Narendra Raval
- Net worth $760 million
- Status -
- Country Kenya
- Source(-s) of wealth Businessman, Entrepreneur
How much is Narendra Raval Worth? Narendra Raval Net Worth in 2026
Narendra Raval’s net worth is estimated at $760 million as of November 2026. He arrived in Kenya from Gujarat in 1978 as a teenage temple assistant and now chairs Devki Group, a steel and cement maker with annual revenue above $1 billion and about 14,000 staff. The group is private and publishes no profit, so this is a rough estimate: little of the money is documented, and our range is wide.
| Net worth | $760 million (our estimate, range $400 million to $1.1 billion) |
|---|---|
| Country | Kenya |
| Known for | Founder and chairman of Devki Group (steel, cement, roofing sheets) |
| Main income sources | Ownership of Devki Group and its units in Kenya, Uganda and Rwanda |
How much is Narendra Raval worth in 2026?
We estimate $760 million. We value Devki from its reported revenue using two yardsticks, one for cement and one for steel, then take off an assumed slice of debt for the group’s two newest plants. We credit the whole group to him as founder and chairman; how ownership is shared with his family has not been published. Every input here is either a revenue figure or an assumption, and we say which is which.
How we got to $760 million
| Source | Our estimate | What it rests on |
|---|---|---|
| Devki Group, value of the business | $973 million | Revenue above $1 billion, valued at 0.97 times sales. That is the average of the price Devki paid for Rwanda’s Cimerwa ($42.5 million for 51 percent, which values the whole company at about $83 million, against $82.5 million of sales in its 2023 financial year, 1.01 times) and Tata Steel’s market value against revenue on November 9, 2026 (0.94 times). |
| Less borrowing for new plants | minus $215 million | Our assumption: half the cost of the Sh11 billion Taita Taveta steel plant and the Sh45 billion West Pokot clinker plant, Sh56 billion in all, was borrowed. That half is $215 million at 129.93 shillings per dollar (November 10, 2026). No debt figures are published. |
| Total | $760 million | $758 million before rounding. |
From a temple to a rolling mill
He left the temple in 1982 to work in a steel mill. When the mill closed in 1990, he and his wife opened a hardware shop in Nairobi’s Gikomba Market, and about two years later he started rolling steel in Athi River, Billionaires.Africa reported in June 2026. Devki now makes steel, cement, roofing sheets and packaging, mines minerals, and runs aviation and energy businesses. It holds the largest shares of Kenya’s steel and cement markets, operates in Kenya, Uganda and Rwanda, and is targeting 30,000 employees by 2030.
The spending has not slowed. Devki launched an Sh11 billion steel plant in Taita Taveta in December 2025, is building an Sh45 billion clinker plant in West Pokot, and has a raw steel plant in Kwale designed to use locally mined iron ore.
The Rwanda deal, close to book value
The clearest price we have for any Devki asset is Cimerwa, Rwanda’s oldest cement maker. South Africa’s PPC agreed in November 2023 to sell its 51 percent to Devki’s National Cement Holding for $42.5 million in cash, against a book value of $38.5 million, Investing.com reported, and the sale closed in January 2024. Our calculation: $42.5 million is 1.10 times book value, a modest premium for control of a country’s leading cement maker. Billionaires.Africa put the acquisition at $85 million without saying what stake that bought, so we work from the PPC price: $42.5 million for 51 percent values all of Cimerwa at about $83 million.
Cimerwa’s sales in the year to September 2023 were $82.5 million, with profit of $16.1 million, Global Cement reported. On that basis Devki paid about 1.01 times a year of sales and 5.2 times a year of profit. That multiple was struck in 2024 against 2023 figures, and we use it as a cement yardstick. Steel earns thinner margins, which is why we blend it with Tata Steel’s market value of INR 2.31 trillion against INR 2.47 trillion of revenue.
Why other estimates disagree
Many public estimates for him are years old and were set when Devki was smaller, before the Rwanda purchase and the new plants. Others take the revenue figure and apply no valuation at all. Our number is higher than most because both yardsticks we could find, a real cement deal and a listed steelmaker, sit close to one times revenue. If Devki carries much more debt than we assume, the true figure is lower.
What would move the figure
Published accounts would settle the debt question, which is our biggest unknown: every extra $100 million of borrowing cuts his figure by $100 million. A split of shares with his family would lower his personal portion.
Narendra Raval net worth FAQ
What is Narendra Raval’s net worth?
About $760 million as of November 2026 by our rough estimate, built from Devki Group’s revenue of more than $1 billion.
What does Devki Group make?
Steel, cement, roofing sheets and packaging, plus minerals, aviation services and energy. It employs about 14,000 people.
How much did Devki pay for Cimerwa?
$42.5 million in cash for PPC’s 51 percent stake in the Rwandan cement maker. One report puts the acquisition at $85 million without naming the stake.
How did Narendra Raval start?
He came to Kenya in 1978 as a temple assistant, worked in a steel mill from 1982, opened a hardware shop in 1990 and began rolling steel about two years later.
How much is Devki investing in new plants?
Sh11 billion on a steel plant in Taita Taveta and Sh45 billion on a clinker plant in West Pokot.
How is his net worth estimated?
We value Devki at 0.97 times its revenue, the average of a cement deal and a steel company’s market value, and subtract an assumed $215 million of debt for its two newest plants.
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How we estimate net worth
Our estimates are based on public reporting, company valuations, and deal and earnings figures all compiled in an internal valuation model. They are approximate, and figures change over time as new information emerges.
Last updated: November 2026.