India’s stock markets have boomed since the 1990s, and the broad market indices have grown at a compounded growth rate of around 15 percent since then. While there have been several ups and downs over the years, some people have navigated these movements in the markets better than others, and have made stupendous amounts of money through their stock market investments. These are India’s richest stock market investors and their investment portfolios.
India’s richest stock market investors
1. Radhakishan Damani
Portfolio: Rs. 2,13,968 crore
Radhakishan Damani, born in 1954 in Mumbai, is a prominent Indian investor and entrepreneur, and best known as the founder of DMart, and also India’s richest stock market investor. After dropping out of the University of Mumbai, he entered the stock market as a broker following his father’s death. Damani gained notoriety in the 1990s for his savvy investment strategies, particularly during the Harshad Mehta scam, which allowed him to profit significantly through short-selling. His investment philosophy emphasizes value investing, focusing on companies with strong fundamentals, and he has built a diverse portfolio that includes stakes in firms like VST Industries and Blue Dart Express.
Under Damani’s leadership, DMart has expanded rapidly since its inception in 2002, growing from a single store in Powai to over 300 locations across India. His business acumen and commitment to providing quality products at competitive prices have earned him the title of “Retail King of India.” As of August 2024, Damani’s stock portfolio is worth Rs. 213,968 crore (around $27 billion), making him one of the wealthiest individuals in the country. Despite his success, Damani is known for his humility and private lifestyle, often seen in simple attire, reflecting his belief in hard work and dedication over ostentation.
2. Rakesh Jhunjhunwala & Family
Portfolio: Rs. 47,053 crore
Rakesh Jhunjhunwala (July 5, 1960 – August 14, 2022) was a prominent Indian billionaire investor and stock trader, often referred to as the “Big Bull of India.” His family continues to be India’s second-richest stock market investor. He began his investment journey in 1985 with a modest capital of Rs. 5,000, achieving his first significant profit just a year later. Over the years, Jhunjhunwala’s investments led to an estimated net worth of $5.8 billion at the time of his death, positioning him as the 438th richest person globally. He was a partner in Rare Enterprises, his asset management firm, and held significant stakes in various companies, most notably Titan Company, which became one of his largest investments. Jhunjhunwala was also recognized for his roles as chairperson and director of several firms, including Aptech and Hungama Digital Media, and was a co-founder of low-cost airline Akasa Air.
Born into a Rajasthani Marwadi family in Mumbai, Jhunjhunwala developed an interest in the stock market early in life, inspired by his father’s discussions about investments. He graduated from Sydenham College and later became a Chartered Accountant. Throughout his career, he was known for his bullish market predictions. Jhunjhunwala’s influence extended beyond investing; he was a passionate advocate for India’s economic growth and left a lasting impact on the financial landscape of the country. His death marked the end of an era, as he was celebrated not only for his wealth but also for his vibrant personality and insightful contributions to the investment community
3. Hemendra Kothari
Portfolio: Rs. 8,358 crore
Hemendra Kothari is a prominent figure in the Indian financial landscape, recognized for his pioneering contributions to investment banking and asset management, and is currently India’s third-richest stock market investor. Born into a family with deep roots in the stock exchange, Kothari’s great-grandfather was one of the founders of the Bombay Stock Exchange (BSE) in 1875. This legacy has significantly influenced his career, leading him to establish DSP Investment Managers, which currently manages assets exceeding $15 billion.
Kothari’s success is attributed to his ability to identify market trends and opportunities ahead of his competitors. He emphasizes the importance of investor education and adapting to changing market dynamics, reflecting a commitment to fostering a well-informed investor base. Beyond his professional achievements, Kothari is also known for his philanthropic efforts, particularly in the areas of wildlife conservation and environmental protection. He serves as the Chairman of The Nature Conservancy’s India Advisory Board and is the founder of the Hemendra Kothari Foundation, which assists other NGOs in various domains.
