Radhakishan Damani Portfolio: 11 Stocks, ₹1.98 Lakh Cr (2026)

Why Damani’s portfolio draw attention

Radhakishan Damani, founder of D-Mart (Avenue Supermarts), is widely followed in Indian markets for his long-term, value-driven approach. As of April 2026, publicly disclosed data points to a concentrated equity portfolio where one stock drives most of the value. Alongside retail, the disclosed holdings also show exposure to tobacco, industrial manufacturing, beverages, finance, logistics, chemicals, hospitality, education, and utilities.

The latest snapshots also highlight a familiar pattern in Damani’s investing style: minimal churn, selective additions, and a preference for businesses known for steady cash flows. Some datasets also note that not all companies may have updated their latest-quarter shareholding filings, which can temporarily distort quarter-on-quarter comparisons.

Portfolio size: two estimates from disclosed datasets

One compilation, dated April 2026, puts the combined value of Damani’s disclosed holdings at nearly ₹198,327.8 crore, with 11 publicly disclosed stocks and 9 active stocks. A separate report based on “fresh shareholding data” cites a total net worth of about ₹195,085.36 crore, and mentions an approximately 11.3% increase in portfolio value in the recent quarter.

Both figures broadly tell the same story: the portfolio remains overwhelmingly driven by Avenue Supermarts (D-Mart). Differences in reported totals also reflect that some shareholding information may be pending updates in exchange filings, as explicitly noted in the source text.

DMart remains the dominant holding

Retail is the largest allocation, driven by Damani’s holding in Avenue Supermarts Ltd, valued at ₹195,682.1 crore in the April 2026 snapshot. The data also reiterates that Damani remains the largest shareholder in D-Mart, and that D-Mart continues to be the single largest contributor to his overall wealth.

A comparison table included in the source shows 67.2% holding for Avenue Supermarts in Dec 2025 and Sep 2025, while the March 2026 holding % column is shown as 0 in that dataset. The same source set also flags that some companies’ shareholding data may still be awaiting updates, which can explain such anomalies.

Other disclosed holdings: tobacco, manufacturing, beverages, and more

Tobacco is described as the second-largest sector allocation through VST Industries Ltd, where the disclosed stake is 29.1%, valued at ₹1,177.5 crore. Industrial and manufacturing exposure appears via 3M India Ltd, valued at ₹524.1 crore, described as operating across safety, electronics, healthcare and consumer segments.

Beverages exposure is represented by United Breweries Ltd, valued at ₹477.9 crore. Logistics comes through Blue Dart Express Ltd, valued at ₹145.7 crore. Finance exposure is shown via TSF Investments Ltd (formerly Sundaram Finance Holdings Ltd), valued at ₹163.0 crore in the April 2026 table.

Chemicals exposure spans Bhagiradha Chemicals and Industries Ltd (valued at ₹94.3 crore) and Mangalam Organics Ltd (valued at ₹8.0 crore). Hospitality is represented by Advani Hotels and Resorts (India) Ltd (valued at ₹21.0 crore), education by Aptech Ltd (valued at ₹15.5 crore), and utilities by BF Utilities Ltd (valued at ₹18.7 crore).

Table: Damani’s disclosed holdings (values and stakes)

TSF Investments: the notable recent change

A Hindi-language report citing Trendlyne data says Damani took a 1.9% stake in TSF Investments in the March quarter, with holding value around ₹161.7 crore and over 41.7 lakh shares. The same report also notes he had started investing in the company in 2018, and that an earlier filing had shown his stake falling below 1%, interpreted there as near-complete profit booking.

The business description provided for TSF Investments says it is an exempted core investment company and a subsidiary of Sundaram Finance Ltd (TSF Group). It primarily focuses on strategic investments in auto component and manufacturing sectors, along with fintech and financial services enablers.

Stock moves cited in the latest reports

The same report provides short-term and one-year price movement context for a few stocks where Damani has disclosed holdings. TSF Investments closed at ₹392, up 6.16% on the day mentioned, while it was down 39.30% over the past year and up 3.83% over the past month. For VST Industries, the report cites a 21.03% fall over one year and a 2.98% rise over the past month.

Bhagiradha Chemicals is also referenced with a 21.41% decline over one year and a 13.91% rise over the past month. These figures provide context on how parts of the portfolio have moved recently, without changing the broader reality that D-Mart dominates the value of the disclosed basket.

Net worth drivers beyond listed equities

As of April 2026, the source text estimates Damani’s net worth in rupees at around ₹198,327.8 crore, with the bulk driven by Avenue Supermarts. It also notes other listed stakes such as VST Industries, United Breweries and TSF Investments.

Beyond equities, the same dataset mentions real estate assets including a Mumbai bungalow valued at ₹1,001 crore and 28 luxury apartments valued at ₹1,238 crore. Another section also references a 156-room Radisson Blu Resort in Alibag and a $155 million purchase of luxury apartments in Mumbai, reflecting additional diversification mentioned alongside the stock portfolio.

What the sector mix suggests about approach

The disclosed sector mix points to concentration in retail through D-Mart, with smaller allocations to cash-flow-oriented and defensive pockets such as tobacco and consumer-facing categories like beverages. The chemicals positions are comparatively small, while logistics, hospitality, and education appear as niche exposures rather than core bets.

A separate “recent investment pattern” note compares periods such as September 2024 to September 2025 and describes a steady, conservative approach with very little movement across holdings. It also flags that the only major change highlighted there is a lower stake in Avenue Supermarts, while other adjustments are described as small or selective exits.

Conclusion: a portfolio shaped by one big bet

Damani’s disclosed portfolio in April 2026 remains a story of concentration: Avenue Supermarts contributes the bulk of the reported value, while the rest of the holdings provide sector diversification at a much smaller scale. Recent reporting also draws attention to TSF Investments, where disclosed data shows a 1.9% stake in the March quarter.

With some exchange-filed shareholding data still pending updates in the latest quarter, the next round of disclosures may refine the exact quarter-end snapshots. For now, the publicly available numbers continue to show D-Mart as the central driver of Damani’s reported market wealth.