Dolly Khanna Portfolio and Shareholding: A Deep Dive into Her Investments

Dolly Khanna’s Latest Portfolio Update: Check Stocks Added and Trimmed in Q3

Recent portfolio disclosures show Dolly Khanna trimming positions across most names while adding exposure to a consumer durable company.

Investor Profile & History of Dolly Khanna

Dolly Khanna, a Chennai-based investor, is known for her bottom-up approach to investing in the small- and mid-cap sector.

She invests in under-the-radar fundamentally strong names in traditional sectors, including textiles, manufacturing, and chemicals. The portfolio is held in her name but is managed by her husband, Rajiv Khanna.

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Some of her notable past holdings include Rain Industries, Avanti Feeds, PolyPlex Corporation, NOCIL, and RSWM, which delivered multibagger returns.

As of January 23, 2026, Dolly Khanna's net worth stands at ₹226.6 crore, which is down 49% from the December 2025 level of ₹444 crore. This may not represent current holdings.

Latest Changes in Dolly Khanna Portfolio

Dolly Khanna added IFB Industries for the first time while reducing her stake in GHCL, KCP Sugar, Emkay Global, Prakash Industries, Som Distilleries, Southern Petrochemical, and Coffee Day Enterprises.

She also reduced her holdings in Prakash Pipes to less than 1%, while completely exiting from stocks like National Oxygen and Savera Industries.

Let's start with new additions (fresh entries).

IFB Industries

Dolly Khanna added 1.1% stake in IFB Industries worth 14.6 crore during the December 2025 quarter. IFB Industries makes durable goods for people, such as washing machines, dryers, air conditioners, dishwashers, modular kitchens, and chimneys.

It also makes fine blanking parts for heavy vehicles, four-wheelers, two-wheelers, and electric vehicles.

In addition, it also produces fine blanking components for heavy vehicles, four-wheelers, two-wheelers, and electric vehicles. The home appliance segment is the largest, accounting for 80% of revenue. The balance comes from the engineering, steel, and motor business.

Stocks Where Dolly Khanna Trimmed Her Stake

GHCL

She trimmed her stake in GHCL by 0.1% from 1.2% in the June quarter to 1.1%. Nevertheless, with an investment of 52 crore in GHCL, it remains her largest holding by amount. GHCL operates in the chemicals and consumer products segment.

It is a leading producer of soda ash with 24% market share in India. However, its short-term performance has been affected by cheap imports and negative realisations, resulting in a decline in margins. This makes the margin recovery a key monitorable.

In November 2025, GHCL bought back 4.3% of its paid-up capital at ₹725 per share. This was done to improve key financial metrics and give shareholders extra cash. GHCL is also diversifying revenue streams by venturing into Bromine and Vacuum Salt.

Prakash Industries

Prakash Industries is one of her oldest holdings and the second-largest by amount (₹51.5 crore). She, however, pared her stake by 0.4% to 2.6% in the December quarter. Prakash is an integrated manufacturer of finished steel products with a sponge iron manufacturing capacity of 12 lakh tonnes.

Prakash's financial condition has softened in the last four quarters, which may have prompted her to reduce her stake.

Som Distilleries & Breweries

Dolly Khanna reduced her stake in Som Distilleries (SDBL) to 2.1% from 2.4% in the September 2025 quarter. It enjoys strong brand recall in the production and sale of beer and Indian Made Foreign Liquor. Its annual manufacturing capacity is 152 lakh beer cases and 12 lakh IMFL cases.

SDBL sells its products under the brand names of Hunter, Woodpecker, Black Fort, and Power Cool. The majority (40%) of revenue comes from MP, followed by Karnataka and Odisha.

SDBL is setting up a greenfield brewery and distillery project in Uttar Pradesh with a capacity of 10 lakh cases per month. Phase 1 and Phase 2 are expected to be completed by October 2026 and October 2027, respectively, and could support volume growth post-commercialisation.

Southern Petrochemicals

Her stake in South Petrochemicals also declined by 0.4% to 2.6% in December 2025. The company manufactures and sells urea and Nitrogenous chemical fertiliser. Its product offerings include industrial products, water-soluble fertilisers, and organic fertilisers. This business is cyclical due to volatile raw material prices and government subsidies.

Emkay Global Financial Services

In Emkay Global, the stake also declined by 0.4% to 2.3% as of December, 2025. Emkay is a capital markets player, offering services like broking, asset management, wealth management, and distribution of financial products.

As of September 30, 2025, Emkay's assets under management in the wealth management (WM) segment stood at ₹1.8 lakh crore, and in asset management (AMC) at 15,627 crore. Capital market business accounted for 56% of revenue in H1FY26, followed by WM (23%) and AMC (9%). The holding in Emkay suggests she is betting on the rising WM industry.

Her other small holdings include Coffee Day Enterprises, in which she reduced her stake by 0.5% to 1.7%.

Conclusion

In short, Dolly Khanna's portfolio changes in the third quarter show that she is still leaning toward businesses that are linked to manufacturing and consumption, with some exposure to capital markets and a discretionary theme. She also cut back on investments in companies that were about to face margin or earnings pressure. The mix shows a careful rebalancing, not a change in investment philosophy.