India's forgotten billionaire king who sold his jewels to 'light up every home'
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In an age where Indian royalty was known for gold-studded palaces, diamond collections, and fleets of Rolls-Royces, one Maharaja stood out, not just for his riches, but for how he used them.Maharaja Krishnaraja Wadiyar IV of Mysore may not be as widely remembered today, but his story is a shining example of wisdom, kindness, and progress. While TIME Magazine called Mir Osman Ali Khan of Hyderabad the richest man in the world in 1937, with a fortune worth a jaw-dropping $236 billion (around Rs 19 lakh crore today), Wadiyar's quieter yet equally powerful legacy continues to live on through the lives he touched and the institutions he built.Born on June 4, 1884, in the grand Mysore Palace, Krishnaraja Wadiyar IV was just 11 years old when he became king. His mother, Maharani Vani Vilas Sannidhana, ruled as regent until he took full charge at 18.Unlike many kings of his time, Wadiyar IV wasn't interested in living a life only of luxury. Trained in both Western and Indian education, he spoke English, Kannada, and Sanskrit, and had a deep love for the arts. Lord Curzon, then Governor-General of India, praised the young ruler's vision and expected Mysore to flourish under him, and he wasn't wrong.Krishnaraja Wadiyar IV turned his kingdom into one of the most progressive regions in India. Instead of expanding his palace walls, he expanded opportunities for his people. He banned untouchability and stopped child marriages for girls under eight. Widowed women received scholarships, and he donated Rs 60 lakh every year from his personal wealth to help disabled children.He also formed the Mysore Social Progress Association in 1915 and introduced one of the earliest reservation policies in the country. In 1918, he invited Sir Lesley Miller to assess the condition of backward classes, which led to 25% of government jobs being reserved for non-Brahmins, a bold step at that time.Under Wadiyar IV, Mysore became a pioneer in technology. In 1905, Bangalore became the first city in Asia to be fully electrified using hydroelectric power. This earned him the nickname 'Krishnaraja Bhoopa, Mane Mane Deepa,' which means 'the king who lit up every home.'He also revolutionised education. By 1915, primary education became compulsory. By 1927, the state's education budget jumped from Rs 6.9 lakh to Rs 46.8 lakh, supporting more than 5 lakh students across 8,000 schools.He wasn't just funding classrooms, he was building institutions for the future. He helped set up Mysore Sanskrit College, gave 10 acres of land to Sir CV Raman for his research institute, and donated 400 acres to Jamsetji Tata for what would later become the Indian Institute of Science (IISc) in Bengaluru.Mahatma Gandhi once called Wadiyar IV a "Rajarshi", a mix of king and sage. He was a gifted musician, playing instruments like the violin, veena, saxophone, and mridangam.He supported famous artists of the time, such as Gauhar Jan and Abdul Karim Khan, and backed yoga legend T. Krishnamacharya, helping take yoga to the global stage. He also wrote poetry in Kannada, expressing his deep connection to his people and culture.At the time of his death in 1940, his fortune was estimated at Rs 57,901 crore (adjusted for today's value). But he wasn't a king who hoarded wealth. One powerful example was his funding of the Krishna Raja Sagar Dam. When money ran out, he personally sold his own jewels in Mumbai to make sure the dam was completed, a gift to the people that still serves millions today.Inputs from TOI
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Bill volumes up 27% despite a slight dip in average ticket size: Similar to DMart, which prioritised high footfalls and high transaction volumes over increasing basket size alone, Aditya Vision is seeing more customers walk in and buy, even if they choose slightly lower-priced products. This reflects broad-based consumer traction and trust. Margins holding steady: Gross margins around 16% and operating margin at 9%, despite rapid expansion, show disciplined cost control and strong operational grip. DMart, too, focused on keeping costs low and passing value to customers, resulting in similar margin stability during its early rollout phase. Aditya Vision keeps its stores lean and efficient, typically around 4,200 sq ft. Each store requires approximately Rs 70-80 lakh in setup costs and Rs 2.75-3 crore in initial inventory investment. Most importantly, stores reach EBITDA breakeven within 7-9 months, and investment payback happens within about three years. 