Synopsis: Indian equity markets remained volatile in 2025, impacting even the portfolios of leading ace investors. Public shareholding data shows that Ashish Kacholia, Vijay Kedia, and Mukul Agrawal all saw declines in portfolio value, though the scale of losses differed meaningfully across investors.
A tough year for the stock market has not spared even some of India’s most well-known investors, with volatility and stock-specific corrections weighing on portfolio values. While each of these ace investors navigated 2025 differently, the numbers point to varying degrees of damage. So, among Ashish Kacholia, Vijay Kedia, and Mukul Agrawal, who lost the most in 2025?
Note: These figures are based on publicly available shareholding data, with the most recent quarter potentially reflecting gaps as not all companies may have reported their holdings yet.
Ashish Kacholia
Ashish Kacholia is best known for staying away from the limelight, rarely giving interviews and preferring to let his portfolio do the talking. This low-profile approach has only added to his image as one of the stock market’s sharpest minds, earning him the reputation of a “whiz-kid” among investors. Over the years, he has built a diversified portfolio spanning hospitality, education, infrastructure, and manufacturing, with investments spread across more than twenty stocks.
Popularly referred to as the ‘Big Whale’ by the media, Kacholia began his career at Prime Securities, later moved to Edelweiss, and eventually set up his own broking firm, Lucky Securities, in 1995. He also co-founded Hungama Digital along with Rakesh Jhunjhunwala in 1999 and started actively building his personal equity portfolio from 2003.
Vijay Kedia
Vijay Kedia’s portfolio is among the most closely tracked in Indian equity markets, driven by his stature as a seasoned investor and the strong long-term returns his investments have generated. He entered the stock market at just 19 and went on to establish Kedia Securities in 1992, at the age of 33. Over the years, Kedia has often spoken about the importance of backing quality management, emphasising that investors should identify honest and capable leaders operating in products and sectors with the potential to outperform both peers and the broader economy.
His investment philosophy is captured in his well-known SMILE framework, focusing on companies that are small in size, medium in experience, large in aspiration, and extra-large in market opportunity. Coming from a family involved in stock-broking, Kedia discovered his interest in markets early on and says that once he began investing seriously, there was no turning back.
Mukul Agrawal
Mukul Agrawal is a prominent name in Indian investing circles, known for his work as an investor, trader, educator, and entrepreneur. He leads the Param Capital Group and is recognised for his aggressive, research-driven approach, particularly in identifying small-cap and mid-cap multibagger opportunities. His journey began in the early 1990s on Dalal Street, where he traded unlisted IPOs in the grey market and reportedly earned his first lakhs by the age of 23 through sharp analysis and strong relationships.
Param Capital Group, founded in 1993, operates as a sector-agnostic investment and trading firm based in Mumbai’s BKC, managing both public and private portfolios. In 2003, he also set up Agrawal Corporates to provide financial education and consultancy services, including workshops and stock market training. In addition, Agrawal serves as a trustee of the Plaksha Foundation, established in 2021, a Mohali-based private engineering institution aimed at offering interdisciplinary education to address real-world challenges.
Top Holdings
Ashish Kacholia’s largest listed bets reflect his preference for niche and growth-oriented businesses across sectors. His biggest holding is in Shaily Engineering, valued at Rs. 456.4 crore. This is followed by Beta Drugs, where his stake is worth Rs. 191.7 crore, and Safari Industries at Rs. 177.6 crore. He also has significant exposure to Jain Resource Recycling, valued at Rs. 149.7 crore, while Knowledge Marine Engineering rounds off his top five holdings with an investment worth Rs. 119.4 crore.
Vijay Kedia’s top investments are spread across manufacturing, chemicals, and technology-led businesses. Atul Auto stands as his largest holding, with a stake valued at Rs. 232.3 crore. Neuland Laboratories is his second-largest position at Rs. 175.9 crore. This is followed by Tac Infosec, where his investment is worth Rs. 92.9 crore. He also holds sizable stakes in Sudarshan Chemical, valued at Rs. 89.2 crore, and Elecon Engineering at Rs. 85.2 crore.
