Some investors build their reputation over years of disciplined investing. They identify businesses early. They stay invested through ups and downs. Over time, their portfolios reflect not just returns, but a clear thought process. That is why the market watches them closely. Their moves are studied. Their bets are tracked. Not out of curiosity alone, but to understand how long-term wealth is actually created.
For retail investors, this becomes a learning ground. Studying such portfolios helps decode conviction. It shows where experienced investors are allocating capital. It also highlights how they think about sectors, cycles, and timing. More importantly, it shifts the focus from short-term noise to long-term direction. That is where the real insight lies.
The Healthcare Pivot: Decoding the Shift in the Jhunjhunwala Portfolio
One such widely tracked name is Rakesh Jhunjhunwala. Over the years, his portfolio became a benchmark for many market participants. After his passing, the investments continue to be held and managed by Rekha Jhunjhunwala. While leadership has transitioned, the portfolio still carries the imprint of his long-term approach and sectoral preferences.
This article does not look at the most obvious holding that usually gets all the attention. Instead, it looks a layer deeper. A pattern is visible when the portfolio is viewed as a whole. Certain investments seem to be pointing in the same direction. A sectoral theme is quietly taking shape. That underlying tilt is what this piece aims to explore.
A meaningful tilt towards the healthcare sector appears to be taking shape across multiple holdings. That is the central idea explored here. Not just what is held, but what that cluster may be signalling.
To understand this better, it helps to look at the individual companies behind this theme. Each of them represents a different part of the healthcare value chain. Together, they offer a clearer picture of the portfolio’s sectoral direction.
#1 Inventurus Knowledge: Shifting from Manpower to AI-Led US Health Services
Incorporated in 2006, Inventurus Knowledge Solutions provides healthcare solutions through its care enablement platform.
As of 31st December 2025 Rekha Rakesh Jhunjhunwala held 49.3% stake in Inventurus Knowledge Solutions which is worth Rs 12,777.3 crore.
As of March 2026, Inventurus Knowledge Solutions is emerging as a key part of the healthcare-services layer. It does not run hospitals. It does not make drugs. It supports healthcare providers in the US by handling administrative and revenue-linked tasks. This allows doctors to focus on patient care.
Global Outsource Potential: Capturing a $260 Billion US Opportunity
Management said the addressable market for such services is about $ 260 billion. The outsourced portion is still small at around $35 billion and is growing at about 12% annually.
The company reported Q3 FY26 revenue of Rs 815 crore. This reflects a 24% year-on-year (YoY) growth. Profit after tax came in at Rs 183 crore, up 41% from last year. Adjusted profit stood at Rs 215 crore after excluding certain one-offs. Headcount growth remained low at around 1.5%. This is important. It shows that growth is being driven by technology and not just manpower.
The Margin Story: Transitioning from People-Led to AI-Platforms
Growth is coming from deeper integration with healthcare systems. The company is moving beyond clinics and entering hospital workflows.
The Platform Shift: Moving from Workforce to AI-Driven Revenue
It is also shifting from a people-led model to an AI-led platform. Key areas include clinical documentation, coding, and prior authorisation.
The AQuity integration is largely complete. Cross-selling is starting to show results. New deals like Femwell and StrideCare are expected to start contributing from Q4 and Q1. The Femwell rollout is likely to take six to nine months.
The company remains focused on the US market. Delivery is supported by a large global workforce, with a strong India base. It is also experimenting with a new commercial model. In one deal, it committed upfront value to the client. It has already started recovering that value through performance-linked gains.
This signals a shift towards outcome-based partnerships. For the broader portfolio theme, this stock represents the technology and services side of healthcare. However, management has cautioned that growth may not be linear. The US healthcare environment remains dynamic and unpredictable.
In the past year, the share price of Inventurus Knowledge Solutions is up 6.3%.
Inventurus Knowledge Solutions 1 Year Share Price Chart
#2 Star Health & Allied Insurance: Leading the Retail Insurance Surge
Star Health & Allied Insurance (Star) is India’s first Standalone Health Insurance provider. It is the largest private health insurer in India with leadership in the attractive retail health segment.
