Exchange filings for the quarter ending December 2025 show that ace investor and Market Master, Vijay Kedia has added two new stocks to his portfolio, making his portfolio worth over Rs 1,133 cr with a total of 17 stocks.
One of these stocks is an engineering company which he held for more than a year when he sold it during the June 2024 quarter and has now bought it again. The other is a global leader in end-to-end solutions for power transmission, substations, and telecommunication infrastructure.
The common thing between both these stocks is that they have logged strong profit growth in the last 5 years, and are both trading at massive discounts. Is the market master betting on a massive turnaround? Let us dive into the companies to try and find out.
Patel Engineering Ltd: A Deep Value SMILE Play
Established in 1949, Patel Engineering Ltd is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works in areas like hydro, irrigation & water supply, urban infrastructure and transport.
With a current market cap of Rs 2,960 cr, the company had seen a stake by Market Master Vijay Kedia between March 2023 and June 2024, when his stake fell below 1% signalling a partial or complete sell off. And as per the exchange filings for the quarter ending December 2025, he has once again bought a 1.01% stake in the company worth Rs 30 cr.
Note: It’s possible that Vijay Kedia never fully liquidated his holding in Patel Engineering as holdings below 1% are not reported separately. So, with the stake now at 1.01%, either he has re-entered the stock, or has once again increased exposure beyond the reporting threshold.
Now this is one re-entry (or increased exposure) that has raised many questions in the investor circles. When he first bought the stock in the Jan-Mar 2023 quarter, the stock was priced at around Rs 15.
When he sold it off (or reduced exposure) in Apr-June 2024 quarter the price was around Rs 60. So, Kedia took home 4 times what he had invested. The question is, will he be able to repeat the 4x profits?
Looking at the financials of the company, its sales have recorded a compound growth of 14% from Rs 2,617 cr in FY20 to Rs 5,093 cr in FY25. And for H1FY26, the company has logged sales of Rs 2,441 crThe EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew from Rs 185 cr to Rs 740 cr between FY20 and FY25, logging a compound growth of 32%. And for H1FY26, EBITDA recorded was Rs 324 cr.
As for the net profits, the company has recorded a turnaround after seeing huge losses in FY21. The compounded profit growth of between FY20 and FY25 was 87%.
For H1FY26, the company has recorded profits of Rs 154 cr,
The share price of Patel Engineering Ltd was around Rs 11 in January 2021 and as of closing on 16th January 2026 it was at Rs 30, which is a jump of 173%.
At the current price of Rs 30, the stock is trading at a discount of 96% from its all-time high of Rs 717 and a discount of 42% from its 52-week high of Rs 52.
The company’s share is currently trading at a PE of 8x and the industry median currently is 18x, which means the company is possibly undervalued. The 10-year median PE of the company is however 16x while the industry median for the same period is 19x.Vijay Kedia’s re-entry/increased exposure into Patel Engineering could be a high-conviction bet on a deep-value turnaround, buying a stock at a 96% discount from its all-time high and just 0.75x its book value. It fits his SMILE philosophy: he has identified a small cap player with Medium experience (75 years) that harbours Large aspirations, evidenced by a Rs 15,000 cr order book and a massive 180% 5-year profit CAGR.
While the growth story is compelling, investors should note that Patel Engineering carries significant contingent liabilities, primarily related to outstanding bank guarantees and various arbitration claims.
These represent potential obligations that could materialize depending on the outcome of legal disputes or contract executions. While the company has been aggressive in debt reduction (currently maintaining a Debt-to-Equity ratio of 0.4), these contingent risks remain a key factor to watch alongside its growing order book.
Advait Energy: Riding the Green Hydrogen Wave
Established in 2009, Advait Energy Transitions Limited is a global leader in end-to-end solutions for power transmission, substations, and telecommunication infrastructure.
With a market cap of Rs 1,486 cr, the company has in 2023 expanded into the renewable energy domain, undertaking projects in Green Hydrogen and Solar Power integration.
Kedia has just bought a 1.1% stake in the company worth Rs 17 cr through his company Kedia Securities Pvt Ltd, as per the exchange filings for the quarter ending December 2025.
As for the financials, the company’s sales have grown at a compound rate of 55% from Rs 45 cr in FY20 to Rs 399 cr in FY25. And for H1FY26, sales of Rs 275 cr have been recorded.
