In the world of value investing, the “SMILE” philosophy (Small cap, Medium cap, Large in potential, and Emerging) has made Vijay Kedia a legend. However, the period between December 2024 and February 2026 served as a stark reminder of the volatility inherent in high-conviction, mid-cap investing.
During this 14-month window, Vijay Kedia portfolio witnessed a significant drawdown, sliding from a peak of INR 1,896.33 crore to INR 1,171.60 crore—a decline of approximately 38%.
Vijay Kedia Portfolio Tanked Down 38%: The Timeline of Turbulence
The erosion was not a sudden crash but a series of quarterly setbacks. The most brutal blow came in Q1 2025 (Jan–March), where the portfolio shed a massive 27.3% of its value in just 90 days. While June 2025 showed signs of a brief recovery, subsequent quarters remained under pressure until the portfolio finally found a stable floor in early 2026.
| Quarter | Net Worth (INR Cr) | Change (%) | Market Sentiment |
| Dec 2024 | 1,896.33 | — | Peak Euphoria |
| Mar 2025 | 1,377.90 | -27.3 | The Great Correction |
| Jun 2025 | 1,398.90 | +1.5 | Brief Consolidation |
| Sep 2025 | 1,228.97 | -12.1 | Secondary Sell-off |
| Dec 2025 | 1,170.19 | -4.8 | Bottoming Out? |
| Feb 2026 | 1,171.60 | +0.1 | Neutral / Stability |
Vijay Kedia Portfolio Dragger Stocks
The primary contributors to this drawdown were a few high-weightage stocks that faced extreme selling pressure:
- Tejas Networks: The story of this drawdown began with a sharp 27.3% drop in the first quarter of 2025. A primary catalyst for this initial shock was Tejas Networks. After the stock faced immense pressure in early 2025, Kedia exited the position by March 2025.
- Affordable Robotic & Automation: This stock faced a 69.4% haircut, significantly denting the overall net worth.
- Precision Camshafts & Om Infra: Both stocks nearly halved in value, losing 54% and 48% respectively.
Vijay Kedia Portfolio: The Anchors
Despite the carnage, Kedia’s strategy was saved from a total freefall by his “fortress” stocks. Atul Auto, which constitutes over 20% of his portfolio, losing only 5% while the broader mid-cap space was in turmoil. Meanwhile, defensive bets like Yatharth Hospital (+4.3%) and Sudarshan Chemical (+17.4%) provided much-needed green patches in a sea of red.
Vijay Kedia Portfolio Overview Feb 2026
The following table provides a granular look at the 17 stocks currently held (or recently exited) and their performance over this turbulent period.
| Stock Name | Holdings (INR Cr) | Holding % (Dec 25) | Price (INR) (Dec 24) | Price (INR) (Feb 26) | % Change |
| Atul Auto | 244.5 | 20.90 | 612 | 581 | -5.0 |
| Innovators Facade | 125.3 | 10.70 | 215 | 174 | -19.1 |
| Affordable Robotic | 86.6 | 7.40 | 634 | 194 | -69.4 |
| Repro India | 73.8 | 6.30 | 845 | 810 | -4.1 |
| Siyaram Silk Mills | 65.2 | 2.10 | 610 | 669 | +9.7 |
| Elecon Engineering | 58.9 | 1.80 | 680 | 692 | +1.7 |
| Talbros Auto | 54.2 | 1.95 | 320 | 335 | +4.7 |
| Vaibhav Global | 23.4 | 2.00 | 315 | 308 | -2.2 |
| Yatharth Hospital | 20.5 | 0.40 | 653 | 681 | +4.3 |
| Advait Infratech | 19.1 | 1.10 | 1,785 | 1,733 | -2.9 |
| Global Vectra | 10.3 | 2.90 | 210 | 257 | +22.4 |
| Patel Engineering | 11.7 | 1.00 | 68 | 54 | -20.6 |
| Precision Camshafts | 9.4 | 0.90 | 327 | 150 | -54.1 |
| Om Infra | 8.8 | 0.50 | 178 | 92 | -48.3 |
| Sudarshan Chemical | 7.6 | 0.15 | 920 | 1,080 | +17.4 |
| Heritage Foods | 6.4 | 0.12 | 580 | 533 | -8.1 |
Portfolio Rebounds?
By the end of 2025, the data suggests a pivot. Vijay Kedia has introduced new names like Patel Engineering and Advait Infratech, signaling a shift toward the infrastructure and energy sectors.
The story of the last 14 months is not just one of loss, but of portfolio discipline. By maintaining his largest stakes in stable performers like Atul Auto and Innovators Facade while trimming laggards, Kedia has positioned his portfolio for a potential “V-shaped” recovery in 2026.
One thing is clear, even for a veteran, a 30-40% drawdown is part of the investing. The key is not to avoid the storm, but to have a portfolio that can withstand the waves.