Sejal Glass

< -5%

-5% to -3%

Banaras Beads

Triveni Glass

Agarwal Toughen

La Opala RG

-3% to 0%

Borosil Renew

Jai Mata Glass

Saint-Gobain

Brand Concepts

Haldyn Glass

Asahi India

Empire Ind

0% to 3%

Borosil

3% to 5%

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/personal-care/godrejconsumerproducts/GCP">Godrej Consumer Products</a> dropped nearly 6 percent on November 3 after the company released its results for the second quarter of the financial year 2026. This comes as brokerages issued bullish calls for the stock, anticipating stronger performance in the second half of the ongoing financial year, following the GST rate cuts.

The shares of the company were trading at Rs 1,184.80 apiece in the morning.

Godrej Consumer Q2 Results:

Godrej Consumer Products on Friday reported a consolidated net profit of Rs 459 crore for Q2 FY26. This marks a 6.5 percent YoY fall from the Rs 491 crore net profit reported in the same period last year. The firm's revenue from operations meanwhile rose 4 percent YoY to Rs 3,825 crore.

Along with the Q2 results, Godrej Consumer announced an interim dividend of Rs 5 per share for the financial year 2026. The record date to determine the eligibility of the shareholders set to receive the dividend has been set at November 7. The dividend will be paid on or before November 30.

Jefferies on Godrej Consumer:

Jefferies has a 'Buy' call on Godrej Consumer, with a target price of Rs 1,400 apiece. This implies an upside potential of more than 25 percent from the stock's previous closing price.

The international brokerage said that the firm reported a weak Q2 with GST rate cut pressure in India and weather issues in the first half of the financial year 2026. It however noted that the volume growth was 3 percent ahead of its estimate.

HSBC on Godrej Consumer:

HSBC has a 'Buy' call on the stock, with a target price of Rs 1,440 apiece. This implies an upside potential of nearly 29 percent from the stock's previous closing price.

The brokerage noted that the firm's performance in Q2 was weak due to GST cuts and adverse weather. It however expects EBITDA margins to recover in the second half. While adjusting its earnings lower, HSBC said that the firm's growth outlook looks strong in H2.

Motilal Oswal on Godrej Consumer:

Motilal Oswal kept a 'Buy' rating on the stock, with a target price of Rs 1,400 per share. This implies an upside potential of more than 25 percent from the stock's previous closing price.

"The Indian business is witnessing a gradual recovery, with a steady 1H performance reinforcing confidence in an improving trajectory toward accelerated volume growth. With easing palm oil prices, the company is well-positioned for margin recovery in 2HFY26, supporting overall profitability. This combination of volume traction and margin tailwinds strengthens earnings visibility. We model 10%/12% revenue and EBITDA CAGR for FY25-28E. The company is expanding its TAM by foraying into new, faster-growing categories and continues to strengthen its core portfolio," the domestic brokerage said.

PhillipCapital said H2 should see strong rebound in volumes and margin as soap business keeps improving due to stabilising palm oil. Emkay Global meanwhile said that the company is enhancing execution and expanding into high-growth segments, benefits of which will show when macro volatility eases.

Centrum says, "We believe there are early signs of tailwinds," adding 400 bps of negative impact on growth due to GST transition implies high-single digit growth on normalised basis. This shows a "decent performance". It added that as palm oil price volatility improves, margins will see recovery.

Also read: <a href="https://www.moneycontrol.com/news/business/earnings/q2-results-2025-live-updates-bharti-airtel-ambuja-cements-titan-power-grid-corp-tata-consumer-godfrey-phillips-q2-earnings-dividend-share-price-nov-3-liveblog-13648397.html">Our LIVE blog on Q2 updates</a>

(With inputs from agencies)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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Godrej Consumer shares jump 6% despite decline in Q2 net profit: analysts expect stronger H2FY26

The shares of Godrej Consumer Products dropped nearly 6 percent on November 3 after the company released its results for the second quarter of the financial year 2026. This comes as brokerages issued bullish calls for the stock, anticipating stronger performance in the second half of the ongoing financial year, following the GST rate cuts.

The shares of the company were trading at Rs 1,184.80 apiece in the morning.

Godrej Consumer Q2 Results:

Godrej Consumer Products on Friday reported a consolidated net profit of Rs 459 crore for Q2 FY26. This marks a 6.5 percent YoY fall from the Rs 491 crore net profit reported in the same period last year. The firm's revenue from operations meanwhile rose 4 percent YoY to Rs 3,825 crore.