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This rise was intentional; the company stocked up on cooling products like ACs and refrigerators ahead of the summer season to avoid stock-outs. Management expects these to sell through in early FY26. While higher inventory ties up cash temporarily, Aditya Vision has shown an ability to normalise inventory levels quickly, which is critical for avoiding forced discounting. Despite the increase in inventory, the overall working capital cycle remains healthy. Aditya Vision uses a mix of internal accruals and short-term borrowings to fund this temporary build-up, avoiding long-term debt. By March 2025, it had about Rs 278 crore in short-term borrowings (up from Rs 125 crore), but with Rs 121 crore in cash, the net debt position remained moderate. Most importantly, Aditya Vision remains net debt-free on a long-term basis, reflecting its conservative financing mindset. Having saturated Bihar and established a strong presence in Jharkhand, Aditya Vision focused heavily on Uttar Pradesh in FY25. By March 2025, it had 34 stores in Uttar Pradesh, up from 18 the year before. Management has hinted that the next wave of expansion could include Madhya Pradesh, Chhattisgarh, and parts of Rajasthan or Odisha. The guiding principle remains the same: cluster-based expansion, where stores are opened in tight geographic pockets. This strategy builds brand recall, makes logistics simpler, and drives supplier efficiencies. DMart followed a similar approach, first consolidating strong clusters before stepping into new territories. After delivering nearly 600% returns between 2022 and 2024, and still sitting at around 350% gains from 2022 even after recent corrections, Aditya Vision now trades at a premium valuation, with a price-to-earnings (P/E) multiple of about 45 times trailing earnings. This is a high multiple, even by retail sector standards, though not unheard of (for example, DMart has historically traded at even higher P/Es given its strong cash flows and brand strength). The premium reflects the market's confidence that Aditya Vision will continue to deliver strong revenue growth, maintain margins, and scale successfully into new regions. The premium valuation signals that investors believe Aditya Vision can maintain a 20%+ earnings growth rate for several years, continue expanding its store footprint, and preserve its disciplined execution. The company's strong market share in Bihar and Jharkhand, rapid success in Uttar Pradesh, and upcoming foray into newer states all support this belief. However, with high valuations come high expectations. Any slowdown in same-store sales growth, margin pressure from competitive dynamics, or delays in new store ramp-ups could lead to a sharp stock correction. This is similar to what DMart experienced whenever growth temporarily softened; the stock would quickly adjust, reflecting the high bar set by investors. For investors, the key points to track going forward are: Pace and quality of store additions: Is the company meeting its ~25-30 stores per year target without compromising profitability? Same-store sales growth trends: Continued double-digit growth indicates strong brand pull and regional dominance. Margin stability: Maintaining an 8-10% EBITDA margin despite expansion is critical to justify current valuations. Inventory and working capital discipline: Avoiding excess inventory build-up and maintaining clean cash cycles. Competitive landscape: Any aggressive moves by larger national retailers or local players that could disrupt market share or force deeper discounts. Aditya Vision's story so far mirrors many aspects of DMart's early journey, including regional clustering, strong local relationships, careful cost control, and an expansion mindset. The company has proven that there is a massive potential beyond metro cities if one can understand and serve these markets with discipline. While the stock is no longer cheap, and expectations are rightly high, Aditya Vision's strong foundation suggests it can continue compounding value for patient investors if it keeps executing its core principles. For investors, it is more about consistent delivery, operational health, and steady customer trust, exactly the factors that built DMart into a retail giant. Aditya Vision now has the opportunity, and the responsibility, to do the same across India's vast heartland. Note: This article relies on data from annual and industry reports. We have used our assumptions for forecasting. Parth Parikh has over a decade of experience in finance and research and currently heads the growth and content vertical at Finsire. He holds an FRM Charter and an MBA in Finance from Narsee Monjee Institute of Management Studies. Disclosure: The writer and his dependents do not hold the stocks discussed in this article. The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.
