A take of two oligarchs.

 It has been the best of times.  It has been the best of times. 

They sang in their mansions. 

Knowing that the governments would bend to their needs. 

One would slash a high successful space program. 

The other would buy oil from a war monger

One would create incentives fir giga factories 

Other would tweak spectra rules for cell phones ans retail stores  

Who are they   

 It has been the best of times.  It has been the best of times. 

When can i thank my stars for they are linked 

To a land of a billion ears and mouths that will talk through my stars linked in the sky

Ah not yet  Giga man  said the Jio man 

Let’s sing in our mansions. 

Knowing that our governments would bend to our

Who are they? 

The combined sales turnover of Mukesh Ambani's flagship conglomerate closely rivals the total combined revenue of Elon Musk's primary businesses. [1] 

While Elon Musk commands a significantly higher personal net worth driven by massive market valuations, Ambani's group generates higher net profits from a highly diversified, physical infrastructure-heavy portfolio. [1, 2] 

## Consolidated Revenue Breakdown

The following table compares the sales turnovers of their main group companies based on their fiscal results: [3] 

| Billionaire / Group | Core Company / Segment | Annual Revenue (USD) | Reporting Period |

|---|---|---|---|

| Mukesh Ambani Group | Reliance Industries Limited (RIL) | $124 Billion | Full Year FY 2025-26 |

| Elon Musk Group | Tesla, Inc. | $94.8 Billion | Full Year 2025 |

| | SpaceX | $18.7 Billion | Full Year 2025 |

| | Musk Group Combined Total | ~$113.5 Billion | Calculated |

------------------------------

## Key Business Segments & Insights## 1. Mukesh Ambani (Reliance Industries)

Reliance Industries became the first Indian company to surpass the $120 billion revenue landmark. It is heavily anchored in traditional and consumer-facing infrastructure: [4] 

* Oil-to-Chemicals (O2C): Remains the largest top-line driver, bringing in over ₹6.62 lakh crore (~$79B USD). [3, 5] 

* Retail: India's largest retailer, bringing in ₹3.71 lakh crore (~$44B USD). [3, 5] 

* Digital Services & Telecom (Jio): Serves over 524 million subscribers, accounting for ₹1.76 lakh crore (~$21B USD). [5, 6] 

## 2. Elon Musk Group Companies

Musk's empire relies on high-tech, futuristic verticals whose growth rates are scaling rapidly:

* Tesla: Though revenue slightly dipped in 2025 to $94.8 billion, automotive sales and energy storage remain his primary revenue engine. Its Trailing Twelve Month (TTM) revenue is recovering back toward $97.8 billion. [7, 8, 9] 

* SpaceX: Experiencing explosive growth, rising to $18.67 billion in 2025 (up 33% year-over-year), driven by high demand for Starlink satellite connectivity. Wall Street analysts project its total revenue will jump to $38.2 billion. [10, 11, 12] 

* Other Ventures: Companies like X (formerly Twitter), xAI, and Neuralink contribute smaller, niche revenue streams to the overall group but hold high valuation weights. [13, 14] 

Would you like to analyze the net profit margins of these companies, or are you interested in a direct comparison of their market valuations?

[1] [https://www.instagram.com](https://www.instagram.com/p/DPTJ8W-kj8B/)

[2] [https://www.linkedin.com](https://www.linkedin.com/posts/ashok-mehngi-a6b8238_valuationparadox-aifinanceworld-markets-activity-7472515648364113920-0koF)

[3] [https://www.ril.com](https://www.ril.com/ar2025-26/index.html)

[4] [https://m.economictimes.com](https://m.economictimes.com/news/company/corporate-trends/reliance-industries-becomes-first-indian-company-to-surpass-120-bln-revenue-mark-in-fy26-mukesh-ambani/articleshow/131263920.cms)

[5] [https://www.ril.com](https://www.ril.com/ar2025-26/pdf/05_RIL%20IR%202025-26_BR_270526.pdf)

[6] [https://www.ril.com](https://www.ril.com/reports/RIL-Integrated-Annual-Report-2025-26.pdf)

[7] [https://www.macrotrends.net](https://www.macrotrends.net/stocks/charts/TSLA/tesla/revenue)