Along with the Q2 results, Godrej Consumer announced an interim dividend of Rs 5 per share for the financial year 2026. The record date to determine the eligibility of the shareholders set to receive the dividend has been set at November 7. The dividend will be paid on or before November 30.

Jefferies on Godrej Consumer:

Jefferies has a 'Buy' call on Godrej Consumer, with a target price of Rs 1,400 apiece. This implies an upside potential of more than 25 percent from the stock's previous closing price.

The international brokerage said that the firm reported a weak Q2 with GST rate cut pressure in India and weather issues in the first half of the financial year 2026. It however noted that the volume growth was 3 percent ahead of its estimate.

HSBC on Godrej Consumer:

HSBC has a 'Buy' call on the stock, with a target price of Rs 1,440 apiece. This implies an upside potential of nearly 29 percent from the stock's previous closing price.

The brokerage noted that the firm's performance in Q2 was weak due to GST cuts and adverse weather. It however expects EBITDA margins to recover in the second half. While adjusting its earnings lower, HSBC said that the firm's growth outlook looks strong in H2.

Motilal Oswal on Godrej Consumer:

Motilal Oswal kept a 'Buy' rating on the stock, with a target price of Rs 1,400 per share. This implies an upside potential of more than 25 percent from the stock's previous closing price.

&quot;The Indian business is witnessing a gradual recovery, with a steady 1H performance reinforcing confidence in an improving trajectory toward accelerated volume growth. With easing palm oil prices, the company is well-positioned for margin recovery in 2HFY26, supporting overall profitability. This combination of volume traction and margin tailwinds strengthens earnings visibility. We model 10%/12% revenue and EBITDA CAGR for FY25-28E. The company is expanding its TAM by foraying into new, faster-growing categories and continues to strengthen its core portfolio,&quot; the domestic brokerage said.

PhillipCapital said H2 should see strong rebound in volumes and margin as soap business keeps improving due to stabilising palm oil. Emkay Global meanwhile said that the company is enhancing execution and expanding into high-growth segments, benefits of which will show when macro volatility eases.

Centrum says, &quot;We believe there are early signs of tailwinds,&quot; adding 400 bps of negative impact on growth due to GST transition implies high-single digit growth on normalised basis. This shows a &quot;decent performance&quot;. It added that as palm oil price volatility improves, margins will see recovery.

Also read: Our LIVE blog on Q2 updates

(With inputs from agencies)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/auto-carsjeeps/marutisuzukiindia/MS24">Maruti Suzuki</a> dropped more than 3 percent on November 3 after the company released its results for the second quarter of the financial year 2026. Brokerages have mixed reviews for the stock, with some raising target prices while some remaining cautious about the long-term outlook.

The shares of the company were trading at Rs 15,676 apiece in the early trading hours of Friday. The stock has dropped more than

Maruti Suzuki Q2 Results:

Maruti Suzuki on October 31 reported a <a href="https://www.moneycontrol.com/news/business/earnings/maruti-suzuki-q2-profit-rises-7-to-rs-3-293-crore-13645007.html">standalone net profit</a> of Rs 3,293 crore for the July-September quarter of the ongoing financial year 2026. This marks a 7 percent year-on-year (YoY) increase from the Rs 3,069 crore net profit reported in the corresponding quarter of the previous financial year.

The company's total revenue from operations increased 13 percent YoY to Rs 42,101 crore in the July-September quarter of FY26, as compared with Rs 37,203 crore in the year-ago period. The earnings before interest, taxes, depreciation and amortization (EBITDA) increased 0.4 percent YoY to Rs 4,434 crore in Q2 FY26 from Rs 4,417 crore in the year-ago period, with the margin reducing to 10.53 percent during the quarter under review from 11.87 percent in Q2 FY25.

Maruti Suzuki October auto sales:

The country's largest carmaker reported <a href="https://www.moneycontrol.com/automobile/car-sales-hit-record-high-in-october-on-gst-2-0-boost-festive-demand-article-13646885.html">PV wholesales of 1,76,318 units in October 2025</a>, marking a 10.48 percent YoY rise over the 1,59,591 units sold in the year-ago month.

Maruti's Senior Executive Officer for Marketing and Sales, Partho Banerjee, said that Maruti retails sales rose almost 20 percent YoY to 2,42,096 units in October 2025. "We expect our Vahan market share to be around 43.5%," he added.

