In the investing world, there no shortage of investment gurus and professionals stock market analysts.
But following them without proper due diligence can prove to be harmful.
That’s why in India, there are a few greats of the greats like Jhunjhunwala, Ashish Kacholia, among others, that have made their name by picking back to back winners.
Sure, they have faced tough questions when the markets turned out of their favour. But over the long run, their stock picks have proven to become true multibaggers in most cases.
One such investing guru that is widely tracked in the Indian community is Vijay Kedia.
Kedia’s investing style has always leaned towards identifying scalable businesses early, typically in the small and mid-cap space, and then staying invested through cycles.
That approach however, by design, comes with volatility. Currently, several stocks in his portfolio are trading 25% to 45% below their recent highs.
At first glance, that raises a natural question: Has something gone wrong?
But markets don’t move in straight lines. In fact, some of the biggest long-term wealth creators have gone through multiple drawdowns along the way. What matters is not the fall, but the reason behind it.
In this editorial, let’s take a closer look at some of his holdings which have gone through a correction and could possibly bounce back.
#1 Om Infra
First on the list is Om Infra.
Om Infra operates in the infrastructure and engineering space, with a focus on water management projects, hydro-mechanical equipment, and EPC contracts.
The company has carved out a niche in irrigation and dam-related projects, benefiting from India’s long-term push toward water security and rural infrastructure. It is a proxy for India’s long-term water management and rural infrastructure push.
As of March 2026, Vijay Kedia holds approximately 1.7% stake, and this holding has remained broadly unchanged over the past few quarters.
The stock is currently down 38% from its recent peak, reflecting the sharp correction in infra-linked midcaps. The reason becomes clearer when you look at the numbers.
In FY25, Om Infra reported revenue of Rs 7.5 billion (bn), a 35% YoY decline, while net profit stood at around Rs 360 million (m), down 24% YoY.
Its margins were also under pressure, with operating margins falling to 2.8%, highlighting execution and cost challenges.
From a business standpoint, Om Infra’s growth is tied closely to government spending cycles. Order inflows have remained healthy, supported by state and central irrigation projects. The company continues to execute a diversified order book across geographies.
Infrastructure businesses are inherently cyclical. Revenues depend on project execution, and margins are sensitive to input costs, delays, and working capital cycles. What spooked investors here was not just the slowdown, but the sharp drop in operating profitability.
However, the longer-term picture is more nuanced. Order inflows remain linked to government spending, and India’s push toward water infrastructure is unlikely to reverse. Over a multi-year horizon, the company remains a structural story.
#2 Global Vectra
Next on the list is Global Vectra.
Global Vectra Helicorp is one of the few listed plays on offshore helicopter services in India, catering primarily to oil & gas exploration companies. It is a niche player in the aviation services segment, primarily providing helicopter services to the offshore oil and gas industry.
It operates in a specialised space with high entry barriers and long-term contracts. The business is niche, and that’s both its strength and its risk.
Vijay Kedia holds approximately 1.5% stake as of March 2026, with no significant recent change. The stock has corrected 42% from its highs, making it one of the sharpest drawdowns in his portfolio.
The company’s revenue visibility depends heavily on offshore drilling activity. When oil prices are supportive, demand improves. When they soften, activity slows.
For FY25, the company reported revenues of roughly Rs 3.6 bn, with net profit around Rs 250 m and margins in the 7–8% range.
Unlike consumer or pharma businesses, aviation services tied to energy cycles tend to have lumpy earnings visibility. That’s exactly what the market is discounting.
The challenge lies in cyclicality. Aviation services, especially in the offshore segment, are highly dependent on global energy trends. Any slowdown in exploration activity can impact utilisation rates.
The correction reflects the market’s discomfort with cyclicality rather than a structural breakdown.
#3 Mahindra Holidays
Third on the list is Mahindra Holidays.
Mahindra Holidays & Resorts operates a vacation ownership model under the Club Mahindra brand, offering recurring revenue through long-term memberships.
Vijay Kedia currently holds around 1.2% stake, with no major recent change in positioning. The stock is currently down 30% from its peak, despite steady business performance.