4. Akash Bhanshali
Portfolio: Rs. 7,072 crore
Akash Bhanshali is a prominent Indian investor known for his strategic investments in various sectors, and is currently India’s fourth richest stock market investor. His portfolio of Rs. 7,072 crore includes stakes in 21 companies such as Genus Power Infrastructures, IDFC, and Shilpa Medicare. Bhanshali has gained recognition for his ability to identify high-potential stocks, exemplified by his recent investment in Pan Electronics India, which has seen remarkable returns of over 70% in the current year. His investment approach often involves both acquiring new stakes and adjusting existing ones, as demonstrated by his recent trimming of shares in Arvind Fashions and Genus Power.
Bhanshali’s investment philosophy reflects a keen understanding of market trends and company fundamentals. He has a history of backing companies that show robust growth potential, as evidenced by his involvement in firms like Granules India and Maharashtra Seamless. His strategic decisions are closely monitored by market analysts, given his reputation as a “celebrity investor” who influences stock movements through his buying and selling activities.
5. Mukul Agrawal
Portfolio: Rs. 5,538 crore
Mukul Agarwal began his investment journey in the late 1990s and has since established a substantial portfolio which is worth Rs. 5,538 crore. His investment approach is characterized by a focus on penny stocks with high growth potential, often referred to as “multibaggers.” As of mid-2023, he held stakes in over 56 companies, with significant investments in firms like Dhabriya Polywood Ltd., where he owns a 10.5% stake. Agarwal is also involved in various capacities with companies such as Param Capital Research Pvt. Ltd and Permanent Technologies Pvt. Ltd.
Agarwal’s investment philosophy emphasizes thorough analysis and a disciplined approach to portfolio management. He maintains two distinct portfolios—one for trading and another for long-term investments—allowing him to adapt to market fluctuations effectively. Additionally, he is an active member of several financial exchanges in India, including the National Stock Exchange and the Bombay Stock Exchange.
6. Ashish Dhawan
Portfolio: Rs. 4,037 crore
Ashish Dhawan is currently India’s sixth richest stock market investor, and is best known as the co-founder of ChrysCapital, one of the country’s largest private equity firms. Born in 1969 in New Delhi, Dhawan pursued his education at Yale University and later earned an MBA from Harvard Business School. He began his career in 1992 at Wasserstein Perella, a boutique investment bank, and subsequently worked at Goldman Sachs in New York. In 1999, he returned to India and established ChrysCapital, which quickly grew to manage over $1 billion in assets within just a few years. Dhawan’s investment strategy emphasizes diversification and long-term growth, allowing him to navigate market volatility successfully. His portfolio is currently worth Rs. 4,037 crore.
Beyond his investment career, Ashish Dhawan has made significant contributions to philanthropy and education. In 2012, he founded the Central Square Foundation, focusing on improving the quality of education in India through research and policy advocacy. Additionally, he co-founded Ashoka University in 2014, which emphasizes a liberal arts education.
7. Nemish Shah
Portfolio: Rs. 3,300 crore
Nemish Shah is a prominent figure in the Indian investment landscape, best known as the co-founder of ENAM Holdings. Established in 1984, ENAM initially began as a broking entity before swiftly moving into investment banking, where it gained recognition for its pivotal role in numerous initial public offerings (IPOs), including the landmark IPO of Infosys in 1993. Shah’s expertise lies in investment research, a field he helped pioneer in India. Under his leadership, ENAM has evolved into a leading financial advisory institution, merging its operations with Axis Bank in 2010. Currently, Shah focuses on managing the firm’s treasury operations and is dedicated to long-term investments in the Indian equity markets, employing a fundamental bottom-up research approach to identify high-quality businesses with sustainable competitive advantages.
Shah’s investment philosophy emphasizes the importance of management quality, which he considers crucial in evaluating potential investments. He seeks companies with a return on capital employed (ROCE) of at least 9%, sound management, and a clear growth trajectory, while also favoring discounted entry prices. His portfolio includes significant holdings in companies like Asahi India Glass and Lakshmi Machine Works, reflecting his strategic focus on value investing. Beyond his professional endeavors, Shah is known for his philanthropic initiatives and a deep spiritual inclination, which he believes contributes to a balanced investment strategy. His approach has made him India’s 7th richest stock market investor, with a portfolio of Rs. 3,300 crore.
