The Indian equity markets have experienced a sharp surge since mid-March 2025, driven by renewed foreign investor inflows, easing global trade tensions, and domestic macroeconomic resilience. This rally has significantly boosted the net worth of India’s top billionaires, reversing previous declines and marking a remarkable recovery in personal fortunes. Leading the gains is Mukesh Ambani, whose wealth once again crossed the $100 billion milestone.

Mukesh Ambani Tops $100 Billion Again

Mukesh Ambani, the Chairman of Reliance Industries Ltd (RIL), has seen his net worth surge by nearly $20 billion, rebounding from a March low of $81 billion to more than $100 billion, according to Bloomberg data reviewed by Moneycontrol.

This rebound places him firmly back in the world’s top 16 richest individuals. A strong recovery in Reliance Industries (up 25%) and Jio Financial Services (up 29%) stocks since their lows played a central role in driving this rise.

Despite this impressive rebound, Ambani’s wealth is still about 20% below his record high of $120.8 billion, reached in July 2024.

Gautam Adani’s Wealth Recovers Sharply

Gautam Adani, India's second-richest person, also benefited from the market revival. His net worth jumped by over $14.5 billion, climbing to $77.5 billion. This substantial recovery reflects investor confidence returning to the Adani Group, following previous regulatory and market challenges.

Still, Adani’s wealth is 57% below his peak of $120.8 billion, recorded in June 2024. While the rise is encouraging, it highlights the long road to full recovery in his wealth.

Dilip Shanghvi and Sunil Mittal Close to Record Highs

Sun Pharmaceutical's founder Dilip Shanghvi saw his net worth climb by more than $4.9 billion, reaching $28.8 billion, just 10% below his record high.

Similarly, Sunil Mittal, the head of Bharti Airtel, recorded a similar gain, taking his wealth to $27.4 billion, only 1% away from his all-time peak.

Both leaders have benefited from strong sectoral performances and stable investor sentiment in pharmaceuticals and telecom, respectively.

Notable Wealth Surge Among Other Billionaires

Other significant gainers include:

• Radhakishan Damani, founder of Avenue Supermarts (DMart), whose wealth increased by $4.8 billion to $31.7 billion, though still 27% off his peak.

• Savitri Jindal, India’s richest woman, saw her fortune rise by $4.6 billion to $36.4 billion, now 16% below her peak.

• Shiv Nadar, founder of HCL Technologies, added $4.5 billion, bringing his total wealth to $22.8 billion, 18% shy of his highest level.

Full Recovery for Lakshmi Mittal and Uday Kotak

Lakshmi Mittal, the Chairman of ArcelorMittal, and Uday Kotak, the former MD of Kotak Mahindra Bank, have both fully recovered from their earlier wealth dips.

• Mittal’s net worth rose by $3.7 billion from his January 2025 low, now reaching an all-time high of $22.8 billion.

• Uday Kotak’s wealth has climbed to $16.6 billion, up $3.1 billion from earlier lows, also hitting a new personal record.

These gains are linked to strong performance in global metals and Indian banking sectors, respectively.

Aviation Founders and Auto Tycoon Near All-Time Highs

Rakesh Gangwal and Rahul Bhatia, co-founders of IndiGo (InterGlobe Aviation), are also nearing their wealth peaks again. Each now holds net worths of approximately $7.1 billion, a significant rebound from January 2025 lows.

Similarly, Vikram Lal, founder of Eicher Motors, has regained all lost ground and hit a new wealth record, reflecting the continued success of Royal Enfield and the premium two-wheeler market.

Murali Divi Just Below Peak, Still Gaining

Murali Divi, Managing Director of Divi’s Laboratories, is just 4% short of his peak wealth seen in December 2024. His gains underscore the resilience of the Indian pharma sector, especially companies with global manufacturing capabilities.

Several Billionaires Still Lag Behind

While many have rebounded, others continue to trail significantly behind previous highs:

• Pankaj Patel of Zydus Lifesciences is 45% below his August 2024 peak of $12.3 billion.

• K.P. Singh, Chairman of DLF, is also down 45% from a $20.9 billion valuation in April 2024.

• Cyrus Poonawalla, head of Serum Institute of India, has seen his wealth fall 27% from the top.

• Mangal Prabhat Lodha of Macrotech Developers and Nusli Wadia of Britannia Industries are both around 22% below their record valuations.

These declines are primarily tied to sector-specific pressures, such as real estate, FMCG, and pharmaceuticals, as well as broader market volatility.

Market Rally's Broader Impact

The recent rally is a clear indication of renewed investor confidence in Indian markets. Foreign portfolio investors (FPIs) have been net buyers since March, buoyed by:

• Cooling global inflation

• Reduced geopolitical risks

• Strong corporate earnings in India

This environment has fuelled stock gains across multiple sectors, helping billionaire promoters recover massive wealth in a short span of time.

Conclusion: Uneven but Positive Wealth Recovery

While billionaires like Ambani, Adani, Mittal, and Kotak have seen tremendous gains, many others are still climbing back toward previous highs. The overall picture points to renewed wealth creation among India’s ultra-rich, powered by equity markets, sector-specific rallies, and foreign capital inflows.

However, the pace of recovery varies, and it remains to be seen whether India’s wealthiest can regain their 2024 peaks in full. Regardless, the positive momentum in the markets signals favorable prospects for billionaire wealth in the upcoming quarters.

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