Superstar investor Vijay Kedia is betting on midcaps to produce the next multibaggers for his ₹1,400 crore listed equity portfolio, even if headline indices remain stagnant. According to reports from The Economic Times, Kedia organizes his thematic bets around the RISE framework, an acronym for four themes: renewables and energy transition, infrastructure, security including defence and cybersecurity, and emerging technologies such as electric vehicles and data centres. His investment approach emphasizes discipline over opportunity, with willingness to buy stocks after sharp declines but refusal to chase them when valuations move beyond comfort zones.
Kedia's investment in Neuland Laboratories offers a striking precedent for backing businesses through difficult phases. As reported by The Economic Times, he first invested in the stock in 2019 and added around ₹250 during the March 2020 panic. The stock subsequently touched ₹23,881 on August 18, 2026, roughly 95 times that purchase level. His process starts with sector durability, moves to company competitive position and balance sheet, and ends with price assessment, emphasizing that getting the first part right does not excuse getting the last part wrong.
Kedia expects individual stocks and mid-caps to drive market performance rather than index-level movements. According to The Economic Times, he stated that "I may be wrong, but I think there won't be much movement at the index level. I think there will be action in individual stocks and mid-caps — there's no strength in the index, so I think that's where the multibaggers will be." He sees growing institutional interest in smaller businesses, with funds previously not active in midcaps beginning to enter the segment. His focus remains on individual companies rather than index-led recovery, with mid-caps already positioned to become market heroes.
Across the RISE themes, Kedia's assessment repeatedly focuses on growth potential, competitive positioning, and reasonable valuations. In renewables, he prefers businesses that manufacture both cells and modules over those dependent on purchasing cells from other suppliers, citing concerns about input economics. His infrastructure investments include Eimco Elecon, Elecon Engineering, Innovators Facade Systems, SPML Infra, Patel Engineering and Om Infra. In security, he watches the shift from services to proprietary products, with cybersecurity holdings including TechD Cybersecurity, Sattrix Information Security and TAC Infosec. His biggest emerging technology bet is Atul Auto, where he owns around 20.9% stake valued at nearly ₹260 crore.
Kedia's search extends beyond listed companies to smaller and unlisted businesses. According to The Economic Times, he has invested in 6-7 SME companies and participated in pre-IPO investments, with unlisted startups accounting for roughly 10% of his portfolio. His unlisted startup holdings include approximately 25 companies total. His valuation approach emphasizes a five-year test before price assessment, examining whether underlying sectoral opportunities will still exist five years from now. He described his philosophy as "buy like a bull, sit like a bear, and watch like an eagle," preferring to miss rallies rather than chase them, and avoiding decisions driven solely by latest price reactions.
