Radhakishan Damani Portfolio 2026: Overview of Top Holdings

Radhakishan Damani is a low-profile, legendary, long-term veteran investor and one of India's richest investors.

As the founder and promoter of Avenue Supermarts Limited (DMART), he has built a formidable reputation for disciplined, long-term investing characterised by concentrated bets on high-quality businesses with durable competitive advantages. Damani, now often called the ‘retail king’ of India, is also one of India’s most respected value investors and entrepreneurs.

Damani's public shareholdings, disclosed through SEBI regulatory filings, provide a snapshot into his passive investment strategy- buy right & sit tight virtually for the rest of your life! As of the December 2025 quarter, his portfolio boasts a net worth (market value) of almost ₹163000 crore (₹1.63 trillion), with the overwhelming majority (~98%) tied to DMART (₹1.60 trillion)—for which he is the founder and main promoter. For the rest of the amount (~₹3000 crore), VST Industries has the largest chunk (~₹1178 crore), followed by 3M, United Breweries, Blue Dart Express, Bhagiradha Chemicals, and Avanti Hotels. Damani’s portfolio reflects his conviction in backing exceptional businesses run by capable management and allowing compounding to work over decades.

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Avenue Supermarts Ltd (DMART): Holds 67.20%, valued at around ₹1.60 trillion

• India’s ‘Walmart’—DMART (retail chain) was founded by Damani in 2002 and is headquartered in Mumbai.
• Damani started his ‘Desi Walmart’—DMART—with only a single store in Mumbai; it has now grown into one of India's largest organised retail chains, operating over 400 stores across Maharashtra, Gujarat, Andhra Pradesh, Telangana, Karnataka, and many others.
• DMART operates a hyper-value retail format focused on groceries, daily essentials (FMCG), home care, apparel, and general merchandise.
• Its business model emphasises the EDLP model (everyday low pricing) rather than costly digital promotions.
• Stores are typically mid- to large-sized, located in high-traffic areas, and designed for efficiency with limited frills to ensure the low-cost retail model’s economic feasibility.
• The expansion is organic and targeted, prioritising owned or long-term leased properties to control costs.

VST Industries Ltd: Hold 29.10% stake, valued at around ₹1178 Crore (Dec’25)

• Established in 1930, VST is a Hyderabad-based major manufacturer of cigarettes and tobacco products and part of the Classic Tobacco Group in India.
• VST is known for its iconic cigarette brands like Charminar, Charms, and Total.
• VST operates in the manufacturing and distribution of cigarettes and tobacco products, primarily in southern and western India.
• The revenue model relies on established brand equity, a strong dealer network, and operational efficiencies in production.

3M India Ltd.: Holds 1.50%, valued around ₹ 555 crore (Dec’25)

• Operationalised in India since the 1980s and headquartered in Bengaluru, 3M India Ltd. is the Indian arm of the global diversified technology and innovation company 3M (Minnesota Mining and Manufacturing).
• The company focuses on niche solutions (backed by science & innovations) across multiple sectors, importing technology and manufacturing locally in key areas—Bangalore, Pune, and Ahmedabad—with local R&D at Bangalore.
• 3M India operates a diversified portfolio across four main segments:
  • Safety & Industrial (personal protective equipment, adhesives, abrasives).
  • Transportation & Electronics (automotive films, electronics materials).
  • Health Care (medical tapes, infection prevention).
  • Consumer (home care, stationery, Command hooks).
• The business model relies on import-led distribution combined with local manufacturing for select products, leveraging 3M's global R&D pipeline.
• Revenue comes from B2B sales (industrial clients) and B2C channels—with a focus on premium, innovation-driven products rather than volume commodity plays.

United Breweries Ltd. (UBL): Holds 1.20% stake, valued around ₹468 Crore (Dec’25)

• Established in 1915, UBL is India's leading beer manufacturer and the flagship company of the United Breweries Group, headquartered in Bangalore.
• UBL is majority-owned by Diageo Plc (global spirits giant, holding ~61% stake).
• UBL dominates the Indian beer industry with iconic brands like Kingfisher (the country's most popular beer), along with premium lines such as Kingfisher Ultra, Heineken (licensed), and others.
• UBL operates a premiumisation-focused brewing and distribution model in the highly regulated alcoholic beverages sector.
• Core revenue from manufacturing and selling beer across price segments: Economy, Regular (mass market like Kingfisher Strong), Premium, and Super Premium (e.g., Kingfisher Ultra, Heineken).
• Premiumisation drive: Shifting mix towards higher-margin premium beers, which now form a growing share of volumes.
• UBL has wide manufacturing bases- operates ~30+ owned/partner breweries across India (outsourced model in many states due to excise laws requiring local production).
• It has an extensive distribution network- reaching over 90,000 outlets nationwide, leveraging a strong “on-premise" (bars/pubs) and “off-premise" (retail/modern trade) presence.
• Overall operation is also supported by cost optimisation programs, targeting 3–6% annual savings through productivity, supply chain, and operational efficiency.
• Regulatory-heavy: Operates under state-specific excise policies, taxes, and licensing, which influence pricing, margins, and geographic strategies.
• The model emphasises brand building (heavy marketing on Kingfisher as a lifestyle icon) and innovation in low-alcohol/no-alcohol variants to adapt to evolving consumer trends.

Blue Dart Express Ltd: Holds a 1.20% stake valued at around ₹149 crore (Dec’25)

• Established in 1983, Blue Dart is now India’s leading cargo company, express logistics, headquartered in Mumbai, majority-owned by global logistics giant DHL.
• Blue Dart is synonymous with time-sensitive shipments across India and globally (transportation & door-to-door delivery) through an integrated ground & air transportation network.
• It has strong pricing power and B2C momentum. It announced a ~10% general price increase effective January 2026 to counter inflation while maintaining service quality.
• Blue Dart operates an asset-heavy express delivery model:
  • Core services: Domestic air express, surface express, international shipments, and value-added logistics (warehousing, e-commerce fulfilment).
  • Revenue primarily from premium time-definite deliveries (next-day/same-day).
  • Hybrid network: Own aircraft fleet (for air express), ground transport, and extensive hub-and-spoke system with 500+ service points.
  • B2B focus (corporate clients) with a growing B2C/e-commerce share.
• It leverages DHL's global expertise for international reach and technology.

Conclusion

Overall, Damani’s non-core portfolio (Ex, DMART, and VST) may be an example of a passive investing principle in those business models that an investor can easily understand—having a sound revenue model with resilient economic moats, ensuring relatively less competition with any potential new entrant. This is in line with Damani's preference for consumer-facing businesses with strong brands and defensive qualities. But as we entered 2026, consideration of the change of business model is also vital, as the organised brick & mortar FMCG retail format is now facing a serious challenge from various app-based quick service retail models (Zepto, Instamart, Big Basket, etc.). But organised retail formats are now also employing app-based quick /prompt service and delivery of FMCGs at the doorstep in line with changing business models (like the DMART app online quick service). Furthermore, India’s discretionary consumer spending is facing some headwinds from the weak labour market and higher cost of living, especially in urban/metro areas. Subdued growth in beer sales may be an indication. But still, India’s consumption story is solid overall, as almost 30% of discretionary consumer spending may be related to ‘black money.’ Moreover, at least 30% of the Indian adult population, equivalent to the entire US population, may be treated as higher middle class (government employees, high-grade corporate employees, big businessmen, and professionals). This is a stimulating Indian consumption story and the appeal of B2C—consumer-facing stocks.