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Vikas Khemani Portfolio & Shareholdings in India (2026)

Vikas Khemani built his career at the intersection of research, capital markets, and long-term investing. Before launching Carnelian Asset Management in 2019, he spent nearly 17 years at Edelweiss Financial Services, where he rose to lead institutional equities and later served as CEO of Edelweiss Securities. This article takes a closer look at his portfolio, major holdings, and the principles that guide his investment decisions.

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NameStocks (6)↓↓Sub-SectorSub-Sector↓↓Market CapMarket Cap↓↓Close PriceClose Price↓↓PE RatioPE Ratio↓↓1D Return1D Return↓↓1M Return1M Return↓↓6M Return6M Return↓↓1Y Return1Y Return↓↓PB RatioPB Ratio↓↓Return on EquityReturn on Equity↓↓ROCEROCE↓↓Dividend YieldDiv Yield↓↓Debt to EquityDebt to Equity↓↓Volatility vs NiftyVolatility vs Nifty↓
1.PTC Industries LtdPTCILIron & SteelIron & Steel29,040.5729,040.5722,110.0022,110.00285.94285.947.227.2223.7423.7422.7722.7758.3958.3920.9420.946.006.009.289.28--0.040.042.532.53
2.Man Industries (India) LtdMANINDSBuilding Products - PipesBuilding Products - Pipes5,366.185,366.18768.20768.2031.4831.480.100.1046.0546.0573.2973.29100.97100.973.343.3410.1710.1721.6821.68--0.300.303.913.91
3.Capacite Infraprojects LtdCAPACITEConstruction & EngineeringConstruction & Engineering1,815.101,815.10217.33217.339.489.48-2.61-2.61-0.31-0.31-6.08-6.08-24.89-24.890.950.9510.5510.5515.6715.67--0.250.253.223.22
4.Upsurge Investment and Finance LtdUPSURGEDiversified FinancialsDiversified Financials156.10156.1067.7967.7948.3348.330.030.03-3.52-3.52-3.97-3.97-32.21-32.211.491.4920.9120.914.734.730.640.640.000.003.523.52
5.Chemtech Industrial Valves LtdCHEMTECHIndustrial MachineryIndustrial Machinery126.06126.0663.9963.9925.1125.110.190.19-14.11-14.11-1.55-1.55-37.26-37.261.321.3210.7210.728.228.22--0.000.003.633.63
6.Chetana Education LtdCHETANAEducation ServicesEducation Services88.9488.9443.0043.006.616.61-0.81-0.81-4.44-4.4412.1312.13-48.53-48.531.131.1326.0626.0625.2325.23--0.280.284.804.80
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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 Stock Screener and is subject to real-time updates.

Selection criteria: The table contains publicly disclosed Vikas Khemani investment portfolio as on 10th February 2026. Stocks are sorted by market capitalisation, highest to lowest.

Vikas Khemani’s Bulk and Block Deals

Bulk and block deals improve market transparency and explain sharp changes in stock volumes. These disclosures help track where large investors deploy capital and which sectors attract or lose interest over time. Analysts often review such deals to understand portfolio shifts and changing market sentiment.


Here’s how you can find the latest bulk and block deals by Vikas Khemani:

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The results show Vikas Khemani’s latest bulk and block deals. The platform also allows date filtering to review historical transactions and identify patterns over time.

Investor Profile – Vikas Khemani

Vikas Khemani built his identity in the Indian stock market through deep research, a sharp understanding of businesses, and 25 years of capital markets experience. He studied management and entered financial markets when organised research and institutional participation were expanding rapidly in India.

  1. Name: Vikas Khemani
  2. Profession: Investor, Founder & CIO, Carnelian Asset Management
  3. Experience: Over two decades in capital markets
  4. Total net worth (₹): ₹927.9 cr.
  5. Portfolio size: 6 active stocks
  6. Known for: Research focus, institutional insight, disciplined portfolio construction

He spent nearly 17 years at Edelweiss Financial Services, where he helped build the institutional equities business. Over time, he rose to become the CEO of Edelweiss Securities. He worked closely with large domestic and foreign investors and gained strong exposure to multiple sectors.

In 2019, he started Carnelian Asset Management. At Carnelian, he leads investments with a structured process. Vikas focuses on companies that show durability, governance discipline, and the ability to perform across market cycles.

Vikas Khemani Portfolio Composition

Here is a list of the 7 active stocks that are part of Vikas Khemani's portfolio in 2026 as per the latest filings:

Stock Name Holding Value (In cr.) Shares Held Dec 2025 Change (%) Dec 2025 Holding (%)
PTC Industries Ltd 780 422,670 -0.01 2.82
Man Industries (India) Ltd 77.7 1,791,256 0.21 2.39
Capacite Infraprojects Ltd 37.2 1,470,000 0 1.74
Chemtech Industrial Valves Ltd 10.6 1,500,000 0 8.36
Upsurge Investment and Finance Ltd 10.4 1,380,000 0 6.88
Chetana Education Ltd 4.8 1,017,600 0 4.99

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Vikas Khemani Net Worth

Based on the latest publicly available shareholding disclosures, Vikas Khemani’s tracked equity portfolio carries a market value of about ₹927.9 cr. The figure changes every quarter because stock prices fluctuate and portfolio allocations may be updated through new filings.

Vikas Khemani's Investment Strategy

Reasonable Valuations

Khemani follows a growth-at-reasonable-valuation approach, seeking businesses where earnings potential and valuation provide a favourable risk-reward balance rather than pursuing growth regardless of price.

MCO Framework

Carnelian uses its Magic, Compounders and Opportunistic framework to classify opportunities across earnings growth, long-term compounding and situations where temporary disruptions can create valuation gaps.

