Madhusudan Kela Stocks 2026: Latest Portfolio Holding & Growth Themes

Madhusudan Kela, is one of India’s most influential and respected legendary investors in India’s vibrant stock market. He is distinguished by his sheer analytical insights, patience, and value-driven investment philosophy. With over 30 years of experience in Indian equities, he transitioned from sell-side institutional analyst to independent high-conviction investing. Kela migrated from a small town in Chhattisgarh to Mumbai in the early 1990s and completed his higher education—MMS (a master's in management studies), specialising in finance & management. Kela subsequently started his Dalal Street journey as an equity research analyst in firms like CIFCO, Share Khan, and then Reliance Capital in the early 2000s.

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Kela’s humble surroundings in Chhattisgarh, including the story of daily cycling of 30 km to attend school, taught him the much-needed perseverance, while his early stint at Dalal Street developed his sharp analytical skill. Kela’s successful top role as Chief Investment Strategist and Head of Equity Investments at Reliance Mutual Fund and Reliance Capital Asset Management (2000-2017) brought him to the limelight. After his stint at Reliance, Kela founded his investment firm, Invexa Capital, to focus on investment in publicly listed shares and also on private (future potential IPO) AIFs (Alternative Investment Funds). He was also the MD of Oasis Finvest Ltd. (an NBFC) and contributed to the ecosystem as Mentor & IC Chairman at Singularity AMC and Founder & Trustee at Plaksha. University, a technology-oriented institution in Punjab-Kela, is a highly influential and celebrated investor/analyst in the Indian stock market circle.

Kela & Associates’ portfolio disclosed through regulatory filings-Dec’25 QTR.

Kela's latest personal portfolio—disclosed through public shareholdings, every quarter via family entities such as Mahi Madhusudan Kela or associates—shows a decrease in holdings for (recent sellings):

• Choice International (-1.72%)
• Indosolar Capital (-0.38%)
• Windsor Machines (-0.23%)
• Bombay Dyeing (-0.06%)
• Unicommerce Solutions (-0.02%)
• Repro India (-0.01%)
• Nazara Tech—below 1% for the 1st time

Recent additions (buying):

• Emkay Global

Being a veteran from the financial industry (stock brokerages/NBFCs), Kela’s portfolio (core + non-core) is heavy on such financials, coupled with consumer goods (B2B and B2C) in mid to small-cap segments. As per the most recent corporate/SEBI regulatory filings for the quarter ending 31 December 2025 (Q3FY26), he holds public stakes in 15 stocks (≥1.0%) with a total net worth of approximately ₹2,208.8 crore. The portfolio registered a quarter-on-quarter value decline of around -18.8% during the period, influenced by modest stake reductions in core holdings and broader mid-cap market corrections. Despite this, select positions showed resilience, with several delivering double-digit returns earlier in FY26 (up to 67% in standout cases like Choice International proxies in earlier reports).

Overview of Stocks Held by Madhusudan Kela

Choice International Ltd: Stake ~7.20%, valued around ₹1220 crore (Dec’25)—largest holding
Established in 1993, Choice is one of the leading financial houses in India-providing professional grade diversified financial services across the entire ecosystem of the Indian capital market, retail & institutional broking, advisories, wealth management (PMS), and prop. trading desk, investment banking, insurance broking, MF distributions, etc.- all under one roof through digital/tech-enabled platforms. Choice employs a low-cost, scalable revenue (brokerage) model focused on client acquisitions via digital channels, primarily focusing on equities & commodities, ensuring rapid expansions pan-India through a direct or franchise model. Like all other major brokerages, it also earns revenue through cross-selling (insurance & mutual fund products), fee-based revenues from advisory and other distributions to ensure diversified income streams for providing resilience and revenue visibility in different market cycles.

