Nikhil Kamath is an Indian entrepreneur and co-founder of Zerodha, India’s leading stock trading platform, along with his brother Nithin Kamath. They are renowned for revolutionising trading in India with low-cost, technology-driven solutions and have also invested in several startups and unicorns.
Let’s take a closer look at how three listed stocks held by them have performed in Q2. During this period, some of his major investments showed good growth, gaining value and giving positive returns. Overall, his portfolio reflects a balanced approach, where he focuses on picking stocks with strong potential while managing risks carefully.
Here are the stocks to look out for
Nazara Technologies Ltd
Nazara Technologies, India’s sole publicly traded gaming company, is a multifaceted gaming and sports media platform that operates in India, Africa, North America, and other global markets.
Its portfolio includes Curve Games, Kiddopia, Animal Jam, Fusebox Games, World Cricket Championship, Sportskeeda, Funky Monkeys, and Smaash Entertainment. The company aims to create a global gaming platform with strong intellectual property, publishing, and operational capabilities.
Well-known personalities and co-founders of the leading discount brokerage app Zerodha, Nikhil Kamath and Nithin Kamath, hold approximately 1.62% stake in the company through their investment body, Kamath Associates, while their other investment entity, Nksquared, holds around 1.89% as of September 2025.
Q2 Performance
Its Revenue from operations rose by 65 percent YoY from Rs. 319 Crores in Q2FY25 to Rs. 526 Crores in Q2FY26, and it rose by 5.4 percent QoQ from Rs. 499 Crores in Q1FY26 to Rs. 526 Crores in Q2FY26.
From a generating a net profit of Rs. 16 Crores in Q2FY25 turned to a loss of Rs. 34 Crores in Q2FY26, and in Q1FY26 from a profit in QoQ from Rs. 51 Crores to a loss of Rs. 34 Crores in Q2FY26.
The company has a low debt-to-equity ratio of 0.06, indicating minimal financial risk. Its PEG ratio of 0.30 suggests it’s undervalued relative to its growth potential. With a P/E ratio of 11, the stock is trading significantly lower than the industry average of 23.5, which could imply it is undervalued. Along with it, the company has shown strong profit growth with a 102% CAGR over the last five years.
Ather Energy Ltd
Ather Energy Ltd is an Indian electric two-wheeler manufacturer headquartered in Bengaluru, founded in 2013. The company focuses on designing, developing, and assembling electric scooters, battery packs, charging infrastructure, and supporting software systems in-house.
It operates on a vertically integrated and software-defined business model, making it a pioneer in the Indian electric two-wheeler (E2W) market. Ather manufactures popular electric scooter models, including the Ather 450 series and Ather Rizta.
Well-known personalities and co-founders of the leading discount brokerage app Zerodha, Nikhil Kamath and Nithin Kamath, hold approximately 1.81% stake in the company through their investment body, Kamath Associates, while their other investment entity, Nksquared, holds around 1.81% as of September 2025.
Q2 Performace
Its Revenue from operations rose by 54 percent YoY from Rs. 584 Crores in Q2FY25 to Rs. 899 Crores in Q2FY26, and it rose by 39 percent QoQ from Rs. 645 Crores in Q1FY26 to Rs. 899 Crores in Q2FY26.
On a YoY basis, the reported Net Loss of Rs. 197 crores in Q2FY25 was reduced to a loss of Rs. 154 crores in Q2FY26. Similarly, in Q1FY26, the loss decreased from Rs. 178 crores to Rs. 154 crores in Q2FY26.
In Q2 FY26, units sold reached ~66,000, marking a 67% year-over-year (YoY) increase and a 42% quarter-over-quarter (QoQ) growth. Market share grew from 14.3% in Q1 to 17.4% in Q2. This represents a significant surge in unit sales from 46,078 in Q1 to 65,595 in Q2, reflecting strong overall growth.
Bluestone Jewellery & Lifestyle Ltd
BlueStone Jewellery & Lifestyle Ltd is a digital-first, direct-to-consumer (DTC) brand specializing in contemporary fine jewelry, including diamond, gold, and platinum pieces. Founded in 2011 by Gaurav Singh Kushwaha, it operates an omnichannel model, integrating its e-commerce platform with a network of over 275 retail stores across India. The company focuses on modern design and craftsmanship, catering to a wide customer base with a diverse product range and offering features.
Nikhil Kamath and Nithin Kamath, hold approximately 1.10% stake in the company through their investment body, Kamath Associates, while their other investment entity, Nksquared, holds around 1.10% as of September 2025.
Q2 Performace
Its Revenue from operations rose by 37.5 percent YoY from Rs. 373 Crores in Q2FY25 to Rs. 513 Crores in Q2FY26, and it rose by 4.05 percent QoQ from Rs. 493 Crores in Q1FY26 to Rs. 513 Crores in Q2FY26.
Its net loss of Rs. 84 crores in Q2FY25 was reduced to a loss of Rs. 52 crores in Q2FY26. Similarly, in Q1FY26, the loss decreased from Rs. 35 crores to Rs. 52 crores in Q2FY26.
Written by Sridhar J
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