As of 31st December 2025 Rekha Rakesh Jhunjhunwala held 17.1% stake in Star Health & Allied Insurance which is worth Rs 4,289.1 crore.
Star Health: Capitalizing on the Retail Insurance Surge
Star Health and Allied Insurance is emerging as an important part of the healthcare theme within the Jhunjhunwala portfolio. The company gives exposure to a different part of the sector. It is not a hospital or diagnostics play. It sits in retail health insurance, which is becoming a larger part of India’s healthcare spending story.
Retail Dominance: Why Health Insurance Outpaces the Broader Industry
Management said health insurance remains the largest and fastest-growing segment within non-life insurance. It also said retail health grew 33.6% in Q3 FY26, much faster than the broader non-life industry growth of 11.5%.
Underwriting Turnaround: How Combined Ratios are Improving
The company reported Q3 FY26 gross written premium of Rs 5,047 crore. That was up 23% YoY. Net profit under Ind AS rose to Rs 449 crore from Rs 87 crore a year earlier. That was a sharp 416% increase. The improvement was not only volume-led. Underwriting also improved. The company posted an underwriting profit of Rs 46 crore in the quarter, against a loss of Rs 79 crore last year. The combined ratio improved to 98.9% from 102.1%. Loss ratio declined to 68.8% from 71.8%.
The Rural Engine: Leveraging 8 Lakh Agents for Deep Penetration
Growth was driven by both fresh business and renewals. Fresh business premium rose 45% in the quarter, while renewal premium grew 17%. The agency channel remained the main engine. It contributed 83% of business and continued to expand in semi-urban and rural markets. Around 60% of fresh business came from these markets.
Star Health said its agent count crossed 8 lakh by December 2025. This is important for the health insurance industry, where reach and distribution still matter as much as pricing.
Digital Engine: 94% of New Policies Now Originating Digitally
Digital is becoming the second key growth lever. The digital channel contributed 9% of overall business and 20% of fresh business in the first nine months. Digital premium grew 35% year-on-year. The company said 94% of new policies now originate digitally. It also said 76% of premiums were collected through digital routes during the year.
On the service side, its AI-powered claims platform now handles about 57% of claims traffic. Home healthcare services were expanded to more than 300 locations. Telemedicine volumes grew 73%. These trends show that Star is trying to scale not just through distribution, but also through service efficiency and customer engagement.
The company is also reshaping its portfolio mix. Retail now accounts for 95% of business, up from 91% a year earlier. The corporate book has been cut back and recalibrated towards the SME segment. In bancassurance, six new partners were added during the fiscal year.
Management said corrective actions in this channel should reflect in profitability over the coming quarters. At the same time, Star Health flagged a key sector issue. Medical inflation in India is still running at 12% to 13%, based on external studies. That means pricing discipline and claims control will remain critical for insurers.
For a healthcare-focused article, Star Health represents the financing side of the sector. It benefits from rising awareness, policy support and higher retail demand for protection against medical costs.
The latest quarter also suggests that earlier corrective steps on underwriting and claims are starting to show results. Still, the business remains tied to medical inflation, pricing cycles and hospital cost negotiations. That makes the story attractive, but not without execution risks.
In the past year, the share price of Star Health & Allied Insurance rallied 27.1%.
Star Health & Allied Insurance 1 Year Share Price Chart
#3 Concord Biotech: A Bet on High-Complexity Fermentation
Incorporated in 1984, Concord Biotech is an India-based R&D-driven biopharma company and manufacturer of fermentation-based active pharmaceutical ingredient (APIs) across immunosuppressants and oncology.
As of 31st December 2025 Rekha Rakesh Jhunjhunwala held 24.1% stake in Concord Biotech which is worth Rs 2,631.6 crore.
Concord Biotech: Navigating High-Complexity API and CDMO Growth
Concord Biotech represents the manufacturing side of the healthcare theme in the Jhunjhunwala portfolio. The company operates in fermentation-based APIs and formulations. It focuses on complex and niche products. Management said policy support like the Biopharma SHAKTI programme can improve long-term visibility for such players.
The company reported Q3 FY26 revenue of Rs 278 crore. This was up 14% YoY. Net profit stood at Rs 64 crore. It declined from Rs 76 crore last year. That implies a fall of about 16%. The company said profits were impacted by higher labour costs and lower other income.
