worse than the NIFTY 500 by 10.7% over 52 weeks and by 6.2% over 13 weeks. 1 of 18 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months) (1 has no relative-strength reading yet), and 1 of the 10 with a long enough price history is ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Jindal Poly Investment & Finance Company Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 69.3% evidence confidence.

Alembic Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Ranked last: too little evidence (1 company)

Under 60% of the evidence behind this score is available, so it ranks after every company above, whatever the score.

Rane Holdings Ltd has the strongest one-year price move in Finance - Holding Company at −6.9%. It also leads on relative strength against the NIFTY, at +6.1%. 2 of 18 companies we track are ahead of the index on that measure (1 has no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Finance - Holding Company itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

1 of 22 Finance - Holding Company companies held a results call for July to September 2026. Max Financial Services guided: FY27 VNB margin 25-26% with confidence now closer to top end.

From the results calls for July to September 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on plants is not a useful measure for a lender, so it is left out.

Big funds = foreign and Indian institutions, change in their share of ownership across 19 Finance - Holding Company companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Finance - Holding Company figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 28 Jul 2026, so the words are older than the numbers. 4 themes are live here.

The sector offers asset value protection but lacks near-term growth visibility. While management changes and deleveraging are positive catalysts, the deteriorating demand environment and regulatory overhangs warrant caution.

The Finance - Holding Company sector displayed mixed financial performance amidst a deteriorating demand environment. 2 of 3 constituents reported DETERIORATING demand (JSWHL, KICL), while 1 reported WEAK demand (BAJAJHLDNG).

How old this read is: OLD: this read comes from our Finance - Holding Company sector brief dated 28 Jul 2026, about 3 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Finance - Holding Company sector brief, 28 Jul 2026.

Bajaj Finserv Ltd has the highest Income among the 18 Finance - Holding Company companies compared here, at ₹1,57,642 crore. TVS Holdings Ltd is next at ₹68,123 crore. Jindal Poly Investment & Finance Company Ltd has the highest Income growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Bajaj Finserv Ltd is the largest at ₹1,57,642 crore, 131.4% ahead of TVS Holdings Ltd. Jindal Poly Investment & Finance Company Ltd's growth is capped at 100% on the scoring scale; the full change over the last 12 months is 3140.6% from a ₹1,037 crore base, with 19 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Bajaj Finserv Ltd is the size to compare against; Jindal Poly Investment & Finance Company Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Bajaj Finserv Ltd's growth falls below Jindal Poly Investment & Finance Company Ltd's for two consecutive comparable reports while operating margin also compresses.

For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

Income · company comparison

Income · largest

Income growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Bajaj Finserv Ltd has the highest Net profit among the 18 Finance - Holding Company companies compared here, at ₹20,637 crore. Bajaj Holdings & Investment Ltd is next at ₹8,993 crore. Jindal Poly Investment & Finance Company Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Bajaj Finserv Ltd earns the most, ₹20,637 crore of profit over the last 12 months, 129.5% above Bajaj Holdings & Investment Ltd. Jindal Poly Investment & Finance Company Ltd shows at least 100% on the scoring scale (167% in full) growth from a profit base of ₹809 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Bajaj Finserv Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

Net profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

No company in this Finance - Holding Company comparison reports a funding base figure this section can compare, so the Deposits rank is empty. On Borrowings, Bajaj Finserv Ltd is highest at ₹4,29,914 crore, across 18 of 18 companies with a usable reading.

What the numbers say: There is not enough comparable evidence to name a reliable deposits leader.

What this means: The current leader sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

Funding base · company comparison

Deposits · largest deposit bases

Not enough comparable data.

Borrowings · largest borrowings

All-company data · latest reported quarter

Deposits is left out: no company here reports it on a comparable basis.

Deposit scale can lower funding risk, while rising wholesale borrowings can change cost and liquidity. Asset quality and margins decide whether the funding base creates value.

