Rekha Jhunjhunwala Portfolio 2026: Top Stocks & Holdings

Rakesh Jhunjhunwala (1960-2022), the undisputed ‘Warren Buffett’ and also the ‘Big Bull’ of Dalal Street, was a legendary figure in India’s stock market ecosystem. He was known for his expertise in identifying future multibaggers early on. Even after his untimely, sad death in 2022, he remains one of India’s most influential and iconic investors. Rakesh Jhunjhunwala (RKJ) was a CA by qualification and an investor & trader by profession. His humble beginning with a tiny risk capital of just ₹5000 in the 1980s, borrowed from his retired father, to almost ₹75000 crore by 2022, the legendary status inspired many young investors/traders of today-aspiring another ‘rags to riches’ story.

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RKJ's first notable success stemmed from bets like Tata Tea, which significantly multiplied his money. By the early 1990s, he had built substantial wealth through both bullish and bearish positions, including profiting from a windfall from short-selling during the 1992 Harshad Mehta era. Radha Krishna Damani (RKD), another legendary investor/trader since the 1970s, is RK’s mentor, friend, philosopher & guide since both met accidentally at a tea shop chat in Dalal Street late 1988.

Rakesh Jhunjhunwala married Rekha in late February 1987, when he was leading a simple/modest lifestyle in his early Dalal Street days. Rekha Jhunjhunwala was a commerce graduate by qualification and had a very low profile. She was associated with Rakesh’s real-time investing/trading journey from the late 1980s and saw many ups & downs of the Dalal Street and his husband Rakesh’s investing/trading journey, including the windfall profit by shorting during Harshad Mehta periods. Like Rakesh-Rekha was also actively involved in the ‘complex puzzle’ of Dalal Street with the core philosophy of patient, conviction-driven investing mantra, while navigating market volatility with discipline.

Fast forward, in 1992, Rakesh founded his personal investment firm RaRe Enterprises (Ra~ Rakesh and Re~ Rekha), which took the shape of a single family office structure since 2003; also employed some renowned professionals to handle the family investment activities of the firm professionally. After Rakesh’s passage, his wife now manages all the investment activities of the firm along with some professionals and also under the overall supervision (key advisory) of Radha Krishna Damani.

Like Rakesh, Rekha Jhunjhunwala’s portfolio composition, i.e. share holdings, has now immense influence in the Indian stock market, and any public disclosure of buy or sell may influence the scrip. As per the latest regulatory filing in the December 2025 quarter, Rekha Jhunjhunwala's publicly disclosed equity portfolio comprises around 25 stocks, valued at around ₹44,300 crore. The portfolio steadily grew from around ₹35,000–40,000 crore in mid-2025-led by not only overall favourable market movement, but also exceptional outperformance of some key stocks. Like Rakesh, Rekha also focuses on quality business with sustainable competitive advantages and impeccable management. Rekha also maintains sectoral diversification across healthcare, consumer goods, financials, and infrastructure.

Also, in line with Rakesh’s philosophy (principle), Rekha regularly makes a profit from her holdings or makes timely adjustments based on any favourable or unfavourable triggers. Rakesh believes that everything is fair in the stock market, like in love & war-there are no permanent friends or foes. Overall, Rekha’s leadership & judgement have preserved the portfolio’s resilience despite the underperformance of selective small & midcaps.

Rekha Jhunjhunwala's Investment Approach- continuity of Rakesh’s legacy

Overall, Rekha Jhunjhunwala's portfolio reflects continuity rather than radical shifts from her late husband's core investment strategy: a focus on long-term compounding through high-quality businesses, avoidance of excessive trading, and selective accumulation in high conviction ideas.

Key themes in the current outlook include:

• Dominance of Consumer and Retail Plays: Titan-led by gold & silver’s epic parabolic rally- remains the undisputed leader, accounting for a substantial portion of the portfolio's value (often around 40-50%). Titan outperformed Nifty in 2025 and also offset softer returns in some other stocks.
• Resilient Healthcare and Insurance Exposure: Stakes in Star Health and Allied Insurance and Fortis Healthcare underscore a bet on India's growing healthcare demand and insurance penetration. Healthcare insurance is a major priority of Indians amid a lack of adequate quality universal (free-government sponsored) facilities or even affordable ones.
• Selective Banking and Financials: Increases in private banks like Federal Bank contrast with prudent exits, such as the near or full reduction in Canara Bank-profit booking (stake fell below 1% in Dec 2025 from 1.57% prior, likely after realising multibagger gains).
• Infrastructure and Niche Bets — Consistent holdings in NCC Ltd and others reflect confidence in India's capex cycle and infra story.

Changes from Mid-2025

• Allocation increases were seen in Titan (slight stake hike to ~5.3%) and Star Health (notable rise).
• Decreases included Canara Bank and minor trims elsewhere.
• New or spotlighted entries were limited: Baazar Style Retail gained attention due to stock momentum, though holding remained stable at ~3.4%.