Here’s what brokerages say:

Jefferies on Maruti Suzuki:

Jefferies downgraded the stock to 'Hold' from its earlier 'Buy' rating on market share concerns. The international brokerage said that MRTI missed second-quarter profit estimates due to higher costs.

However, Jefferies added that it expects small car sales to pick up on India's GST cut boost. It further said that while passenger vehicle demand is positive and exports are doing well, it is concerned about MRTI's PV market share.

Choice Institutional Equities on Maruti Suzuki:

Choice Institutional Equities kept a 'Reduce' call on the stock, but raised its target price to Rs 15,800 apiece. This marks a downside potential of more than 2 percent from the stock's previous closing price.

The brokerage said that it remains "cautiously optimistic" about the company's long-term prospects, driven by upcoming launches, premiumization, and export expansions. "However, margin pressures, slower recovery in the key segment (Mini), and continued market share decline warrant a conservative stance," it added.

HDFC Securities on Maruti Suzuki:

HDFC Securities maintained its ‘Buy’ rating on the stock, with a target price of Rs 18,607 apiece. This implies an upside potential of nearly 15 percent from the stock’s previous closing price of Rs 16,186 apiece.

The domestic brokerage noted that the firm’s Q2 EBITDA margin of 10.5 percent was in line with the Bloomberg consensus estimate of 10.6 percent, but above its estimate of 10.2 percent. “We expect margins to improve going forward as capacity utilization improves on the back of higher PV demand, ramp-up of the Victoris model, and increasing exports. We expect exports to continue to do well over the medium term, benefitting from the company’s efforts over the last few years to improve penetration across markets, including developed markets, and with a wider portfolio and improving mix,” it added.

Motilal Oswal on Maruti Suzuki:

Motilal Oswal maintained its ‘Buy’ rating on the stock, with a target price of Rs 18,712 per share. This implies an upside potential of nearly 16 percent from the stock’s previous closing price. The domestic brokerage said that the firm’s PAT was in-line with its estimate, while EBITDA margin beating expectations due to an improved mix.

“The GST rate cut has helped revive small car demand. This coupled with the launch of the new Victoris, as well as the e-Vitara, is likely to help drive market share gains for MSIL from here on. Further, the company anticipates exceeding its exports growth guidance of 400k units (+20% YoY) in FY26. Overall, we project MSIL to deliver a 17.5% earnings CAGR over FY25-28,” it said.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-03-11-2025-liveblog-13647616.html">Our LIVE blog on stock market updates</a>

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Maruti Suzuki falls 3% post-Q2 results; Jefferies downgrades stock to 'Hold'

The shares of Maruti Suzuki dropped more than 3 percent on November 3 after the company released its results for the second quarter of the financial year 2026. Brokerages have mixed reviews for the stock, with some raising target prices while some remaining cautious about the long-term outlook.

The shares of the company were trading at Rs 15,676 apiece in the early trading hours of Friday. The stock has dropped more than

Maruti Suzuki Q2 Results:

Maruti Suzuki on October 31 reported a standalone net profit of Rs 3,293 crore for the July-September quarter of the ongoing financial year 2026. This marks a 7 percent year-on-year (YoY) increase from the Rs 3,069 crore net profit reported in the corresponding quarter of the previous financial year.

The company's total revenue from operations increased 13 percent YoY to Rs 42,101 crore in the July-September quarter of FY26, as compared with Rs 37,203 crore in the year-ago period. The earnings before interest, taxes, depreciation and amortization (EBITDA) increased 0.4 percent YoY to Rs 4,434 crore in Q2 FY26 from Rs 4,417 crore in the year-ago period, with the margin reducing to 10.53 percent during the quarter under review from 11.87 percent in Q2 FY25.

Maruti Suzuki October auto sales:

The country's largest carmaker reported PV wholesales of 1,76,318 units in October 2025, marking a 10.48 percent YoY rise over the 1,59,591 units sold in the year-ago month.

Maruti's Senior Executive Officer for Marketing and Sales, Partho Banerjee, said that Maruti retails sales rose almost 20 percent YoY to 2,42,096 units in October 2025. &quot;We expect our Vahan market share to be around 43.5%,&quot; he added.

Here’s what brokerages say:

Jefferies on Maruti Suzuki:

Jefferies downgraded the stock to 'Hold' from its earlier 'Buy' rating on market share concerns. The international brokerage said that MRTI missed second-quarter profit estimates due to higher costs.

