Called the Market Master, Vijay Kedia is one of the most widely followed and respected super investors in India. For anyone who is hooked on to television sets for a dose of stock market updates, Kedia is no stranger. He is often seen on social media or TV channels taking a dig into his own holdings or giving his 2 cents on the markets.
Currently holding 16 stocks in his portfolio worth over Rs 1,260 cr, comprising a mix of holdings under his personal portfolio and those under his holding company, Kedia Securities Private Limited. A guru figure for many everyday investors, Kedia is known for his bold choices and timely exits.
But what has caught the attention of smart investors looking for stocks to add to their 2026 watchlist, are 2 stocks that have the highest ROCE (Return on Capital Employed) in all his holdings. Capital efficiency clubbed with near ZERO debt and strong stock price gains make these stocks worthy of a closer look. Let us dive in…
TAC Infosec: The SaaS Engine with 44% ROCE
Incorporated in 2016, TAC Infosec Ltd is a global cybersecurity company specializing in vulnerability management.
With a market cap of Rs 1,731 cr, TAC Infosec is in the business of providing risk-based vulnerability management and assessment solutions, cybersecurity quantification and services of penetration testing to organizations of any scale, size, and business through SaaS model. It offers security software products and solutions in India and abroad.
Vijay Kedia currently owns a 9.6% stake in the company and his son Ankit Vijay Kedia (Founder of Capital A, venture capital fund investing in early-stage companies) holds another 3.7%. Together, their holding is worth Rs 116 cr.
The current Return on Capital Employed (ROCE) of the company is an impressive 44% while the industry median is 20%. In simple words, for every Rs 100 used as capital, TAC Infosec makes a profit of Rs 44, while industry peers average just about Rs 20.
Top that with the fact that the company is almost debt free, making it free from the stress of high interest payments that eat into profits. But the company is however not paying any dividends.
Let us look at the financials, to see how the company has been doing in terms of some core metrics. The company’s consolidated financials are only available since 2024, so below are standalone figures to look at a longer period.
The sales of the company have grown at a compounded rate of 40% from Rs 4 cr in FY20 to Rs 23 cr in FY25.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) jumped from Rs 1 cr in FY20 to Rs 12 cr in FY25, logging in a compound growth of 64%.
When it comes to net profits, the company wasn’t making any till FY20, and as for FY25 the company recorded profits of Rs 13 cr, which is a compound growth of 98% in the last 5 years.
The share price of TAC Infosec when it was listed in April 2024 was around Rs 152 and as of 21st November 2025, it was Rs 836, which is a jump of 450% in less than 2 years. Rs 1 lac invested in the stock at listing would have turned to Rs 5.5 lacs today.
The company’s stock is trading at a PE of 140x, while the industry median is just 26x. The 10-Year median PE for the industry is 23x, but it would be too soon to look at the long-term median of TAC Infosec.
According to the company’s investor presentation from November 2025, the company aims to become the largest vulnerability management company by 2026. It will focus on increasing per client revenue and grow the half yearly per client revenue by 20%. The company is also in the process of exploring opportunities to acquire firms similar to past ones, like Cyberscope, which they plan to list soon.
TechD Cybersecurity: The New IPO Star with 82% ROCE
Incorporated in January 2017, TechDefence Labs Solutions Limited is a cybersecurity firm specializing in safeguarding digital assets for organizations worldwide.
With a market cap of Rs 545 cr, TechD Cybersecurity Ltd is a CERT-In empanelled, ISO 27001-certified cybersecurity solutions provider, offering end-to-end services and training to domestic and international clients across BFSI, NBFCs, manufacturing, healthcare, aviation, IT/ITES, education, and government sectors.
Vijay Kedia bought a 5.3% stake in the company on listing in September 2025, worth Rs 29 cr.
The current ROCE of the company is 82% which is much higher than the current industry median of 15%.
Like TAC Infosec, TechD is also almost debt free and is currently not paying any dividends.
Let us take a closer look at the financials.
The sales of the company have grown at a compounded rate of 119% from Rs 1.3 cr in FY21 to Rs 29.8 cr in FY25.
EBITDA jumped from Rs 0.05 cr in FY21 to Rs 12 cr in FY25, logging a compound growth of 294%.
As for net profits, the company wasn’t making any till FY21, but staged a turnaround in FY25, recording profits of Rs 8.4 cr.
The share price of TechD Cybersecurity Ltd was around Rs 380 on listing in September 2025 and as on 21st November it was Rs 728, which is a jump of 92% in just 2 months. Rs 1 lac invested in the stock at listing would have turned close to Rs 2 lacs.
The company’s share is trading at a PE of 52x while the industry median is 35x. While it would be too soon to look at the long-term PE of the company, the industry median for the last decade is 32x.
The company plans to strengthen education partnerships through expanded university tie-ups and the launch of a global e-learning platform, while enhancing its service portfolio with cloud security, IoT security, blockchain risk management, and sector-specific solutions for BFSI, manufacturing, and government.
Worthy of Watchlist 2026?
The two stocks we saw today caught Kedia’s attention and have managed to keep him hooked. And that says something about Kedia’s trust in both. He probably sees something in them, which we cannot put a finger on.
But if we look at the insights above, one thing is clear. Both the companies, Tech D and TAC Infosec, know how to be capital efficient and are steadily growing in terms of profits. Something that most smart investors look for in a stock. The big question is will they continue this streak in 2026 and beyond?
Anything we say will only be speculation at this point and speculation is known to be cause of big heartbreaks when it comes to stock markets. So, a smart action to take would be to add these stocks to the watchlist one plans to follow closely as 2026 inches closer.
Investor Caution: These stocks are listed on the SME exchange. Unlike regular stocks, these often require a minimum investment (Lot Size) of over ₹1 Lakh and carry higher liquidity risk, and other risks as well.
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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