Overall, Rekha’s strategy prioritises reinforcing winners (profit booking) over frequent churning- in line with Rakesh. As the Indian economy entered 2026 with a solid footing, the diverse portfolio may be well-positioned to capture India’s structural tailwinds despite some cyclical headwinds. India’s structural growth story-rising consumption, urbanisation and financialisation-the portfolio is expected for another year of robust performance. But if Gold corrects after a stupendous 70% rally in 2025 due to a high potential Ukraine war ceasefire and less hawkish Trump approach, it may affect the portfolio to some extent; but Rekha's track record suggests measured pro-active responses rather than reactive moves. The emphasis on quality over quantity continues to define her tenure as custodian of this iconic legacy.

Overview of Selected Stocks

1) Titan Company Ltd

Stake: around 5.3% (approx. 47 million shares)
Portfolio Value Contribution: around ₹19,000–20,000 crore+ (largest holding)

• Titan is a Tata Group flagship (established 1984), and is India's leading premium lifestyle retailer, with jewellery as its dominant segment, contributing almost 85% of operating revenue.
• The company operates over 1,000+ jewellery stores with iconic brands like Tanishq, Mia, Zoya, and CaratLane across India and globally.
• Titan is the largest organised jewellery retailer in India, with Gold, Silver, Diamond and studded premium products with strong brand appeal and in-house designing.
• The company commands a heavy market share in the premium jewellery segment for India’s festive & wedding market.
• Titan has a huge scale and is also expanding locally & globally with a focus of premium U.S. market.
• The company enjoys resilient consumer trust amid a robust quality certification process and vast latest designs.
• Titan’s omnichannel (online & offline integrations) presence ensures sustainable high growth in the gold & other jewellery segment.
• Titan excels due to design innovation, financing initiatives and digital expansions with a diversified portfolio.
• Titan is India's leading lifestyle retail brand with a dominant presence in jewellery (Tanishq), watches (Titan, FastTrack), and eyewear (Titan Eye+)-both premium and affordable.
• Its business model revolves around organised retail expansion, strong brand equity, and vertical integration in jewellery manufacturing and retailing.
• Titan benefits from premiumisation trends, India’s festive & marriage demand, and increasing gold consumption.
• Titan is expanding its network to over 3400 outlets globally.
• This long-term position in Titan has been the primary driver of portfolio appreciation.
• But any correction in Gold or subdued sales of Titan jewellery in 2026 amid skyrocketing prices may also pose some headwinds.

2. Star Health and Allied Insurance Company Ltd

Stake: Significant (top-3 by value, ₹4000–5000 crore range)
Recent Change: Allocation increase noted in late 2025

• Star Health is India's specialised health insurer, focusing on retail health products with a vast agent network and digital distribution.
• Its model emphasises affordable, customised plans for individuals and families, leveraging data analytics for underwriting and claims management.
• Star is a major beneficiary of India’s rising healthcare awareness and insurance penetration, especially after COVID
• Star has shown resilient growth despite competitive pressures and some cyclical challenges
• The stake increase signals confidence in the sector's long-term tailwinds.

3) Metro Brands Ltd

Stake: around 9.6% (approx. 26–39 million shares)

• Metro Brands operates a chain of footwear retail stores under brands like Metro, Mochi, Walkway, and Crocs (exclusive licensee in India).
• Its business model is built on value-for-money fashion footwear, extensive store network (primarily in Tier-1/2 cities), and strong private-label offerings.
• Metro is benefiting from India's growing organised retail and aspirational consumer spending,
• Metro has maintained stable margins through efficient supply chains and brand loyalty.
• The holding remains a consistent consumer discretionary play.

4) Fortis Healthcare Ltd

Stake: Notable
Recent Change: Minor reduction in Dec 2025, but still significant

• Fortis is one of India's largest private healthcare chains, operating hospitals, diagnostics (via SRL), and day-care facilities.
• The business model focuses on multi-speciality tertiary care, clinical excellence, and expansion through acquisitions and greenfield projects; i.e. both organic & inorganic expansions)
• Fortis is positioned for steady demand growth amid India's healthcare infrastructure gap and rising medical tourism/insurance coverage.

5) NCC Ltd

Stake: around 10.6–12.5% (approx. 66–78 million shares)

• NCC is an integrated construction and infrastructure company with expertise in buildings, irrigation, roads, power, and water projects.
• Its business model emphasises execution capabilities, diversified order book (government and private), and EPC (engineering, procurement, construction) strengths.
• Despite cyclical pressures in infra stocks, NCC benefits from India's massive infra capex push in infrastructure development.

Other Notable Stocks

• Federal Bank Ltd (~2.42% stake): A mid-sized private bank focused on retail, SME, and corporate lending with strong asset quality.
• Baazar Style Retail (~3.4% stake): Emerging value retail player in ethnic wear;
• Additional holdings: Sun Pharma Advance (Span); CRISIL (ratings), Jubilant Pharmova (pharma), and others are adding diversification.

Conclusions

Rekha Jhunjhunwala's investing approach continues to reflect the basic principle of his late husband, Rakesh Jhunjhunwala-India’s ‘Warren Buffett’ –disciplined, long-term value investing and bottom-up strategy. Rekha, a strong believer in India's growth story, is also focusing on quality business with resilient moats and compounding potential.

The approach offers less guidance for India’s retail investing community: ‘Buy right and sit tight’ and ignore daily noises; focus on quality rather than quantity; only invest in those businesses, which you can easily understand-simply buy low and sell high like a contra player-simplicity and discipline often outperform complexity.