[8] [https://companiesmarketcap.com](https://companiesmarketcap.com/tesla/revenue/)

[9] [https://www.youtube.com](https://www.youtube.com/watch?v=826_if8uGdI&t=40)

[10] [https://www.morningstar.com](https://www.morningstar.com/stocks/6-charts-spacexs-s-1-financials)

[11] [https://finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/elon-musk-envisions-spacex-revenue-234528060.html)

[12] [https://www.facebook.com](https://www.facebook.com/Stockstoearnpage/posts/breaking-goldman-now-expects-spacexs-ai-segment-to-generate-roughly-273-billion-/122207517290938282/)

[13] [https://www.hindustantimes.com](https://www.hindustantimes.com/world-news/elon-musk-vs-india-s-richest-tesla-boss-worth-over-four-times-ambani-and-adani-combined-101766379109110.html)

[14] [https://us2.cadasio.com](https://us2.cadasio.com/article/elon-musk-net-worth-vs-mukesh-ambani-who-rules-the-global-fortune-race)

The cockroach therapist

 Discontent increases when the gap between the narrative and the reality widens.  We are not in the 1970s or 1990s.  In 1970s india was a very poor country with no way out.  Indira Gandhi said garibi hatao but had no ideas.  A non issue (using government resources for election campaign logistics) became a court case and she got convicted.  Culminating in JP movement, emergency and change in government. 

The promise or liberalisation in the 1990s did not become a windfall for the masses.  But programs like golden quadrilateral and MNREGA delivered and people spent a decade 2000 to 2010 very well. 

With 2014 the expectations were raised.  It has been 12 years.  Asha workers get paid 4000, factory workers 25000, cost of a two wheeler has tripled, and homes at 1 crore are the new normal. 

The gap between promise and delivery is huge.  

The problem is that the government is on a capex spree. The need of the hour is more government jobs, more teachers, higher entry level pay, less corruption, more government housing.  What gets delivered are businesss opportunities for big business houses.

Childlike. Unconditioned.

We had recently lost a good soul.  Heart attack.  46 years old.  Someone who could be carefree, clever, resourceful, great when he chose to work.  But surrounded by a peer group of people who are driven, focused, had remarkable accomplishments to show.  Yes. They were kind. And good.  And had humility. But did the comparisons gnaw away at one’s soul?  How can one protect oneself if the self nature is to be a free-bird?  How can one watch out for signs of being self absorbed, being one up, if the self nature is to be focused and chase accomplishments, even if it is just for the challenge of it all.  We could fall into either end of the spectrum, move from one end to another   Or be in between hoping that we do not slide down but crawl forward. It is the luck of the draw.   That struggle, to be not a loser, is something that many if not most endure through their lives, at some point or the other 

I may say that it is our story too?  My story too?  

A story that does not get told, when many more exceptional situations get told   We can’t say ah those are statistical outliers when every story is a human story   Carrying a happy mind, sad mind, troubled mind, angry mind.

A logical question is does every story need to be told for that release, the catharsis, for that external validation and empathy?

How do we develop a framework where we find security and contentment while not letting it all out?  Where we have the resilience when chips are down   Have the empathy and kindness when the going is good.  

May be hindsight and years of accumulated random gyan provides a framework to process life for carrying on    

Would like like to start with the unconditioned mind… any similarities to J  Krishnamurti are not accidental :-)   To look at each situation with an unconditioned mind,   Assessing it based on it’s merits, staying comfortable with behaviours and outcomes as long as no one is hurt or put  to disadvantage.   If that is the prism with which life is viewed many situations can be accepted without judgement and prejudice   The recent discussions on sexual identity, and how the gender one is biologically binned into is not the behaved one, gets handled wonderfully when the mind is unconditioned and does not judge.  When labels are not attached (including gender based) to how one is dressed, the tone of the voice, is one soft and non assertive vs assertive,  a person’s traits find acceptance without searching for labels   That makes rhe observer unbiased and approachable   And makes everyone comfortable because the only filter being is anyone being intimidated, harassed, put to discomfort, and subjugated   So if i chose to wear pink or blue does it matter?  If i spent much of my time fitting into a team rather than asserting myself did it become a gender play?.  Fluidity spans contexts and situations well beyond gender  

