Rekha Jhunjhunwala publicly holds stakes in 25 listed companies with a combined value of more than Rs 41,379 crore. While many peers saw their portfolios shrink, her portfolio value edged up from about Rs 40,589 crore in December 2024 to around Rs 41,379 crore in December 2025, according to data from Trendlyne. The gains may appear modest in percentage terms, but in a year when most marquee investors were in the red, the resilience is decent.
The reason lies in the composition of her portfolio. Unlike several investors who are heavily tilted toward smallcaps, Rekha Jhunjhunwala’s holdings are largely anchored by large, well-established companies, particularly a Tata group flagship and two banks. These stocks have benefited from sector-specific tailwinds in 2025, helping offset losses elsewhere in her portfolio.
One of the biggest pillars in the portfolio has been Titan Company, a Tata group stock that continues to be a core holding. Titan is up about 21% year-to-date, gaining about Rs 50,000 crore in value, making it one of the key contributors to her portfolio’s stability. Rekha holds about 5% in the company.
The jewellery major delivered a resilient performance during the year, supported by strong festive demand despite elevated gold prices. Management commentary has pointed to improving consumer sentiment post-Diwali, with growth in the second half expected to outpace the first.
While margins have faced pressure due to higher gold prices and promotional spending, Titan has managed to keep profitability broadly on track. Analysts remain constructive. Elara Capital, for instance, has a buy rating with a target price of Rs 4,540, citing steady demand in jewellery and improving traction across other segments.
Banks form the second leg of support. Federal Bank and Canara Bank have both delivered strong returns in 2025, benefiting from improving asset quality, healthy credit growth and renewed investor interest in the sector. Federal Bank is up about 31% year-to-date.For Federal Bank, a major positive trigger was the announcement of a preferential issue of warrants to Blackstone, which will make the global private equity firm the bank’s largest shareholder post conversion with a 9.99% stake. The stock add about Rs 14,000 crore in investor value this year.
Axis Securities noted that the bank’s strategy recalibration under the new management is beginning to show results, with margins improving earlier than expected and a gradual pickup in profitable growth. The Blackstone investment has also boosted confidence in Federal Bank’s long-term strategy and governance.
Canara Bank has been an even stronger performer, rising about 47% so far in 2025. The public sector lender reported better-than-expected quarterly results, aided by strong treasury income, recoveries from written-off accounts and steady loan growth.
Incred Equities said the bank is well placed to offset some margin pressure through moderating credit costs and could benefit from stake sales or listings of its insurance and asset management subsidiaries. At current valuations, analysts believe the risk-reward remains favourable, which has helped the stock outperform at a time when many financials struggled.
Healthcare has provided additional support. Fortis Healthcare, another stock in Rekha Jhunjhunwala’s portfolio, is up about 23% year-to-date. The hospital sector has seen steady demand, driven by higher occupancy levels and improving realisations. Fortis has benefited from operational improvements and a focus on profitability, making it one of the more stable plays in an otherwise volatile market.
There have been other positives as well. Escorts Kubota, where she holds a stake, is up around 12% this year, supported by expectations of a recovery in rural demand and steady performance in the tractor segment.
That said, Rekha Jhunjhunwala’s portfolio has not been immune to the broader market downturn. Several stocks have delivered sharp losses in 2025. Indian Hotels is down about 17% year-to-date, reflecting profit-taking after strong gains in previous years and concerns around near-term margin pressures.
Infrastructure and education-linked plays have been hit harder. NCC is down roughly 43%, while Aptech has fallen about 45%. Crisil, despite its strong franchise, is down around 30%, weighed down by slower growth expectations and valuation concerns.
These declines highlight that even a relatively defensive portfolio can face stress in a tough market. What sets Rekha Jhunjhunwala apart is that the gains from her quality stocks have been strong enough to offset the damage elsewhere.
The contrast with other marquee investors is stark. Many well-known names, including those known for high-conviction smallcap bets, have seen double-digit declines in portfolio value this year.
India’s smallcap segment, after delivering returns of 47.5% in 2023 and 29.3% in 2024, is down about 9.45% in 2025 so far, its worst performance since 2018. Earnings disappointments, expensive valuations and a shift in liquidity toward largecaps have all played a role.
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