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Madhusudan Kela Portfolio: Shares and holdings

19 June 20236 mins read by Angel One
Madhusadan Kela has more than 30 years of experience in the financial industry and is recognized as one of the most successful investors in India. 
Madhusudan Kela Portfolio: Shares and holdings
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Madhusudan Kela, hailing from Kurud, Chhattisgarh, is an Indian investor and businessman. He served as the Chief Investment Strategist at Reliance Capital until 2017, and presently acts as the promoter of MK Ventures and sits on the Board of several other companies. 

He completed his Master’s from K. J. Somaiya Institute of Management Studies and Research (SIMSR), Mumbai in Management Studies, in 1991, and began his career in equity research at CIFCO and Sharekhan. In 1994, he joined Motilal Oswal to establish its institutional desk, followed by a move to UBS in 1996, and ultimately to Reliance Mutual Fund in 2001. 

Madhu Kela was conferred the Business Standard Equity Fund Manager of the Year award in 2004 by Manmohan Singh, the Prime Minister of India.

Madhusudan Kela’s Latest Holdings

Stock Holding Value (Rs. in crore) Quantity Held
Mkventures Capital Ltd. 365.8 2,858,027
Choice International Ltd. 333.6 12,000,000
Sangam (India) Ltd. 11.8 500,000
IRIS Business Services Ltd. 8.0 1,072,000
IKAB 3.3 2,900,000
Radico Khaitan Ltd.
SMS Pharmaceuticals Ltd.
International Conveyors Ltd.
CSL Finance Ltd.

Based on the most recent corporate shareholdings filings as of March 2023, Madhusudan Kela’s public holdings consist of four stocks worth over Rs. 719.2 crores. 

It’s important to note that the shareholding data for the latest quarter may not be complete as some companies may still need to report their data to the exchanges.

Madhu Kela Portfolio’s Top Stocks of All Time

Madhusudan Kela is a well-known Indian stock market expert and he has spoken on various topics related to investing and shared his insights on the stock market in different interviews and conferences. Here is the list of his top four shares of all time

  1. Choice International: Madhusudan Kela owns 12 million shares or a 12.1% stake in Choice International, as per the shareholding pattern of December 2022. Based on the company’s current market price of Rs. 280 as of March 2023, the total value of his shares in Choice International is approximately Rs. 3.4 billion.
  2. IKAB Securities and Investments: IKAB Securities and Investments’ latest shareholding pattern reveals that Madhu Kela possesses 2.9 million shares, representing an 83.7% stake in the company. As of March 2023, with the current market price of Rs. 1,129, the total value of his holdings in the company amounts to Rs. 3.3 billion.
  3. IRIS Business Services: In the quarter ending December 2022, Madhusudan Kela owned 1 million shares or a 5.6% stake in IRIS Business Services. Based on the company’s current market price of Rs. 70.5 as of March 2023, the total value of Madhusudan Kela’s stake in IRIS Business Services is estimated to be Rs. 760 million.
  4. Sangam India: Sangam India’s shareholding pattern, as of December 2022, reveals that Madhu Kela has a total of 0.5 million shares in the company, which translates to a 1.1% stake. Based on the current market price of Rs. 214 as of March 2023, the value of Madhusudan Kela’s investment in Sangam India amounts to Rs. 107 million.

Also read: Radhakishan Damani Portfolio


Madhusudan Kela is a highly renowned and experienced investor in the Indian capital markets, with over 30 years of experience in both sell-side and buy-side investment mandates. He served as the Chief Investment Officer at Reliance Capital Limited for over a decade, where he skillfully led a team of more than 40 investment professionals, managing the Equity AUM portfolio of the largest asset management company in India, by total AUM.

Madhu Kela has been featured in prestigious Indian and international magazines, such as Forbes and Asiamoney, and is frequently sought after by India’s leading business news channels, including CNBC TV18, ET Now, Bloomberg, BTVI (all in English), and CNBC Awaaz, Zee Business (in Hindi). 

He has received numerous accolades, including the Best Equity Fund Manager award from the Prime Minister of India. 



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