Madhusudan Kela Bets on Indiabulls and Simplex Infrastructures in Contrarian Move
- Investor Madhusudan Kela has adopted a contrarian investment strategy by acquiring stakes in Indiabulls Limited and Simplex Infrastructures Limited, two small-cap companies that have experienced significant underperformance.
- Kela acquired more than 5.15 crore shares in Indiabulls Limited, which represents a 2.22% stake in the company.
- On April 10, 2026, the stock for Indiabulls closed at Rs 12.15 on the BSE, marking an increase of 11.47% for the day.
Investor Madhusudan Kela has adopted a contrarian investment strategy by acquiring stakes in Indiabulls Limited and Simplex Infrastructures Limited, two small-cap companies that have experienced significant underperformance.
Kela acquired more than 5.15 crore shares in Indiabulls Limited, which represents a 2.22% stake in the company. Indiabulls operates within the financial services and real estate sectors and has a market capitalization of Rs 2,810 crore.
On April 10, 2026, the stock for Indiabulls closed at Rs 12.15 on the BSE, marking an increase of 11.47% for the day. Despite this gain, the stock has declined 18% over the past year. Market data indicates the stock continues to trade below its 200-day moving average, although it has moved above its 50-day average.
Investment in Simplex Infrastructures
As part of the same contrarian approach, Kela purchased a 1.21% stake in Simplex Infrastructures Limited. Established in 1924, Simplex Infrastructures is a diversified company that executes projects across several sectors, including buildings, marine, real estate, mining, energy and power, and transport.
The stock of Simplex Infrastructures closed at Rs 192.35 on the NSE on April 10, 2026, gaining 6.12% during the session. Over the past year, the stock has declined by 36%, a performance that stands in contrast to broader market indices. During the same period, the Nifty 50 and the BSE Sensex delivered returns of 7% and 5%, respectively.
Portfolio Composition and Valuation
According to data from Trendlyne, Kela’s investment portfolio consists of 17 stocks with a total net worth exceeding Rs 2,188 crore.
The largest holding in the portfolio is Choice International, with a holding value of Rs 1,127 crore. Other significant positions include:
- Mkventures Capital, with a holding value of Rs 267 crore
- Prataap Snacks, with a holding value of Rs 109 crore
Kela’s broader portfolio also includes stakes in several other companies, including Bombay Dyeing, Kopran, Repro, Emkay Global, and SG Finserv.