As industry veterans like Reliance Industries Chairman Mukesh Ambani, Adani Group founder Gautam Adani, and the Savitri Jindal family top the Forbes India Rich List for 2025, a few new entrants have made their debut on the billionaires list.
The Doshi Siblings of Waaree Energies, Alpana Dangi of Authum Investment and Infrastructure, and Sunil Vachani of Dixon Technologies have joined the billionaires’ club this year.
Who are the three new Indian billionaires?
1. Doshi Siblings (Waaree Energies): The Doshi Siblings, comprising Hitesh Doshi, the Chairman and Managing Director of the renewable energies giant Waaree Energies, along with brothers Pankaj, Kirit, and Viren Doshi, have successfully made their way to the Forbes India Rich List 2025 for the first time this year.
Mumbai-based Waaree Energies is India’s largest solar panel manufacturer with an installed capacity of 13.3 gigawatts as of June 2024. The renewable energy company has manufacturing facilities in Chikhli, Surat, Tumb, and Nandigram in Gujarat, as well as in Noida, according to its website.
According to BSE data, Hitesh Doshi and his brothers all hold promoter stakeholding and key managerial positions in the company. Waaree Energies’ 45.88% shareholding is held by the promoter group shareholders, specifically the Doshi family. The company has a market capitalisation (M-Cap) of ₹96,188.56 crore as of the stock market close on 9 October 2025.
2. Alpana Dangi (Authum Investment and Infrastructure): Alpana Dangi is the largest shareholder and a board member of the finance and investment firm Authum Investment and Infrastructure.
According to the company’s official website, it is involved in an equity investment business. They also acquired two large non-banking financial companies to scale up credit operations.
NSE data shows that Alpana Dangi holds a 65.30% stake among the promoters of Authum Investment and Infrastructure, while the company’s market capitalisation stood at ₹55,879.04 crore as of the stock market close on Thursday.
3. Sunil Vachani (Dixon Technologies): Dixon Technologies founder Sunil Vachani was the third new billionaire to mark his first step into the Forbes India Rich List for 2025.
Sunil Vachani holds 2.13% of Dixon Technologies as part of the promoter shareholder group. The company’s stock price stood at ₹17,083 as of 9 October 2025 and its M-Cap at more than ₹1.03 lakh crore as of Thursday’s market close.
Dixon Technologies is one of India’s largest EMS providers, which offers end-to-end design and manufacturing solutions for both global and domestic brands.
Top 10 Indian billionaires (as per Forbes list)
1. Mukesh Ambani (Reliance) – Net worth of $105 billion.
2. Gautam Adani & family (Adani Group) – Net worth of $92 billion
3. Savitri Jindal & family (Jindal Group) – Net worth of $40.2 billion
4. Sunil Mittal & family (Bharti Airtel) – Net worth of $34.2 billion
5. Shiv Nadar (HCL Enterprise) – Net worth of $33.2 billion
6. Radhakishan Damani & family (DMart) – Net worth of $28.2 billion
7. Dilip Shanghvi & family (Sun Pharmaceutical) – Net worth of $26.3 billion
8. Bajaj family (Bajaj Group) – Net worth of $21.8 billion
9. Cyrus Poonawalla (Serum Institute of India) – Net worth of $21.4 billion
10. Kumar Mangalam Birla (Aditya Birla Group) – Net worth of $20.7 billion.
Even though Mukesh Ambani successfully ranked as the richest billionaire in India, the oil-to-telecoms conglomerate owner’s net worth dropped 12% or nearly $14.5 billion in 2025, compared to the previous year.
According to a Forbes report, the combined wealth of India’s 100 richest individuals dropped by 9% or nearly $100 billion to $1 trillion. The report cited the weakness in the Indian rupee along with the drop in the benchmark equity indices since the previous year’s levels. This means that two-thirds of the billionaires who made it to the Forbes India Rich List 2025 are reportedly less wealthy than they were in 2024.