Synopsis: A seasoned market investor widened his small-cap and micro-cap exposure in the March quarter with fresh bets across education, financial services, infrastructure, and paper manufacturing, signalling renewed conviction in selective turnaround and niche growth stories.
India’s small-cap and micro-cap universe continued to attract seasoned investors in the March 2026 quarter, especially in businesses where valuations, sector recovery, and operational triggers appear to be aligning simultaneously. While broader markets remained volatile amid global macro uncertainty, select investors used the correction phase to quietly build positions in companies operating across diverse themes, including education, NBFCs, infrastructure execution, and speciality paper manufacturing.
The latest shareholding data shows veteran investor Madhusudan Kela making fresh entries into four companies during Q4FY26. As per the latest corporate shareholdings filed, Madhusudan Kela publicly holds 19 stocks with a net worth of over Rs. 2,290.6 crore. The bets span both cyclical and turnaround-oriented businesses, suggesting a diversified approach focused on sectors where earnings visibility or rerating potential could improve over the coming quarters. The additions also reflect growing investor interest in under-owned smallcaps and microcaps with niche positioning and improving fundamentals.
Aptech
Aptech is an education and training company that teaches students job-oriented skills. It offers courses in animation, VFX, aviation, beauty, retail, and IT through brands like Arena Animation and MAAC. The company mainly focuses on skill development and professional training.
During Q4FY26, Madhusudan Kela made a fresh entry into the company by acquiring a 1.1% stake valued at nearly Rs. 6 crore. The investment comes at a time when the education and upskilling segment is witnessing renewed attention amid rising demand for industry-oriented training programs. The move indicates investor interest in companies that could benefit from long-term structural trends in skill-based learning and workforce development.
Indiabulls
Indiabulls is a financial services company involved in businesses such as housing finance and lending. Over the years, it has gone through restructuring and business changes while continuing to operate in India’s financial sector.
Shareholding data for the March quarter showed Madhusudan Kela acquiring a fresh 2.2% stake in the company valued at nearly Rs. 100 crore. The investment signals a potential contrarian bet on recovery prospects within the broader financial services space. Investors often monitor such moves closely, especially when experienced market participants accumulate positions in companies undergoing transition phases or strategic restructuring.
Simplex Infrastructure
Simplex Infrastructure is a construction and engineering company that works on roads, bridges, buildings, industrial projects, and urban infrastructure. It has been part of several large infrastructure projects in India and abroad.
In Q4FY26, Madhusudan Kela entered the company with a 1.2% stake and holding value of approx Rs. 20.1 crore. The fresh investment comes amid increasing policy focus on infrastructure spending and execution-led growth in India’s capital expenditure cycle. Market participants may interpret the move as an early positioning strategy in anticipation of operational recovery or improved order inflows within the infrastructure sector.
Subam Papers
Subam Papers is a paper manufacturing company that produces paper products used in packaging and industrial applications. The company operates in the growing paper and packaging sector, which is benefiting from rising demand for sustainable materials.
Among the fresh additions, the largest allocation by Madhusudan Kela was seen in Subam Papers, where he acquired a 7% stake valued at nearly Rs. 43.6 crore during the March quarter. The sizable holding suggests relatively higher conviction compared to the other new entries. Investors often view such concentrated bets as indicators of confidence in the company’s growth potential, business scalability, or future earnings trajectory within the niche manufacturing space.
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