Down 35%: 2 Vijay Kedia stocks near 52-week lows to watch in 2026

Currently, two of his favourite holdings have taken a beating from the market and declined by over 35% in price in just the last 6 months. To the average investor, this could be a sign to flee. But not for Kedia. For this super investor, it is probably just noise which will subside, hinting that he expects a turnaround in the stocks.

As the financial year comes to an end in a couple of weeks, the markets and investors are gearing up for that end and the quarter to come. At such a time, dissecting these two Kedia favorites helps determine if they belong on your FY27 watchlist. Let us dive into the stocks to see what is it that has held Kedia with them for years.

Sudarshan Chemical Industries Ltd – Smart Money Favourite?

Incorporated in 1974, Sudarshan Chemical Industries Ltd is into the business of manufacturing and selling a wide range of Organic and Inorganic Pigments, Effect Pigments,

With a market cap of Rs 6,527 cr as on 5^th March 2026, the company’s is the 3rd largest pigment manufacturer globally, that also manufactures Pollution Control Equipment, Size Reduction Equipment and Grinding Equipment for industrial applications.

Vijay Kedia has held a stake in the company since at least December 2015. He might have bought it earlier, but the oldest data available on tredlyne.com is for the quarter ending December 2015. He currently holds a 1.3% stake worth Rs 83 cr.

Apart from Kedia, institutional smart money has also shown increasing interest in the company. The DII (Domestic Institutional Investments) holding in the company saw a jump from 19% in December 2024 to 25% in December 2025.

Let us look at the financials to try and find out the reason for this.

The Math Behind the Conviction

The sales of the company have logged a compounded growth of 14% from Rs 1,708 cr in FY20 to Rs 3,346 cr in FY25. For the 3 quarters of FY26 ending in December 2025, the company has logged sales of almost Rs 7,000 cr already.

The EBITDA (earnings before interest, taxes, depreciation, and amortization) which was Rs 248 cr in FY20 jumped to Rs 383 cr in FY25, which is a compound growth of 9%. And for the 3 quarters ending December 2025, the EBITDA logged was Rs 362 cr.

The net profits of the company are probably the reason behind the stock price consolidation in the last few quarters.

FY	FY20	FY21	FY22	FY23	FY24	FY25
Net Profits/Rs Cr	145	141	130	45	357	60

For the 3 quarters ending in December 2025, the company has logged losses of Rs 42 cr, with losses of Rs 116 cr just in the quarter ending December 2025.

The share price of Sudarshan Chemical Industries Ltd was around Rs 550 in March 2021 and as on 5^th March 2026 it was Rs 830. However, the stock has corrected by about 40% in the last 6 months and is now trading closer to its 52-week low of Rs 813.

As for valuations, the company’s share is trading at a current PE of a shocking 1,779x, and the industry median currently is 17x. The 10-year median PE of the company is a modest 31x, while the industry median for the same period is 17x.

The correction the stock has seen in the last six months is due to a painful acquisition hangover. While buying the Heubach Group made the firm a global giant, it also pushed debt over Rs 2,200 cr. This huge debt load hit just as demand for pigments fell across Europe and the U.S.

Consequently, the company posted a steep Rs 116 crore net loss for the December 2025 quarter. Operating margins have crashed to a thin 2% as high interest costs drain cash flow. Investors are fearing a long and risky path to fix these global assets in a weak market. The narrative has shifted from long-term growth to immediate concerns about a strained balance sheet.

However, Kedia sees something in the company that the average investor probably does not, and he refuses to budge.

Global Vectra Helicorp Ltd – The Portfolio Bleeder

Incorporated in 1988, Global Vectra Helicorp Ltd provides Charter Hire of Helicopter Services.

With a market cap of Rs 215 cr the company is a part of Vectra group and is the largest private Helicopter services company in India with a safety record of over 2.6 Lakh hours of accident-free flying and safe carriage of over 4.6 million passengers.

Vijay Kedia added the stock to his portfolio as per the exchange filings for the quarter ending March 2024. Currently he holds 3% stake in the company through his individual portfolio and another 1.86% through his holding company, Kedia Securities Private Limited. That makes it a total holding of 4.9% worth Rs 10.5 cr.

