Vedanta, Divi’s, Bajaj Holdings, BEL, IndiGo among top wealth creator in FY25

Vedanta, Divi’s Laboratories, Bajaj Holdings, Bharat Electronics (BEL), IndiGo, Bharti Airtel, and Mahindra & Mahindra (M&M) were among the top performers in the NSE 100 in FY2025, delivering the highest total shareholder returns (TSR), which includes stock price appreciation and dividends.

Natural resources major Vedanta led the pack with a TSR of 87% for FY25, driven by a 70% rise in its share price and a robust dividend yield of 11.8%. Divi’s Laboratories followed with a TSR of 69%, while Bajaj Holdings, BEL, and IndiGo posted TSRs of 52%, 51%, and 44%, respectively.

TSR is calculated by measuring the total change in a company’s stock price and dividends received over a given period, divided by the initial stock price.


Vedanta outperformed its sector peers—JSW Steel (29%), Hindalco (22%), Jindal Steel (8%), and Tata Steel (1%)—on the back of a strengthened balance sheet, leadership in key commodities, production efficiencies, and rising demand for critical minerals. Progress on its demerger plan, which secured over 99% approval from shareholders and creditors, also boosted investor sentiment. The demerger is expected to unlock value by creating sector-focused entities aligned with India’s growth priorities.

The company is ramping up capacity across its businesses. The BALCO smelter expansion is nearing completion, with commissioning expected in Q1 FY26. At Zinc India, a 160,000 tonnes per annum roaster and a 510,000 tonnes per annum fertilizer plant are scheduled to be commissioned by Q4 FY26. Meanwhile, phase two of the Zinc International expansion is also slated for completion in FY26.

Divi’s Laboratories gained from expectations of market share gains and opportunities from key drugs going off patent. IndiGo, backed by its dominant market position in Indian aviation, also delivered strong returns.