Madhusudan Kela’s Latest Investment Moves: Top Stocks He’s Betting on in 2025

Madhusudan Kela has made fresh investments in several companies, including Waaree Energies, Nazara Technologies, and Indostar Capital Finance, focusing on sectors like renewable energy, gaming, and finance. He also holds stakes in small-cap stocks like IRIS Business Services and Unicommerce eSolutions from the growing Software and Services sector. These investments showcase his strategic focus on high-growth, capital-efficient companies with strong potential.

Madhusudan Kela’s Latest Investment Moves: Top Stocks He’s Betting on in 2025

Madhusudan Kela, a prominent Indian investor, holds two small-cap stocks from the booming Software and Services sector that have shown impressive capital efficiency and growth potential.

The first company, IRIS Business Services Ltd (IBSL), offers regulatory technology (RegTech) solutions to businesses and regulators. With a market cap of Rs 793 crore, IBSL boasts a high Return on Capital Employed (ROCE) of 27%, indicating strong profitability. The company is nearly debt-free and has shown significant growth, with sales rising from Rs 40 crore in FY19 to Rs 102 crore in FY24.

Its net profits also turned around, going from a loss of Rs 6 crore in FY19 to Rs 9 crore in FY24. The stock has seen a remarkable 1,700% rise in the last five years, from Rs 22 in February 2020 to Rs 396 in February 2025. Despite a high Price-to-Earnings (PE) ratio of 53x, investors are still willing to pay a premium for its shares. Madhusudan Kela has held a 5% stake in IBSL for over three years.

The second company, Unicommerce eSolutions Ltd (USL), is India’s largest e-commerce enablement SaaS platform with a market cap of Rs 1,309 crore. USL has a ROCE of 28%, also above its industry median of 18%. It has experienced strong growth, with sales growing 32% annually, from Rs 26 crore in FY19 to Rs 104 crore in FY24. Its profitability is evident, as profit after tax increased by 38% over the same period. Despite its shares falling 39% since its August 2024 listing, the company’s PE ratio of 75x suggests market confidence. Kela holds a 1.79% stake in USL. Additionally, USL made a strategic acquisition of a 42.7% stake in Shipway, enhancing its position in the e-commerce space.

Both of these companies are prime examples of under-the-radar investments in the growing IT Software and Services sector, which is favored by India’s super investors, often compared to Warren Buffett for their market acumen. Their capital efficiency, growth trajectories, and strategic positioning suggest they could be promising investments for the long term.

Madhusudan Kela, a prominent investor in the Indian stock market, made fresh investments in several companies during Q3 FY25. Known for his sharp market insights and successful strategies, Kela’s investments in these companies highlight his focus on high-potential sectors. Below are the companies where Kela acquired a stake of up to 2.5% in the third quarter of FY25:

1. Waaree Energies Ltd: India’s largest solar photovoltaic (PV) module manufacturer, Waaree Energies has a manufacturing capacity of 15 GW and an order book of 26.5 GW, worth approximately Rs 50,000 crore. Madhusudan Kela acquired 1.16% of the company, purchasing 33.41 lakh equity shares. Waaree’s market capitalization is Rs 60,295 crore, and its shares closed at Rs 2,104 in the latest trading session.
2. Nazara Technologies Ltd: A diversified gaming and sports media platform, Nazara Technologies operates globally, including in North America and Africa. With a market cap of Rs 7,896 crore, Kela purchased 1.28% of the company, acquiring 10.96 lakh equity shares. The stock closed at Rs 923.5 in the latest session.
3. Indostar Capital Finance Ltd: Offering a wide range of financial products, including loans and insurance, IndoStar Capital operates with 570 branches across 23 states. Kela acquired a 2.48% stake in the company, buying 33.79 lakh equity shares. The company’s market capitalization is Rs 3,161.38 crore, and its shares closed at Rs 232.3.

These fresh investments indicate Kela’s strategic moves in sectors like renewable energy, gaming, and finance.