Forensic Research

Stock selection includes forensic analysis of cash flows, liabilities, earnings quality and governance, helping identify financial inconsistencies that conventional profit and revenue measures may not capture.

Contrarian Approach

Khemani considers businesses experiencing temporary market pessimism when long-term fundamentals remain intact. In 2026, IndiGo and selected IT opportunities illustrated this contrarian element of his approach.

Long-Term Horizon

Khemani generally focuses on multi-year business trends rather than short-term market movements, with financials, manufacturing, power and consumption among themes highlighted in his 2026 market commentary.

Learnings from the Vikas Khemani Portfolio in 2026

Quality Matters

The portfolio framework highlights business quality alongside growth, with particular attention to sustainable earnings, cash generation and governance rather than relying primarily on recent share-price performance.

Patience Through Cycles

Khemani’s approach accepts periods of short-term underperformance when the underlying investment thesis remains intact, reflecting greater emphasis on long-term business outcomes than immediate market returns.

Selective Contrarianism

Temporary industry weakness can create opportunities within otherwise viable businesses. Vikas Khemani’s 2026 commentary on IT illustrates how cyclical pressure and structural deterioration are treated as different situations.

Company Selection

Sector attractiveness alone does not determine portfolio inclusion. In banking, for example, Khemani has emphasised individual company selection rather than broadly favouring public-sector or private-sector banks.

Avoiding Fads

Khemani has indicated that his approach avoids unproven businesses and market fads, placing greater weight on established business economics, earnings visibility and reasonable valuations when evaluating opportunities.

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Factors Affecting Stock Selection in the Vikas Khemani Portfolio

Earnings Growth

Expected earnings growth forms an important part of stock assessment. Khemani projected Indian corporate earnings growth of around 14–16% in 2026, providing a broader backdrop for company selection.

Management Quality

Management capability and integrity influence stock assessment because capital allocation, execution and governance can determine whether revenue growth ultimately translates into sustainable earnings and shareholder value.

Balance Sheet

Debt, cash flows and financial resilience provide context on a company’s ability to fund expansion and withstand weaker business cycles without creating excessive pressure on its finances.

Valuation Levels

Valuation is considered alongside business quality and earnings potential. Market corrections can therefore change the risk-reward assessment even when the underlying company’s long-term fundamentals remain unchanged.

Industry Tailwinds

Structural trends influence the opportunity set, while stock selection remains bottom-up. In 2026, Khemani highlighted financials, manufacturing, power and consumption among areas benefiting from longer-term economic trends.

Conclusion

Vikas Khemani builds portfolios using research discipline, valuation awareness, and strong filters around governance and risk. His approach shows how process, patience, and clarity about business quality guide capital allocation across market cycles. However, financial goals, time horizon, and risk capacity differ for every individual. One should study companies independently before taking exposure.

For deeper analysis, readers can explore stocks using the Tickertape Stock Screener, which provides 200+ filters across financials, growth metrics, and valuation parameters. Tracking institutional activity through Tickertape Market Movers can also help understand how ownership patterns evolve.

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Frequently Asked Questions About the Vikas Khemani Portfolio

  1. Who is Vikas Khemani?

    Vikas Vijaykumar Khemani is an Indian market professional and the founder and CIO of Carnelian Asset Management. Vikas Khemani, Carnelian, reflects his association with the firm he founded after leading institutional equities at Edelweiss Financial Services.

  2. What is Vikas Khemani’s net worth?

    Based on the latest publicly disclosed shareholdings, the tracked value of Vikas Khemani's net worth through his listed equity portfolio stands at around ₹927.9 cr. This figure can change with market prices and new shareholding disclosures.

  3. What kind of companies does Vikas Khemani invest in?

    The Vikas Khemani portfolio often includes businesses across manufacturing, industrials, finance and specialised segments. Vikas Khemani’s investment framework generally considers earnings visibility, governance standards, scalability and long-term business fundamentals.

  4. Where can I track changes in Vikas Khemani’s stock holdings?

    Changes in the Vikas Khemani portfolio can be tracked through quarterly shareholding disclosures filed with stock exchanges. Tools such as Tickertape Market Movers can also help monitor ownership updates and portfolio movements.

  5. What is the name of Vikas Khemani’s fund?

    Vikas Khemani Carnelian refers to his association with Carnelian Asset Management, where he serves as founder and Chief Investment Officer. The firm manages strategies based on research, risk control and long-term investing.

  6. What companies has Vikas Khemani invested in?

    As per the latest public shareholding disclosures in February 2026, the Vikas Khemani portfolio includes stakes in a focused set of companies, such as:
    1. PTC Industries Ltd
    2. Man Industries (India) Ltd
    3. Upsurge Investment & Finance Ltd
    4. Chemtech Industrial Valves Ltd
    5. Unified Data- Tech Solutions Ltd

    Disclaimer: This information on Vikas Vijaykumar Khemani Portfolio is for educational purposes only and should not be considered investment advice.

  7. What is Vikas Khemani Carnelian?

    Vikas Khemani Carnelian refers to Vikas Khemani’s association with Carnelian Asset Management, which he founded in 2019. As CIO, he oversees the firm’s investment philosophy, portfolio construction and research framework across Indian equities.

Disclaimer: This article is for informational purposes only. The content of the article, including securities/investment products mentioned, if any, should not in any manner be construed as investment advice, recommendation, offer, or solicitation to buy/hold/sell any securities/investment products. The securities quoted, if any, are for illustration only and are not recommendatory. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Please consult a SEBI-registered financial advisor before investing.