8. Ashish Kacholia
Portfolio: Rs. 2,018 crore
Ashish Kacholia is a prominent Indian investor and fund manager, often referred to as the “Big Whale” of the stock market due to his significant influence and success in equity investments. Born in 1979 in Mumbai, he holds a Bachelor’s degree in Production Engineering and an MBA from the Jamnalal Bajaj Institute of Business Studies. Kacholia began his career in 1993 at Prime Securities and later worked at Edelweiss Capital as the Head of Research. In 1995, he founded his own brokerage firm, Lucky Securities, and co-founded Hungama Digital with the renowned investor Rakesh Jhunjhunwala in 1999. Over the years, Kacholia has gained a reputation for his strategic investments in small and mid-cap companies, focusing on identifying undervalued stocks with high growth potential.
As of June 2023, Kacholia’s portfolio comprised of approximately 42 stocks valued across various sectors, including pharmaceuticals, textiles, and information technology. His investment philosophy is rooted in value investing principles, emphasizing thorough research and an understanding of industry dynamics. Kacholia’s ability to spot promising opportunities has led to substantial returns, with some of his investments yielding over 500% gains. Kacholia is currently the 8th richest stock market investor in India with a portfolio worth Rs. 2,018 crore
9. Anil Kumar Goel
Portfolio: Rs. 2,002 crore
Anil Kumar Goel is India’s 9th richest stock market investor, and is known for his significant success in the stock market, particularly in small and micro-cap firms. Born in Batala, Punjab, he was introduced to the family steel trading business at the age of 16, after moving to Chennai at his grandfather’s behest. Despite initial resistance from his father, Goel embraced the business, which laid the groundwork for his future investments. He began investing in the stock market in the early 1990s, initially observing the market dynamics during the Harshad Mehta bull run. His first substantial investment of Rs. 5 crore in 1993 eventually quadrupled, marking the beginning of a successful investment journey that has led to a net worth of approximately Rs. 2,002 crores today.
Goel’s investment philosophy emphasizes thorough research and a deep understanding of the sectors in which he invests, particularly sugar and industrial stocks. He advocates for a disciplined approach, focusing on long-term gains and maintaining a core portfolio of around 15 stocks that constitute the majority of his investments. Known as the “Sugar Baron” on Dalal Street, Goel has built a reputation for identifying value in cyclical stocks and underperformers, often investing in companies that pay dividends. His strategy includes a unique formula of Knowledge, Patience, and Conviction (KPC), reflecting his belief in informed decision-making and the importance of maintaining a healthy mindset for successful investing.
10. Yusuffali Abdul Kader
Portfolio: Rs. 1,957 crore
Yusuff Ali Musaliam Veettil Abdul Kader, commonly known as M. A. Yusuff Ali, is a prominent Indian businessman and billionaire born on November 15, 1955, in Thrissur, Kerala. He serves as the chairman and managing director of LuLu Group International, which operates the LuLu Hypermarket chain and LuLu International Shopping Mall, boasting an annual turnover of approximately $8.4 billion. Yusuff Ali’s stock market portfolio consists mainly of investments in the banking sector, acquiring stakes in various banks, including a 4.99% share in CSB Bank and Dhanlaxmi Bank, and a 4.47% stake in Federal Bank. His business ventures have earned him recognition as one of the wealthiest Indians, ranking 27th on the Forbes billionaires list with a net worth of $6.9 billion as of October 2023. His portfolio is worth Rs. 1,957 crore, making him the 10th richest stock market investor in India.