The fist red flag in the face of anyone trying to analyse the stock was the huge debt the company is under. Its current debt is Rs 635 cr and that makes its debt-to-equity ratio a big 141.

Unable to Be Airborne

Let us look at the financials to see what has kept Kedia hooked on to this company.

The sales of the company jumped from Rs 457 cr in FY20 to Rs 542 cr in FY25, recording a compound growth of 3%. For the 3 quarters of FY26 ending in December 2025, the sales recorded by the company were Rs 294 cr.

The EBITDA saw a decline to in the last few years.

Year	FY20	FY21	FY22	FY23	FY24	FY25
EBITDA/Rs Cr	92	34	49	42	86	55

For the 3 quarters of FY26, the EBITDA recorded by the company is Rs 29 cr.

The net profits also followed saw big drops in the near past.

Year	FY20	FY21	FY22	FY23	FY24	FY25
Profits/Rs Cr	2	-29	-5	-17	1	-1

And for the 3 quarters of FY26 (ending December 2025), the company has logged losses in the tunes of are Rs 17 cr.

The share price of Global Vectra Helicorp Ltd was around Rs 45 in March 2021 and as on 5^th March 2026it was Rs 154. However, in just in the last 6 months, the stock has corrected from Rs 244 to Rs 154, which is a 37% correction.

This correction is the result of a perfect storm of high debt and widening losses. While the company managed to grow its revenue slightly, its net loss jumped to a worrying Rs 12 crore in the latest quarter. High interest costs and expensive fleet maintenance are draining cash faster than the firm can earn it, leading to a sharp drop in profit margins.

The share is trading at a negative PE as the company is struggling to make profits.

This financial strain, combined with some major investors cutting their stakes, has destroyed market confidence. With the company now stuck in a high-debt cycle and trading at multi-month lows, investors are fleeing the stock to avoid further risk.

In the end, Global Vectra Helicorp finds itself in a turbulent holding pattern where operational pedigree clashes with harsh balance sheet realities. But once again, that has not bothered Vijay Kedia provides as he presents a glimmer of speculative hope, it cannot mask the gravity of a debt-to-equity ratio that has ballooned to 141.

For a company navigating the high-cost aviation sector, the combination of stagnant EBITDA and recurring net losses suggests that the business is struggling to stay financially buoyant. Unless the management can successfully deleverage or find a dramatic catalyst for margin expansion, the stock remains a high-stakes gamble where the headwinds of debt currently outweigh the tailwinds of market leadership.

FY27 Outlook: Why the ‘Cheetah’ Remains Patient

The opposite paths of Sudarshan Chemical and Global Vectra Helicorp offer a class in the risks and rewards of “SMILE” investing.

Both companies currently find themselves in a turbulent holding pattern, grounded by the heavy weight of debt and the high cost of ambition.

For Sudarshan, the acquisition of the Heubach Group has transformed it into a global giant, but the $ 2,200$ crore debt hangover and a staggering PE ratio of 1779x have left investors feeling dizzy.,

Global Vectra remains a leader in the skies but a laggard on the balance sheet, with a debt-to-equity ratio of 141 acting as a persistent anchor against its operational pedigree.

Yet, despite a 40% correction in prices over the last six months, Vijay Kedia’s refusal to budge suggests he is looking past the immediate “noise” of interest costs and margin compression. He is betting on a turnaround where scale eventually outruns leverage. For the average investor, these stocks are currently high-stakes gambles where the financial headwinds are blowing hard against the tailwinds of market leadership.

As we head into FY27, the central question remains: can these companies successfully deleverage before the market’s patience and their own cash reserves dry up? Kedia’s “SMILE” philosophy is being put to its ultimate stress test. Whether these picks eventually soar or stay stuck on the tarmac will depend entirely on management’s ability to turn size into sustainable profit. Add these stocks to a watchlist to keep an eye on them.

Disclaimer:

Note: We have relied on data from www.Screener.in and www.trendlyne.com 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. 

Suhel Khan has been a passionate follower of the markets for over a decade. During this period, He was an integral part of a leading Equity Research organisation based in Mumbai as the Head of Sales & Marketing. Presently, he is spending most of his time dissecting the investments and strategies of the Super Investors of India.

Disclosure: The writer and his dependents do not hold the stocks discussed in this article. 

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