Several of India’s most prominent individual investors experienced a decline in their portfolio values for the July–September 2025 quarter, as equity markets cooled and mid- and small-cap stocks under-performed.
According to an analysis of holdings above 1% of equity in respective companies, many top investors saw their portfolios shrink by 10% to 29% during the quarter. For example, investors such as Mukul Agrawal pared stakes in 36 companies, while Anil Goel and Ashish Kacholia reduced their holdings in 22 and 14 companies respectively.
In contrast, a few outliers managed gains: Nemish Shah’s portfolio rose nearly 48%, while Vijay Kedia and Madhusudan Kela saw smaller upticks of around 5.9% and 0.2% respectively.
Market index performance mirrors this trend: the Nifty 50 slipped 2.9% in July and 1.4% in August, before a modest rebound of 0.8% in September. Meanwhile, mid-cap and small-cap indices saw steeper declines of around 4.3% and 6.2% respectively over the same period.
A family office of the late Rakesh Jhunjhunwala, widely considered among the top-tier investors, saw its holdings fall by 3.5% in the quarter following reductions across 17 stocks.
Conclusion
The quarter-ending September phase was a challenging one for most leading Indian equity investors, with widespread portfolio de-growth reflecting the broader market’s malaise in mid- and small-caps. While a select few bucked the trend, the majority faced headwinds — signalling that even the most seasoned market participants were not immune to the broader slowdown.
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