One can lead a life focused on outcomes.  Or enjoying the journey knowing that outcomes may come ones way based on the merits of the actions and the situational needs   A scientist at the purest level could be focused on the journey and the learning’s   A coder may be playing Sudoku for a living.  An accountant may find the scroll of the spreadsheet throwing out patterns and numbers that are captivating   An employee may find the managers approach to getting things done amusing   A journey that is enjoyed like that of a child in a toy train could be a reward in itself.  Adding up to the same adrenaline rush as  someone who gets promoted every two to three years  

So do we strive for one model or the other   The achiever vs the journeyman?  I think it lies in understanding ones self nature.  In each others self nature.  And recognize that being true to one self is the way to find harmony.  We need all of them.  The males, females, and all of them, passengers, the drivers, the seekers, to make the world rock  

Just that let’s not bin them   Ideally, each of us should react to a situation based on its merits, without worrying about lenses and labels and identity, because those are baggage.  One day the achiever may lament for the sights not seen..: or the journeyman may say, could i have had a small pinch of strategy.  

Yours unconditionally  may be older and sometimes childlike   

Oh idyllic land

 In an hour or so we were out of the clutter of JFK driven through I80 and little towns that spend much of their winters draped in snow.  Scranton?  Binghamton?  Lengendary towns for someone who waited for that one snow fall in Raleigh NC.   The rest stop had a genial cashier who loved it when I went for a second round of junk food; I welcomed myself to USA. We were soon in Cornell.  There were hugs and tears with our daughter.   Who had milestone events just ahead.  A thesis defense, some interviews, graduation events et al.

Cornell University is situated in Ithaca a boutique town.  Fast food chains and Ithaca had an exclusion pact.  Little cubby holes ready to slap a five star bill to Indian wallets. But the friendliness of the staff, and the little treats that were in store, the cheesecakes and the wraps, left us with smiles.  Cornell is perched on top of a hill.  The slopes are wooded to the hilt.  There are little streams that radiate out through the green wooded gorges to the Finger lake below.  And cross crossing the stream are roads that meander through with old quaint houses with little parking lots.   The houses themselves have rooms partitioned into small rooms, kitchen counters and toilets.  A house that could typically house four had a dozen students emanate from little rooms, walk to the university and come back home for the night.  Each home probably made $100k a year from student rents.  Surely. Aesthetics and zoning kept large apartment complexes at bay preserving that boutique town feel.  The rentals are clearly 6x higher than the 1990s while the pay check 50% more at best.  But yes, in the evening a walk through the gorges and woods can in still a sense of peace that’s hard to beat.

I typically rise early..  the black coffee is something i savour for half an hour while reading the newspapers.  The Indian newspapers typically have a loud screamer from the war in Middle East   And another from Ukraine   Did they bomb a nuclear reactor?  Along with that we have news on NEET leaks, CBSE scams, Mamta’s antics, Vijay’s jacket   Except for the New York Times which has a similar pecking order of news from global wars and local scams, the rest of the media including evening news, 24x7 news channels seem to live in a new Orwellian world of no speak… the war is item number 7 with no visuals for 30 seconds in a banter toned voice before news on the weather or sports or some entertainer pipes in.  And so Ithaca and other small towns live in that idyllic cocoon, shielded from upsetting stuff from their own media.  

And so with all the smiles and cheers did the other look n feel change?  Except for checking into one hotel i did not have fish out my passport   I innocently asked are we expected to take our passports in manhattan in case we get asked.   Oh no please don’t do that said the lady at the reception   Please please keep them in the safe in your rooms.  Times Square as diverse as ever   The temple in Queens took us past burroughs and one could see that streets were completely ceded to those who came from the far east who made no effort to assimilate   There are others from other parts of the world who have done the same   Devon Street Chicago?  Xxx Detroit?  The last 18 months has not changed everything on the ground   I am thankful but also wished that some induction melting actually took place.