However, Jefferies added that it expects small car sales to pick up on India's GST cut boost. It further said that while passenger vehicle demand is positive and exports are doing well, it is concerned about MRTI's PV market share.

Choice Institutional Equities on Maruti Suzuki:

Choice Institutional Equities kept a 'Reduce' call on the stock, but raised its target price to Rs 15,800 apiece. This marks a downside potential of more than 2 percent from the stock's previous closing price.

The brokerage said that it remains &quot;cautiously optimistic&quot; about the company's long-term prospects, driven by upcoming launches, premiumization, and export expansions. &quot;However, margin pressures, slower recovery in the key segment (Mini), and continued market share decline warrant a conservative stance,&quot; it added.

HDFC Securities on Maruti Suzuki:

HDFC Securities maintained its ‘Buy’ rating on the stock, with a target price of Rs 18,607 apiece. This implies an upside potential of nearly 15 percent from the stock’s previous closing price of Rs 16,186 apiece.

The domestic brokerage noted that the firm’s Q2 EBITDA margin of 10.5 percent was in line with the Bloomberg consensus estimate of 10.6 percent, but above its estimate of 10.2 percent. “We expect margins to improve going forward as capacity utilization improves on the back of higher PV demand, ramp-up of the Victoris model, and increasing exports. We expect exports to continue to do well over the medium term, benefitting from the company’s efforts over the last few years to improve penetration across markets, including developed markets, and with a wider portfolio and improving mix,” it added.

Motilal Oswal on Maruti Suzuki:

Motilal Oswal maintained its ‘Buy’ rating on the stock, with a target price of Rs 18,712 per share. This implies an upside potential of nearly 16 percent from the stock’s previous closing price. The domestic brokerage said that the firm’s PAT was in-line with its estimate, while EBITDA margin beating expectations due to an improved mix.

“The GST rate cut has helped revive small car demand. This coupled with the launch of the new Victoris, as well as the e-Vitara, is likely to help drive market share gains for MSIL from here on. Further, the company anticipates exceeding its exports growth guidance of 400k units (+20% YoY) in FY26. Overall, we project MSIL to deliver a 17.5% earnings CAGR over FY25-28,” it said.

Also read: Our LIVE blog on stock market updates

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

 

The newly-listed shares of <a href="https://www.moneycontrol.com/india/stockpricequote/misc-commercial-services/urbancompany/UCL02">Urban Company</a> plunged more than 6 percent in the early trading hours of November 3. This comes after the company released its first quarterly results following its initial public offering (IPO).

The shares of the company opened at Rs 148 apiece on Monday.

Urban Company Q2 Results:

The Gurugram-based firm on Saturday reported a <a href="https://www.moneycontrol.com/news/business/earnings/urban-company-q2-results-loss-widens-to-rs-59-crore-revenue-up-37-yoy-13646674.html">consolidated net loss of Rs 59.33 crore</a> for the second quarter of the ongoing financial year 2026. This is significantly higher than the Rs 1.82 crore net loss reported in the corresponding quarter of the previous financial year.

Notably, the company’s net loss comes despite reporting a net profit of Rs 6.94 percent in the previous quarter (Q1 FY26).

While net loss widened, Urban Company’s revenue from operations rose over 37 percent year-on-year (YoY) to Rs 380 crore during the quarter under review. It had earlier reported revenue from operations at Rs 277 crore for the same period last year (Q2 FY25).

Total expenses climbed to Rs 462 crore in the quarter, up from Rs 384 crore in the previous quarter, as the company stepped up spending on partner training, onboarding, and customer acquisition to scale Insta Help. As a result, adjusted EBITDA turned negative at Rs 35 crore, compared with a profit of Rs 21 crore in Q1.

Excluding Insta Help, Urban Company said it generated an adjusted EBITDA profit of Rs 10 crore, or 0.9 percent of net transaction value (NTV), indicating that the core business remains profitable. Insta Help alone accounted for an EBITDA loss of Rs 44 crore during the period.

“Early indicators for Insta Help are encouraging, with strong consumer adoption and repeat usage,” the company said in its shareholder letter. “We view this category as a significant long-term opportunity and believe these investments are important to sustaining market leadership.”

Analysts at Morgan Stanley see limited clarity on the Insta Help's potential break-even, or the extent of investments required for it. Moreover, owing to continued investments in the segment, the company expects to incur losses for the next few quarters, it said in a statement.

