Despite the volatility in the Indian market in the first half of 2025, the wealth of many billionaires increased tremendously. During this period, Satyanarayan Nuwal, co-founder of Solar Industries India, surpassed giants like Mukesh Ambani and Gautam Adani. According to the Bloomberg Billionaire Index, his wealth increased by more than 78% to $7.90 billion. Nagpur-headquartered Solar Industries manufactures explosives, detonators and ammunition, and the company’s stock has jumped 81%.

Nuwal’s company Solar Industries has a strong order book of about $2 billion, including defense orders worth more than $1.8 billion, which has boosted investor confidence. Sunil Mittal and Lakshmi Mittal were also among the notable gainers during this period with their wealth increasing by 27% and 26% respectively. At the same time, the wealth of some other billionaires also declined.