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Madhusudan Kela Portfolio: Top Stocks and Holdings (2026)

Madhusudan Kela is one of India’s most respected investors with a career of over three decades. He started in the early 1990s, worked across leading brokerage firms, and later became well known for his contribution to Reliance Mutual Fund. As of January 2026, he holds 16 disclosed stocks, out of which 13 are active, with a total portfolio value of about ₹2,458.17 cr In this article, we will look at Madhusudan Kela’s latest portfolio, analyse the key changes, and understand the patterns shaping his investment approach.

Latest Madhusudan Kela Stock Portfolio and Holdings (2026)

Madhusudan Kela Portfolio Stock Screener

Madhusudan Kela Portfolio Stock Screener: Analyse & Filter Indian Stocks on Tickertape

Showing 1 - 12 of 12 results

last updated at 9:45 PM IST 
NameStocks (12)Sub-SectorSub-SectorMarket CapMarket CapClose PriceClose PricePE RatioPE Ratio1D Return1D Return1M Return1M Return6M Return6M Return1Y Return1Y ReturnPB RatioPB RatioReturn on EquityReturn on EquityROCEROCEDividend YieldDiv YieldDebt to EquityDebt to EquityVolatility vs NiftyVolatility vs Nifty
1.Choice International LtdCHOICEINInvestment Banking & BrokerageInvestment Banking & Brokerage13,689.6213,689.62614.90614.9084.1484.140.070.07-22.94-22.94-23.70-23.7022.4722.4712.3812.3818.6418.6415.5715.57--0.610.612.252.25
2.IndoStar Capital Finance LtdINDOSTARConsumer FinanceConsumer Finance3,104.753,104.75199.10199.1025.7625.763.593.59-15.64-15.64-22.66-22.66-31.89-31.890.850.853.513.511.241.24--1.901.903.173.17
3.Rashi Peripherals LtdRPTECHTechnology HardwareTechnology Hardware2,244.542,244.54342.35342.3510.7910.790.510.51-5.24-5.246.556.5518.9318.931.291.2912.6312.6319.9719.970.290.290.520.522.422.42
4.Sangam (India) LtdSANGAMINDTextilesTextiles2,135.582,135.58435.45435.4567.1667.160.740.74-6.50-6.501.541.5430.3030.302.122.123.193.197.737.730.470.471.131.133.523.52
5.Bombay Dyeing and Mfg Co LtdBOMDYEINGTextilesTextiles2,105.422,105.42103.16103.164.304.301.201.20-11.15-11.15-43.31-43.31-23.03-23.030.900.9023.3923.3925.0925.091.181.180.000.002.932.93
6.Windsor Machines LtdWINDMACHINIndustrial MachineryIndustrial Machinery1,953.171,953.17230.05230.05263.59263.593.443.44-5.33-5.33-22.79-22.79-22.20-22.202.662.661.461.463.473.47--0.050.053.013.01
7.Unicommerce eSolutions LtdUNIECOMSoftware ServicesSoftware Services1,020.961,020.9691.6491.6457.9457.940.870.87-18.48-18.48-38.81-38.81-23.87-23.8714.5514.5525.3425.3428.3528.35--0.110.113.213.21
8.Kopran LtdKOPRANPharmaceuticalsPharmaceuticals552.19552.19118.22118.2214.3214.323.383.38-11.78-11.78-31.68-31.68-34.36-34.361.071.077.647.6411.0411.042.622.620.290.293.013.01
9.Repro India LtdREPROStationeryStationery517.22517.22366.10366.10-251.08-251.081.541.54-14.04-14.04-18.26-18.26-14.91-14.911.351.35-0.54-0.541.621.62--0.260.263.833.83
10.IRIS RegTech Solutions LtdIRISIT Services & ConsultingIT Services & Consulting479.16479.16226.57226.5736.8036.80-2.74-2.74-14.57-14.57-30.30-30.30-43.86-43.866.306.3022.2122.2123.2223.22--0.060.063.233.23
11.Niyogin Fintech LtdNIYOGINDiversified FinancialsDiversified Financials397.15397.1536.8936.89-24.99-24.993.333.33-18.40-18.40-42.32-42.32-17.49-17.491.211.21-5.15-5.15-5.29-5.29--0.290.293.953.95
12.Mkventures Capital LtdMKVENTURESSpecialized FinanceSpecialized Finance308.44308.44838.85838.8532.5032.504.534.53-13.20-13.20-41.73-41.73-43.11-43.113.003.009.659.6512.7612.760.160.160.000.002.712.71

