Madhusudan Kela Portfolio: Top Holdings, Analysis, and Performance
Madhusudan Muralidhar Kela is a well-known figure in India’s capital markets, recognised for his strategic investments and stock-picking skills. As of mid-2025, his publicly disclosed portfolio comprises 14 stocks with an estimated value of ₹2,711.07 cr in equities. In addition, in the first half of 2025 alone, his portfolio value rose by 66% year-to-date, which shows the kind of company he’s backing. In this article, we explore the Madhusudan Kela portfolio analysis, covering his top stock holdings, sector exposure, and investment strategy.
Madhusudan Kela Portfolio Stocks
As of mid-2025, Madhusudan Kela’s Portfolio currently consists of 14 active stocks in his publicly disclosed equity holdings. Here are recent Madhusudan Kela portfolio stocks:
| Stock Name | Holding Percentage | Value in cr. |
|---|---|---|
| Choice International Ltd | 8.93% | 1390.43 |
| MKVentures Capital Ltd | 74.36% | 446.14 |
| Windsor Machines Ltd | 7.71% | 212.41 |
| Nazara Technologies Ltd | 1.18% | 154.14 |
| Indostar Capital Finance Ltd | 2.47% | 93.01 |
| Sangam (India) Ltd | 4.86% | 90.26 |
| Bombay Dyeing and Mfg Co Ltd | 1.65% | 55.57 |
| Rashi Peripherals Ltd | 2.44% | 45.02 |
| Iris Business Services Ltd | 5.22% | 38.06 |
| SG Finserve Ltd | 1.70% | 36.97 |
| Niyogin Fintech Ltd | 4.52% | 28.51 |
| Repro India Ltd | 3.32% | 24.09 |
| Unicommerce eSolutions Ltd | 1.78% | 22.3 |
| Kopran Ltd | 1.46% | 11.35 |
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.
Who is Madhusudan Kela?
Madhusudan Kela is an Indian stock market investor, known for his sharp business acumen and deep understanding of the stock market.
After earning a Master’s in Management Studies from Mumbai University in 1991, Kela started in equity research with firms such as CIFCO and Sharekhan. He later held key roles at Motilal Oswal and UBS before joining Reliance Mutual Fund in 2001.
Under his leadership, Reliance Mutual Fund grew its assets from ₹200 cr. to nearly ₹1 lakh cr, within a decade. In 2004, he was named Equity Fund Manager of the Year for his work in portfolio management.
In 2018, he set up MK Ventures, an investment firm that focuses on opportunities across industries, including finance, textiles, and pharmaceuticals. Beyond investing, he serves on the boards of several companies and is a trustee at Plaksha University, showing his active role in education and corporate governance.
Top Stocks of Madhusudan Kela’s Portfolio 2025
- Choice International Ltd.: Choice International operates in financial services, offering investment banking, broking, and advisory solutions. It also provides research-based services and has expanded into wealth management, insurance, and compliance solutions to cater to a broad segment of the Indian financial market.
- MKVentures Capital Ltd.: MKVentures Capital is engaged in investment and financing activities. It focuses on providing strategic capital to businesses across industries. The company’s portfolio spans both listed and unlisted investments.
- Windsor Machines Ltd.: Windsor Machines manufactures and supplies plastic processing equipment, including extrusion and injection moulding machines. It serves both domestic and export markets, and the company caters to packaging, automotive, and infrastructure sectors.
- Nazara Technologies Ltd.: Nazara Technologies operates in the interactive gaming and digital sports sector. Its portfolio includes e-sports platforms, mobile games, and gamified learning products.
- IndoStar Capital Finance Ltd.: IndoStar Capital Finance functions as a non-banking financial company (NBFC), providing retail and corporate lending solutions. Its lending portfolio includes vehicle finance, SME loans, and corporate credit.
Madhusudan Kela Portfolio Analysis: Sector-Wise
Madhusudan Kela’s stock picks show a strong tilt towards financial services and technology/digital platforms. However, it is balanced by manufacturing exposure in textiles, industrial machinery, and pharmaceuticals. Below is a graphical representation of the sector-wise analysis of Madhusudan Kela’s Portfolio.
Let’s take a look at the detailed breakdown of each sector and the companies representing them.
- Financial Services & Investments: Financial services form a significant part of the Madhusudan Kela Portfolio. These companies operate across lending, advisory, and digital finance, bridging traditional financial systems with technology-led platforms. Some companies in this sector include: Choice International Ltd., MKVentures Capital Ltd., and IndoStar Capital Finance Ltd..
- Capital Goods & Industrial Machinery: This holding represents the industrial manufacturing space, focusing on plastic processing equipment. Its demand is supported by various industries, including packaging, automotive, and infrastructure, offering indirect exposure to diverse market segments. Windsor Machines Ltd. is one of the companies in this sector.
- Media, Technology & Digital Platforms: The technology and digital cluster includes gaming, IT hardware distribution, data analytics, and e-commerce solutions. Together, these companies cater to consumer-facing and enterprise markets, reflecting India’s accelerating digital adoption. A few examples of this sector in Madhusudan Kela’s stock portfolio are Nazara Technologies Ltd., Rashi Peripherals Ltd., and Iris Business Services Ltd.
