Madhusudan Kela
Individual Investor · Mumbai
Financials, mid-cap compounders
Veteran markets strategist; known for high-conviction bets in financials and consumer.
₹787.0 Cr
-53.5% QoQ −₹904.5 Cr vs prior quarterDisclosed portfolio value · shares at quarter-end close · Jun 2026
12 (-6)
Holdings
₹787.0 Cr
-53.5% QoQ · −₹904.5 Cr
Disclosed value
—
Adds this quarter
−9
Trims this quarter
Latest disclosure: Jun 2026 · Top-5 concentration 67.01% · QoQ vs Mar 2026
Quarterly trajectory
6 fewer holdings vs prior quarter · 0 adds / 9 trims this quarter · -3 net holdings over 4 quarters
| Quarter | Holdings | Adds | Trims | Portfolio value | |
|---|---|---|---|---|---|
| ▾ | Jun 2026 | 12 | — | −9 | ₹787.0 Cr |
vs Mar 2026 Total portfolio: ₹787.0 Cr New additions Below 1% (not in SHP) Bombay Dyeing & Mfg Company LimitedBOMDYEING < 1% · was 1.52% ₹29.1 Cr Choice International LimitedCHOICEIN < 1% · was 7.21% ₹979.5 Cr Indiabulls LimitedIBULLSLTD < 1% · was 2.22% ₹47.1 Cr Emkay Global Financial Services LimitedEMKAY < 1% · was 1.10% ₹5.5 Cr Repro India LimitedREPRO < 1% · was 3.31% ₹14.8 Cr SG Finserve LimitedSGFIN < 1% · was 1.46% ₹39.5 Cr Increased Decreased Windsor Machines LimitedWINDMACHIN 7.36% → 6.40% ₹198.4 Cr Rashi Peripherals LimitedRPTECH 2.44% → 1.76% ₹91.7 Cr Subam Papers Ltd 7.04% → 7.02% ₹43.0 Cr | |||||
| ▸ | Mar 2026 | 18 | +4 | −5 | ₹1.69k Cr |
| ▸ | Dec 2025 | 15 | +1 | −6 | ₹2.15k Cr |
| ▸ | Sep 2025 | 15 | +1 | −1 | ₹2.33k Cr |
Click a quarter to expand. Value = shares held × quarter-end closing price. Positions marked < 1% dropped off the SHP filing (SEBI only discloses ≥1% holders) — a stake may still exist below that threshold.
Top moves this quarter
Holdings
Jun 2026 disclosure · 12 stocks ≥1% · ₹787.0 Cr total
Value = shares at quarter-end close. QoQ compares stake % vs prior quarter.
12 stocks · Sorted by Stake (high to low)
| Subam Papers Ltd | 7.02% | 7.04% | -0.02pp | ₹43.0 Cr | 19,28,000 |
| Windsor Machines LimitedWINDMACHIN | 6.40% | 7.36% | -0.96pp | ₹198.4 Cr | 65,15,506 |
| IRIS RegTech Solutions LimitedIRIS | 5.21% | 5.21% | No change | ₹28.3 Cr | 10,72,000 |
| Sangam (India) LimitedSANGAMIND | 4.86% | 4.86% | No change | ₹132.3 Cr | 24,40,699 |
| Prataap Snacks LimitedDIAMONDYD | 4.60% | 4.60% | No change | ₹124.4 Cr | 11,00,000 |
| Niyogin Fintech Ltd | 4.51% | 4.51% | No change | ₹21.6 Cr | 50,20,000 |
| IndoStar Capital Finance LimitedINDOSTAR | 2.09% | 2.09% | No change | ₹85.4 Cr | 33,79,834 |
| Rashi Peripherals LimitedRPTECH | 1.76% | 2.44% | -0.68pp | ₹91.7 Cr | 11,63,083 |
| Kopran LimitedKOPRAN | 1.72% | 1.72% | No change | ₹15.7 Cr | 8,29,593 |
| Unicommerce Esolutions LimitedUNIECOM | 1.48% | 1.48% | No change | ₹14.5 Cr | 16,58,608 |
| Simplex Infrastructures LimitedSIMPLEXINF | 1.21% | 1.21% | No change | ₹25.4 Cr | 9,55,200 |
| Aptech LimitedAPTECHT | 1.06% | 1.06% | No change | ₹6.4 Cr | 6,17,000 |
Files under these names
These name variants are resolved to a single tracked entity at ingest time so no position is double-counted.
Disclosure: Holdings data is sourced from public regulatory filings (NSE/BSE Shareholding Pattern, SAST). This is not investment advice. Madhusudan Kela may have different risk capacity, cost bases, and holding periods. See our full disclaimer and methodology.
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