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India's Top 100 Billionaires - A Fortune India - Waterfield Advisors Ranking

Fortune India & Waterfield Advisors

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19 August 2025

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The verdict is in. India's wealthiest have weathered a perfect storm of market volatility, currency fluctuations, and global uncertainty, and they're still standing strong. Unlike the previous editions of our rich list, this year's exclusive ranking of India's Richest is restricted to the top 100 billionaires who represent the apex of Indian entrepreneurship and business acumen.

This year, the total number of billionaires dropped from last year’s 185 to 182 individuals who met the ₹8,576 crore threshold. Nonetheless, the competition for the coveted top 100 spots intensified and the entry threshold climbed to ₹24,283 crore, a significant jump from last year's ₹22,739 crore entry point, signaling that even among the ultra-elite, the bar continues rising.

Market realities shaped this year's landscape in unprecedented ways. For the first time in three years, the collective worth of India's top 100 dropped $28 billion. The culprits were clear: a rupee that weakened from 83.96 to 85.76 against the dollar, combined with a Nifty that managed barely 1% growth. In this challenging environment, wealth creation became highly selective, with only 46 billionaires expanding their fortunes, a stark contrast to the 88 who succeeded in 2024.

Notwithstanding the market turmoil, India's ultra-wealthy maintain their trillion-dollar club status at $1.015 trillion. The triumvirate that has dominated India's wealth rankings — Mukesh Ambani, Gautam Adani, and the Mistry family — maintains its grip this year on the top three positions. Sunil Mittal emerged as this year's standout performer, and Kumar Mangalam Birla orchestrated his entry into the exclusive top 10 club.

This list is a mirror reflecting India's economic evolution. As we maintain our position as the world's fastest-growing major economy, these business titans proved that sustainable wealth creation means building ships that can navigate any storm, even when the going gets tough.

