Mumbai, May 20 -- In the iconography of Indian capitalism, there are empire builders and there are wealth compounders. The Ambanis and the Adanis build empires-vast, sprawling, always reaching for the next frontier. The Bajaj Group, for most of its 100-year history, has been something rarer and, in retrospect, more remarkable: a wealth compounder of extraordinary patience.

While rivals chased opportunity across sectors, the family from Pune stayed put, deepening its commitment to two businesses: motorcycles and financial services.

The result has been quietly astonishing. With a combined market capitalization of Rs.13.5 trillion, the Bajaj Group is the fifth largest family-owned business house in India. The Tata Group, which ranks above ...