Market Rout Erodes Wealth of Top Investors in March Quarter

Top individual stock investors of India saw sharp falls in their portfolio value in Q1 2026 due to poor performance in stocks across the board, ranging from midcap to small cap to sector-based holdings.

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Data compiled by Primedatabase Research showed that portfolios of several well-known investors, including Hemendra Kothari, Mukul Agrawal, Madhusudan Kela, Nimesh Shah, Ashish Kacholia, Akash Bhanshali, and Ashish Dhawan, lost value compared with the preceding October-December quarter.

Hemendra Kothari and Mukul Agrawal recorded the sharpest decline among major investors tracked during the period, with portfolio values falling 26% each.

Kothari’s three-stock portfolio, comprising Alkyl Amines Chemicals, Sonata Software, and EIH Associated Hotels, declined to ₹4,482 crore from ₹6,033 crore in the previous quarter. Sonata Software emerged as the biggest drag, falling 42% during the quarter, while Alkyl Amines Chemicals and EIH Associated Hotels declined 23% and 25%, respectively.

Mukul Agrawal’s portfolio value dropped to ₹4,648 crore from ₹6,250 crore. His holdings were reduced to 54 stocks from 56 in the previous quarter. During the period, he added Gaudium IVF & Women's Health to his portfolio while exiting Pearl Global Industries, Onesource Specialty Pharma, Indo Count Industries, and Jagsonpal Pharmaceuticals.

Portfolio Reshuffling Continues

Veteran investor Madhusudan Kela saw his portfolio shrink 21% to ₹1,643 crore from ₹2,084 crore in the previous quarter. Kela added Indiabulls, Simplex Infrastructures and Aptech during the quarter and increased exposure to Kopran. He reduced holdings in Bombay Dyeing and Manufacturing and Unicommerce Esolutions.

Nimesh Shah’s six-stock portfolio declined 19% to ₹2,828 crore, while Ashish Kacholia’s portfolio value slipped 17% to ₹1,387 crore from ₹1,670 crore in the December quarter.

Akash Bhanshali’s holdings fell 16% to ₹5,770 crore, while Ashish Dhawan’s portfolio declined 13% to ₹1,943 crore. Dhawan increased stakes in Quess Corp and Bluspring Enterprises during the quarter and exited IIFL Finance.

Among the largest portfolios monitored by Primedatabase, the estate of late investor Rakesh Jhunjhunwala recorded a 10% decline in value to ₹57,591 crore from ₹63,677 crore in the previous quarter.

Damani Stands Out Amid Market Decline

Radhakishan Damani emerged as the lone major investor to post gains during the quarter. His portfolio value rose 4% to ₹1.76 lakh crore from ₹1.68 lakh crore in the preceding quarter.

Among smaller investors tracked in the report, Tejas Trivedi posted the steepest decline at 33%, followed by Anuj Sheth at 18% and Govindlal Parikh at 14%. Yusuffali Kader recorded a comparatively smaller decline of 6%.

Geopolitical issues between the U.S., Iran and Israel and higher crude oil prices resulted in higher volatility in the local and international equity markets during the period. The Sensex and the Nifty declined 15% each, while the BSE MidCap and SmallCap indices recorded double-digit falls.