The combined market capitalisation of companies owned by billionaire Sunil Mittal has surged by more than 30% so far this year to ₹14.5 lakh crore, propelling the Bharti Group past both the Adani and Bajaj groups to become India’s fourth-largest conglomerate.

The rally has been driven primarily by Bharti Airtel Ltd ., whose shares have risen nearly 32% year-to-date, supported by robust earnings growth, rising average revenue per user (ARPU), and the rapid expansion of 5G services.

The wireless carrier, which accounts for about 82% of the group’s valuation, reported better-than-expected results for the September quarter on the back of strong operating performance.

Other group companies also contributed to the upswing, with Indus Towers and Bharti Hexacom gaining 20% and 23%, respective

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