Vikas Khemani is a well-known name in Indian capital markets: a veteran professional who has shifted from institutional roles to building his own asset management platform. In recent years, his investing stance, portfolio disclosures, and public commentary have drawn attention from market watchers. This article explores Vikas Khemani portfolio of holdings and net worth, background, investing philosophy, and (based on latest public filings), along with the risks, lessons, and nuances an investor should note.
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Vikas Khemani Education & Background
- Vikas Khemani holds multiple credentials: B.Com, CA, CS & CFA.
- Prior to founding his own firm, he spent a significant portion of his career at Edelweiss Securities, where he worked for about 17 years, helping build businesses in institutional equities, research, investment banking, etc.
- He founded Carnelian Asset Advisors (or Carnelian Asset Management & Advisors) along with co-founders such as Swati Khemani and Manoj Bahety.
- Beyond markets, Khemani is involved in broader domains: he is a Founder and Trustee of Plaksha University.
- His interests reportedly extend to psychology, spirituality, fitness, politics & policy. He also practices Vipassana, runs marathons, etc.
- On social media, he describes himself as loving “family, markets & poker” and maintaining optimism.
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Investment Journey & Career in Markets
Vikas Khemani’s investment journey and career in the markets reflect a dynamic evolution from institutional expertise to a more personalized, public-facing role in asset management and investing. His early years at Edelweiss provided him with deep exposure to institutional research, corporate access, and deal flows—skills that later empowered him to curate investments independently with a strong analytical foundation. Transitioning to Carnelian Capital, Khemani has become publicly identified with a clear investing philosophy and structured decision-making framework, including tools like the “MCO” framework and rigorous forensic checks.
Beyond public markets, he actively engages in private and startup investments, with angel stakes in ventures such as CapitalSetu and Juno Clinic, showcasing his versatility across asset classes. His regular public commentary, including appearances in the Economic Times, underscores his thought leadership in policy, macroeconomic trends, and medium-term market outlooks. Over time, Khemani’s reputation has grown from being a behind-the-scenes institutional player to a recognized “superstar investor” whose portfolio and market perspectives are now closely followed by the investing community.
Vikas Khemani Portfolio 2025 – Top Holdings
| Company | Shares held | Stock price (INR) | Value (INR crore) |
| PTC Industries | 447,762 | 16,735.0 | 749.33 |
| Man Industries (India) | 1,637,256 | 404.0 | 66.15 |
| Capacit’e Infraprojects | 1,470,000 | 279.0 | 41.01 |
| Chemtech Industrial Valves | 1,500,000 | 113.5 | 17.03 |
| Upsurge Investment & Finance | 1,380,000 | 89.9 | 12.40 |
- The portfolio is very heavily concentrated in PTC Industries — that holding dwarfs the rest in absolute value. This is a high-conviction bet, which brings both potential for strong upside and risk of concentration exposure.
- The rest of the holdings comprise mid- to small-cap names across industries, infrastructure, valves, and finance—indicative of a tilt toward niche / less crowded names.
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Portfolio Evolution & Recent Changes
While the current snapshot is useful, the story lies in how the portfolio has evolved:
- In June 2024, for instance, he was holding only 4 stocks (Capacit’e, Chemtech, Man Industries, PTC) with a total valuation of over INR 1,050 crores.
- Over subsequent quarters, his portfolio added (or disclosed) additional names, and the concentration in PTC appears even more dominant.
- Some holdings have seen changes in shareholding percentages — e.g. earlier Chemtech had ~10.25% in June 2024, but later the percentage is lower.
- These shifts may reflect trimming of small positions, reallocation toward stronger bets, or corporate actions affecting share counts.
Investment Philosophy & Style
From public commentary, his firm’s stated strategy, and observed portfolio traits, here’s what one can infer about Khemani’s investment approach:
Philosophical / Framework Aspects
- At Carnelian, they describe a “Compounder Strategy” using an MCO (probably a framework) and emphasis on making objective decisions free from bias, factoring in probability vs risk.
- In their Contra Portfolio Strategy, Carnelian calls for a multi-cap portfolio with ~60% large cap bias, while being open to contrarian or undervalued ideas, structural growth, and special situations.
- Their selection uses a “CLEAR forensic lens” (Cash flow, Liability, Earnings, Asset quality, Related party / Governance) as a kind of check before investment.
