Madhusudan Kela Portfolio: Latest Holdings
As per shareholding filings for the quarter ended 30 September 2026, Madhusudan Kela publicly holds 19 stocks with stakes of 1% or more, worth about ₹2,395 Cr at current prices. 1 is new this quarter, the stake was raised in 1 and cut in 3.
- Holdings: Sep 2026 quarter filings
- Prices as of 23 Oct 2026
- Only stakes of 1% or more are disclosed
- Disclosed holdings value
- ₹2,395Cr
- Stocks held (1%+)
- 19
- New this quarter
- 1
- Stake raised / cut
- 1 / 3
- Largest holding
- 46.3%Choice International
What changed in the Sep 2026 quarter
New buys (1)
- MV Electrosystems4.2% stake
Stake raised (1)
- Emkay Global▲ +0.02 pts
Stake cut (3)
- Rashi Peripherals▼ −0.57 pts
- Bombay Dyeing▼ −0.27 pts
- Windsor Machines▼ −0.10 pts
Fell below 1% (1)
- SG Finservewas 1.4%
Below 1% a stake drops out of filings, so a partial sale and a full exit can look the same.
All 19 holdings
| Stock | Stake (Sep 26) | Change vs Jun 26 | Shares held | Value (₹ Cr) | % of portfolio | Try in Kalpi |
|---|---|---|---|---|---|---|
| Choice International | 7.2% | No change | 1,60,54,833 | 1,107.8 | 46.3% | Backtest Choice International |
| Mkventures Capital | 74.4% | No change | 28,58,027 | 281.0 | 11.7% | Backtest Mkventures Capital |
| Windsor Machines | 6.3% | ▼ −0.10 pts | 65,15,506 | 185.8 | 7.8% | Backtest Windsor Machines |
| Indiabulls | 2.2% | No change | 5,15,88,175 | 167.6 | 7.0% | Backtest Indiabulls |
| Sangam India | 4.9% | No change | 24,40,699 | 141.1 | 5.9% | Backtest Sangam India |
| Prataap Snacks | 4.6% | No change | 11,00,000 | 110.6 | 4.6% | Backtest Prataap Snacks |
| MV Electrosystems | 4.2% | New | 11,50,000 | 91.8 | 3.8% | Backtest MV Electrosystems |
| Rashi Peripherals | 1.2% | ▼ −0.57 pts | 7,90,525 | 63.3 | 2.6% | Backtest Rashi Peripherals |
| Indostar Capital | 2.1% | No change | 33,79,834 | 55.8 | 2.3% | Backtest Indostar Capital |
| Subam Papers | 7.0% | No change | 19,28,000 | 42.5 | 1.8% | Backtest Subam Papers |
| Simplex Infrastructures | 1.2% | No change | 9,55,200 | 23.8 | 1.0% | Backtest Simplex Infrastructures |
| Bombay Dyeing | 1.3% | ▼ −0.27 pts | 25,84,118 | 22.5 | 0.9% | Backtest Bombay Dyeing |
| Niyogin Fintech | 4.5% | No change | 50,20,000 | 21.0 | 0.9% | Backtest Niyogin Fintech |
| IRIS RegTech | 5.2% | No change | 10,72,000 | 21.0 | 0.9% | Backtest IRIS RegTech |
| Kopran | 1.7% | No change | 8,29,593 | 20.8 | 0.9% | Backtest Kopran |
| Repro India | 3.3% | No change | 4,75,000 | 13.4 | 0.6% | Backtest Repro India |
| Unicommerce eSolutions | 1.5% | No change | 16,58,608 | 12.7 | 0.5% | Backtest Unicommerce eSolutions |
| Emkay Global | 1.1% | ▲ +0.02 pts | 3,01,685 | 7.5 | 0.3% | Backtest Emkay Global |
| Aptech | 1.1% | No change | 6,17,000 | 4.9 | 0.2% | Backtest Aptech |
Value = shares held × price on 23 Oct 2026. Change is in percentage points of the company's shares.
Where the money sits: top 10 holdings
The top 10 holdings make up 93.8% of the disclosed value; Choice International alone is 46.3%.
From fund manager to private investor: test the style
Kela's book mixes small financial-services and consumer companies. Turn a theme like that into written rules and backtest it before putting money in.
Backtest results are hypothetical and do not predict future returns.
Who is Madhusudan Kela?
Madhusudan Kela is an Indian businessman and investor from Kurud, Chhattisgarh. He was chief investment strategist at Reliance Capital until 2017, and is now the promoter of MK Ventures and sits on the boards of several companies.
Sources: Wikipedia.
How to read this data
- Companies disclose shareholders who own 1% or more, once a quarter. Smaller stakes stay hidden.
- Filings come out up to three weeks after the quarter ends, so trades can be months old.
- Holdings filed by Madhusudan Kela, his wife Madhuri Kela and his daughter Mahi Kela are combined.
- This page reports public filings. It is not a recommendation to buy or sell.
Frequently Asked Questions
What is Madhusudan Kela's current portfolio?
As per filings for the quarter ended 30 September 2026, Madhusudan Kela publicly holds 19 stocks with stakes of 1% or more, worth about ₹2,395 Cr at current prices. The largest are Choice International, Mkventures Capital, Windsor Machines, Indiabulls and Sangam India.
What are Madhusudan Kela's top holdings?
By value: Choice International (₹1,108 Cr, 7.2% of the company); Mkventures Capital (₹281 Cr, 74.4% of the company); Windsor Machines (₹186 Cr, 6.3% of the company); Indiabulls (₹168 Cr, 2.2% of the company); Sangam India (₹141 Cr, 4.9% of the company).
Which stocks did Madhusudan Kela buy recently?
1 company appears in the filings for the first time this quarter, the largest being MV Electrosystems. The stake was raised in Emkay Global. Filings show holdings at the end of the quarter, so the buying may have happened any time between July and September 2026.
Which stocks did Madhusudan Kela sell?
The stake was cut in 3 companies, including Rashi Peripherals, Bombay Dyeing and Windsor Machines. SG Finserve no longer appears in the filings, which means the stake fell below 1% or was sold.
What is Madhusudan Kela's net worth?
Total net worth is not public. What can be measured is the value of stakes of 1% or more in listed companies: about ₹2,395 Cr across 19 stocks at current prices. Smaller stakes, unlisted investments and money held through companies or funds are not included.
Who is Madhusudan Kela?
Madhusudan Kela is an Indian businessman and investor from Kurud, Chhattisgarh. He was chief investment strategist at Reliance Capital until 2017, and is now the promoter of MK Ventures and sits on the boards of several companies.
What is the name of Madhu Kela's company?
He is the promoter of MK Ventures (Mkventures Capital), in which he holds 74.4%.
How did Madhusudan Kela make money?
He spent years as a fund manager and strategist at Reliance Capital, and has since invested his own money in listed companies, mostly small and mid-sized ones.
Why are some stocks missing from this list?
Companies only name shareholders who own 1% or more. If the stake is below 1%, or has been sold below that level, the stock does not appear. The list updates once a quarter, when companies file their shareholding patterns.
Should I buy the stocks Madhusudan Kela holds?
This page reports public filings and is not a recommendation. Filings arrive weeks after the trades and do not show buying prices or reasons. A safer approach is to test a written set of rules on past data before investing, and to speak to a SEBI-registered adviser if you need advice.
Data compiled from shareholding patterns filed by listed companies with NSE and BSE for the quarter ended 30 September 2026. Prices as of 23 Oct 2026. Kalpi is not a SEBI-registered investment adviser; nothing on this page is investment advice or a recommendation to buy or sell. Investments in securities are subject to market risks.