Mar 17, 2025
Vijay Kedia with the quiet confidence of someone who has seen the darkest trenches of the market and still won. In a world obsessed with quick gains and overnight success stories, Kedia stands as a testament to something else entirely – the power of patience, conviction, and that rare ability to see value where others see nothing.
Picture this: a young man with barely ₹25,000 in his pocket (borrowed from his father, by the way) transforms this modest sum into a staggering fortune of over ₹1,500 crore.
Sounds like fiction, right?
But that's exactly what Vijay Kedia did, one calculated move at a time.
When most investors were sleeping on companies like Atul Auto and Cera Sanitaryware, Kedia was already loading up his portfolio with them. These weren't just good picks – they were life-changing multibaggers that would eventually deliver returns of 100-160 times his investment.
Yeah, you read that right.
But here's the thing about Kedia that most financial headlines miss – his journey wasn't a smooth ride to the top. It was messy, painful, and, at times, seemed downright impossible.
The man who now dines with business tycoons once struggled to buy milk for his child. The investor whose words now move markets once sold his mother's gold ornaments just to stay afloat.
So what's his secret? How did this college dropout crack the code that eludes even seasoned Wall Street veterans? That's exactly what we're about to see in this blog – the methods, the madness, and the mindset behind India's most fascinating investor.
Vijay Kedia’s Early Life & Influences
Vijay Kedia was born in 1959 into a middle-class Marwari family in Kolkata, Vijay Kedia inherited a stock market legacy. His grandfather, a stockbroker, introduced him to trading at 14, sparking an early fascination with ticker tapes and market dynamics. Tragedy struck at 16 when his father passed away during his 10th grade, leaving the family in debt.
Kedia failed his exams that year, later admitting, “We couldn’t afford milk for my child. Survival was the only goal.”
Despite academic setbacks, Vijay Kedia earned a Bachelor’s in Commerce from Calcutta University.
At 19, he borrowed ₹35,000 from relatives and plunged into futures trading, India’s high-risk derivatives market. The initial years were brutal—losses forced him to pawn his mother’s gold jewelry. “I learned the hard way: greed destroys,” he reflects.
All this will change now when he shifts to long-term investing.
Vijay Kedia’s Journey: From Struggle to Stock Market Success
For over a decade, he struggled. He traded futures and risky penny stocks, losing money repeatedly. At one point, he couldn’t even afford ₹14 for milk for his child—his wife borrowed coins from neighbors to buy basics.
The family sold his mother’s gold jewelry to pay off brokers, and six relatives lived crammed in a single room. “I lost money for 12 years,” Kedia admits. “But those failures taught me patience.”
This was the time when Vijay Kedia shifted towards long-term investing after getting advice from one of his friends in Kolkata, S. P. Modi. Seeing the returns from long-term investing, he started taking this full-time rather than trading.
The Turning Point: 1992
In 1992, during the Harshad Mehta stock market scam, chaos ruled. While others panicked, Kedia saw opportunity. He had ₹35,000 and invested it all in Punjab Tractors, a small company trading at ₹35 per share. Within a year, the stock soared to ₹350—a 10x return.
He reinvested those gains into ACC, a cement company, buying shares at ₹300 each. When ACC surged to ₹3,000, Kedia’s investment had turned enough to buy his first home in Mumbai.
This marked his shift from reckless trading to disciplined investing. Vijay Kedia’s age is 66, it shows the time and the dedication he has given to the market for long term investing.
Shift to Small-Caps
Vijay Kedia realized big companies rarely deliver 100x returns. He began targeting small, ignored firms with scalable models, like:
Atul Auto (2002): A ₹50 crore Gujarat-based 3-wheeler maker. Bought at ₹5/share, held till ₹800 (160x returns).
Cera Sanitaryware (2004): A bathroom fittings company. Held for 16 years, turning ₹30 into ₹4,800 (160x).