Urban Company shares: Bumper market debut

Urban Company shares had made a bumper market debut on September 17, listing at a premium of over 57 percent over the IPO price at Rs 162.25 per share on the NSE. The shares gained further to close 64 percent higher than its IPO price on its debut day.

Urban Company stock performance so far:

The shares of the app-based beauty and home services platform continued to record strong gains for the next few sessions, rising around 24 percent in three sessions post debut to hit a high of Rs 201.18 per share on September 22. The shares of the company however sharply declined following that, dropping around 28 percent to hit a low of Rs 145 apiece on October 24.

At its low, the stock was down around 10.5 percent from its listing price of Rs 162.25 per share. It was however up nearly 41 percent from its IPO price of Rs 103 apiece.

Urban Company shares are however still up around 44 percent from its IPO price.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-03-11-2025-liveblog-13647616.html">Our LIVE blog on stock market updates</a>

(With inputs from Reuters)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Urban Company shares plunge 6% after Q2 net loss widens to Rs 59 crore

Urban Company share price plunges 6% after Q2 net loss widens to Rs 59 crore

The newly-listed shares of Urban Company plunged more than 6 percent in the early trading hours of November 3. This comes after the company released its first quarterly results following its initial public offering (IPO).

The shares of the company opened at Rs 148 apiece on Monday.

Urban Company Q2 Results:

The Gurugram-based firm on Saturday reported a consolidated net loss of Rs 59.33 crore for the second quarter of the ongoing financial year 2026. This is significantly higher than the Rs 1.82 crore net loss reported in the corresponding quarter of the previous financial year.

Notably, the company’s net loss comes despite reporting a net profit of Rs 6.94 percent in the previous quarter (Q1 FY26).

While net loss widened, Urban Company’s revenue from operations rose over 37 percent year-on-year (YoY) to Rs 380 crore during the quarter under review. It had earlier reported revenue from operations at Rs 277 crore for the same period last year (Q2 FY25).

Total expenses climbed to Rs 462 crore in the quarter, up from Rs 384 crore in the previous quarter, as the company stepped up spending on partner training, onboarding, and customer acquisition to scale Insta Help. As a result, adjusted EBITDA turned negative at Rs 35 crore, compared with a profit of Rs 21 crore in Q1.

Excluding Insta Help, Urban Company said it generated an adjusted EBITDA profit of Rs 10 crore, or 0.9 percent of net transaction value (NTV), indicating that the core business remains profitable. Insta Help alone accounted for an EBITDA loss of Rs 44 crore during the period.

“Early indicators for Insta Help are encouraging, with strong consumer adoption and repeat usage,” the company said in its shareholder letter. “We view this category as a significant long-term opportunity and believe these investments are important to sustaining market leadership.”

Analysts at Morgan Stanley see limited clarity on the Insta Help's potential break-even, or the extent of investments required for it. Moreover, owing to continued investments in the segment, the company expects to incur losses for the next few quarters, it said in a statement.

Urban Company shares: Bumper market debut

Urban Company shares had made a bumper market debut on September 17, listing at a premium of over 57 percent over the IPO price at Rs 162.25 per share on the NSE. The shares gained further to close 64 percent higher than its IPO price on its debut day.

Urban Company stock performance so far:

The shares of the app-based beauty and home services platform continued to record strong gains for the next few sessions, rising around 24 percent in three sessions post debut to hit a high of Rs 201.18 per share on September 22. The shares of the company however sharply declined following that, dropping around 28 percent to hit a low of Rs 145 apiece on October 24.

At its low, the stock was down around 10.5 percent from its listing price of Rs 162.25 per share. It was however up nearly 41 percent from its IPO price of Rs 103 apiece.

Urban Company shares are however still up around 44 percent from its IPO price.

Also read: Our LIVE blog on stock market updates

(With inputs from Reuters)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Star investors Akash Bhanshali, Ashish Dhawan and Nemish S. Shah chose calm over churn in the September quarter, barely altering their portfolios even as Indian equities swung sharply. Despite heightened global uncertainty and foreign investor selling weighing on sentiment, the trio preferred minor adjustments to major portfolio reshuffles.

Bhanshali, known for his high-conviction style, added just one stock while trimming positions in two. His portfolio now consists of 17 companies worth nearly Rs 6,320 crore, up from 16 stocks valued at Rs 6,107 crore in the June quarter.