RankNameValue (Rs Crore)ChangeValue ($BN)Change ($BN)FLAGSHIP COMPANIES/ HOLDINGSSECTOR
20252024Change (count)20252024₹ Crore%20252024$ Billion%
110Mukesh Ambani949,6881,050,715-101,027-9.62110.74125.15-14.41-11.52Reliance Industries, Jio
Financial Services
Diversified
220Gautam Adani911,0581,040,212-129,154-12.42106.23123.90-17.67-14.26Adani Enterprises, Adani
Ports & Special Economic
Zone, Adani Power, Adani
Green Energy, Ambuja
Cements, Adani Energy
Solutions, Adani Total Gas,
AWL Agri Business, ACC,
NDTV
Diversified
330Shapoor Mistry, Firoz
Mistry, Zahan Mistry
& family
322,341364,932-42,591-11.6737.5943.47-5.88-13.53Tata Sons, Afcons
Infrastructure , Sterling &
Wilson Renewable Energy
Diversified
484Sunil Mittal & family315,310231,17684,13436.3936.7727.549.2333.52Bharti Airtel, Bharti
Hexacom, Indus Towers
Telecom
54-1Savitri Devi Jindal288,304277,58810,7163.8633.6233.060.551.68JSW Steel, Jindal Steel &
Power, JSW Energy, JSW
Infra, Jindal Stainless,
JSW Holdings, Jindal Saw,
JSW Paints, JSW Projects,
JSW Cement, JSW Techno
Projects, Nalwa Sons
Investments, Hexa Tradex
Diversified
65-1Shiv Nadar*285,497275,8009,6973.5233.2932.850.441.34HCL Technologies, HCL
Infosystems
IT
76-1Radhakishan Damani227,543254,479-26,936-10.5826.5330.31-3.78-12.47Avenue Supermarts, Bright
Star Investments, NSE
Retail
87-1Dilip Shanghvi & family218,963232,033-13,069-5.6325.5327.64-2.11-7.62Sun Pharmaceutical
Industries, Sun Pharma
Advanced Research
Company, Suzlon Energy
Pharmaceuticals,
Energy
9134Kumar Mangalam Birla209,166165,06844,09726.7124.3919.664.7324.05Grasim Industries,
Hindalco Industries, Essel
Mining & Industries, Aditya
Birla Fashion & Retail,
UltraTech Cement, Aditya
Birla Capital, Birla Carbon
India, Aditya Birla Real
Estate, Century Enka
Diversified
10122Shekhar Bajaj, Niraj
Bajaj, Rajiv Bajaj &
Sanjiv Bajaj
206,886171,72035,16620.4824.1220.453.6717.94Bajaj Finserv, Bajaj Holdings
& Investment, Bajaj Auto,
Bajaj Electricals, Mukand
Diversified
119-2Azim Premji184,733202,969-18,236-8.9821.5424.18-2.64-10.90Wipro, Wipro EnterprisesIT
1211-1Cyrus Poonawalla157,849171,990-14,140-8.2218.4120.49-2.08-10.15Serum Institute of India,
Poonawalla Fincorp
Pharmaceuticals,
Finance
13141Kushal Pal Singh153,571159,053-5,482-3.4517.9118.94-1.04-5.48DLFRealty
14151Sudhir Mehta & Samir
Mehta
133,198141,694-8,495-6.0015.5316.88-1.35-7.97Torrent Pharmaceuticals,
Torrent Power, Torrent Gas
Pharmaceuticals,
Energy
15NAPNEWJamshyd Godrej &
Smita Godrej Crishna**
125,411NAPNAPNAP14.62NAPNAPNAPGodrej & Boyce
Manufacturing Company
Consumer
Durables
16259Satyanarayan Nuwal &
Kailashchandra Nuwal
115,76569,42046,34566.7613.508.275.2363.25Solar Industries IndiaChemicals
(Industrial
Explosives)
17192Uday Kotak111,37791,66519,71221.5012.9910.922.0718.95Kotak Mahindra BankBFSI
1817-1Madhukar Parekh &
family
108,236108,666-430-0.4012.6212.94-0.32-2.49Pidilite Industries, Vinyl
Chemicals (India)
Chemicals
1916-3Ravi Kant Jaipuria105,730129,456-23,726-18.3312.3315.42-3.09-20.05Varun Beverages, Devyani
International
FMCG
2018-2Mangal Prabhat Lodha99,47996,5562,9233.0311.6011.500.100.86Lodha Developers (Formerly
Macrotech Developers)
Realty
21298Murali K. Divi93,81163,86829,94346.8810.947.613.3343.79Divi’s LaboratoriesPharmaceuticals
22319Rahul Bhatia82,53862,39220,14632.299.627.432.1929.51InterGlobe AviationAviation
2321-2M.M. Murugappan &
family
78,16084,318-6,158-7.309.1110.04-0.93-9.25Tube Investments of India,
Cholamandalam Investment
& Finance Company,
Carborundum Universal,
EID Parry (India), Parry Agro
Industries
Diversified
248157Manohar Lal &
Madhusudan Lal
77,98228,81949,162170.599.093.435.66164.89Haldiram SnacksFMCG
253611George Jacob Muthoot
& family
77,31453,98123,33343.229.026.432.5940.21Muthoot FinanceBFSI
2620-6Pankaj Patel76,19091,181-14,991-16.448.8810.86-1.98-18.20Zydus Lifesciences, Zydus
Wellness
Pharmaceuticals
27281Vikram Lal76,12364,84811,27517.398.887.721.1514.92Eicher MotorsAutomobile
2822-6Hasmukh Chudgar &
family
71,05075,115-4,065-5.418.288.95-0.66-7.40Intas PharmaceuticalsPharmaceuticals
29356Benu Gopal Bangur70,04055,65014,39125.868.176.631.5423.21Shree CementCement