MKVentures Capital Ltd: Stake ~74.40%, valued around ₹287 crore (Dec’25)—Controlling Stake
Incorporated in 1991, MKVentures Capital (MKVC) functions as a non-banking financial company (NBFC) engaged in lending, strategic investments, and related financial activities, targeting niche high-yield opportunities. It deployed capital only after an extensive due diligence, often supplemented by potential advisory or investment income. Kela’s policy of maintaining a high stake in promoter /family control ensures aligned decision-making & governance. It also provides specialised knowledge & expertise in the MFI/underserved lending segment, strategic flexibilities and access to cost-effective capital.

Windsor Machines Ltd: Stake ~7.70%, valued around ₹169 crore (Dec’25)
Established in 1963, Windsor Machines manufactures plastic processing machinery, including extrusion lines (pipes, films) and injection moulding equipment, serving the packaging, infrastructure, and consumer durables industries. It also provides after-sales service and has both local & global operations. It has a B2B model in the capital goods industry. It has revenue visibility through recurring service revenue from various long-term clients. On a significant scale, ongoing R&D in energy-efficient, eco-friendly products in a fragmented marketplace is a niche player.

Sangam India Ltd: Stake ~4.90%, valued around ₹103 crore (Dec’25)
Sangam is a manufacturer & trader of synthetic blended cotton & texturized yarn, fabrics, denim fabrics and readymade seamless garments. It’s a vertically integrated textile manufacturer producing polyester filament yarn, PV fabrics, denim, and readymade garments for domestic and global markets. It ensures end-to-end operations from spinning to garmenting enable cost control and quick response to trends. Its backward integration model ensures RM (raw material) cost stability, reduces volatility and dependency. The diversified portfolio across yarn, fabrics and apparel hedges cyclical risks, while the scale enhances bargaining power with suppliers, resulting in a superior bottom line.

PrataapSnacks Ltd (PSL): Stake ~4.60%, valued around ₹119 crore (Dec’25)
PSL is an Indian maker of snack foods of multiple variants like potato chips, extruded products, and namkeen products. PrataapSnacks markets packaged snacks under the Yellow Diamond brand, including potato chips, namkeen, and extruded products, with a focus on value-for-money offerings. PSL employs a wide distribution. network (two-tier system), regional-to-national expansion, and integration with modern retail/e-commerce. It ensures robust brand recall in core markets with an efficient supply chain & distribution for a broader reach with differentiated, affordable-premium positioning in the organised snack market. Overall operational efficiencies, input materials cost discipline, and channel expansions are supporting solid margins.

Indostar Capital Finance Ltd (ICFL): Stake ~2.50%, valued around ₹75 crore (Dec’25)
Established in 2009, ICFL is an NBFC specialising in vehicle finance, SME lending, and corporate loans, targeting underbanked segments with technology-supported digital processes. Most of the fresh lending is secured in nature. It’s unique proficiency in vehicle and SME financing; robust risk management; branch and digital network for sourcing; potential for cost reduction through tech adoption—ICFL may be a bright spot in the Indian NBFC sphere in 2026.

Additional notable holdings

• Bombay Dyeing (textiles and real estate redevelopment)
• Rashi Peripherals (IT hardware distribution)
• Niyogin Fintech (digital financial inclusion)
• Repro India (printing and education solutions)
• IRIS RegTech Solutions (compliance technology)
• Unicommerce eSolutions (e-commerce SaaS)
• Kopran (pharmaceuticals)
• Emkay Global Financial Services (new investments)

Conclusions
Overall, Kela’s 2026 holdings reflect a thoughtful strategy on India’s long-term structural tailwinds—ignoring cyclical headwinds (noises). Kale focuses on fundamentals, convictions, and potential compounding over the medium to long term. Kale’s financials-heavy portfolio remains in line with India’s primary engine of economic growth, led by expanding credit into the real economy, deepening digital payments, liberalisation of the insurance sector, and the advent of modern fintechs. This, coupled with wealth management and advisory, creates tailwinds for specialised NBFCs, broking firms, and integrated financial platforms.