Cybersecurity: How Vijay Kedia's new-age thematic play handed him 3 multibagger stocks

Veteran investor Vijay Kedia's portfolio has a clear cybersecurity theme, with stakes in TechD Cybersecurity, Sattrix Information Security and TAC Infosec. All three are small listed companies, and all three have seen sharp stock moves as investors search for early plays in India’s growing cybersecurity market.

As companies move more data to cloud platforms, adopt AI tools and digitise operations, the risk of attacks has also increased. Cybersecurity has moved from being an IT expense to a board-level priority. For listed investors, that has created a new pocket of opportunity in a market where pure-play cybersecurity stocks are still few.

Opportunity scale in Cybersecurity

India had more than 400 cybersecurity product companies generating revenue of $4.46 billion in 2025, according to a Data Security Council of India report. The industry grew at a 34% CAGR between 2020 and 2025, helped by rapid digital adoption, rising cyber threats and higher public and private sector spending on cybersecurity.


Another estimate from MarketsandMarkets pegs India's cybersecurity market at $8.58 billion in 2025 and expects it to reach $16.86 billion by 2030, growing at a 14.5% CAGR.

TechD Cybersecurity

TechD Cybersecurity is one of Kedia's cybersecurity bets. He holds about 5.3% in the company, according to Trendlyne data. The stock had delivered multibagger returns within months of listing before paring some of those gains.

TechD listed on the NSE SME platform in September 2025. Its IPO was priced at Rs 193 per share and the stock listed at Rs 366.7, giving a listing gain of 90%. The company raised about Rs 39 crore through the issue, with proceeds meant for investment in human resources, setting up a Global Security Operation Centre in Ahmedabad and general corporate purposes.

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The stock later rose to a high of Rs 844 and was recently around Rs 632. At that level, the company had a market cap of about Rs 473 crore, a stock P/E of 33.7 and return on capital employed of 40.9%.

TechD offers cybersecurity services such as cloud security assessment and other enterprise security solutions. Its cloud security assessment service is aimed at helping companies identify and fix weaknesses in cloud infrastructure.

Sattrix Information Security

Sattrix Information Security is another cybersecurity company linked to Kedia’s portfolio. Kedia Securities subscribed to shares under a preferential allotment, giving the investor exposure to a business that works in data and information security.

Sattrix provides information security and cybersecurity services and designs data security solutions for cloud and on-premise environments. Screener describes the company as a provider of end-to-end cybersecurity services to enterprises in India, the US and the UAE.

The company’s own website says it focuses on data protection service delivery and serves customers across India, the Middle East and Africa, and the Americas.

The stock has also rewarded investors sharply. Screener data shows Sattrix had delivered around 155% return in one year, while other market data showed strong gains from its 52-week low.

In February, the company allotted 45,48,379 fully paid-up equity shares on a preferential basis as part of a share swap for the acquisition of Sattrix Software Solutions.

TAC Infosec

TAC Infosec is the most closely watched among Kedia’s cybersecurity bets. Kedia holds about 3.6% through Ankit Vijay Kedia, while earlier holdings linked to the Kedia family and entities have also kept the stock in market focus. Trendlyne data showed Ankit Vijay Kedia holding 7,65,000 shares, or 3.64%, in March 2026.

TAC Infosec came out with an SME IPO in 2024 at a price band of Rs 100-106 per share. The issue was listed on the NSE SME platform in April 2024.

The stock became a major multibagger after listing. In December 2024, TAC Infosec had surged 949% over its issue price in nine months and hit a high of Rs 1,112.

The company operates in vulnerability management and cybersecurity risk assessment. TAC says it serves clients across 100 countries and is among the world’s largest vulnerability management companies. Its flagship platform, ESOF, focuses on cyber scoring, risk quantification, vulnerability assessment and penetration testing.

TAC also drew investor attention after its US-based subsidiary CyberScope planned to pursue a Nasdaq listing, with the stock rallying nearly 16% over two days after the announcement.

Kedia’s cybersecurity basket is still in the smallcap and SME space, where risks are high and stock moves can be sharp. But the theme is clear. Cybersecurity demand is rising, India has a growing product and services base, and investors are willing to pay for companies that can scale in this space.

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