Vijay Kedia’s FY26 scorecard: Losses dominate with 14 stocks falling up to 68%; SME multibagger shines

Ace investor Vijay Kedia’s portfolio delivered a largely muted performance in FY26, with the majority of his known holdings ending the year in the red amid a challenging market environment. Domestic equities remained under pressure for most of the year due to tariff-related concerns, weak earnings growth, elevated valuations and persistent foreign institutional outflows. Sentiment deteriorated further toward the end of the year amid the escalating Iran-Israel/US conflict, which triggered a spike in energy prices, heightened inflation concerns and pushed back expectations of US Fed rate cuts.

A majority of the stocks in the portfolio ended the year deep in the red, reflecting the broader stress in mid- and small-cap segments. The worst hit were Tac Infosec and Affordable Robotic, both plunging over 68%, followed by Innovators Facade (-47%), Global Vectra (-45%) and Patel Engineering (-43%). Several others, including Siyaram Silk Mills (-33%), Om Infra (-30%) and Sudarshan Chemical (25%), also posted significant declines.

Even relatively stable names such as Elecon Engineering (-21%), Mahindra Holidays (-21%) and Vaibhav Global (-20%) failed to escape the downtrend, while Atul Auto declined 13%. Neuland Laboratories remained largely flat during the period.


However, the portfolio did see a few bright spots. TechD Cybersecurity emerged as the biggest winner, delivering a stellar 159% return. The SME stock is a recent listing and has not completed one year. It made its market debut on September 22, 2025.

Other bright spots were Advait Energy and Yatharth Hospital which surged 57% and 45%, respectively, bucking the general trend.


The latest shareholding data for the January-March quarter of FY26 is still not available on the exchanges and will be published in due course. The above stocks were part of Kedia's 17-stock portfolio as on December 31, according to data compiled by Trendlyne.

Also read: PSU banks emerge most resilient in FY26 despite macro headwinds, deliver up to 57% returns

Words of wisdom

Kedia, who has a penchant for picking smallcap multibaggers, has words of wisdom for market participants. The veteran investor urged investors to stay calm and focus on long-term discipline, stressing that losses remain notional until realised.

In a recent LinkedIn post, Kedia reminded investors that fluctuations in portfolio value should not be confused with permanent losses. “The rise you saw was a paper profit. The fall you see today is a paper loss. Nothing is real… until you sell,” he said.

Drawing a distinction between market-linked and personal wealth, he noted, “Your demat statement belongs to the market. Your bank statement belongs to you,” underlining that volatility is an inherent part of equity investing.

Kedia acknowledged that the current phase may feel like a crisis, but described it as a learning curve for investors. “Markets don’t build wealth without first building your temperament,” he said, adding that even seasoned investors experience anxiety during downturns.

Read more: Market rout wipes Rs 33 lakh cr since Iran War: Vijay Kedia's real lessons on paper losses

Kedia began investing in the stock market at the age of 19 and started Kedia Securities in 1992, when he was 33.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)