Disclaimer: Please note that the above table is for informational purposes only, and is not recommendatory. Please do your own research or consult your financial advisor before investing. The data is derived from Tickertape Mutual Fund Screener and is subject to real-time updates.

Selection criteria:The table contains publicly disclosed Madhusudan Kela investment portfolio as on 30th January 2026. Stocks are sorted by market capitalisation, highest to lowest.

Madhusudan Kela Bulk and Block Deals in 2026

Bulk and block deals provide transparency and explain why stock volumes have increased or decreased. The disclosure of bulk and block sales can help evaluate which sectors are gaining traction and losing interest to buyers. It also directs individual investors’ future investment decisions. Here's how you can find the latest bulk and block deals by Madhusudan Kela -

  1. Launch Market Movers
  2. Under 'Party', type 'Madhusudan Kela'
  3. Select the 'Category' and 'Transaction Type'

You'll see the latest bulk and block deals by Madhusudan Kela. Moreover, you can also set the date range and view the previous bulk and block deals.


Top Stocks Holdings in Madhusudan Kela Portfolio (2026)

Choice International Ltd

Choice International is his largest holding and forms a major share of his portfolio. The company works across financial services such as advisory, broking, investment banking, and wealth management. Its growth in recent years and strong presence in financial distribution make it one of its most important bets.

Nazara Technologies Ltd

Nazara is a gaming and digital entertainment company with operations in e-sports, mobile gaming, and interactive learning. By holding this stock, Kela shows his interest in India’s growing digital consumption story and long-term potential in online gaming.

Sangam (India) Ltd

Sangam (India) is a well-known textile and yarn manufacturer. The company operates across apparel fabrics, denim, and technical textiles. This holding reflects his comfort with traditional sectors where steady demand and strong market positioning offer long-term value.

Windsor Machines Ltd

Windsor Machines manufactures plastic processing equipment used in packaging, automotive components, and infrastructure. This investment gives him exposure to industrial activity and manufacturing demand, which tend to grow with broader economic expansion.

Mkventures Capital Ltd

MKVentures is his own investment and financing company, where he holds a large promoter-level stake. It focuses on identifying opportunities across finance, technology, and niche sectors. This holding shows his long-term involvement in building businesses and managing capital through his own platform.

Madhusudan Kela’s Net Worth in 2026

Madhusudan Kela’s net worth comes mainly from his publicly disclosed equity holdings. Based on the latest available data, his total portfolio value stands at ₹2,219.25 cr.. This figure reflects the market value of the 12 stocks he owns. Since his portfolio contains several mid-cap and small-cap companies, the overall value changes with market movements, and his net worth updates accordingly.

Who is Madhusudan Kela?

Madhusudan Kela, began his career in the early 1990s and worked across well-known firms such as CIFCO, Sharekhan, Motilal Oswal, and UBS before moving into fund management. His major breakthrough came in 2001 when he joined Reliance Mutual Fund, where he played a key role in scaling its equity business and earned industry-wide respect for his investment calls.



Madhusudan Kela grew up in Mumbai and studied an MBA in Finance at Mumbai University. During his studies, he built strong analytical skills and developed a deep interest in the stock market. After graduating, he entered equity research in the early 1990s and started working with firms like CIFCO, Sharekhan, Motilal Oswal, and UBS. These early roles helped him understand how companies grow, how markets react, and why management quality matters.



His big career break came in 2001 when he joined Reliance Mutual Fund. Under his leadership, the fund’s equity business grew sharply. He became known for spotting strong companies early and taking clear, well-researched calls even during uncertain market phases. His success at Reliance made him one of the most respected names in the Indian investing community.



