MUMBAI: The Ambanis continue as the largest family business in the country. Kumar Mangalam Birla is in the second spot, while the Jindal family is in third on the 2025 Barclays Private Clients Hurun India Most Valuable (multi-generation) Family Businesses list released on Tuesday.
These top three family businesses are collectively valued at $471 billion, which is equivalent to the Philippines’ GDP. The Ambani family alone is valued at ₹28.2 lakh crore, which is equal to a twelfth of India’s GDP. Birlas are valued at ₹6.5 lakh crore, while the Sajjan Jindal-led family is at ₹5.7 lakh crore.
The top 300 families on the list employ over 2 million people across India and contributed ₹1.8 lakh crore in taxes last year, accounting for about 15% of the country’s corporate tax collections. Their businesses generate ₹7,100 crore daily.
This year’s list expanded to 300 families, collectively worth $1.6 trillion (about ₹134 lakh crore) – more than the combined GDP of Turkey and Finland. The top 10 among them account for nearly 50% of the total value of the families in the list. These are Ambanis of Reliance Industries, Birlas of Aditya Birla Group, Jindals of JSW Steel, Bajajs of Bajaj Group, Mahindras of Mahindra & Mahindra, Nadars of HCL Technologies, Murugappa of Cholamandalam Investment & Finance, Wipro’s Premji, Anil Agarwal’s family operating Hindustan Zinc and the Asian Paints jointly managed by the Dani-Choksi-Vakil families.
The Haldiram family, valued at ₹85,800 crore, is the most valuable unlisted business. Wadias, with a valuation of ₹1.58 lakh crore, is the oldest family-operated company.
Anas Rahman Junaid, founder and chief researcher at Hurun India, said the list highlights the sectoral heft of India’s family-run firms across manufacturing and beyond. Industrial products companies form the largest segment on the list with 48 entries, while the automobile and auto components sector boasts the highest average valuation of about ₹52,320 crore per company. Pharmaceuticals is another stronghold, with 25 leading family businesses averaging over ₹41,000 crore each. “This diversification – from factories and pharma to autos – underlines how family businesses drive India’s industrial prowess and enhance our global competitiveness and economic resilience. Notably, the majority of these enterprises are publicly listed, 222 companies vs. 78 unlisted, reflecting greater transparency and institutional governance,” said Junaid.
The Adani family, headquartered at Adani Enterprises in Ahmedabad with almost half the wealth of the Ambanis, leads the group of first-generation family businesses with a value of ₹14,01,000 crore. In the first generation list, Serum Institute of India’s Poonawalla family came second with a value of ₹2,28,000 crore.
“There is increasing involvement of women in family-led business leadership. Topping the list is the Godrej Boyce Group, where four women from the family serve in key roles. The business is valued at ₹30,300 crore. Following closely are Asahi India Glass ( ₹18,500 crore), CRI Pumps ( ₹6,800 crore), Parle Agro ( ₹4,100 crore) and Oswal Agro Mills ( ₹1,800 crore) with 3 women actively involved,” Junaid detailed out.
Among leadership having women’s participation, HCL Technologies’ Roshni Nadar Malhotra leads the group as the most influential with a valuation of ₹4,68,900 crore.
“…the list identifies the most common surnames among India’s top family led enterprises. The Agarwal and Gupta families jointly top the list with 12 families each. The Patel surname follows with 10 families…the Jain family name appears across 9 businesses…Other notable surnames include Singh, Rao and Doshi, each appearing across 4 families,” the report states.