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Jan 31, 2026, 01:04:20 PM IST
Investors often track the holdings of prominent Dalal Street players, and ETMarkets has analysed the portfolio of renowned investor Madhusudan Kela. As per the latest disclosures for the December 2025 quarter, Kela held stakes in 15 stocks. By January 30, the estimated value of his portfolio stood at around Rs 2,219 crore, down nearly 45% from Rs 4,072 crore in June 2025.
This analysis considers only companies where Kela’s shareholding exceeds 1% and may not reflect its complete investment universe.
A closer look shows that 10 of the 15 stocks delivered negative returns between July 2025 and January 2026. Nine of these fell 15–45%, while two stocks posted gains despite market volatility. The portfolio also saw one new addition in the December quarter, with Kela holding a 1.12% stake. (Data Source: ACE Equity, Trendlyne)
ETMarkets.com
The stock has declined 44% over the past seven months (from early July 2025 to January 30), falling from Rs 1,739 to Rs 974. In the December quarter, Madhusudan Kela held a 74.36% stake in the company, valued at approximately Rs 278 crore as of January 30, 2026.
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3/13
Indostar Capital Finance
The stock has dropped 42% over the last seven months, sliding from Rs 358 to Rs 207. In the December quarter, Madhusudan Kela held a 2.09% stake, valued at around Rs 70 crore as of January 30, 2026.
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The stock has fallen 34% in the past seven months, declining from Rs 397 to Rs 261. During the December quarter, Madhusudan Kela held a 7.48% stake, valued at approximately Rs 170 crore as of January 30, 2026.
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The stock has declined 32% over the last seven months, slipping from Rs 189 to Rs 128. In the December quarter, Madhusudan Kela held a 1.46% stake, valued at about Rs 9 crore as of January 30, 2026.
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6/13
Bombay Dyeing and Manufacturing Company
The stock has fallen 31% in the past seven months, easing from Rs 167 to Rs 115. In the December quarter, Madhusudan Kela held a 1.59% stake, valued at approximately Rs 38 crore as of January 30, 2026.
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The stock has declined 27% over the last seven months, sliding from Rs 59 to Rs 43. In the December quarter, Madhusudan Kela held a 4.51% stake, valued at around Rs 22 crore as of January 30, 2026.
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The stock has fallen 25% in the past seven months, dropping from Rs 526 to Rs 394. During the December quarter, Madhusudan Kela held a 3.31% stake, valued at approximately Rs 19 crore as of January 30, 2026.
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The stock has declined 18% over the last seven months, slipping from Rs 409 to Rs 334. In the December quarter, Madhusudan Kela held a 1.70% stake, valued at about Rs 32 crore as of January 30, 2026.
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10/13
Unicommerce eSolutions
The stock has fallen 17% in the past seven months, moving down from Rs 126 to Rs 104. In the December quarter, Madhusudan Kela held a 1.63% stake, valued at approximately Rs 19 crore as of January 30, 2026.
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11/13
Choice International
The stock has gained 9% over the last seven months (from July 2025 to January 30), rising from Rs 701 to Rs 765. In the December quarter, Madhusudan Kela held a 7.21% stake, valued at around Rs 1,228 crore as of January 30, 2026.
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12/13
Emkay Global Financial Services
The stock has risen 11% in the past seven months, advancing from Rs 226 to Rs 250. In the December quarter, Madhusudan Kela held a 1.12% stake, valued at approximately Rs 7 crore as of January 30, 2026. The stock was a new addition to his portfolio during the December quarter.
ETMarkets.com
The stock has climbed 17% over the last seven months, increasing from Rs 306 to Rs 359. In the December quarter, Madhusudan Kela held a 2.44% stake, valued at around Rs 58 crore as of January 30, 2026.
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