And its FY25 numbers tell an interesting story. Revenue stood at Rs 29 bn, growing modestly at 3% YoY, while net profit came in at Rs 1.3 bn, up 8.5% YoY.
Its margins improved, with operating margins crossing 21%, reflecting better operating leverage.
So why the correction? In simple terms, expectations ran ahead of reality. The stock had rallied sharply on the reopening theme. As growth normalised, valuations adjusted.
Post-pandemic, travel and leisure stocks saw strong rerating. But as growth normalised, valuations adjusted. There are also structural concerns. Vacation ownership requires continuous member additions. Any slowdown in discretionary spending can impact growth momentum.
What this means for investors is that the story is intact, but no longer a hyper-growth narrative. The correction is less about fundamentals and more about a valuation reset.
#4 Affordable Robotic
Next up on the list is Affordable Robotic & Automation, which operates in industrial automation, providing robotic solutions primarily to automotive manufacturers.
Vijay Kedia holds approximately 1.6% stake as of March 2026, with holdings largely unchanged. The stock has corrected sharply, 45% from its highs.
This is where things get interesting. Automation is a long-term structural theme. As manufacturing evolves, demand for robotics is expected to grow. But the business itself is highly project-driven.
In FY25, the company reported revenues of around Rs 6.5 bn, with net profit near Rs 400 m.
Going forward, project delays, client concentration, and execution risks can lead to uneven earnings. Markets tend to punish such inconsistency disproportionately.
In simple terms, this is a high-potential but high-uncertainty business. From an investor’s perspective, the opportunity is clear, but so is the risk.
#5 Neuland Laboratories
Fifth on the list is Neuland Labs.
Neuland Laboratories is a well-regarded player in the API (Active Pharmaceutical Ingredients) and contract manufacturing space. It operates in a high-value segment of the pharma industry, focusing on complex chemistry.
The business is fundamentally strong. Neuland has built capabilities in niche APIs and custom synthesis, catering to global pharma firms. The shift toward outsourcing has worked in its favour.
Its financial performance remains strong. The company reported FY25 revenues of Rs 19 bn, with net profit around Rs 2.6 bn, and margins in the 18–20% range.
The stock is down 25% from its highs. This is a fundamentally strong business, so why the correction?
It’s because expectations were elevated. Pharma stocks tend to see periodic de-rating due to regulatory concerns, pricing pressures, and currency volatility. Also, after a strong run-up, even good businesses go through consolidation phases.
The correction appears more like a pause in valuation rather than a breakdown in fundamentals.
#6 Vaibhav Global
Last up is Vaibhav Global, which operates a unique global retail model, selling fashion jewellery and lifestyle products through TV and digital platforms in the US and UK.
As of March 2026, Vijay Kedia holds approximately 1.4% stake. The stock has corrected 38% from its peak, largely due to weak global discretionary demand.
Its FY25 numbers provide clarity. Revenue stood at Rs 33.8 bn, growing 11% YoY, while net profit came in at Rs 1.5 bn, up 21% YoY.
Margins, however, remain under pressure, with EBITDA margins around 9-10%.
The issue here is macro. Demand in the US and UK has softened due to inflation and slow growth. Currency fluctuations add another layer of volatility.
What this means for investors is that recovery is tied to external conditions. This is not a company-specific issue, but a macro-sensitive business model.
Going forward, the company plans to diversify its operations beyond these markets. It has a strong order book and core expertise, which provide some comfort.
Conclusion
As you can see, the current market correction has not even spared the best of best investors.
Not just Vijay Kedia, but portfolios of super investors like Ashish Kacholia, Dolly Khanna, Shankar Sharma, among others, are also reeling in the red.
However, these investors have years and years of experience and their past stock picks have far outperformed the equity markets overall.
Corrections in high-conviction portfolios can sometimes create opportunities. But they also demand discipline, patience, and rigorous evaluation.
In the end, markets reward those who can look beyond short-term noise and focus on long-term business trajectories. The challenge, as always, is staying the course when it matters most.
Make sure to check order backlogs, fundamentals, valuations, and corporate governance of the companies before making an investment decision.
Happy investing.
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