But coming back to the core business of running a world that is prosperous and at peace, it is time to strum the guitar and sing to the lyrics of the answer is blowing in the wind   And as more lay down for a cause they had nothing to do with, the guitars shall gently weep.  That’s what i can do.  It is also time to applaud those societies where they wages and prices are better matched.  I have not clapped so far   

Oh, an IT Complex in Nilgiris?

 

Nilgiris has still a magical air to it.  Anyone who visits the landscape can't escape the moments of elation just visiting NIlgiris.  One has to ride through lush forests from whichever direction we chose to come from.  The valleys, the lakes, the farms, the tea estates, the plantations paint a magical tapestry.  While those who know Ooty and Coonoor from decades back talk about the charm that is lost, for the hundreds who come every day Nilgiris can still be magical.  Nilgiris is the watershed for forests in the plains - Mudumalai and Bandipur, Sathyamangalam to to the south east, Silent valley to the west.  The streams and rivers from Nilgiris eventually pass through the Delta, ushering in a harvest of plenty.  The zing in the N in Pongal comes from Nilgilris for sure.  

More than 700,000 people live in Nilgiris, more than 400,000 of them in urban areas scattered between Ooty, Coonoor, Kotagiri and Gudalur and the remaining in small and large villages within Nilgiris.    The tea and horticultural (vegetables and fruits) sectors contribute to at least 70% of the local economy, providing livelihoods to small and large farmers as well employment through corporate plantations.  Nilgiris has a prosperous air to it.  Villages like Kattabettu or Yellanalli have brightly painted homes, with cars parked along the road side, with the markets carrying every good and services one requires.  This transformation has taken place within less than a generation.  People want more out of life than just incomes from tea estates and horticulture.  Children have been educated, have gone through college and they need jobs.  It is surely difficult for parents to send them off to distant cities such as Coimbatore or Bangalore or Chennai.  Manufacturing industries are a non-starter in Nilgiris.  With many already working for the IT industry, would not a technology park in Nilgiris make sense.  On the face of it, it may seen like a compelling idea,  After all we need a building full of cubicles connected to the outside world through a fiber optic cable.

The problems start with location.  Yeddappalli village as the crow flies is 350 meters away from the forests that extend into Forest Dale - a beautiful blend of exotic plantations  and natural sholas that are part of the watershed for Wellington township.  Yeddapalli is about 500 meters northwest of Bandisholai another beautiful stretch of forests near Sims park feeding the Coonoor-Wellington watershed.  Yeddapalli lies upstream at an elevation if 2065 meters, while the 

forests slope across hillocks towards Wellington township at an elevation of 1865 metes   

Over a thousand people are expected to work in this IT complex, bringing in at least 500 vehicles into the already crowded Coonoor - Kotagiti road ,   At least 40000 litres of water would be needed per day at work, and another 100,000 liters per day at home.  For an IT complex to work, at this scale one needs at least a six to ten floor building.  Given the soft soils in Nilgiris and torrential downpours during the north-east monsoon an office complex in this location seems loaded with risks,  Clearly if eompleyment generation is such an imperative, and that too in a district which is 60% more affluent than the delta , any construction has to be in relatively flat terrain, within the municipal limits of existing townships where no further displacement of nature capital can take place.  An IT complex carved out of relatively levelled areas near the Ooty market could be considered.  Given the bus connectivity this would be  better than keeping a complex right where nature capital needs to be thriving.

Bangalore is the IT Capital of India.  It is not uncommon to see employees spend two hours to commute each way .  It is often the norm.  For the IT sector to thrive it requires people to people contact.  New talent needs to come and go.  In such a flux organizations adapt and grow, which brings us to should the complex exist in Nilgiris at all.  Why not Mettupalayam, the airport is less than an hour away.  There are trains connecting it to Kerala, Tamil Nadu and Karnataka.  Working three days a week at the office and the remaining at home is the norm.  Just an imagine, a commute to Mettupalayam, downhill at 7 AM, in time for work on a Tuesday and back on Thursday night, with calls and a workstation at home overlooking the mists and the clouds and greenery, and cups of tea.

It is really time to wear the Nilgiri hat and question the need for a TIDEL park by the woods in Yeddapalli, and plead with officials to find a better location , which generates jobs and opportunties for the youth in Nilgiris, while preserving the nature capital that still remains in Nilgiris.

