Madhusudan Kela’s disclosed holdings this year reveal a diverse mix of high performers and underperformers, highlighting the complexities of active investing in a volatile market environment.
Madhusudan Kela’s disclosed holdings showed a mixed year by mid-August, with a handful of sharp winners offset by several weaker positions, according to ETMarkets’ review of the investor’s latest public filings. The analysis, based on June quarter data from ACE Equity and Trendlyne, found that Kela had stakes in about 19 listed companies worth roughly Rs 2,665 crore as of August 14.
The portfolio’s biggest strength lay in seven stocks that rose between 10% and 135% in calendar year 2026. At the same time, five holdings fell between 15% and 30%, underlining how uneven performance has been across the basket. ETMarkets said the review covered only companies in which Kela held more than 1%, so it may not reflect his full investment book.
The latest snapshot marks a modest rise in the estimated value of Kela’s disclosed holdings from the March quarter, when ETMarkets put the portfolio at about Rs 2,290 crore. That earlier review also showed a split picture: five stocks had gained between 35% and 135% over the preceding year, while ten had logged negative double-digit returns, including five down more than 25%. It also flagged four new bets added in the March quarter.
For market watchers, the appeal of such portfolios lies less in short-term imitation than in spotting conviction. Kela’s latest filings suggest a concentrated set of ideas continues to drive returns, but the spread between the best and worst performers also shows that even well-followed investors can face wide dispersion within the same book.
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