He re-entered Natco Pharma with 18.01 lakh shares valued at around Rs 147 crore after exiting the stock previously. He pared Amber Enterprises to 4.88 lakh shares from 5 lakh shares, now worth about Rs 395 crore, and reduced his holding in Pan Electronics to 54,034 shares from 61,626 shares, with the position valued at roughly Rs 26 lakh.

Dhawan kept his portfolio adjustments measured. He inched up his stake in Equitas Small Finance Bank to 4.53 crore shares from 4.40 crore shares, taking the value to about Rs 268 crore. However, he no longer appears in Glenmark Pharma’s shareholding disclosures, where he earlier held 35 lakh shares valued near Rs 614 crore.

Dhawan now holds 13 stocks worth around Rs 3,332 crore, compared with Rs 3,282 crore across 12 holdings in the previous quarter.

Shah also remained largely inactive, modestly increasing his exposure to Lakshmi Machine Works while trimming his position in Asahi Glass. His name was absent from The Hi-Tech Gears’ latest shareholder list, though it is unclear whether he has exited completely or slipped below the one percent disclosure mark.

Shah now holds five stocks worth around Rs 3,068 crore, down from six stocks valued at around Rs 3,182 crore in June.

The restrained activity comes in a quarter defined by sharp swings. The Sensex dropped 4 percent and the Nifty declined 3.6 percent, while the BSE MidCap and SmallCap indices fell 4.5 percent and 4.2 percent respectively amid geopolitical jitters and aggressive foreign institutional selling.

Investors Bhanshali, Dhawan, Shah stay largely on sidelines in volatile quarter

Star investors Akash Bhanshali, Ashish Dhawan and Nemish S. Shah chose calm over churn in the September quarter, barely altering their portfolios even as Indian equities swung sharply. Despite heightened global uncertainty and foreign investor selling weighing on sentiment, the trio preferred minor adjustments to major portfolio reshuffles.

Bhanshali, known for his high-conviction style, added just one stock while trimming positions in two. His portfolio now consists of 17 companies worth nearly Rs 6,320 crore, up from 16 stocks valued at Rs 6,107 crore in the June quarter.

He re-entered Natco Pharma with 18.01 lakh shares valued at around Rs 147 crore after exiting the stock previously. He pared Amber Enterprises to 4.88 lakh shares from 5 lakh shares, now worth about Rs 395 crore, and reduced his holding in Pan Electronics to 54,034 shares from 61,626 shares, with the position valued at roughly Rs 26 lakh.

Dhawan kept his portfolio adjustments measured. He inched up his stake in Equitas Small Finance Bank to 4.53 crore shares from 4.40 crore shares, taking the value to about Rs 268 crore. However, he no longer appears in Glenmark Pharma’s shareholding disclosures, where he earlier held 35 lakh shares valued near Rs 614 crore.

Dhawan now holds 13 stocks worth around Rs 3,332 crore, compared with Rs 3,282 crore across 12 holdings in the previous quarter.

Shah also remained largely inactive, modestly increasing his exposure to Lakshmi Machine Works while trimming his position in Asahi Glass. His name was absent from The Hi-Tech Gears’ latest shareholder list, though it is unclear whether he has exited completely or slipped below the one percent disclosure mark.

Shah now holds five stocks worth around Rs 3,068 crore, down from six stocks valued at around Rs 3,182 crore in June.

The restrained activity comes in a quarter defined by sharp swings. The Sensex dropped 4 percent and the Nifty declined 3.6 percent, while the BSE MidCap and SmallCap indices fell 4.5 percent and 4.2 percent respectively amid geopolitical jitters and aggressive foreign institutional selling.

Ace investor Madhusudan Kela and his family, known for their sharp stock-picking acumen, endured a steep slide in portfolio value during the September quarter as several key bets came under pressure.

Despite only minor portfolio adjustments, the family’s holdings shrank to about Rs 2,494 crore across 15 stocks, a sharp fall from roughly Rs 4,073 crore in June.

Kela’s only notable move in the quarter was a fresh bet on Prataap Snacks, where he re-entered with around 11 lakh shares worth close to Rs 115 crore. The move, however, was not enough to cushion broader losses.

The family’s portfolio took a hit from pronounced declines in several names, led by Nazara Technologies, which slumped nearly 22 percent. MK Ventures Capital and Windsor Machines dropped about 18 percent and 10 percent respectively, while Indostar Capital Finance tumbled around 31 percent, dragging the overall portfolio lower.