The EBITDA logged a compound jump of over 67% between Rs 4 in FY20 to Rs 52 cr in FY25. For H1FY26, EBITDA of Rs 31 cr has been logged.
The net profits grew at a compounded rate of 131% from Rs 1 cr in FY20 to Rs 32 cr in FY25. And for H1FY26, the profits logged are Rs 20 cr.
The share price of Advait Energy Transitions Limited was around Rs 26 in January 2021 and as of closing on 16th January 2026 it was Rs 1,359, which is a 5,127% jump in 5 years. Rs 1 lakh invested in this stock 5 years ago would have been over Rs 52.27 lakhs today.
At the current price of Rs 1,359, the stock is trading at a discount of 44% from its all-time high (same as 52-week high) of Rs 2,419.
The company’s share is trading at a current PE of 37x while industry median is 20x, which possibly means that investors are willing to pay a premium to buy into the company. The 10-year median PE for the company is 51x and the industry median for the same period is 21x.
Vijay Kedia’s 1.14% stake in Advait Energy is once again a SMILE play, capturing a Small-cap player with Large green-hydrogen ambitions.
Currently trading at a 44% discount from its peak, the company’s fundamentals are powering ahead with a 67% EBITDA CAGR and a massive Rs 1,070 cr order book.
Having already turned Rs 1 lakh into Rs 52.27 lakhs in five years, Kedia’s entry signals his conviction in a high-growth turnaround as the company evolves from niche power infrastructure into a possible player in India’s green energy transition.
Verdict: Turnaround or Trap?
When Vijay Kedia makes fresh bets, investors across the board get busy trying to dissect the decision. And the two stocks we saw today are no different. With solid profit growth and strong order books, Kedia’s buy decision has put the pundits at work.
Patel Engineering, a re-entry / increase in exposure in Kedia’s portfolio seems like a bet where he is planning on repeating history of 4x profits which he achieved the last time he sold it off.
On the other hand, Advait Energy is a classic SMILE pick for him, with massive gains and enviable growth in core financials.
What will be fascinating to see is how these stocks do in the coming time and if Kedia will break bank with them once again. The best way to find that is to add these stocks to a Watchlist and follow them with a keen vigilant eye.
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.
The stock you are referring to is Advait Energy Transitions Limited (formerly known as Advait Infratech).
As of January 2026, this small-cap company has become a focal point for retail investors because ace investor Vijay Kedia recently acquired a 1.14% stake (approx.
The "Rs 1 lakh to Rs 52 lakhs" narrative stems from the stock’s staggering historical performance, having surged over 5,100% in the last five years.
Why the "Multibagger" Buzz?
Vijay Kedia is known for his SMILE framework (Small in size, Medium in experience, Large in aspiration, Extra-large market potential).
Green Hydrogen Focus: The company is setting up a 300 MW electrolyser manufacturing facility and developing hydrogen refueling stations.
6 BESS & Solar: It is expanding into Battery Energy Storage Systems (BESS) and Solar EPC (Engineering, Procurement, and Construction).
7 Order Book Growth: As of late 2025/early 2026, its order book has grown by over 170% year-on-year, surpassing Rs 1,000 crore.
8 Financial Explosivity: In the most recent quarters (Q2 FY26), the company reported a revenue jump of over 230% and a net profit increase of over 160%.
9
Key Risks to Consider
While the past returns are legendary, potential investors should weigh the following:
High Valuation: The stock trades at a premium P/E (Price-to-Earnings) ratio, meaning much of the future growth may already be priced in.
10 Volatility: After hitting an all-time high in July 2025, the stock saw a sharp correction of nearly 40% before the recent Kedia-led rally.
Execution Risk: Large-scale green hydrogen and BESS projects are capital-intensive and subject to evolving government policies.
Summary Table
| Metric | Detail (Estimated Jan 2026) |
| Stock Name | Advait Energy Transitions Ltd |
| Market Cap | ~Rs 1,500 - 1,600 Crore (Small Cap) |
| Kedia's Stake | 1.14% (Acquired Dec 2025 Quarter) |
| 5-Year Return | ~5,300% |
| Primary Drivers | Green Hydrogen, Power Transmission, BESS |
Would you like me to analyze the latest quarterly financial results of Advait Energy or compare it with other green energy stocks in Vijay Kedia's portfolio?
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