Pranay Shah received the award shortly after graduating with a Masters in Biochemistry, the university said today.
He initially joined a three-year Biochemistry course in 2009, but his tutor encouraged him to upgrade to the flexible undergraduate-Masters degree course (MSci).
Pranay said that this extra year of study helped him be more independent and gain more lab-based experience.
The award coincides with Lord Bilimoria of Chelsea taking charge as the University's seventh chancellor.
The India-born founder of Cobra Beer was installed during an official ceremony held on July 17.
On receiving the award, he said: "Winning the Indian Student of the Year award is a remarkable feeling. It was a complete surprise for me; my heart skipped a beat when I was told I had won.