Ambani rejoins $100 billion club as Reliance, Jio rally; Adani lags behind

Mukesh Ambani gains $20 billion amid market rally; Adani rises $10 billion but remains 57% below his June 2024 peak, Forbes data shows

A sharp rally in Indian stock markets since mid-March—driven by foreign inflows and easing global trade tensions—has propelled the net worth of several top billionaires. Mukesh Ambani, chairman of Reliance Industries, has re-entered the $100-billion club, gaining nearly $20 billion in under two months.

 

According to the Forbes’ Real-Time Billionaires rankings, Mukesh Ambani, chairman of Reliance Industries Ltd, has a net worth of $106.1 billion. He saw significant gains from the recent market surge, with his wealth increasing by $20 billion — rising from around $81 billion in early March to over $100 billion.   

 

 

  The gains were driven by a strong recovery in Reliance Industries and Jio Financial Services, whose shares have risen by 25 per cent and 29 per cent from their recent lows, respectively. Despite the upswing, Ambani’s net worth is still approximately 20 per cent below his record of $120.8 billion, set on July 8, 2024.   

 

Gautam Adani net worth climbs, still 57 per cent below 2024 peak

 

Gautam Adani, chairman of the Adani Group and India’s second-richest person, has also benefited from the rally. His net worth reached $61.8 billion. However, he remains 57 per cent below his all-time high of $120.8 billion, recorded on June 3, 2024.   

 

Dilip Shanghvi and Sunil Mittal net worth nears all-time highs

 

Sun Pharmaceutical’s Dilip Shanghvi and Bharti Airtel’s Sunil Mittal saw gains of more than $4.9 billion each, pushing their net worth to $28.8 billion and $27.4 billion, respectively. Shanghvi is now 10 per cent below his previous high, while Mittal is just 1 per cent short of his personal record as of September 2024.

 

Radhakishan Damani and Savitri Jindal see strong wealth surge

 

Other prominent names such as Radhakishan Damani (Avenue Supermarts), Savitri Jindal (India’s richest woman), and Shiv Nadar (HCL Technologies) also experienced significant increases. Damani’s net worth rose to $31.7 billion; Jindal gained $4.6 billion to hit $36.4 billion; and Nadar added $4.5 billion, reaching $35.4 billion.   

   

Lakshmi Mittal and Uday Kotak net worth hits lifetime highs

 

Lakshmi Mittal, chairman of ArcelorMittal, and Uday Kotak, former MD of Kotak Mahindra Bank, have fully recovered from earlier losses. Mittal’s net worth now stands at $22.8 billion, and Kotak’s at $16.6 billion — both at all-time highs after gaining $3.7 billion and $3.1 billion, respectively, since January 2025.

 

IndiGo, Eicher Motors founders recover wealth in market rally

 

Rakesh Gangwal and Rahul Bhatia, co-founders of IndiGo’s parent company InterGlobe Aviation, have seen their fortunes climb back to $7.09 billion and $9.97 billion respectively, nearing previous highs. Eicher Motors founder Vikram Lal has also recovered lost ground and reached a new peak. Murali Divi of Divi’s Laboratories is within 4 per cent of his December 2024 high, Bloomberg index reported.

 

Some Indian billionaires still far from recovery

 

Despite the broad market recovery, some Indian billionaires remain well below their historic valuations. Zydus Lifesciences’ Pankaj Patel and DLF’s KP Singh are still down 45 per cent from their 2024 highs of $12.3 billion and $20.9 billion, respectively. Cyrus Poonawalla, chairman of the Serum Institute of India, is off 27 per cent from his peak, while Macrotech Developers’ Mangal Prabhat Lodha and Britannia Industries’ Nusli Wadia are each about 22 per cent below their previous highs.