Gandhiji and todays world

It was in the late 1970s, that my grandfather visited us in New Delhi.  His agenda was to spend time with us, visit a few Gandhian friends who were in the twilight of their lives nearly three decades after independence and visit Rajghat.  An otherwise authoritarian man with a stentorian voice would break down at Rajghat, showing his emotional side.  Yes, Gandhiji had visited their family home in Chennai, and that too for three weeks in April - May 1915.  My grandfather would gave just crossed 10 then; while his own father was a public figure, running a journal, bringing leaders together, publishing their writings, and maintaining a friendship with Gandhiji that spanned decades.  Among many memoirs, paintings, sculptures that dot my grandparents home, the most cherished is the framed photograph of Gandhiji and his wife with my great grandfather.

So Gandhiji was more than a distant icon, who fought for Indias freedom through non violence and won it seventy-eight years ago.  There was a familial connect that made me read about him, adulate him, defend him, critique his views and reimagine his relevance today,   There is perhaps so much written about him, elevating him to the level of sainthood, and some excoriating him and assigning the entire blame of partition on his name.  Considering the sheer weight of his achievements of questioning racism in South Africa and bringing about half a change during his times, to returning to India, joining and then leading the freedom struggle, developing new morally unimpregnable ways to fight injustice and oppression, of questioning everything within his society - of caste, untouchability, gender roles, class, treatment of animals, he has left an imprint which is hard to erase and hard to match.  

So what is his relevance in this world today?  I think the dismantlement of colonialism started with India in 1947.   Colonialism was morally wrong, politically indefensible, and economically difficult to sustain,  It took time for much of Europe to let go of their colonized states, but within 15 years much of the colonized world became free.  

However, even in countries that were ostensibly free, problems remained.  Reform was either painfully slow or non existent.  It took eighty five years for US to abolish slavery post independence , but post that African Americans in many parts of US endured humiliating segregation, without a right to vote till 1965.  These changes were brought about by Martin Luther King, who followed Gandhijis non violent methods, that of fighting oppression without giving in, and showing the morally correct path to American leaders.  Nelson Mandela was another stellar example of how decades of oppression could be reversed.  The fight against apartheid, and the violent incidents that surely underscored the struggle was conflated with the spread of communism.  Mandela rose through the clutter, embracing Gandhi's non violent ways to press for the dismantlement of apartheid.  And while doing so showed extraordinary generosity by starting a Truth and Reconciliation process so that the true freedom that South Africans enjoyed does not transform into a witch hunt against all whites.  Nelson Mandela's ANC was initially a violent movement.  And as long as there was violence, the government could resort to force to quell the movement, and paint at as anarchy spread from elsewhere.  During the polarized cold war era it was convenient to blame the Soviet block and overlook the moral horrors of an apartheid state.  It took Nelson Mandela, then inspired by Gandhiji to break the deadlock, just like Martin Luther Kind who accomplished this almost three decades earlier.

When one questions the relevance of Gandhiji today the answers are clear  When one examines the most persistent and violent of conflicts, where the morally correct answer is clear, it is the violence that obfuscates the path.  The genesis of Israel during modern times was clearly the decades of antisemitism in Europe culminating in the unimaginably evil Holocaust, forcing Jewish Europeans to flee to their roots and promised land under the most extenuating circumstances.  They occupied a land that was colonized by the Ottomans and then the British.  An Israel was created out of Palestine.  The Palestenians who saw this as their own land getting usurped fought back.  Several bloody wars followed.  Each aimed eliminating Israel, till the maps were redrawn in 1973, with Israel occupying Gaza Strip and West Bank, as semi-autonomous regions..  However, what is justice is known to all.  It took another two decades for Israel and Palestine to come to the negotiating table and come close to articulating a two state solution in the early 1990s.  But violent forces from the fringe took over, and Israel and Palestine got pulled back from the summit of peace to the precipice of perpetual war.  It takes extraordinary resilience and courage to defend a small country against countless barrage of missiles from Gaza or Lebanon or Syria.  But it also speaks of unfathomable retaliation against opponents every time this happens.  The current events in Gaza are an unfortunate culmination of the waves of violence and retaliation that have marked this conflict.   Could there have been a Gandhiji from the land  If the intifada that precceeded the OSlo peace accords was non lethal and essentially non violent, could not there have been a more sustained movement for peace?  To recognize that Israel as a nation needs to exist where it stands because the followers of one of the most ancient of religions were almost exterminated during the Holocaust.  Cannot Israel recognize that Palestenians who existed as a colonized people needed their own country.  In this din, the day to day stories of coexistence remain buried.  It is violence that obfuscates,.  It is violence that prevents any reasonable pathways from unfolding.  It is violence that brings out the worst in human beings.  Gandhiji saw that very early in his life as he read the Gita, War and Peace, the Bible, and showed the way.  What will it take for a new Frontier Gandhi to emerge out of every conflict and show the way