30NAPNEWAdi Godrej & Nadir
Godrej**
68,781NAPNAPNAP8.02NAPNAPNAPGodrej Consumer Products,
Godrej Industries, Godrej
Properties, Godrej Agrovet
Diversified
31332Girdharilal Bawri,
Banwarilal Bawri &
Rajendra Agarwal
63,67161,6002,0723.367.427.340.091.19Macleods PharmaceuticalsPharmaceuticals
3223-9Mohit Burman & Burman
family
62,77374,003-11,230-15.187.328.81-1.49-16.96Dabur India, Religare
Enterprises, Eveready
Industries India, Talbros
Automotive Components,
Eldeco Housing & Industries
Diversified
3327-6Inder T. Jaisinghani62,13365,997-3,864-5.867.247.86-0.62-7.84Polycab IndiaConsumer
Electricals
34417Sanjiv Goenka61,02750,70410,32320.367.126.041.0817.83CESC, Firstsource Solutions,
Saregama India, PCBL
Chemical, Spencer’s Retail
Diversified
35427Vivek Jain59,05148,10010,95122.776.895.731.1620.18Gujarat Fluorochemicals,
Inox Wind Energy, Inox Wind
Diversified
36NAPNEWHitesh Chimanlal Doshi57,979NAPNAPNAP6.76NAPNAPNAPWaaree EnergiesCapital Goods
(Renewables)
3724-13Anil Rai Gupta57,83869,891-12,053-17.256.748.32-1.58-18.99Havells IndiaConsumer
Electricals
385113Vijay Chauhan57,39843,78913,60931.086.695.221.4828.32Parle BiscuitsFMCG
3926-13Vivek Chaand Sehgal56,46468,167-11,703-17.176.588.12-1.54-18.91Samvardhana Motherson
International, Motherson
Sumi Wiring
Auto Ancillaries
40400Harsh Mariwala & family55,27050,7304,5408.956.446.040.406.66MaricoFMCG
4137-4Nusli Wadia54,40553,6497561.416.346.39-0.05-0.72Britannia Industries,
Bombay Burmah Trading
Corporation, Bombay
Dyeing & Manufacturing
Company, National Peroxide
Diversified
425715Nithin Kamath & Nikhil
Kamath
52,17841,52010,65925.676.084.951.1423.03Zerodha BrokingDigital Platforms
43463Venu Srinivasan51,90246,2485,65412.236.055.510.549.86TVS Motor CompanyAutomobile
4443-1Kuldip Singh Dhingra
& Gurbachan Singh
Dhingra
51,85148,0613,7907.896.055.720.325.62Berger Paints IndiaFMCG
4534-11Rekha Rakesh
Jhunjhunwala & family
51,44358,471-7,028-12.026.006.96-0.97-13.87Titan Company, Star
Health & Allied Insurance
Co, Tata Motors, Escorts
Kubota, Fortis Healthcare,
Metro Brands, Inventurus
Knowledge Solutions
Investing
4639-7Ramesh Juneja & Rajeev
Juneja
50,17850,770-592-1.175.856.05-0.20-3.25Mankind PharmaPharmaceuticals
4730-17Late Ashwin Suryakant
Dani & family
49,59262,431-12,839-20.575.787.44-1.65-22.24Asian Paints, Sattva Holding
& Trading
FMCG
4838-10P.P. Reddy & P.V. Krishna
Reddy
47,50852,987-5,479-10.345.546.31-0.77-12.23Megha Engineering &
Infrastructures
Construction
49534Vikas Oberoi46,96043,4903,4707.985.485.180.305.71Oberoi RealtyRealty
5012474A. Krishnamoorthy45,52016,22729,292180.515.311.933.37174.61Simpson & Company,
Amalgamations Valeo
Clutch, United Nilgiri Tea
Estates Company, IP Rings,
Bimetal Bearings
Diversified
519241Balasubramanian
Prabhakaran
44,70025,59419,10674.655.213.052.1670.98Thriveni EarthmoversCapital Goods
(Heavy
Engineering
Equipment)
526311Nirmal K. Minda43,60336,5307,07319.365.084.350.7316.85UNO MindaAuto Ancillaries
5344-9Irfan Razack, Rezwan
Razack & Noaman
Razack
43,53247,690-4,158-8.725.085.68-0.60-10.64Prestige Estates ProjectsRealty
54562Leena Tewari43,09542,0861,0092.405.035.010.010.24USVPharmaceuticals
557217Abhay Firodia42,69531,60311,09235.104.983.761.2132.26Force Motors, Bajaj Finserv,
Bajaj Auto, Bajaj Holdings &
Investment
Automobile
56648Santhanam Viji42,06235,9946,06916.864.904.290.6214.40Brakes India, Sundaram
Finance, Sundaram Finance
Holdings, Wheels India
Auto Ancillaries,
BFSI
5750-7Manju Deshbandhu
Gupta family
41,55244,670-3,118-6.984.855.32-0.48-8.94LupinPharmaceuticals
5848-10Pawan Munjal40,17445,190-5,016-11.104.685.38-0.70-12.97Hero MotoCorp, Hero
FinCorp, Munjal Auto
Industries, Munjal Showa
Automobile
5955-4Dilip Surana &
Anand Surana
38,20442,404-4,199-9.904.455.05-0.60-11.80Micro LabsPharmaceuticals
607414Lachhman Das Mittal38,07131,4066,66621.224.443.740.7018.67International TractorsAutomobile
618423Arun Bharat Ram36,26927,8698,40030.144.233.320.9127.40SRFChemicals
(Specialty
Chemicals)
6245-17Mahendra Chimanlal
Choksi
36,00046,864-10,864-23.184.205.58-1.38-24.80Asian PaintsFMCG