Complex APIs: Navigating Global Trade and Regulatory Hurdle
The first half of the year was weak. Management cited global trade uncertainty. There was also a delay in regulatory confirmation from Central Drugs Standard Control Organization (CDSCO). Supplies to Europe were impacted for a few months. These issues have now been resolved.
Supplies have resumed, but recovery will be gradual. Tender supplies to the Middle East remain on hold due to geopolitical factors. The company said it remains the preferred supplier and expects recovery once tenders restart.
The CDMO Opportunity: Unlocking the Rs 600 Crore Revenue Potential
Injectables are emerging as a key growth driver. The facility has received WHO-GMP certification. This allows the company to sell in the domestic market and take up contract manufacturing. The initial focus is India. Expansion to other markets will follow approvals. Management said the facility has a peak revenue potential of about Rs 600 crore.
The company is also building its global presence. It has set up Stellon Biotech in the US. This will handle marketing and distribution. The aim is to create a direct commercial footprint. Contract Development and Manufacturing Organization (CDMO) opportunities are also gaining traction after earlier delays. One project in the US is already commercialised. More discussions are underway.
API growth remained strong in the quarter. Revenue from APIs rose 24% YoY. Formulation revenue declined. Management said growth was driven by volumes, not pricing. The company is focusing on anti-infective and other niche segments with limited competition. New products are still in the validation stage. Their contribution is expected to build over time.
For the broader healthcare theme, Concord Biotech adds the manufacturing angle. It brings exposure to APIs, CDMO and injectables. The quarter showed some pressure on profits. Global factors are still evolving. However, management expects growth to improve from here. Execution will be key as new capacities scale up.
In the past year, the share price of Concord Biotech tumbled 38.3%.
Concord Biotech 1 Year Share Price Chart
#4 Fortis Healthcare: Expanding the Physical Care Infrastructure
Fortis Healthcare was incorporated in February 1996. The company’s first healthcare facility became operational in Mohali, Punjab in 2001. It is a leading integrated healthcare service provider in India. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care specialty facilities.
As of 31st December 2025 Rekha Rakesh Jhunjhunwala held 4% stake in Fortis Healthcare which is worth Rs 2,656.5 crore.
Fortis Healthcare: Scaling Capacity via High-Acuity Care and Bed Expansion
Fortis Healthcare represents the care-delivery side of the healthcare theme in the Jhunjhunwala portfolio. Unlike an insurer or API maker, it is a direct hospital and diagnostics play. That makes it important in any broader healthcare basket. It gives exposure to patient volumes, case complexity and hospital expansion.
The company reported Q3 FY26 consolidated revenue of Rs 2,265 crore. This was up 17.5% YoY. Hospital revenue rose 19.4% to Rs 1,938 crore. Diagnostics revenue grew 7.3% to Rs 327 crore. Reported profit after tax stood at Rs 197 crore, down from Rs 250 crore last year. This decline was due to a one-time labour code expense of Rs 55 crore, partly offset by a Rs 9 crore impairment reversal.
High-Acuity Growth: Leveraging Robotic Surgeries for Better Margins
The hospital business remained the main growth engine. Occupied beds rose 14% year-on-year to 3,189. Occupancy stayed steady at 67%. Average revenue per occupied bed (ARPOB) rose 4.5% to Rs 2.56 crore per annum. Management said this was supported by a better case mix. It pointed to a 52% rise in robotic surgeries. That suggests growth is not only coming from more beds. It is also coming from higher-acuity work.
Expansion remains central to the story. In January 2026, Fortis acquired the 125-bed People Tree Hospital in Bengaluru for Rs 430 crore. The company also acquired adjacent land. This gives it room to expand the facility to more than 300 beds over time. Management said work on expansion will begin soon, though the full build-out could take around 30 months. It also launched Adayu, a 36-bed mental healthcare facility in Gurugram, in November 2025.
Fortis Healthcare: Why Brownfield Expansion is the Real Growth Lever
Bed expansion across the network is also moving ahead. During the year so far, the company added about 750 operational beds. This includes acquisitions, leased facilities and brownfield expansion. For FY27, management indicated about 430 more beds could be added. A major part of this will come from the Fortis Memorial Research Institute (FMRI) expansion. The first phase there is expected to open around April. Fortis also said it is evaluating more brownfield and cluster-based inorganic opportunities.
