Ajay Upadhyaya Portfolio – Analysis, Stock Picks & Investment Strategies in 2025

Ajay Upadhyaya is an Indian investor who is recognised for his expertise in small-cap investing. Over the years, he has consistently proved that he has an eye for identifying high-growth potential stocks, often in underexplored segments. Due to this, he has earned a strong reputation among market enthusiasts and fellow investors. In this article, we will be covering Ajay Upadhyaya’s Portfolio Analysis, his top picks, his portfolio performance and diversification across sectors. 

Ajay Upadhyaya Portfolio 2025

As of June 2025, Ajay Upadhyaya’s portfolio includes 18 active stocks, which are diversified across several sectors. 

Disclaimer: Please note that the above table is for educational purposes only, and is not recommendatory. Please do your own research or consult your financial advisor before investing. The data is derived from Tickertape Stock Screener and is subject to real-time updates.

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Who Is Ajay Upadhyaya?

Ajay Upadhyaya is an Indian investor known for his deep understanding of small- and mid-cap companies. He earned a BE (Hons) in Electrical and Electronics from BITS Pilani, followed by a Diploma in Export Management from KC College, Mumbai, and a Master’s in Finance Management from Jamnalal Bajaj Institute of Management Studies.

Upadhyaya worked in corporate roles and founded ventures in healthcare products and packaging before becoming a full-time investor. He also co-founded Edubrite Systems Inc., an online learning platform that was acquired by LinkedIn in 2022.

In his career, Ajay Upadhyay has gained valuable experience in various roles as an entrepreneur, corporate leader, and researcher, which has helped him become one of the most reputable names in India’s investment space.

Ajay Upadhyaya Top Holdings

Let’s take a look at Ajay Upadhyaya’s top holdings and get a brief idea about the companies and what they do.

• Navin Fluorine International Ltd: Navin Fluorine makes fluorochemicals used in refrigeration, pharmaceuticals, and industrial processes. It also offers contract research and manufacturing services to both Indian and overseas markets.
  
• Elecon Engineering Company Ltd: Elecon Engineering builds material handling equipment and industrial gear systems. Its products serve sectors such as power, cement, steel, and mining. The company exports to several countries while maintaining a strong base in India’s heavy engineering industry.
  
• Genus Power Infrastructures Ltd: Genus Power manufactures electricity meters, hybrid microcircuits, and backup power systems. It works with utilities in India and abroad, and is active in smart metering projects linked to power sector upgrades.
  
• Time Technoplast Ltd: Time Technoplast produces polymer products for packaging, lifestyle, automotive, and infrastructure uses. It serves customers in India and international markets, supplying industries from chemicals to consumer goods.
  
• DCX Systems Ltd: DCX Systems operates in defence and aerospace manufacturing. It specialises in system integration and cable harness assemblies for Indian defence clients and global aerospace companies.

Ajay Upadhyaya’s Portfolio Net Worth Trend

Based on the chart below, you can see a consistent upward trajectory in Ajay Upadhyaya’s portfolio net worth, which shows his successful investment strategy over the years. He has always taken investment decisions by keeping a strong focus on identifying high-potential stocks. It has consistently paid off over the years, contributing to his net worth of ₹355.3 cr. in 2021 to approximately ₹1183.35 cr. in 2025.

Ajay Upadhyaya Portfolio Sectors Analysis

The current Ajay Upadhyaya portfolio diversification is across 9 sectors, and you can see the breakdown in the chart below.

Here are the top 5 sectors based on Ajay Upadhyaya Investments:

• Chemicals & Specialty Chemicals: This segment adds exposure to high-value chemical manufacturing, including fluorochemicals, flavour and fragrance intermediates, and industrial chemicals. Some of Ajay Upadhyaya’s holdings in this sector include Navin Fluorine International Ltd., Camlin Fine Sciences Ltd., and Thirumalai Chemicals Ltd.
• Engineering & Capital Goods: This sector provides exposure to industrial machinery, power equipment, and automation solutions, and the demand is supported by infrastructure, manufacturing, and energy projects. Ajay Upadhyaya’s portfolio in engineering sector includes companies like Elecon Engineering Company Ltd., Kirloskar Electric Company Ltd., and Mamata Machinery Ltd. 
• Power & Infrastructure: This segment spans smart metering, transmission towers, real estate, and construction services. It also benefits from India’s ongoing infrastructure development. A few Ajay Upadhyaya stock picks are Skipper Ltd., Omaxe Ltd., and SRM Contractors Ltd.
• Plastics & Packaging: This sector caters to industrial and consumer needs through products such as rigid and flexible packaging, composite cylinders, and specialised polymer components. Time Technoplast Ltd. is one of the Ajay Upadhyaya stock picks from this sector.
• Defence & Aerospace: The demand in this sector is supported by government initiatives, such as Make in India, and increasing defence budgets aimed at modernising equipment and reducing reliance on imports. Ajay Upadhyaya Holding in DCX Systems Ltd. brings exposure to defence electronics manufacturing and system integration.

Stocks Added to Ajay Upadhyaya Portfolio 2025

Since June 2024, Ajay Upadhyay has increased his shareholding in the following companies. The newest stock additions to Ajay Upadhyaya’s portfolio are Thirumalai Chemicals Ltd., Mamata Machinery Ltd., SRM Contractors Ltd., Annapurna Swadisht Ltd., and Service Care Ltd.

Ajay Upadhyaya Portfolio Stocks Sold 

Since June 2024, Ajay Upadhyaya Holdings has decreased in the following companies. Ajay has sold all his shares from Banswara Syntex Ltd. and Walchandnagar Industries Ltd., so these stocks are not part of his portfolio anymore.

Ajay Upadhyaya Investment Strategy

• Focus on Small-Cap Stocks: Ajay Upadhyaya’s Top Holdings include some of the small-cap companies with clear growth potential. These businesses are often under-researched but can deliver substantial gains as they expand and mature. By spotting opportunities early, he positions his portfolio to benefit from their scale-up phase.
• Sector-Specific Focus: His holdings show a preference for sectors tied to India’s economic progress. Chemicals, textiles, and infrastructure feature prominently, reflecting his view that industrialisation and infrastructure development will drive future growth. This targeted sector exposure allows him to align investments with long-term structural trends.
• Value Investing: Upadhyaya applies value investing principles, seeking companies trading below their intrinsic worth. Entering at favourable valuations enables him to capture upside as the market recognises their true potential. This approach helps him balance risk and return effectively.
• Diversification for Risk Management: While small-caps dominate his portfolio, he spreads investments across industries to avoid dependence on a single theme. This measured diversification ensures that setbacks in one area do not derail overall performance.
• Patience and Discipline: He stays committed to his process even in volatile markets. Avoiding the temptation of short-term gains, he focuses on long-term growth prospects, allowing time for his investment theses to play out.

To Wrap It Up…

Ajay Upadhyaya’s portfolio reflects a clear and consistent investment approach, with a strong tilt towards small-cap stocks in sectors such as chemicals, engineering, and infrastructure. His focus on long-term growth, balanced sector allocation, and close tracking of market developments has helped build steady portfolio performance. While his methods offer valuable insights, portfolios should not be copied blindly, as each investor’s goals and risk profile differ. Investors must do their own research and consult an expert to come up with an investment strategy that suits their investment objectives.

Frequently Asked Questions About Ajay Upadhyay’s Investment Portfolio