The Rs 26 lakh crore surge: Meet India’s next-gen wealth creators: Jupiter Wagons, Adani Ports, Sun Pharma among top 10

The man behind it is Vikash Lohia, a second-generation leader who serves as Deputy Managing Director. He inherited a small-scale railcar business and turned it into a listed enterprise worth over Rs 10,736 crore.

The list recognises next-generation leaders under the age of 50 who run family-owned, listed businesses, and ranks them by how many times over they grew their company’s market capitalisation between March 2020 and March 2026.

The top of the table

According to the report, Vikash Lohia of Jupiter Wagons leads with a 152.8x growth multiple. Behind him, in a tie at second place, are Amit Dahanukar of Tilaknagar Industries, a fourth-generation leader of a 93-year-old liquor company, and Abhyuday Jindal of Jindal Stainless, a third-generation leader in steel, both having delivered a 52.5x growth multiple.

Fourth on the list is Ashim Sarin of real estate firm Anant Raj, with a 34.4x multiple, followed by Prasan Abhaykumar Firodia of Force Motors at 34.3x, the report noted. 

Rs 26 lakh crore added in six years

Together, the 63 individuals from 50 companies on the list grew their combined enterprise value from Rs 4.6 lakh crore in March 2020 to over Rs 30.9 lakh crore by March 2026, marking a 6.7x increase, the report added. In absolute terms, that is Rs 26.3 lakh crore in new market value created over six years.

The report further noted that the Nifty 50 grew 3x over the same period, the BSE Sensex grew 2.8x, and India’s nominal GDP expanded 1.6x. The companies on this list grew roughly 2.3 times faster than the Nifty.

Their combined market capitalisation of Rs 30.9 lakh crore is larger than the entire national GDPs of Portugal, Chile, or Finland.

The biggest wealth creators in Rupee terms

According to the report, when measured not by growth multiple but by the absolute rupees added, a different set of names rises to the top. Karan Adani, second-generation Managing Director of Adani Ports & SEZ, added Rs 2,67,525 crore in value, taking the company’s enterprise value from Rs 42,149 crore to Rs  3,09,674 crore.

Aalok Shanghvi and Vidhi Shanghvi of Sun Pharmaceutical Industries are second with Rs 1,72,135 crore added, and Priya Agarwal Hebbar of Hindustan Zinc is third with Rs 1,56,991 crore. Sudarshan Venu of TVS Motor Company added Rs 1,49,770 crore, and Varun Jaipuria of Varun Beverages added Rs 1,14,421 crore, the report noted. 

The most valuable companies

By current market capitalisation, Sun Pharmaceutical Industries leads the list at Rs 4,22,007 crore. Adani Ports & SEZ is second at Rs  3,09,674 crore, and Hindustan Zinc is third at Rs 2,09,998 crore, according to the report. TVS Motor Company and Torrent Pharmaceuticals round out the top five.

Ten women, Nine companies

The report further noted that ten women feature across nine companies on the list. Their combined market capitalisation exceeds Rs 8.16 lakh crore.

Rama Kirloskar of Kirloskar Brothers, a 5th-generation leader aged 36, tops the women’s sub-ranking with a 17.7x growth multiple. She runs a 138-year-old industrial company. Soumya Chava of Laurus Labs is second at 16.2x, and Avarna Jain of Saregama India is third at 14.8x.

Pavitra Shankar and Nirupa Shankar of Brigade Enterprises are described as India’s only all-women succession pair, jointly leading a real estate business with a market cap of Rs 15,798 crore. Avantika Saraogi of Balrampur Chini Mills, at 34, is the youngest woman on the list, as per the report. 

Sector Breakdown: Automobiles lead, Healthcare punches above its weight

The report also added that the Automobile & Auto Components sector has the highest number of companies on the list, with nine, including TVS Motor Company, Samvardhana Motherson International, and Bharat Forge. 

Healthcare follows with six companies but commands the highest cumulative market cap among sectors at Rs 7.26 lakh crore, driven largely by Sun Pharmaceutical Industries. Industrial Products also has six companies, including Jupiter Wagons, KEI Industries, and Polycab India.

The Delhi-Mumbai debate 

Mumbai and New Delhi are tied as the top cities, each home to six company headquarters on the list. Mumbai’s six companies are significantly more valuable, with a combined market cap of Rs 6.5 lakh crore, compared to New Delhi’s Rs 2.4 lakh crore.

Ahmedabad, Bengaluru, and Kolkata follow with five companies each. At the state level, Maharashtra leads with nine companies and a combined market cap of Rs 7.7 lakh crore. Gujarat and Delhi are tied at second with six companies each.

From 28-year-olds to century-old companies

The youngest person on the list is Chaitanya Jalan of Ramkrishna Forgings, aged 28, who joined the family business at 18 and has helped deliver a 17.2x growth multiple alongside his father, Naresh Jalan, the report noted. The average age across the list is 42.

The oldest company is Muthoot Finance, founded in 1887, now 139 years old, and run by fourth-generation leaders. The newest is Adani Realty, founded in 2010. Seven companies on the list are over 100 years old, as per the report.

Revenue, profits, and jobs

Collectively, the 50 companies generate Rs 8,20,015 crore in annual revenue and Rs 90,168 crore in net profit. The report further added that these companies employ over 8.60 lakh people. The largest employer is Samvardhana Motherson International, with 1,27,886 employees.

According to the report, Adani Ports leads on net profit at Rs 11,061 crore, followed by Sun Pharmaceutical Industries at Rs 10,980 crore and Hindustan Zinc at Rs 10,353 crore.

On revenue growth, Adani Realty tops the chart at 70.3% year-on-year, followed by Saregama India at 41.9% and Anant Raj at 38.1%.

Global reach

Sun Pharmaceutical Industries earns 75% of its revenue from exports, as per the report. Ajanta Pharma is at 68%, RP-Sanjiv Goenka Group and HEG at 67%, and Laurus Labs at 65%. Thirty-seven of the 50 companies export, collectively earning an estimated Rs 1.59 lakh crore from overseas markets.