Vijay Kedia’s Investment Philosophy
The SMILE Framework
Kedia doesn’t rely on complex ratios like ROE or P/E. Instead, he follows his “SMILE” framework—small in size, medium in experience, large in aspiration, and extra-large in market potential:
1. Small in Size: Betting on Underdogs
Kedia targets small-cap companies (typically under ₹1,000 crore market cap) ignored by institutional investors. These firms are nimble, undervalued, and primed for rapid scaling.
Example:
Atul Auto: When Kedia invested in 2004, this 3-wheeler maker was a tiny ₹50 crore company. Today, it’s worth ₹1,199 crore—a 23x growth.
Tejas Networks: At its 2017 IPO, it was a small player in telecom infrastructure. Now valued at ₹13,030 crore, it aligns with India’s 5G and broadband push.
2. Medium in Experience: Goldilocks Leadership
Kedia avoids both rookies and veterans. He seeks founders with 10–15 years of grind—enough to understand their industry but not so settled that they lose hunger.
Example:
Elecon Engineering: A gearbox manufacturer led by a family with decades of expertise but still agile enough to innovate for sectors like renewables.
3. Large in Aspiration: Dominating a Niche
Kedia backs companies aiming to own their niche, not just compete. These firms have clear plans to outperform peers and expand aggressively.
Example:
Neuland Laboratories: A pharma company focused on becoming a global leader in niche APIs (active pharmaceutical ingredients).
Cera Sanitaryware: Started as a regional player but aspired to dominate India’s bathroom fittings market—and did.
4. Extra-Large Market Potential: Riding Megatrends
The company must operate in a sector with massive, long-term tailwinds—think EVs, defense indigenization, or digital infrastructure.
Examples:
Talbros Automotive: Invested during the EV boom, supplying critical components to automakers.
Paras Defence: Backed India’s space and defense growth, providing tech for missiles and satellites.
Kedia avoids saturated markets. Instead, he chases industries where demand could grow 10x in a decade.
Why SMILE Works: Case Studies
Atul Auto:
Small: ₹50 crore market cap in 2004.
Medium: Founders with 15+ years in auto components.
Large: Aimed to lead electric 3-wheelers.
Extra-Large: EV sector’s 30% annual growth.
→ Result: 160x returns over 18 years.
Tejas Networks:
Small: ₹1,500 crore market cap at IPO (2017).
Medium: Leadership with telecom expertise since the 1990s.
Large: Goal to become India’s top broadband enabler.
Extra-Large: 5G rollout and Digital India push.
→ Result: 8x growth since IPO.
Are you looking to find companies based on Vijay Kedia’s SMILE Framework? Here are some screeners:
SHIFT Strategy
In 2023, Kedia introduced SHIFT, a sector-focused mantra:
S - Stock Market (SIP-driven equity cult)
H - Hospitality & Healthcare
IF - Infrastructure
T - Tourism
T - Telecom
Vijay Kedia is bullish on India’s SIP boom (e.g., CDSL, BSE). With tourism he is holding Mahindra Holidays despite slow growth, betting on India’s travel boom. And for telecom, he avoids crowded places but eyes niche 5G enablers.
Risk Management: Avoiding Noise, Embracing Conviction
No FOMO: Skips hyped sectors like hydrogen or data centers. “By the time a trend hits headlines, it’s too pricey.”
Liquidity Trap: Sold Hindustan Aeronautics (defense) during rallies to avoid panic-selling.
Decades-Long Patience: Held Repro India for 5 stagnant years.
The “Dettol vs. Savlon” Lesson
Kedia uses a quirky analogy to explain why simplicity wins:
Dettol: Burns, stinks, but feels like it’s working.
Savlon: Gentle, odorless… but people doubt its efficacy.
Translation: Overcomplicate investing with 50 data points? You’ll panic-sell.
Stick to 2-3 factors:
Clean management.
Scalable business.
Sector megatrend.
Vijay Kedia Portfolio & Notable Investments
Vijay Kedia’s portfolio isn’t just a list of stocks—it’s a masterclass in spotting underdogs and riding megatrends. Here’s how he turned ₹785 crore in 2021 into ₹1,400+ crore by 2024, with bets on small-caps, EVs, and cybersecurity.
