EVER SINCE the Covid-19 pandemic changed the rules of the game forever, the Indian economy has been navigating one challenge after another. The Russia-Ukraine conflict, the U.S. tariff tantrums, and then the U.S.-Iran conflict — all of them came almost like missiles hurled at the economy. Indian companies were repeatedly forced back to the drawing board to reassess their strategy and undertake course corrections wherever needed. Amid all this, India Inc. and its leaders had to ensure shareholder wealth was protected and companies remained on a sustainable growth and profit path. This cocktail of uncertainties has tested Indian business leaders constantly, but as the saying goes — when the going gets tough, the tough get going. That’s what seems to have happened for India’s richest as this year’s annual list of India’s Top 100 Billionaires shows.

Despite the turbulent global economic environment and the headwinds, India’s top billionaires have, in fact, fared well and have not only protected their wealth, but added to it. The cumulative wealth of the Top 100 rose by ₹3.96 lakh crore over the past year to touch ₹90.98 lakh crore, or a shade over 26% of India’s GDP. That’s indeed commendable, given the headwinds India Inc. has been facing, and evidence that India’s entrepreneurial energy is in fine fettle. Another interesting angle — as evidenced by Fortune India’s 40 Under 40 list of 2026 — is that Indian family businesses are witnessing the emergence of the next generation of leaders. Across business groups, bright young leaders are taking charge and venturing into new areas apart from the sectors where they already operate. And, as H.M. Bangur of Shree Cement tells V. Keshavdev, who put together this list, while legacy sectors continue to grow, sectors like services and technology are driving wealth creation. However, despite the increase in cumulative wealth in rupee terms, the sharp decline in the rupee versus the dollar over the past year has meant that in dollar terms, the wealth of the Top 100 has actually declined by $59 billion to $956 billion, after two consecutive years of going beyond the trillion-dollar threshold.

Billionaires with diversified businesses topped the list in terms of representation, together with pharma, with 20 each. Value-wise, however, diversified houses ended up on top with a hefty ₹36.18 lakh crore of combined wealth. Mukesh Ambani tops this year’s list, followed by Gautam Adani, Savitri Devi Jindal, Shapoor Mistry and family, and Sunil Mittal and family to make up the top 5. There are 13 new entrants this year, from sectors as diverse as gems and jewellery, metals and mining, finance and logistics, proof that India’s growth story is getting diversified across sectors.

The Billionaires list apart, I would urge you to read Ajita Shashidhar’s story on Reliance-controlled JioStar and how Uday Shankar, the journalist-turned-media mogul running it, is attempting to rewrite the rules of the media game with a sharp focus on content commerce. JioHotstar, the company’s profitable streaming service, has already made interesting beginnings on this front and Shankar is hunting for more monetisable avenues every day. We also take stock of two high-profile CEO exits — Tata Sons chairman Natarajan Chandrasekaran and Sashidhar Jagdishan, MD & CEO of HDFC Bank — both of whom chose not to offer themselves for reappointment as their terms draw to a close. Each had a different reason for moving on, but the impact on their institutions and their future will be far-reaching.