63NAPNEWB. Partha Saradhi Reddy
& family
35,740NAPNAPNAP4.17NAPNAPNAPHetero LabsPharmaceuticals
6454-10Yusuf Hamied & family35,47842,611-7,133-16.744.145.08-0.94-18.49CiplaPharmaceuticals
657813Sunil Vachani35,14729,9435,20417.384.103.570.5314.91Dixon Technologies (India)Consumer (B2B)
6661-5Baba Kalyani35,09337,556-2,463-6.564.094.47-0.38-8.52Bharat Forge, Hikal,
Automotive Axles, BF
Utilities, Kalyani Steels
Diversified
6749-18Nehal, Bhairavi, Vivek
-Abhay Vakil family
34,49644,906-10,410-23.184.025.35-1.33-24.80Asian PaintsFMCG
6859-9Rajan Raheja33,52640,046-6,520-16.283.914.77-0.86-18.04Exide Industries, Prism
Johnson, Supreme
Petrochem, Sonata
Software, Asianet Satellite
Communications
Diversified
6966-3Acharya Balkrishna33,47335,346-1,874-5.303.904.21-0.31-7.29Patanjali Foods, Patanjali
Ayurved
FMCG
7060-10Basudeo Narain Singh
& family
32,85638,520-5,664-14.703.834.59-0.76-16.50Alkem LaboratoriesPharmaceuticals
719019Harsh Goenka32,29526,2995,99522.803.773.130.6320.21KEC International,
Zensar Technologies,
CEAT, RPG Life Sciences,
Raychem-RPG
Diversified
72808Shyam Bhartia &
Hari Bhartia
31,61829,5092,1097.153.693.510.174.89Jubilant FoodWorks, Jubilant
Ingrevia, Jubilant Pharmova
Diversified
739623Falguni Nayar & family31,08424,4866,59826.953.622.920.7124.27FSN E-Commerce Ventures
(Nykaa)
Digital Platforms
74NAPNEWSurender Saluja30,726NAPNAPNAP3.58NAPNAPNAPPremier EnergiesCapital Goods
7532-43Karsanbhai Patel30,63261,901-31,268-50.513.577.37-3.80-51.55Nirma, Alivus Life Sciences,
Nuvoco Vistas Corporation
Diversified
76760Sanjeev Bikhchandani30,54030,571-31-0.103.563.64-0.08-2.20Info Edge (India)Digital Platforms
779720Prathap C. Reddy30,38023,6756,70528.323.542.820.7225.62Apollo Hospitals EnterpriseHealthcare
789315Kiran Mazumdar-Shaw29,85025,3574,49317.723.483.020.4615.24BioconPharmaceuticals
7911031Abhay Soi29,43020,4219,00944.123.432.431.0041.09Max Healthcare InstituteHealthcare
80899Anurang Jain29,24426,4442,80010.593.413.150.268.26Endurance TechnologiesAuto Ancillaries
8165-16T.S. Kalyanaraman29,07635,723-6,648-18.613.394.26-0.86-20.32Kalyan Jewellers IndiaGems & Jewellery
8275-7Salil Singhal28,68831,025-2,338-7.533.353.70-0.35-9.48PI IndustriesChemicals (Agro)
8377-6G.V. Prasad & Satish
Reddy families
28,53030,195-1,665-5.513.333.60-0.27-7.50Dr Reddy’s LaboratoriesPharmaceuticals
8410016Anand Deshpande28,37122,7395,63224.773.312.710.6022.14Persistent SystemsIT
8513045Devi Prasad Shetty28,32915,43812,89283.513.301.841.4679.65Narayana HrudayalayaHealthcare
8662-24P.V. Ramprasad Reddy28,30136,973-8,673-23.463.304.40-1.10-25.07Aurobindo PharmaPharmaceuticals
8771-16Arvind Poddar27,56431,884-4,320-13.553.213.80-0.58-15.37Balkrishna IndustriesAuto Ancillaries
8810315K. P. Ramasamy27,56121,5985,96327.613.212.570.6424.92KPR MillTextiles
8968-21Bajranglal Taparia27,44732,808-5,361-16.343.203.91-0.71-18.10Supreme Industries,
Supreme Petrochem
Plastics
9073-17N. R. Narayana Murthy26,74231,421-4,679-14.893.123.74-0.62-16.68InfosysIT
9169-22G.M. Rao26,58032,575-5,994-18.403.103.88-0.78-20.12GMR Airports, GMR
Kamalanga Energy, GMR
Energy, Delhi Duty Free
Services, GMR Power &
Urban Infra
Airports, Power
9282-10Atul Ruia26,40728,490-2,084-7.313.083.39-0.31-9.26Phoenix MillsRealty
9391-2Balkrishan Goenka25,98925,942470.183.033.09-0.06-1.93Welspun Living, Welspun
Corp, Welspun Enterprises,
Welspun Specialty
Solutions, Welspun
Investments & Commercials
Diversified
94NAPNEWRanjan Pai & family25,899NAPNAPNAP3.02NAPNAPNAPManipal Health EnterprisesHealthcare
9570-25Anu Aga & family25,25032,313-7,063-21.862.943.85-0.90-23.50ThermaxCapital Goods
9679-17S. ‘Kris’ Gopalakrishnan25,14529,568-4,422-14.962.933.52-0.59-16.75InfosysIT
97981Anand Mahindra24,59523,6319634.082.872.810.051.89Mahindra & Mahindra, Tech
Mahindra, Swaraj Engines
Diversified
9886-12Murlidhar
Gyanchandani & family
24,39827,049-2,651-9.802.843.22-0.38-11.70RSPLFMCG
99NAPNEWKamesh Goyal24,310NAPNAPNAP2.83NAPNAPNAPGo Digit General InsuranceBFSI
10011414Yadu Hari Dalmia24,28319,6524,63223.572.832.340.4920.97Dalmia Bharat, Dalmia
Bharat Sugar & Industries
Cement, Sugar