Style & Traits
- High conviction bets: The concentrated position in PTC suggests he is comfortable placing large bets where conviction is strong.
- Mid/small cap exposure: Many of his holdings are in smaller names, suggesting he is not avoiding illiquidity or volatility entirely.
- Structural/thematic bias: From his interviews, he often emphasizes sectors like financials, manufacturing, and “India’s long-term potential.”
- Long-term orientation & discipline: In a 2025 Economic Times piece, he advises staying the course and not making tactical portfolio shifts in response to short-term moves.
- Use of downturns as entry opportunities: He recommends using market dips to accumulate quality stocks, rather than panicking.
- Focus on fundamentals over narratives: He cautions against being swayed by speculative or frothy trends, preferring companies with strong underlying metrics.
All of this suggests a hybrid style — combining elements of deep due diligence, value/contrarian thinking, and concentration where conviction is very high, but balanced with a base of more stable or structural bets.
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Core Lessons from Vikas Khemani’s Style
- Bottom-Up, Fundamental Focus: Khemani emphasizes identifying companies with robust fundamentals, sound management, and long growth runways. He avoids chasing trends, instead seeking sustainable business models and earnings growth over short-term returns.
- MCO Framework: His signature approach uses the MCO (Magic, Compounders, Opportunistic) framework:
- CLEAR Forensic Analysis: Khemani uses forensic tools—such as the CLEAR framework—to deeply analyze financials, helping avoid hidden risks or corporate governance issues before investing.
- Contrarian Yet Quality-Oriented: He is willing to take well-calculated contrarian positions when the risk-reward is in favor, stepping into quality stocks overlooked by the market.
- Strong Risk Management: His portfolio design diversifies across various sectors (including banking, manufacturing, and consumption) and market capitalizations (encompassing large, mid, and small caps), striking a balance between growth and capital protection.
- Long-Term Wealth Generation: Khemani insists on staying the course and resisting frequent portfolio churn. He advocates investing with a long investment horizon, especially in a high-potential market like India.
- Adaptive Yet Disciplined Allocation: He regularly reviews but doesn’t tactically shift portfolios unless warranted by a major change in fundamentals. Allocation is determined chiefly by investor objectives, risk appetite, and prevailing macro trends.
- Sectoral Bets and Trends: Recent preferences include banking, financial services, and manufacturing due to India’s structural growth, along with select exposure to consumption stories.
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Vikas Khemani Net Worth
According to corporate reports filed for the September 2025 quarter, Vikas Khemani net worth from the equity investments was around INR 885.92 crore. Vikas Khemani net worth keeps changing based on stock price fluctuations. As of the date of writing this article, Vikas Khemani net worth tied to the stock market was largely divided into 5 stocks with an average shareholding of INR 177.18 crore.
Vikas Khemani’s journey from a market professional to a renowned investor highlights conviction, discipline, and long-term vision. His concentrated yet well-researched portfolio reflects deep faith in India’s growth story. Balancing strong fundamentals with patience, he exemplifies how thoughtful investing and continuous learning can create enduring wealth and market wisdom.
Vikas Khemani Portfolio FAQs
What is Vikas Khemani’s largest holding?
Vikas Khemani’s largest disclosed holding is PTC Industries, forming the dominant chunk of his portfolio in value terms.
Who is Vikas Khemani?
Vikas Khemani is a seasoned Indian investor, market expert, and the Founder & CEO of Carnelian Asset Management & Advisors With over two decades of experience in financial markets, he previously served as CEO of Edelweiss Securities and is known for his disciplined, research-driven investing approach.
Has Vikas Khemani made private / start-up investments?
Yes — Vikas Khemani’s involvement in companies like CapitalSetu and Juno Clinic among others.
What is Vikas Khemani net worth?
Based on publicly disclosed shareholdings, estimates range from INR 885.92 crores
What is Vikas Khemani’s educational background?
Vikas Khemani is a Chartered Accountant (CA), Company Secretary (CS), and Chartered Financial Analyst (CFA). His strong academic and professional foundation gives him deep insight into corporate finance, capital markets, and business analysis.
What is Vikas Khemani’s investment style/philosophy?
Vikas Khemani combines rigorous due diligence, conviction bets, and a preference for structural/thematic opportunities. His firm’s “CLEAR” framework and contra / multi-cap strategies provide structure. He emphasizes long-term holding, resisting hype, and using dips to accumulate.