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In a year marked by geopolitical uncertainty and expensive equity valuations, a number of Indian billionaires have seen a sharp rise in their fortunes. While foreign and retail investors adopted a cautious stance and mutual funds sat on significant cash reserves, some major Indian business figures experienced substantial gains in personal wealth during the first half of 2025, according to Bloomberg Billionaire Index data.

At the forefront of this wealth upswing is Satyanarayan Nuwal, Co-founder and Chairman of Solar Industries India. Nuwal’s net worth soared by more than 78 per cent to $7.90 billion, representing the sharpest increase among his peers. The company's stock delivered an 81 per cent gain in 2025 alone, building on previous strong performances, 45 per cent in 2024 and 54 per cent in 2023. Based in Nagpur, Solar Industries manufactures explosives, ammunition, drones, and detonators. The firm’s extensive order pipeline, valued at around Rs 17,000 crore, with Rs 15,000 crore linked to defence contracts, has driven bullish investor sentiment.

Solar Industries projects revenue of Rs 100 billion for FY26, marking a 33 per cent rise over FY25. Of that, Rs 30 billion is expected from defence-related business. The company also forecasts 15–20 per cent growth in its explosives division.

Mittal Brothers Among Top Gainers

Sunil Mittal, Bharti Airtel’s Chairman, saw his net worth climb over 27 per cent to $30.40 billion. The telecom major’s stock has rallied by the same margin this year, following robust growth in previous years. Analysts credit strong subscriber growth and recent tariff hikes as key drivers of Airtel’s bullish performance.

Lakshmi Mittal, who chairs ArcelorMittal, also saw his fortune increase by more than 26 per cent, with his company’s shares gaining over 20 per cent. This growth came despite investor concerns about rising European tariffs potentially impacting the firm’s profit margins.

Other Major Wealth Climbers

Several other Indian business leaders have seen double-digit increases in net worth. Rahul Bhatia of IndiGo added nearly 25 per cent, reaching $10.8 billion. Reliance Industries Chairman Mukesh Ambani posted a 22 per cent rise, while Avenue Supermarts’ Radhakishan Damani gained 21 per cent.

Benu Bangur (Shree Cement) and Uday Kotak (Kotak Mahindra Bank) also posted increases exceeding 20 per cent. Other notable gainers included Vikram Lal (Eicher Motors) and Nusli Wadia (Britannia Industries), both up 16 per cent, Rakesh Gangwal (InterGlobe Aviation) up 14.5 per cent, Kumar Mangalam Birla (Aditya Birla Group) up 11.4 per cent, Murli Divi (Divi’s Laboratories) up 10 per cent, and Gautam Adani (Adani Group) with a 9 per cent increase.

Wealth Declines: Ravi Jaipuria Hit Hardest

Not all billionaires fared well. Ravi Jaipuria, Chairman of RJ Corp, saw the steepest decline, with his wealth shrinking by 24.6 per cent. The drop followed a 28.5 per cent fall in the stock price of Varun Beverages, a PepsiCo franchisee.

Other billionaires facing downturns include Dilip Shanghvi (Sun Pharma), whose wealth fell over 10 per cent, Azim Premji (Wipro) and Shapoor Mistry (Tata Sons), both down nearly 8 per cent, and Shiv Nadar (HCL Technologies) with a drop exceeding 6 per cent.