Veteran investor's disclosed 19-stock holdings reveal sharply divergent CY26 returns, ETMarkets analysis shows.
The Economic Times, through its ETMarkets platform, published a slideshow analysis on August 15, 2026, examining the publicly disclosed equity portfolio of veteran Indian investor Madhusudan Kela for calendar year 2026. The analysis found that seven stocks in Kela's portfolio delivered gains ranging from 10% to as much as 135% so far in CY26, while five other holdings declined between 15% and 30% over the same period. The report values Kela's total disclosed portfolio, spanning 19 stocks, at approximately Rs 2,665 crore as of August 14, 2026.
The findings were compiled using data from ACE Equity and Trendlyne, two platforms that track corporate shareholding disclosures and market pricing. The underlying shareholding data reflects filings as of June 30, 2026, the end of the second quarter of calendar year 2026, layered with stock price movements through mid-August to calculate year-to-date returns.
Scale and Structure of the Disclosed Holdings
Trendlyne's own portfolio tracker corroborates the ET figures, showing that as per corporate shareholdings filed for June 30, 2026, investors matching Madhusudan Kela publicly hold 19 stocks with a combined net worth exceeding Rs 2,637.5 crore. ETMarkets rounded this to about Rs 2,665 crore in its August 14 valuation, a modest difference likely attributable to price movements between the quarter-end filing date and the observation date.
This 19-stock count and valuation mark a notable expansion from earlier points in the year. A Hindi-language Economic Times report from May 2026 had pegged Kela's portfolio at 19 companies worth around Rs 2,290 crore during the March 2026 quarter, with 10 of those stocks showing negative returns at that time. The shift between the March and June quarters suggests both price appreciation and possible portfolio adjustments contributed to the higher August valuation.
Winners and Laggards Split the Portfolio
The core finding of the CY26 slideshow is the stark divergence in stock-level performance within a single portfolio. Seven stocks gained between 10% and 135% during the year, a spread wide enough to include at least one likely multibagger. Separately, Business Today reported in May 2026 that Kela's portfolio included a stock that had jumped roughly 140% over a one-year period, a detail consistent with the "up to 135%" figure cited in the CY26 slideshow.
At the other end, five stocks in the same portfolio fell between 15% and 30% in CY26, underscoring that even a portfolio built around a well-known small- and mid-cap investor can carry meaningful downside risk. The ET slideshow summary does not name every winner and laggard in its published excerpt, but related FY26-period analyses using the same ACE Equity and Trendlyne datasets offer strong indicative overlap with the CY26 findings.
Familiar Names Across Financial Services and Industrials
Kela's holdings have consistently leaned toward small- and mid-cap names across financial services, capital goods, consumer products and industrials, based on portfolio tables published by multiple tracking platforms. Choice International Ltd, a financial services company, has repeatedly appeared as his largest holding by value, with FY26 gains reported in the 60-67% range and a stake in the high single digits, valued at well over Rs 1,500 crore in some quarterly snapshots.
Other frequently cited names include Windsor Machines Ltd in capital goods, Niyogin Fintech with gains of roughly 37-67% in FY26 depending on the measurement window, Bombay Dyeing with gains in the 26-34% band, and Repro India, which posted an FY26 rally of around 39% on a roughly 3.3% stake. Rashi Peripherals and Unicommerce eSolutions have also featured in his portfolio with more modest double-digit gains, while Kopran, Sangam (India) Ltd, SG Finserve, Indostar Capital and IRIS RegTech have appeared in various quarterly disclosures.
Recent Portfolio Moves Add Context
Kela's CY26 performance dispersion follows a period of active portfolio churn. Business Today reported on May 12, 2026 that Kela added four new stocks during the March 2026 quarter, spanning education, infrastructure, paper and diversified financial services sectors, based on Trendlyne data. Indiabulls Ltd emerged as his largest new bet by value in that round of additions, while Subam Papers represented a major stake by percentage terms.
These portfolio changes in the first quarter of CY26 help explain some of the compositional shifts visible in the subsequent June-quarter disclosures that underpin the ET slideshow. Economic Times maintains an ongoing "Madhusudan Kela & Associates" portfolio tracking page that documents his quarter-by-quarter stakes, and independent platforms including smallcase, Stockssena and Pocketful continue to publish similar breakdowns drawn from the same regulatory filings. Market commentators and portfolio trackers have echoed the ETMarkets findings, framing Kela's 2026 record as illustrative of the multibagger potential and drawdown risk inherent in concentrated small- and mid-cap investing strategies.