Mukul Agrawal’s portfolio shows a strong tilt towards mid-sized companies with scalable growth potential. His biggest holding is Neuland Laboratories, with a stake valued at Rs. 537.7 crore. This is followed by ASM Technologies at Rs. 432.3 crore and Radico Khaitan, where his investment stands at Rs. 415.6 crore. He also has substantial exposure to Nuvama Wealth, valued at Rs. 338 crore, and Zota Healthcare, with a holding worth Rs. 333.3 crore.
Top Holdings Performance In FY25
Ashish Kacholia’s key holdings delivered a mixed performance during FY25. Shaily Engineering emerged as a strong contributor, generating returns of 57 percent over the year. Knowledge Marine Engineering also stood out, posting gains of 68 percent. Jain Resource Recycling delivered returns of 30.4 percent since its listing in October 2025. On the downside, Beta Drugs saw its stock decline by 18 percent, while Safari Industries also ended the year in the red with a fall of 17.42 percent.
Vijay Kedia’s top holdings largely remained under pressure in FY25, with several stocks posting negative returns. Atul Auto declined by 23 percent during the year. Sudarshan Chemical also saw a correction, ending FY25 with a 18 percent fall, while Elecon Engineering declined by 24 percent. On the positive side, Neuland Laboratories delivered modest gains of 4 percent, and Tac Infosec generated returns of 11.5 percent.
Mukul Agrawal’s portfolio performance in FY25 was supported by sharp rallies in a few key names. ASM Technologies was the standout performer, surging 139 percent over the year. Zota Healthcare also delivered strong gains, rising 93 percent. Radico Khaitan posted healthy returns of 27 percent. Meanwhile, Neuland Laboratories and Nuvama Wealth both recorded relatively muted performance, each ending FY25 with gains of 6 percent.
Who Lost The Most?
Ashish Kacholia’s portfolio value saw noticeable fluctuations over the past year. It stood at Rs. 3,136.1 crore in December 2024 before declining to Rs. 2,477.8 crore by March 2025. The portfolio recovered partially in June 2025 to Rs. 2,773.8 crore, followed by a marginal dip to Rs. 2,727.1 crore in September 2025. By December 2025, the value slipped further to Rs. 2,602.5 crore and continued to trend lower into January 2026, when it stood at Rs. 2,437.4 crore.
Vijay Kedia’s portfolio witnessed a steady erosion through 2025. From a value of Rs. 1,896.3 crore in December 2024, it fell sharply to Rs. 1,377.9 crore by March 2025. The portfolio remained largely flat in June 2025 at Rs. 1,398.9 crore before declining again to Rs. 1,229 crore in September 2025. The downward trend continued in December 2025, with the portfolio valued at Rs. 1,170 crore, and by January 2026 it had reduced further to Rs. 1,072.5 crore.
Mukul Agrawal’s portfolio showed relatively higher volatility during the same period. Starting at Rs. 7,237.2 crore in December 2024, it declined to Rs. 6,751.5 crore by March 2025 and eased further to Rs. 6,641.4 crore in June 2025. A sharp rebound was seen in September 2025, when the portfolio value rose to Rs. 7,623.7 crore. However, this recovery proved short-lived, with the value falling to Rs. 6,915.1 crore in December 2025 and further to Rs. 6,615 crore by January 2026.
Conclusion
A comparison of portfolio values over the period clearly shows that all three ace investors saw their net worth decline during 2025, though the extent of losses varied. Ashish Kacholia’s portfolio fell from Rs. 3,136.1 crore in December 2024 to Rs. 2,437.4 crore by January 2026, translating into a decline of about Rs. 698.7 crore. Vijay Kedia faced the sharpest drop among the three, with his portfolio shrinking from Rs. 1,896.3 crore to Rs. 1,072.5 crore over the same period, resulting in a loss of roughly Rs. 823.8 crore. Mukul Agrawal, despite sharp swings during the year, saw his portfolio move down from Rs. 7,237.2 crore to Rs. 6,615 crore, implying a decline of around Rs. 622.2 crore.
While Vijay Kedia lost the most in absolute terms, Mukul Agrawal’s portfolio stood out on another count. All five of his top holdings delivered positive returns in FY25, offering relative stability compared with Ashish Kacholia and Vijay Kedia, whose top portfolios included multiple stocks that ended the year with negative returns. This contrast highlights how stock-level performance played a key role in cushioning overall losses, even in a volatile year for equity markets.
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