Portfolio Evolution: A Decade of Discipline
Vijay Kedia Portfolio 2021 (₹785 Cr):
Top Holdings:
Vaibhav Global: 30 lakh shares (₹216 Cr) – Jewelry e-commerce play.
Tejas Networks: 50 lakh shares (₹212 Cr) – Telecom infrastructure bet pre-5G boom.
Cera Sanitaryware: 1.35 lakh shares (₹61 Cr) – Bathroom fittings giant held since 2004.
A table to understand his holdings till 2021 June.
Theme: Mid-caps with niche dominance.
Vijay Kedia Portfolio 2022 (₹1,000–1,200 Cr):
New Adds:
- Affordable Robotic: Automation solutions for warehouses.
- Talbro Automotive: EV components supplier.
Persistence: Held Repro India (packaging innovator) despite flat returns.
Vijay Kedia Portfolio 2024 (₹1,396.9 Cr):
Current Stars:
- Atul Auto: 58 lakh shares (₹268.8 Cr) – EV 3-wheeler maker, 20% of portfolio.
- TAC Infosec: ₹183.7 Cr stake – Cybersecurity newcomer.
- Precision Camshafts: ₹52.2 Cr – Auto parts supplier up 3.2%(holding) in 2024.
Vijay Kedia's Latest Holdings and Portfolio
Let’s do a fun task, mapping Stocks to His SMILE Framework
Vijay Kedia’s ₹1,400+ crore portfolio is a living blueprint of his SMILE strategy—Small in size, Medium experience, Large aspirations, Extra-large market potential. Here’s how each stock aligns with his legendary framework:
1. Small in Size
Companies under ₹5,000 crore market cap with room to grow.
Atul Auto (20.9% holding):
EV 3-wheeler maker (market cap: ~₹1,200 Cr).
Kedia first bought it as a ₹50 Cr company in 2004.
TAC Infosec (New Entry):
Cybersecurity startup (market cap: ~₹1,300 Cr).
Bets on India’s digital safety boom.
Precision Camshafts (3.2% holding):
Auto components (market cap: ₹1,600 Cr).
Supplies to EV and ICE manufacturers.
2. Medium Experience
Founders with 10–15 years of grind, balancing agility and expertise.
Elecon Engineering (1.1% holding):
Gearbox manufacturer since 1960.
Leadership pivoted to renewables and railways.
Neuland Laboratories (1.0% holding):
Pharma API player with 40+ years in niche chemicals.
Innovators Facade Systems (10.7% holding):
Construction tech firm with 15+ years in modular solutions.
3. Large Aspirations
Companies aiming to dominate niches, not just compete.
Global Vectra (5.1% holding):
Drone tech for defense – aims to lead India’s UAV ecosystem.
Affordable Robotic (9.9% holding):
Warehouse automation – targets SMEs in India’s logistics boom.
Repro India (6.3% holding):
Sustainable packaging – eyes global clients like Amazon.
4. Extra-Large Market Potential
Sectors for explosive growth.
Tejas Networks (1.3% holding):
5G infrastructure – India’s 5G rollout to hit $150 B by 2030.
Om Infra (2.5% holding):
Renewable energy infrastructure – solar/wind project enabler.
Sudarshan Chemical (1.4% holding): Specialty chemicals
Vijay Kedia’s Multibagger Picks
Punjab Tractors (1988)
Entry: ₹35,000 investment during India’s tractor revolution.
Exit: 600-700% returns in 5 years.
SMILE Fit: Small (niche agri-player), Large (rural growth wave).
ACC Cement (1992)
Entry: Bought at ₹300 during post-liberalization infrastructure push.
Exit: Sold at ₹3,000 (10x in 2 years).
SMILE Fit: Extra-large (cement demand boom). And thanks to Harshad Mehta Scam 🗿.
Atul Auto (2004)
Entry: ₹5/share (market cap: ₹50 Cr).