Jindal Poly Investment & Finance Company Ltd has the highest ROA among the 18 Finance - Holding Company companies compared here, at 47.9%. Alembic Ltd is next at 12.2%. The same company also has the highest ROA change, at +29 percentage points. 18 of 18 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Jindal Poly Investment & Finance Company Ltd leads both roa at 47.9% and roa change at +29 percentage points.

What this means: Jindal Poly Investment & Finance Company Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

Return on assets · company comparison

Withheld from this chart: Bajaj Finserv Ltd (BAJAJFINSV): its two data sources disagree by up to 53% on reported income across 15 comparable periods, so its derived ratios are withheld; Bajaj Holdings & Investment Ltd (BAJAJHLDNG): its two data sources disagree by up to 25% on reported income across 15 comparable periods, so its derived ratios are withheld; Godrej Industries Ltd (GODREJIND): its two data sources disagree by up to 28% on reported income across 15 comparable periods, so its derived ratios are withheld; Cholamandalam Financial Holdings Ltd (CHOLAHLDNG): its two data sources disagree by up to 58% on reported income across 15 comparable periods, so its derived ratios are withheld; TVS Holdings Ltd (TVSHLTD): its two data sources disagree by up to 58% on reported income across 13 comparable periods, so its derived ratios are withheld; Rane Holdings Ltd (RANEHOLDIN): its two data sources disagree by up to 129% on reported income across 15 comparable periods, so its derived ratios are withheld; Vardhman Holdings Ltd (VHL): its two data sources disagree by up to 12% on reported income across 15 comparable periods, so its derived ratios are withheld; Max India Ltd (MAXIND): its two data sources disagree by up to 638% on reported income across 16 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROA · highest

ROA change · fastest improvers

All-company data · latest reported quarter

Jindal Poly Investment & Finance Company Ltd has the highest ROE among the 18 Finance - Holding Company companies compared here, at 54.8%. TVS Holdings Ltd is next at 30.6%. Max Financial Services Ltd has the highest ROE change at +2 percentage points, so level and change sit with different companies.

What the numbers say: Jindal Poly Investment & Finance Company Ltd leads roe at 54.8%; Max Financial Services Ltd leads roe change at +2 percentage points.

What this means: Jindal Poly Investment & Finance Company Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

ROE shows the return to shareholders, but should be read with asset quality and leverage.

Return on equity · company comparison

Withheld from this chart: Bajaj Finserv Ltd (BAJAJFINSV): its two data sources disagree by up to 53% on reported income across 15 comparable periods, so its derived ratios are withheld; Bajaj Holdings & Investment Ltd (BAJAJHLDNG): its two data sources disagree by up to 25% on reported income across 15 comparable periods, so its derived ratios are withheld; Godrej Industries Ltd (GODREJIND): its two data sources disagree by up to 28% on reported income across 15 comparable periods, so its derived ratios are withheld; Cholamandalam Financial Holdings Ltd (CHOLAHLDNG): its two data sources disagree by up to 58% on reported income across 15 comparable periods, so its derived ratios are withheld; TVS Holdings Ltd (TVSHLTD): its two data sources disagree by up to 58% on reported income across 13 comparable periods, so its derived ratios are withheld; Rane Holdings Ltd (RANEHOLDIN): its two data sources disagree by up to 129% on reported income across 15 comparable periods, so its derived ratios are withheld; Vardhman Holdings Ltd (VHL): its two data sources disagree by up to 12% on reported income across 15 comparable periods, so its derived ratios are withheld; Max India Ltd (MAXIND): its two data sources disagree by up to 638% on reported income across 16 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROE · highest

ROE change · fastest improvers

All-company data · latest reported quarter

No company in this Finance - Holding Company comparison reports gross NPA on a comparable basis, so there is nothing to rank here, 0 of 18 companies have a usable current reading. The section is shown rather than removed so an unavailable metric is not mistaken for one that was quietly left out. Filings were read through Sep 2026.

Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

Withheld from this chart: Bajaj Finserv Ltd (BAJAJFINSV): its two data sources disagree by up to 53% on reported income across 15 comparable periods, so its derived ratios are withheld; Bajaj Holdings & Investment Ltd (BAJAJHLDNG): its two data sources disagree by up to 25% on reported income across 15 comparable periods, so its derived ratios are withheld; Godrej Industries Ltd (GODREJIND): its two data sources disagree by up to 28% on reported income across 15 comparable periods, so its derived ratios are withheld; Cholamandalam Financial Holdings Ltd (CHOLAHLDNG): its two data sources disagree by up to 58% on reported income across 15 comparable periods, so its derived ratios are withheld; TVS Holdings Ltd (TVSHLTD): its two data sources disagree by up to 58% on reported income across 13 comparable periods, so its derived ratios are withheld; Rane Holdings Ltd (RANEHOLDIN): its two data sources disagree by up to 129% on reported income across 15 comparable periods, so its derived ratios are withheld; Vardhman Holdings Ltd (VHL): its two data sources disagree by up to 12% on reported income across 15 comparable periods, so its derived ratios are withheld; Max India Ltd (MAXIND): its two data sources disagree by up to 638% on reported income across 16 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

Jindal Poly Investment & Finance Company Ltd has the lowest P/BV ÷ ROE among the 18 Finance - Holding Company companies compared here, at 0.01×. Vardhman Holdings Ltd is next at 0.05×. Kalyani Investment Company Ltd has the lowest P/BV at 0.17×, so level and change sit with different companies.

What the numbers say: Jindal Poly Investment & Finance Company Ltd has the lowest comparable P/BV ÷ ROE at 0.01×, 80% below Vardhman Holdings Ltd. Only 17 of 18 companies have earnings and growth steady enough for the ratio to mean anything, so this does not make it the lowest-valued company in the whole industry. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Banks are compared on P/BV and P/BV÷ROE, not PEG. A lower figure is better only if loan quality and returns stay strong; a low price against book value while bad loans are rising is not a good sign by itself.

Valuation · company comparison

P/BV ÷ ROE · lowest return-adjusted price

P/BV · lowest P/BV

All-company data · latest reported quarter

Finance - Holding Company companies show up on 7 of our India lists. The most are on the small & mid cap stocks list (6 companies).

This Finance - Holding Company comparison names 8 specific ways its own evidence can mislead, all listed below. 1 of the 18 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 8 have second-source figures left out because the two sources disagree.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROE can come from heavy borrowing. It is best read beside ROA and loan quality.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
• Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
• 8 companies are missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.
• Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

This comparison is built from the reported filings of 18 Finance - Holding Company companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

8 of 18 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Bajaj Finserv Ltd (BAJAJFINSV): its two data sources disagree by up to 53% on reported income across 15 comparable periods, so its derived ratios are withheld; Bajaj Holdings & Investment Ltd (BAJAJHLDNG): its two data sources disagree by up to 25% on reported income across 15 comparable periods, so its derived ratios are withheld; Godrej Industries Ltd (GODREJIND): its two data sources disagree by up to 28% on reported income across 15 comparable periods, so its derived ratios are withheld; Cholamandalam Financial Holdings Ltd (CHOLAHLDNG): its two data sources disagree by up to 58% on reported income across 15 comparable periods, so its derived ratios are withheld; TVS Holdings Ltd (TVSHLTD): its two data sources disagree by up to 58% on reported income across 13 comparable periods, so its derived ratios are withheld; Rane Holdings Ltd (RANEHOLDIN): its two data sources disagree by up to 129% on reported income across 15 comparable periods, so its derived ratios are withheld; Vardhman Holdings Ltd (VHL): its two data sources disagree by up to 12% on reported income across 15 comparable periods, so its derived ratios are withheld; Max India Ltd (MAXIND): its two data sources disagree by up to 638% on reported income across 16 comparable periods, so its derived ratios are withheld.

These 23 answers restate the Finance - Holding Company comparison above in question form. Every one is computed from the same 18 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.