11. Vijay Kedia
Portfolio: Rs. 1,638 crore
Vijay Kedia is a prominent Indian investor and the founder of Kedia Securities Pvt. Ltd., known for his strategic approach to stock market investments. Born in Kolkata, Kedia began his investment journey at the age of 19 and has since become a significant figure in the Indian stock market, often referred to as a “market master” by the Economic Times. His investment philosophy revolves around the SMILE principle, which stands for Small in size, Medium in experience, Large in aspiration, and Extra-large in market potential. Kedia emphasizes the importance of investing in fundamentally strong companies with solid management and long-term growth potential, advocating for a patient, long-term investment strategy rather than short-term trading.
Over the years, Kedia has achieved remarkable success, with a portfolio that reflects a diverse range of sectors, including retail, pharmaceuticals, and construction. His investments are characterized by a focus on small and mid-cap companies, which he believes can deliver significant returns. As of early 2024, Kedia’s net worth is estimated to be over ₹933.3 crore, with notable holdings in companies like Atul Auto and Elecon Engineering. Vijay Kedia is currently India’s 11th richest stock market investor with a portfolio worth Rs. 1,638 crore.
12. Manish Jain
Portfolio: Rs. 1,521 crore
Manish Jain is India’s 12th richest stock market investor with a portfolio worth Rs. 1,521 crore across around 13 stocks. Jain’s investment philosophy emphasizes long-term capital appreciation, risk management, and a keen understanding of market dynamics. Currently, Jain serves as the Head of Fund Management at Centrum Group, and has over 20 years of experience in managing equity funds and conducting high-quality equity research. His career includes significant roles at leading financial institutions, including Nomura and Ambit Investment Advisors, where he managed substantial assets and developed successful investment strategies. Jain’s expertise extends to understanding macroeconomic indicators and market trends, which he utilizes to optimize asset allocation and enhance client relationships.
13. Tejas Trivedi
Portfolio: Rs. 1,559 crore
Tejas Trivedi is a prominent figure in the Indian capital markets, with a career spanning over three decades since 1993. He began his professional journey at Corporate Database, focusing on equity research, which laid the foundation for his expertise in investment strategies. Trivedi is also associated with the Anvil Group, a well-known broking and wealth management firm. As a Chartered Accountant and Cost Accountant, he has developed a strong portfolio that reflects his analytical skills and deep understanding of market dynamics. His investment interests are diverse, with a focus on stocks that demonstrate robust financial health and growth potential.
Tejas Trivedi currently has a portfolio worth Rs. 1,559 crore, making him the 13th richest stock market investor in India. His portfolio includes significant holdings in companies like AstraZeneca Pharma India Ltd, D-Link (India) Ltd, and Nocil Ltd, among others.
14. Anuj Sheth
Rs. 1,370 crore
Anuj Anantrai Sheth is a prominent Indian investor known for his strategic focus on the auto ancillary sector, which he believes is poised for significant growth due to the rising demand in the Indian automobile market. His investment philosophy emphasizes long-term gains, with a notable absence of investments in the IT and finance sectors, which are typically dominant in many portfolios. Anuj Sheth is currently India’s richest stock market investor with a porfolio worth Rs. 1,370 crore, and it consists of several carefully selected stocks, including notable holdings in Finolex Industries and Bannari Amman Sugars. By concentrating on fewer than ten stocks, Sheth aims to optimize returns while maintaining a diversified approach across different sectors.
15. Vishwas Ambalal Patel
Portfolio: Rs. 1,310 crore
Vishwas Ambalal Patel is the founder of Infibeam Avenues Limited, India’s first e-commerce and fintech company to be listed on Indian stock exchanges. He currently holds the position of Joint Managing Director and Executive Director at Infibeam Avenues. As per corporate shareholdings filed for June 30, 2024, Vishwas Ambalal Patel publicly holds shares in 3 stocks with worth Rs. 1,310 crore. His largest holding is an 11.01% stake in Infibeam Avenues Limited worth around Rs. 950 crore. Patel is also the founder of Avenues Payments India Pvt Ltd and has held various director positions at other companies like Avenues Infinite Pvt Ltd, Mangiamo Hospitality Pvt Ltd, Avenues Enterprises Pvt Ltd, and Uvik Technologies Pvt Ltd. Additionally, he serves as the Chairman of the Payments Council of India.