How Fortune India curated the ranking of India's top billionaires in 2025

THE INDIA’S TOP 100 Billionaires list by Fortune India is a curated ranking of the country’s top billionaires presented in association with Waterfield Advisors. The list is a ranking of the wealth of entrepreneurs of listed and unlisted companies. In the case of families where there is no formal split despite individual members running independent businesses, the wealth is consolidated with the current head of the family or the immediate successor. In most cases, the wealth of siblings and spouses is clubbed together. In the case of business houses, where there are cross-holdings among listed and unlisted entities, the highest value has been considered. For instance, if a promoter’s listed entity (A) holds a stake in another listed entity (B) of the same group, and, if the promoter’s holding value in A is lower than the holding value of A in B, we have considered the value of A’s holding in B. In the case of businesspeople running listed entities, the wealth estimate, excluding pledged holdings, is based on stock prices as on June 30, 2025; shareholding is as of December 2024. The rupee-dollar exchange rate is ₹85.76, as on June 30, 2025. We also invited entrepreneurs for details of their listed and unlisted assets through an online survey, besides seeking additional information regarding investments outside listed businesses — such as stakes in other public companies (where the holding is less than 1%) and in other private entities/ startups, real estate, automobiles, jewellery, overseas assets, cryptos, etc. In instances where the entity is unlisted, we have used the price-to-earnings (PE) multiple of the respective sector, and financials for FY24. In the absence of an industry index, we have considered the PE multiple of the closest listed company from the same industry, sector, or line of business. In some instances, market cap-to-sales or similar ratios have been considered. Our valuation for startups is based on the last available equity financing round as disclosed by Tracxn, the Bengaluru-based database provider. The primary list is confined to Indian citizens and families domiciled in the country or those who derive a vast majority of their wealth from businesses within India. Given the dynamic nature of equity markets, wealth estimates will vary from the published list. While the list is a comprehensive ranking of the country’s richest billionaires, there may be several businessmen and families whose wealth may not have been adequately captured by Capitaline and other databases, often because either their details are not filed with the Registrar of Companies or are filed way beyond the stipulated deadline or the record date of this list. Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.

How Fortune India curated the ranking of India's top billionaires in 2025

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