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Waterfield Foundation

CIN NO: U65990MH2020PTC340389

Waterfield Sponsor LLP

LLPIN: ABZ-9314

WATERFIELD INTERNATIONAL IFSC PRIVATE LIMITED

CIN No: U66190GJ2023PTC146493

IFSCA Reg No: IFSCA/FME/II/2025-26/174

Complaint Redressal Officer

Ms. Sweeti Suthar

[email protected]

Complaint Redressal Appellate Officer

Biplab Bhattacharya

[email protected]

Contact No:
+91-22-66210700

Waterfield Fund Managers Private Limited

CIN No: U65990MH2020PTC340389

FOF I - IN/AIF2/21-22/0876 (Category 2 AIF)

Name of the Fund Manager - Waterfield Fund Managers Private Limited

FOF II - IN/AIF2/23-24/1275 (Category 2 AIF)

Name of the Fund Manager - Waterfield Fund Managers Private Limited

Co-PMS - INP000008288

waterfield advisors private limited

CIN No: U74120MH2011PTC220601

Status of complaints

Begining of the month: Nil

Received this month: Nil

Resolved during the month: Nil

Pending at the end of the month: Nil

Reason for pendency: N.A.

Principal Officer

Mr. Vivek Rajaraman
Non-Individual Investment Advisor

Mr. Arun Prakash
Non-Individual Investment Advisor (PMS)

[email protected]
+91-22-66210700

Compliance & Grievance Officer

Ms. Shilpa Dadhich

[email protected]

Investor Grievance

[email protected]

Contact No:
+91-22-66210700

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