MUMBAI: Indian family businesses are undergoing a sharp shift in value creation, with heavy industry, engineering and manufacturing companies accounting for the biggest gains while technology, real estate and consumer businesses saw valuations contract over the past three years, according to the 2026 Barclays Private Clients Hurun India Most Valuable Family Businesses List.The combined value of the top 300 family businesses rose to USD 1.46 trillion, or Rs 138 lakh crore, a scale that would make them equivalent to the world’s 18th-largest economy. The gains, however, were uneven across sectors and generations.The Jindal family, which controls JSW Steel, created the most value in absolute terms, adding Rs 3.3 lakh crore over three years, a 70% increase, to reach Rs 8.02 lakh crore. The Anil Agarwal family, which controls Vedanta, added Rs 3.03 lakh crore, a 212% increase, taking its total value to Rs 4.45 lakh crore. The family rose three places to rank sixth overall, helped by Vedanta’s demerger into five separately listed entities.The Kumar Mangalam Birla family added Rs 2.75 lakh crore, a 51% increase, taking the value of the Aditya Birla Group businesses to Rs 8.14 lakh crore. It was the largest absolute gainer among the five biggest family businesses. The Mahindra family added Rs 1.69 lakh crore, a 49% increase, taking its total value to Rs 5.15 lakh crore.Technology and real estate moved in the opposite direction. The Nadar family, which controls HCL Technologies, recorded the biggest decline on the list, losing Rs 1.39 lakh crore, or 32%, over three years to Rs 2.95 lakh crore, reflecting broader global pressures on software and services. The Rajiv Singh family, which controls DLF, recorded the second-largest decline, losing Rs 51,000 crore, or 25%, to Rs 1.53 lakh crore amid pressure on real estate valuations.The Dani, Choksi and Vakil families, associated with Asian Paints, lost Rs 23,000 crore, or 8.5%, taking their value to Rs 2.48 lakh crore amid margin pressure and higher raw material costs in the chemicals and paints business. The Godrej Industries family lost Rs 19,300 crore, or 11%.Percentage gains showed a different set of winners. The Ahuja family of Shahi Exports recorded the highest increase, with its value rising 352% over three years to Rs 37,500 crore. The Shashikant Bhalchandra Garware family of Garware Hi-Tech Films recorded the biggest jump in the rankings, rising 61 places over three years. Its valuation increased 300% to Rs 15,600 crore, helped by a shift towards higher-margin speciality films and more than 100% growth in net profit since FY2023.The list also shows the growing scale of first-generation businesses. The Adani family is valued at Rs 19.6 lakh crore, the Sunil Bharti Mittal family at Rs 12.1 lakh crore and the Dilip Shanghvi family at Rs 4.55 lakh crore. The top 100 first-generation families have a combined value of Rs 77.8 lakh crore, equivalent to nearly 62% of the value of the top 100 legacy families. Second-generation businesses continue to account for the largest share of the list, with 208 families, or 70%, falling in this category. The Ambani family leads this group.At the other end of the generational spectrum, 26 families are led by members of the fourth generation or beyond. The Kumar Mangalam Birla family, valued at Rs 8.14 lakh crore, leads this group. The report also highlights the long-term performance of some family-controlled businesses. The Anil Gupta family of KEI Industries has seen an 1,809-fold increase in its share price since inheritance in 1980, compared with a 505-fold increase for the Benu Bangur family of Shree Cement.Authum Investment & Infrastructure recorded the highest profit margin among the businesses on the list at 73%, followed by Serum Institute of India at 66%. The list also reflects differences in the age and gender of family business leaders. Bahirji A Ghorpade of Sandur Manganese & Iron Ore, aged 31, is the youngest leader, while Lachman Das Mittal of International Tractors, aged 95, is the oldest first-generation leader.Women lead 18 companies on the list. Priya Agarwal Hebbar of Hindustan Zinc, with a family business value of Rs 4.45 lakh crore, heads the woman-led businesses, while Falguni Nayar of FSN E-Commerce Ventures, valued at Rs 89,100 crore, remains the only woman leading a first-generation enterprise on the list.