How to invest in Madhusudan Kela portfolio stocks?

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List of Stocks in Madhusudan Kela’s Portfolio (2026)

The table below shows Madhusudan Kela’s publicly disclosed holdings for 2026, along with his December 2024 and December 2025 shareholding data (where available) and the latest holding value.

Stock Name Holding Value (In cr.) Shares Held Dec 2025 Change (%) Dec 2025 Holding (%) Sep 2025 Holding (%)
IRIS RegTech Solutions Ltd 33.1 1,072,000 0 5.2 5.2
Rashi Peripherals Ltd 57.7 1,607,717 0 2.4 2.4
Choice International Ltd 1,229.10 16,054,833 -1.7 7.2 8.9
IndoStar Capital Finance Ltd 70 3,379,834 -0.4 2.1 2.5
Sangam (India) Ltd 111 2,440,699 0 4.9 4.9
Bombay Dyeing and Mfg Co Ltd 37.8 3,275,739 -0.1 1.6 1.7
Mkventures Capital Ltd 278.5 2,858,027 0 74.4 74.4
Prataap Snacks Ltd 123.1 1,100,000 0 4.6 4.6
Windsor Machines Ltd 171.6 6,515,506 -0.2 7.5 7.7
SG Finserve Ltd 31.8 951,773 0 1.7 1.7
Niyogin Fintech Ltd 21.5 5,020,000 0 4.5 4.5
Unicommerce eSolutions Ltd 19.1 1,834,301 0 1.6 1.7
Repro India Ltd 18.7 475,000 0 3.3 3.3
Kopran Ltd 9 704,593 0 1.5 1.5
Emkay Global Financial Services Ltd 7.2 289,243 New 1.1 -

Madhusudan Kela: Sector Allocation

Financial Services

This is the most prominent sector in his portfolio. It includes companies involved in lending, broking, wealth management, advisory services, and financial technology. Firms like Choice International, MKVentures Capital, Indostar Capital Finance, Niyogin Fintech, and SG Finserve operate across retail finance, institutional finance, and financial distribution.

Industrial & Manufacturing

Several companies belong to the industrial and manufacturing space. This sector covers textile production, plastic processing machinery, and diversified manufacturing operations. Windsor Machines produces industrial equipment, while Sangam (India) and Bombay Dyeing focus on textiles and fabrics.

Technology & Digital Platforms

This sector includes businesses built around digital services, gaming, data analytics, and IT distribution. Nazara Technologies operates in gaming and e-sports, IRIS RegTech Solutions works in compliance and data solutions, Rashi Peripherals distributes IT hardware, and Unicommerce eSolutions supports e-commerce logistics.

Consumer & FMCG

This category includes companies that manufacture branded consumer products. Prataap Snacks falls under this sector and operates in the packaged foods segment with products such as chips and snacks available across retail stores.

Pharmaceuticals & Healthcare

This sector includes companies involved in the production of pharmaceutical formulations and healthcare products. Kopran Ltd. is the key company here, with activities in drug manufacturing and related healthcare offerings.

Madhusudan Kela Investment Strategy

Focus on Value and Fundamentals

Kela often invests in companies that show strong fundamentals but trade at reasonable valuations. His early positions in Bajaj Finance and Titan highlight this approach. He tracks balance sheets, cash flows, and business models closely before taking large positions.

Preference for Mid-Cap and Small-Cap Companies

A large portion of his portfolio consists of mid-cap and small-cap firms, including Windsor Machines, Repro India, Niyogin Fintech, Sangam (India), and Rashi Peripherals. These companies operate in growing industries where operational improvements and sector shifts can create long-term value. His holdings show that he studies management decisions and growth potential in detail.

Sector Cycles and Macroeconomic Awareness

Kela’s strategy includes analysing broader economic trends. For example, during India’s infrastructure expansion in the early 2000s, he invested in companies linked to that cycle. More recently, his mix of industrial, digital, and financial stocks indicates how he observes sector shifts and allocates capital across them.

