Reliance Industries chairman Mukesh Ambani has reclaimed the title of Asia’s richest person after a sharp rally in the company’s shares added billions of dollars to his estimated fortune. The surge also made him the world’s biggest billionaire wealth gainer in the latest Forbes ranking, putting the Indian industrialist ahead of ByteDance co-founder Zhang Yiming.
According to Forbes’ Real-Time Billionaires list, Ambani’s net worth rose to $88.8 billion, an increase of around 10.5%. The gain lifted him to the 23rd position among the world’s richest individuals in one update, while another Forbes update placed him at No. 22. Zhang Yiming was ranked 25th, with an estimated fortune of $84 billion.
Ambani’s rise followed a strong trading session for Reliance Industries on Monday, November 2. The company’s shares jumped 11.6%, recording their strongest single-day performance in more than six years. The rally added over $19 billion to Reliance’s market capitalisation and made the stock the biggest gainer on the Nifty 50 index.
Forbes estimated that Ambani added around $8.5 billion to his wealth following the share-price surge. A separate update cited by the Economic Times put his one-day gain at $6.3 billion, or 7.85%, making him the biggest wealth gainer globally in that particular ranking update. Such differences can arise from the timing of real-time wealth calculations and market-price updates.
The sharp movement in Reliance shares came after the conglomerate reported a record performance for the July-September quarter of the current financial year. The company posted its highest-ever consolidated revenue, operating earnings and net profit, supported by strong results from its oil-to-chemicals (O2C) and digital services businesses.
Reliance Industries reported consolidated gross revenue of Rs 3.62 lakh crore for the second quarter of FY27, marking a 27.8% increase from the corresponding period last year. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 23.9% to a record Rs 62,409 crore.
The company’s consolidated profit after tax, including its share of earnings from associates and joint ventures, increased 33.8% year-on-year to Rs 29,550 crore. This was its highest quarterly profit on record. The results gave investors a fresh reason to reassess the company’s earnings outlook after a difficult period for its stock.
The oil-to-chemicals business was among the strongest contributors to the performance. Its revenue rose 44.2% year-on-year to Rs 2.32 lakh crore, while EBITDA climbed 67.9% to Rs 25,203 crore. Better refining margins, higher fuel cracks and improved performance in downstream chemicals supported the growth.
The refining business benefited from a favourable global market environment, including stronger transportation fuel margins. Reliance also used its sourcing flexibility and integrated operations to manage higher crude costs and supply-related challenges. The performance helped strengthen investor confidence in the company’s core energy business.
Jio Platforms also contributed to the improved outlook. Its core earnings rose 16.6% during the quarter, supported by subscriber additions, higher average revenue per user and growth in digital services. The telecom and digital services business has become an important earnings driver for Reliance as the group expands beyond its traditional energy operations.
The recent listing of Jio Platforms added another layer to the market enthusiasm. The company made its stock market debut on October 28, following an initial public offering that raised around $3.2 billion. The listing valued Jio Platforms at approximately $106 billion, making it one of India’s most valuable companies.
Reliance Industries holds around 66% of Jio Platforms, giving it a substantial stake in the newly listed company. Jio’s shares rose about 27% on their trading debut, creating significant value for shareholders and strengthening the broader Reliance investment story.
The company’s retail business, however, continued to face pressure on profitability. While revenue increased, the segment’s performance was affected by investments in digital commerce, higher operating costs and a shift in the festive calendar. Analysts have pointed to a recovery in retail profitability as an important factor for sustaining Reliance’s growth momentum.
The latest rally also helped Ambani widen his lead over other Indian billionaires. Gautam Adani was ranked around 26th globally, with an estimated net worth of about $80 billion. Ambani’s position ahead of Zhang Yiming restored his place at the top of Asia’s wealth rankings.
Reliance Industries, founded by Dhirubhai Ambani, has grown into one of India’s largest business groups, with interests spanning oil refining, petrochemicals, telecommunications, retail, media and financial services. Its performance has a considerable influence on Ambani’s estimated wealth because of his substantial ownership stake in the company.
The group is also preparing for a major expansion in emerging businesses. Ambani has announced plans to invest around $110 billion in artificial intelligence infrastructure over the next seven years, adding to Reliance’s ambitions in technology and new energy.
The latest rise in his fortune reflects the close link between stock market performance and billionaire wealth estimates. While the ranking can change with daily share-price movements, the strong quarterly results and Jio Platforms’ market debut have given Reliance investors renewed confidence in the group’s growth prospects.