RIL stock rally 2025 lifts Mukesh Ambani’s fortune by $15b; who’s No. 2? Not Gautam Adani 

Thanks to a 27 per cent rally in Dalal Street’s most-valued stock this year, Mukesh Ambani saw the notional value of his wealth rise by $15.3 billion to $106 billion, emerging as the biggest gainer among Indian billionaires in 2025. He remained the only Indian centibillionaire on the Bloomberg Billionaires Index.

Ambani’s flagship Reliance Industries emerged as the sixth best-performing stock on the BSE Sensex so far this year, driven by optimism around value unlocking. Expectations of a Reliance Jio Platforms IPO in 2026 and positive analyst commentary continued to support the stock’s outlook. 

Other listed stocks of Mukesh Ambani's Reliance group did not fare well. Jio Financial Services was flat, while Hathway Cable & Datacom Ltd, Hathway Bhawani Cabletel & Datacom Ltd, Reliance Industrial Infrastructure Ltd. Den Networks Ltd, Just Dial Ltd and Network 18 Media & Investments Ltd lost 17-40 per cent year-to-date.

The second biggest Indian gainer in the publicly available Bloomberg billionaire list is Lakshmi Mittal, who owns Luxembourg-headquartered global steel and mining giant ArcelorMittal. Mittal's wealth jumped $11.7 billion to $31.40 billion.

Gautam Adani came in at the number three, seeing his wealth surging $6.52 billion to $85.2 billion this calendar. Adani stocks such as Adani Power Ltd, Adani Energy Solutions Ltd and Adani Ports and Special Economic Zone Ltd gained 23-36 per cent this calendar. Group stocks such as ACC Ltd, AWL Agri Business Ltd, Adani Total Gas Ltd and New Delhi Television Ltd, on the other hand, fell 13-35 per cent.

RIL stock outlook

In the case of Reliance Industries, YES Securities said the company is well-positioned, supported by a product slate that is more heavily skewed toward middle to higher distillates. The company is also structurally less sensitive to marketing volatility than OMCs, aided by its diversified earnings base, it said.

"There are expectation of elevated capex levels due to the ongoing 5G rollout, planned petrochemical capacity expansion, and planned foray into renewable energy and acquisitions in retail. However, in the longer run, investments in petrochemical and renewable capacities, along with the 5G rollout, Retail growth, New energy contribution have the potential to drive revenue growth," it said while suggesting a target of Rs 1,720.  

Adani stocks to buy

Domestic brokerage MOFSL recently initiated fresh coverage on two Adani group companies namely Adani Ports and Special Economic Zone and Ambuja Cements with Buy ratings, citing upside potential of up to 38 per cent.

MOFSL said Ambuja Cements represented a growth story that was gradually unfolding, supported by capacity expansion and operational improvements. For Adani Ports, the brokerage said the company’s evolution into an integrated logistics platform had enhanced its long-term growth visibility.

On Tuesday, Antique Stock Broking initiated coverage on Adani Power with a Buy rating, saying the company is entering a multi-year earnings upcycle driven by sharp capacity expansion, strong power demand tailwinds and improving earnings visibility. The brokerage set a target price of Rs 187, valuing the stock at 15 times estimated FY28 Ebitda, implying about 30 per cent upside from current levels.