Holding Period: 20+ years.
Return: 160x (₹800/share) – EV 3-wheeler dominance.
Cera Sanitaryware (2004)
Held: 16 years through market crashes.
Return: 160x – Bathrooms never go out of style
Current multibaggers
Elecon Engineering – 4200%
Tejas Networks – 1530%
Neuland Labs - 4120%
Precision Camshafts - 880%
Vijay Kedia Net Worth
Current Vijay Kedia Net Worth Estimate (March 2025): ₹1,400+ Crore
Vijay Kedia’s net worth is a moving target, shaped by India’s volatile markets. As of March 2025, his publicly disclosed stock holdings alone are valued at ₹1,396.9 Cr, per Trendlyne. Factoring in real estate, unlisted ventures, and private assets, estimates stretch to ₹1,777 Cr.
Here is what different sources say about his net worth.
Vijay Kedia’s Lifestyle
Family and Personal
Vijay Kedia’s father’s name is Kishanlal Kedia, while his mother’s name is still private. Name is private but not her sacrifices.
Vijay Kedia's wife's name is Manju Kedia, married during his struggling years. Co-founder of the Vijay & Manju Kedia Foundation.
Vijay Kedia has two sons, Pratik & Ankit Kedia, both being the Director at Kedia Securities Pvt Ltd.
Vijay Kedia Car Collection
As reported by TimesNow, Vijay Kedia’s garage reflects his success, housing an impressive lineup of luxury vehicles:
Bentley Continental GT
Rolls-Royce
Mercedes S-Class
Audi A8
Passion Beyond Markets
Vijay Kedia’s off-screen persona thrives on creativity and mindfulness.
1. Music
Lyricist & Singer: Kedia pens and performs fun-to-hear songs on his YouTube channel, which has 136K subscribers. Most popular song is ‘Sensex at 50,000!| Abhi Toh Party Shuru Hui Hain| Tenth Song on the Stock Market’
You can also listen Vijay Kedia’s creation on Spotify.
Embed – https://www.youtube.com/watch?v=LUZu-99WkWo
2. Yoga
Credits yoga for mental clarity and emotional resilience.
What do people think about Vijay Kedia?
The Positives
1. Long-Term Strategy Wins
He’s known for holding stocks forever. Example: Bought a ₹30 stock that hit ₹9,000 over years. No quick trades—just patience and fundamentals.
2. No Sales Pitch
Unlike YouTube “gurus,” he doesn’t sell courses or PMS. People like that he shares advice without pushing products.
3. Dividend Hacks
He subtracts dividends from his original cost. Example: If he got ₹29 dividends on a ₹30 stock, he calls his cost “₹1.” Good Flex 🗿.
The Gray Areas
1. Insider Access?
Owning 5%+ of a company gets you board seats and early info. Critics say this helps him time entries/exits better than retail folks.
2. Team Power
He’s got researchers scanning 3,000+ stocks. You think he reads annual reports alone? Nah. His team filters picks, talks to CEOs, etc.
The Criticisms
1. Pump-and-Dump Suspicions
Some say he buys cheap, hypes stocks on TV, then exits. Example: His “no F&O stock will fall 5%” quote aged poorly when markets crashed.
<embed – https://youtu.be/cNa20YNZpQ8?si=dYPI4Iv0ctSu9rfP&t=265>
2. 90s Scandal Era Vibes
Made big money when regulations were lax. Critics argue his early wins relied on insider networks, not just skill.
3. Not Buffett-Level
Fans of Munger/Marks say Kedia’s success is tied to India’s market quirks. “Read books, don’t idolize him,” says one user.
What Next?
Vijay Kedia’s journey—from ₹5,000 to ₹1,500+ crore—proves patience + research = wealth. In today’s noisy markets, his rules still win:
Ignore hype (no FOMO trades!).
Study companies like your future depends on it (it does).
Hold stocks like lifelong partners, not Tinder dates.
Your takeaway? Be the turtle. Slow, steady, and unshaken by chaos.
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