Investors often track the holdings of prominent Dalal Street players, and ETMarkets has analysed the portfolio of renowned investor Madhusudan Kela. As per the latest disclosures for the December 2025 quarter, Kela held stakes in 15 stocks. By January 30, the estimated value of his portfolio stood at around Rs 2,219 crore, down nearly 45% from Rs 4,072 crore in June 2025.

This analysis considers only companies where Kela’s shareholding exceeds 1% and may not reflect its complete investment universe.

A closer look shows that 10 of the 15 stocks delivered negative returns between July 2025 and January 2026. Nine of these fell 15–45%, while two stocks posted gains despite market volatility. The portfolio also saw one new addition in the December quarter, with Kela holding a 1.12% stake. (Data Source: ACE Equity, Trendlyne)