Any unabashed adulation of Gandhiji the man faces the risk of becoming another fundamentalist dogma.  Given his immersion in the freedom movement, and solving Indias inequalities and injustices, he was not the best reader of world affairs. I do not know whether he came out and stood against the holocaust and showed a more nuanced understanding of the problems in the middle east. He died just when the seeds of the conflict were beginning to bloom, his views had such an overwhelming shadow that it took decades for India develop a more nuanced understanding of the middle east,. 

India lives in its villages, but casteism in rural India is as fertile as the gangetic plains in its villages.  A modern economy, with pursuit to education, jobs in manufacturing, retail, technology  and services is the best pathway to a society that is free from the shackles of caste and class.  I do not think India's leaders could gave envisaged in 1947 what India could have looked like today with at least its urban economy - not necessarily perfect but much better for the country as a whole.  It took a Nehru to recognize that start modernizing the country. The seeds of modern India were sown by him, while taking Gandhijis ideals of secularism and equality as the very core of India.  

That said, in a world replete with hateful ways there was one man who showed the path forward.   His ideas were not only his own, it was a synthesis of many streams of thought that he remained open to.  The message of non violence and fraternity above all remains an ideal that is hard to shake off.  At least in our India.  The ideal of keeping a mind that is open to all streams of progressive thought, and synthesizing them into our own framework is another.  Facing up to injustices and finding a better way is a third.

Thank you Mohandas Karamchand Gandhi

Is it time to play with a straight bat?

 The last four months have seen India in a sticky wicket, against some hostile bowling from DC.  Our smugness is coming apart from its seams.  Have we lost the art of leaving the ball alone.   Of ensuring that we play with a straight bat.   Sometimes the pitch is undone by the playing 11 and at times by spectators with business interests..

Let’s start with 2022.  A little country gets invaded by a big one.   While we wisely kept out of it in the U.N. we upped the crude oil purchase from zero to 38% of the total mix and it worked as long as we were not in the spotlight.  But we wanted to walk with the swagger of Viv Richards on world stage and the rather partial umpire shouted tarriffs in the middle of a trade war.  Switching to Russian crude was wide off the mark.  That was a ball we could have left alone, soften up the bowling, and quietly caress the ball later for runs. But all the grease has made the wicket nasty.  Is it time to quietly relay the pitch .

The second problem was H1Bs.  A visa system that was meant to attract the very cream, in areas where US is lacking..  chemical engineers who can decipher reaction kinetics while simulating turbulent flow,a  medical researcher that can unlock the autoimmune condition that eats up one’s own nerve cells, material scientists that can invent alloys that make a killer aircraft engine.  Instead Ranji trophy and club cricketers and the like somehow clutter up the queue to do coding jobs under H1B.  I don’t think the Indian government is responsible, but our private enterprises gloss over the letter and spirit of H1B, and now it hits the fan.  

So it is time to settle down and play better cricket,    Leave the greasy ball alone.   Be generous to the grizzly bear, tell them that the Teslas and F120s and Harley’s come in free.  A handful may buy it..  and tell that Chevy Malibu is the best car in the world and play cricket.  With the humility and class of Sachin, with the guile of Prasanna, with a straight bat  and decency like Dravid, with the calm courage of Dhoni.