- Textiles & Apparel: The portfolio’s textile component covers yarn, fabric, and apparel manufacturing. While Sangam focuses on core textile production, Bombay Dyeing brings diversification with its presence in real estate alongside its textile operations
- Printing & Publishing: This sector serves educational institutions, publishers, and e-commerce platforms, with operations spanning both domestic and export markets. Repro India Ltd. is one of the Madhusudan Kela portfolio stocks in this sector.
- Pharmaceuticals: Kopran is a pharma company in Kela’s portfolio, and it is involved in the manufacturing of APIs and pharmaceutical formulations. The company has a presence in both domestic and export markets.
Madhusudan Kela Networth Trend
As of June 2025, Madhusudan Kela’s publicly disclosed equity portfolio was valued at approximately ₹2,676.77 cr. Kela’s portfolio returns have shown sharp growth in recent years, and it has contributed significantly to his overall net worth. Let’s take a look at the graphical representation of Madhusudan Kela’s net worth trend over the years below.
Madhusudan Kela Portfolio Stocks: New Additions
Since June 2024, Madhusudan Kela has added four new stocks to his portfolio, which include: Windsor Machines Ltd., Nazara Technologies Ltd., SG Finserve Ltd., and Unicommerce eSolutions Ltd. He has also increased his shareholding in Kopran Ltd. by 0.42%.
| Company Name | Increase in Shareholding % |
| Windsor Machines Ltd. | 7.71 |
| Nazara Technologies Ltd. | 1.18 |
| SG Finserve Ltd. | 1.7 |
| Unicommerce eSolutions Ltd. | 1.78 |
| Kopran Ltd. | 0.42 |
Madhusudan Kela Portfolio Stocks Reductions
In June 2024, Madhusudan Kela holdings in Samhi Hotels Ltd. and Transformers & Rectifiers (India) Ltd. were 1.7% and 2.09% respectively. However, he has sold all his shares of these companies. In addition, he has reduced his shareholdings in 4 companies, and below we have provided a breakdown.
| Company name | Decrease in Shareholding % |
| Choice International Ltd. | -3.11 |
| Indostar Capital Finance Ltd. | -0.01 |
| Iris Business Services Ltd. | -0.32 |
| Niyogin Fintech Ltd. | -0.76 |
| Samhi Hotels Ltd. | -1.7 |
| Transformers & Rectifiers (India) Ltd. | -2.09 |
Investment Strategy by Madhusudan Kela
Madhusudan Kela’s top stock picks give an idea about his ability to combine fundamental analysis with broader economic insights. Madhusudan Kela’s Portfolio performance reflects an investment strategy that has helped him generate strong returns over the years. Let’s discuss the investment strategy by Madhusudan Kela in brief below.
- Value Investing: Kela looks for fundamentally strong businesses trading below their intrinsic value. He often focuses on mid-cap stocks with room to expand their market position. Past successes include investments in companies such as Bajaj Finance and Titan.
- Focus on Management Quality: He invests in companies led by capable and trustworthy management teams. This emphasis on leadership quality helps ensure that his portfolio holds businesses with sound governance and operational discipline.
- Macroeconomic Awareness: Kela considers broad economic trends before making decisions. For example, during India’s infrastructure expansion in the early 2000s, he invested in related sectors to benefit from the rising demand.
- Long-Term Approach: He prefers holding quality companies for extended periods, allowing time for their business models and earnings to mature rather than chasing quick market movements.
- Research-Led Selection: Every stock in Kela’s portfolio is backed by detailed analysis. He studies the company’s business model, industry position, leadership, and financial strength before investing.
To Wrap it Up
The growth in the Madhusudan Kela portfolio returns over recent years shows the impact of selective capital allocation. Madhusudan Kela’s portfolio analysis can help the aspiring investor understand the factors they need to be aware of while investing.
However, replicating any portfolio without considering one’s own financial goals, time horizon, and risk tolerance can lead to financial loss. So before investing, one must understand all the factors that contribute to a stock’s performance, and consult a financial advisor if needed.
Frequently Asked Questions About Madhusudan Kela
Madhusudan Muralidhar Kela is a veteran Indian investor with over three decades in capital markets. He is also the founder of MK Ventures and was formerly the Chief Investment Strategist at Reliance Capital.
Madhusudan Kela’s portfolio spans a range of sectors, including finance, pharmaceuticals, real estate, and textiles. He strategically diversifies while aligning investments with macroeconomic trends and sectoral growth opportunities.
Key lessons from Madhusudan Kela’s stock portfolio include the importance of quality management, long-term investing, leveraging macroeconomic trends, diversification, and patience. His focus on research and adaptability also highlights the importance of informed decision-making.
Madhusudan Kela’s net worth has grown significantly, with his publicly disclosed equity portfolio reaching over ₹2,676.77 cr. in 2025. This shows Madhusudan Kela has the ability to identify high-potential stocks and sectors.
One of the key elements of investment strategy by Madhusudan Kela is portfolio diversification across sectors, which allows him to mitigate risks. He ensures a balance between capturing growth opportunities and maintaining portfolio stability with his deep market research.
Tracking Madhusudan Kela’s investment strategy provides insights into identifying undervalued stocks, leveraging macroeconomic trends, and building a diversified portfolio. His disciplined approach and proven success offer practical lessons that can help investors navigate market volatility.
Based on the data as of June 2025, Madhusudan Kela has significantly invested in these four companies: Choice International Ltd., MKVentures Capital Ltd., Windsor Machines Ltd., and Nazara Technologies Ltd.
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