Ace investor Vijay Kedia's portfolio delivered a largely muted performance in FY26, with the majority of his known holdings ending the year in the red amid a challenging market environment. According to reports from The Economic Times, domestic equities remained under pressure for most of the year due to tariff-related concerns, weak earnings growth, elevated valuations and persistent foreign institutional outflows. Sentiment deteriorated further toward the end of the year amid the escalating Iran-Israel/US conflict, which triggered a spike in energy prices, heightened inflation concerns and pushed back expectations of US Fed rate cuts.
The worst hit stocks in Kedia's portfolio were Tac Infosec and Affordable Robotic, both plunging over 68%, followed by Innovators Facade (-47%), Global Vectra (-45%) and Patel Engineering (-43%). As reported by The Economic Times, several other stocks including Siyaram Silk Mills (-33%), Om Infra (-30%) and Sudarshan Chemical (-25%) also posted significant declines. Even relatively stable names such as Elecon Engineering (-21%), Mahindra Holidays (-21%) and Vaibhav Global (-20%) failed to escape the downtrend, while Atul Auto declined 13%. Recent market data shows Affordable Robotic trading at ₹139.40 with a market cap of ₹158.50 crore, reflecting the continued pressure on the stock.
Despite the overall negative performance, the portfolio saw a few bright spots according to The Economic Times. TechD Cybersecurity emerged as the biggest winner, delivering a stellar 159% return. The SME stock is a recent listing and made its market debut on September 22, 2025. Other bright spots were Advait Energy and Yatharth Hospital, which surged 57% and 45% respectively, bucking the general trend. The latest shareholding data for the January-March quarter of FY26 is still not available on the exchanges and will be published in due course.
Kedia has also shared insights on AI evolution using a simple house-building analogy, explaining the progression from expert advice (LLMs) to autonomous action (agents), collaborative teams (multi-agent), human-level mastery (AGI), and beyond (superintelligence). As reported by The Economic Times, this framework mirrors his investment philosophy: learn, earn, evolve. The veteran investor urged investors to stay calm and focus on long-term discipline, stressing that losses remain notional until realised. In a recent LinkedIn post, Kedia reminded investors that fluctuations in portfolio value should not be confused with permanent losses, stating 'The rise you saw was a paper profit. The fall you see today is a paper loss. Nothing is real… until you sell.' He acknowledged that the current phase may feel like a crisis but described it as a learning curve for investors.
The majority of stocks in Kedia's portfolio ended the year deep in the red, reflecting the broader stress in mid- and small-cap segments. The challenging FY26 performance came amid a complex market environment characterized by geopolitical tensions, elevated valuations, and persistent foreign institutional outflows. Despite the current headwinds, Kedia's approach of learning, earning, and evolving through market cycles continues to guide his investment philosophy, as he emphasizes the importance of staying disciplined and focusing on long-term value creation rather than short-term market volatility.
