Synopsis: Nikhil Kamath’s Q4 portfolio comprises three key listed holdings, Nazara Technologies Ltd, Ather Energy Ltd, and Bluestone Jewellery & Lifestyle Ltd, held through Kamath Associates and Nksquared as of March 2025, reflecting a diversified investment spread across gaming, electric mobility, and lifestyle segments.
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.
As per corporate shareholdings filed for March 31, 2026, people matching Kamath Associates publicly hold 3 stocks with a net worth of over Rs 817.3 Crores. Let’s take a closer look at how the three listed stocks held by them have performed in Q4. 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.
Nazara Technologies Ltd
Nazara Technologies is an Indian gaming and sports media company founded in 1999 and headquartered in Mumbai. It is widely known as India’s first publicly listed gaming company, with businesses spanning mobile gaming, esports, gamified learning, and digital sports media.
The company owns and operates popular brands such as NODWIN Gaming, Sportskeeda, Kiddopia, and World Cricket Championship, while also expanding internationally across North America, Africa, and the Middle East.
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 March 2026.
Q4 Performance
Its revenue from operations decreased by 23.46 percent YoY from Rs. 520 Crores in Q4FY25 to Rs. 398 Crores in Q4FY26, and it also declined by 1.97 percent QoQ from Rs. 406 Crores in Q3FY26 to Rs. 398 Crores in Q4FY26.
Its net profit increased by 1300 percent YoY from Rs. 4 Crores in Q4FY25 to Rs. 56 Crores in Q4FY26, and it rose by 522.22 percent QoQ from Rs. 9 Crores in Q3FY26 to Rs. 56 Crores in Q4FY26. The earnings per share (EPS) for the quarterly period stood at Rs. 1.27, compared to Rs. 0.18 in the previous year’s quarter.
Ather Energy Ltd
Ather Energy Ltd is an Indian electric vehicle (EV) company that designs and manufactures smart electric scooters. It was founded in 2013 by IIT Madras alumni and is headquartered in Bengaluru, Karnataka. The company is best known for its Ather 450 series scooters, which combine performance-focused electric mobility with connected software features like navigation, ride analytics, and over-the-air updates.
Ather also built its own charging infrastructure called Ather Grid, aimed at making urban EV charging more accessible. It is backed by major investors, including Hero MotoCorp, and it focuses on building a complete EV ecosystem rather than just vehicles. The brand has positioned itself as a premium player in India’s fast-growing electric two-wheeler market.
Well-known personalities and co-founders of the leading discount brokerage app Zerodha, Nikhil Kamath and Nithin Kamath, hold approximately 1.54% stake in the company through their investment body, Kamath Associates, while their other investment entity, Nksquared, holds around 1.54% as of March 2026.
Q4 Performance
Its Revenue from operations rose by 73.8 percent YoY from Rs. 676 Crores in Q4FY25 to Rs. 1,175 Crores in Q4FY26, and it rose by 23.1 percent QoQ from Rs. 954 Crores in Q3FY26 to Rs. 1,175 Crores in Q4FY26.
Its Net loss YoY decreased from Rs. 234 Crores in Q4FY25 to Rs. 100 Crores in Q4FY26, and on a QoQ basis, it increased from Rs. 84.6 Crores in Q3FY26 to Rs. 100 Crores in Q4FY26. The earnings per share (EPS) for the quarterly period stood at minus Rs. 2.62, compared to minus Rs. 8.06 in the previous year’s quarter.
The FY 26 was a breakthrough year for the network and brand, marked by strong growth in customer traction and operational scale. Monthly registrations reached 35.7K in March’26, reflecting sustained demand momentum across markets.
Financial and market performance also improved sharply, with a market share rising to 18.6%, up 2,080 bps YoY, alongside a gain of 1,100 bps versus Q1 FY 25. Wholesale volumes touched 83K in Q4, growing 76% YoY and 23% QoQ, while the brand emerged as the #1 searched EV brand in Q4 FY 26.
Bluestone Jewellery & Lifestyle Ltd
Bluestone Jewellery & Lifestyle Ltd is an Indian omnichannel jewellery brand that designs, manufactures, and sells diamond, gold, and gemstone jewellery. Founded in 2011 and headquartered in Bengaluru, it started as an online-first platform and later expanded into physical retail stores across major Indian cities.
The company focuses on modern, design-led jewellery aimed at urban consumers, with customisation options and a strong emphasis on certified diamonds and quality assurance. Bluestone operates a hybrid model that combines its e-commerce platform with experience-driven offline showrooms, allowing customers to browse online and complete purchases in-store or vice versa.
Nikhil Kamath and Nithin Kamath hold approximately 1.09% stake in the company through their investment body, Kamath Associates, while their other investment entity, Nksquared, holds around 1.09% as of March 2026.
Q4 Performance
Its revenue from operations increased by 47.72 percent YoY from Rs. 461 Crores in Q4FY25 to Rs. 681 Crores in Q4FY26, and it declined by 9.08 percent QoQ from Rs. 749 Crores in Q3FY26 to Rs. 681 Crores in Q4FY26.
Its net profit improved significantly YoY, moving from a loss of Rs. 51 Crores in Q4FY25 to a profit of Rs. 31 Crores in Q4FY26 (an improvement of Rs. 82 Crores). On a QoQ basis, net profit declined by 55.07 percent from Rs. 69 Crores in Q3FY26 to Rs. 31 Crores in Q4FY26.
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