The weakness came against the backdrop of turbulent market conditions, with Indian equities reeling from geopolitical jitters and persistent foreign investor selling. The Sensex and Nifty slipped 4 percent and 3.6 percent during the quarter, while the BSE MidCap and SmallCap indices declined 4.5 percent and 4.2 percent.

Kela, a respected market veteran who founded MK Ventures in 2018, is known for backing high-growth opportunities and has also set up portfolio management firm Invexa Capital. His wife, Madhuri (Mahi) Madhusudan Kela, co-manages the family’s investments and is an active investor herself.

Choice International remains the largest holding in the portfolio with an estimated value of Rs 1,538 crore, followed by MK Ventures Capital at about Rs 384 crore and Windsor Machines at roughly Rs 188 crore. Prataap Snacks and Nazara Technologies stand near Rs 119 crore each, while Sangam Industries and Indostar Capital account for around Rs 109 crore and Rs 83 crore respectively.

<img class="alignnone size-full wp-image-13647642" src="https://images.moneycontrol.com/static-mcnews/2025/11/20251103014733_kela.jpg" alt="kela" width="698" height="700" />

Madhusudan Kela portfolio sinks nearly 39% in September quarter

Ace investor Madhusudan Kela and his family, known for their sharp stock-picking acumen, endured a steep slide in portfolio value during the September quarter as several key bets came under pressure.

Despite only minor portfolio adjustments, the family’s holdings shrank to about Rs 2,494 crore across 15 stocks, a sharp fall from roughly Rs 4,073 crore in June.

Kela’s only notable move in the quarter was a fresh bet on Prataap Snacks, where he re-entered with around 11 lakh shares worth close to Rs 115 crore. The move, however, was not enough to cushion broader losses.

The family’s portfolio took a hit from pronounced declines in several names, led by Nazara Technologies, which slumped nearly 22 percent. MK Ventures Capital and Windsor Machines dropped about 18 percent and 10 percent respectively, while Indostar Capital Finance tumbled around 31 percent, dragging the overall portfolio lower.

The weakness came against the backdrop of turbulent market conditions, with Indian equities reeling from geopolitical jitters and persistent foreign investor selling. The Sensex and Nifty slipped 4 percent and 3.6 percent during the quarter, while the BSE MidCap and SmallCap indices declined 4.5 percent and 4.2 percent.

Kela, a respected market veteran who founded MK Ventures in 2018, is known for backing high-growth opportunities and has also set up portfolio management firm Invexa Capital. His wife, Madhuri (Mahi) Madhusudan Kela, co-manages the family’s investments and is an active investor herself.

Choice International remains the largest holding in the portfolio with an estimated value of Rs 1,538 crore, followed by MK Ventures Capital at about Rs 384 crore and Windsor Machines at roughly Rs 188 crore. Prataap Snacks and Nazara Technologies stand near Rs 119 crore each, while Sangam Industries and Indostar Capital account for around Rs 109 crore and Rs 83 crore respectively.

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Earnings Review-Q2 FY25-26

Stock News

Godrej Consumer shares jump 6% despite decline in Q2 net profit: analysts expect stronger H2FY26

Maruti Suzuki falls 3% post-Q2 results; Jefferies downgrades stock to 'Hold'

Urban Company shares plunge 6% after Q2 net loss widens to Rs 59 crore

Investors Bhanshali, Dhawan, Shah stay largely on sidelines in volatile quarter

Madhusudan Kela portfolio sinks nearly 39% in September quarter

Glass & Glass Products Industry StocksCheck latest stock performance, list of stocks, earnings review & more details about the Glass & Glass Products industry stocks.

Gainers/Losers

Industry Market Map

Earnings Review-Q2 FY25-26

Stock News

Godrej Consumer shares jump 6% despite decline in Q2 net profit: analysts expect stronger H2FY26

Maruti Suzuki falls 3% post-Q2 results; Jefferies downgrades stock to 'Hold'

Urban Company shares plunge 6% after Q2 net loss widens to Rs 59 crore

Investors Bhanshali, Dhawan, Shah stay largely on sidelines in volatile quarter

Madhusudan Kela portfolio sinks nearly 39% in September quarter

Glass & Glass Products Industry Stocks
Check latest stock performance, list of stocks, earnings review & more details about the Glass & Glass Products industry stocks.