Strong Emphasis on Management Quality

Across his investments, management quality stands out as a consistent theme. Kela studies how leadership teams think, execute, and manage capital. His decisions at Reliance Mutual Fund, where he backed companies early based on leadership strength, continue to reflect in his current portfolio.

Willingness to Take Contrarian Positions

Kela has taken positions in sectors or companies when market sentiment was weak. His investments in the banking sector during difficult phases and his continued exposure to industrial and manufacturing names show that he does not rely only on market mood. Instead, he evaluates long-term business resilience.

Active Portfolio Adjustments

Recent changes, such as reducing exposure to firms like Samhi Hotels and Transformers & Rectifiers, while adding or increasing stakes in Windsor Machines, Nazara Technologies, Kopran, and SG Finserve, indicate how he adjusts his holdings based on updated company performance and sector direction.

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Conclusion

Madhusudan Kela’s portfolio shows how he studies businesses, tracks sector trends, and invests with a long-term view. His mix of financial services, industrial companies, digital platforms, manufacturing firms, and consumer businesses gives a clear picture of how he invests across both traditional and new-age sectors.



However, every investor has different goals, time horizons, and risk levels, so it’s important to base decisions on personal research rather than copying any investor’s portfolio. To study any of these stocks in detail, you can use the Tickertape Stock Screener, which offers 200+ filters to help you analyse companies based on financials, valuation, ownership, and more.



FAQs about Madhusudan Kela and His Portfolio

  1. Who is Madhusudan Kela?

    Madhusudan Kela is a leading Indian investor known for his three-decade-long career in equity research, fund management, and long-term investing. He became widely recognised for his work at Reliance Mutual Fund, where he played a major role in scaling the fund’s equity AUM. Today, he runs his own investment firm, MK Ventures.

  2. What is the the net worth of Madhusudan Kela in 2026?

    Madhusudan Kela net worth in 2026 is Rs. 2,219.25 cr.

  3. What does the Madhusudan Kela Portfolio include?

    The Madhusudan Kela Portfolio includes 16 disclosed stocks (13 active), spread across financial services, industrial manufacturing, textiles, gaming, technology, IT distribution, and healthcare. Companies like Choice International, MKVentures Capital, Windsor Machines, Nazara Technologies, and Sangam (India) account for a major share of his portfolio value.

  4. What is Madhu Kela’s latest buy?

    The Madhu Kela latest buy is Prataap Snacks Ltd., which appeared as a new entrant in the September 2025 quarter with a 4.6% stake. This was the most recent publicly disclosed addition to his holdings.

  5. What are the key Madhusudan Kela investments?

    Some of the major Madhusudan Kela investments include Choice International (financial services), MKVentures Capital (investment and financing), Windsor Machines (industrial equipment), and Sangam (India) (textiles). Together, these holdings form the core of his portfolio.

  6. Which stocks does Madhusudan Kela hold right now?

    The Madhusudan Kela stocks currently include a mix of financial companies, manufacturing firms, digital platforms, and niche businesses. Examples are IRIS RegTech Solutions, Niyogin Fintech, Rashi Peripherals, Repro India, Unicommerce eSolutions, Kopran, and Windsor Machines.

  7. Does Madhu Kela run a mutual fund today?

    There is no public Madhu Kela mutual fund at present. Instead, he manages his investments through his family office and MK Ventures, focusing on listed equities and long-term business opportunities.

  8. Where can I see Madhusudan Kela’s latest shareholdings?

    You can view Madhusudan Kela holdings through quarterly shareholding disclosures of companies where his stake crosses the reporting threshold. These filings list his updated positions and the value of each holding.

  9. How can I track Madhusudan Kela’s stocks portfolio?

    Investors can track Madhusudan Kela stocks portfolio through public filings and platforms like Tickertape Market Movers. These sources show the companies he owns, the percentage held, and the updated market value of each stock.

  10. What insights can we get from Madhusudan Kela’s share holdings?

    Madhusudan Kela share holdings highlight his interest in financial services, industrial manufacturing, digital platforms, and consumer businesses. The presence of both traditional and tech-driven companies shows how he invests across different parts of the Indian economy.