Diagnostics also improved, though it remains the smaller piece. Gross revenue at Agilus rose 8.3% to Rs 371 crore. The company added more than 175 customer touch points in the quarter. It also expanded higher-value offerings in preventive health, genomics and specialized testing. This matters because diagnostics can support both network reach and margin quality.
For a healthcare-themed article, Fortis brings in the hospital platform angle. It offers scale, bed expansion and rising complexity of care. The quarter was strong on revenue and margin. Profit looked weaker only because of a one-off cost. The bigger question now is execution. Fortis is adding beds, integrating acquisitions and pushing cluster growth at a time when competition for quality assets remains high.
In the past year, the share price of Fortis Healthcare rallied 29.7%.
Fortis Healthcare 1 Year Share Price Chart
The Valuation Verdict: Quality at a Premium
Let’s now turn to the valuations of the companies in focus, using the Enterprise Value to EBITDA multiple as a yardstick.
Valuations of Companies in focus
| Sr No | Company | EV/EBITDA Ratio | Industry Median | ROCE | ROE |
| 1 | Inventurus Knowledge Solutions | 25.8 | 12.9 | 27.2% | 32.9% |
| 2 | Star Health & Allied Insurance | 48.0 | 17.2 | 12.0% | 9.4% |
| 3 | Concord Biotech | 22.6 | 16.6 | 28.4% | 21.4% |
| 4 | Fortis Healthcare | 32.8 | 22.9 | 12.0% | 10.1% |
Inventurus Knowledge Solutions and Concord Biotech look stronger on return ratios. Inventurus has return on capital employed (ROCE) of 27.2% and return on equity (ROE) of 32.9%. Concord Biotech has ROCE of 28.4% and ROE of 21.4%. Fortis Healthcare and Star Health are lower. Fortis stands at 12% ROCE and 10.1% ROE. Star Health is at 12% ROCE and 9.4% ROE.
Valuations are not exactly cheap. Star Health is at 48 times EV/EBITDA, while the industry median is 17.2 times. Inventurus Knowledge is at 25.8 times against 12.9 times. Fortis Healthcare is at 32.8 times versus 22.9 times. Concord Biotech is at 22.6 times, closer to 16.6 times.
All four are part of healthcare, but they are doing very different things. One supports hospitals with backend work. One sells insurance. One is into pharma manufacturing. One runs hospitals and diagnostics. So it is not one straight bet. It is spread across the sector.
Each one has its own story. Inventurus is growing fast and using technology to scale. Star Health is improving but still has to manage claims. Concord Biotech has seen some pressure on profit, but future drivers are in place. Fortis is expanding its network and improving case mix.
So the opportunity is there, but a lot is already priced in. From here, it comes down to how well each company delivers.
Conclusion
The bigger picture is easy to see. Healthcare is growing across the board. Insurance is picking up. Hospitals are adding capacity. Pharma and services are also expanding. Each of these companies sits in a different part of this space.
But the market has already noticed this. Valuations are not low. In some cases, they are much higher than the industry average. So the expectations are also high. Companies will need to keep delivering. There is not much room for disappointment.
There is also one simple thing to keep in mind. Big investors build positions slowly. They buy at different levels. They also stay invested for long periods. That is not always easy for retail investors to follow. Buying the same stocks at current prices may not lead to the same results.
So instead of copying names, it helps to understand the idea behind them. Here, the idea is healthcare. From there, each company needs to be looked at on its own. Growth, margins and valuation all matter.
The opportunity is there. But from here, execution will decide how things move.
You can track how these are progressing by adding stocks to your watchlist.
Disclaimer:
Note: We have relied on data from www.Screener.in throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information.
The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only.
Ekta Sonecha Desai has a passion for writing and a deep interest in the equity markets. Combined with an analytical approach, she likes to deep dive into the world of companies, studying their performance, and uncovering insights that bring value to her readers.
Disclosure: The writer and her dependents do not hold the stocks discussed in this article.
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