Ace investor Madhusudan Kela has acquired a 5% stake in Hemant Surgical Industries, with the company allotting 6,49,600 equity shares to Singularity Equity Fund 1 — the fund through which Kela operates — consequent to the conversion of convertible warrants. His total shareholding in the company now stands at 6.9%.
The move adds a surgical and medical devices play to a portfolio that already spans textiles, pharmaceuticals, electronics distribution, packaged foods, and financial services. Kela publicly holds 19 stocks with a combined portfolio value of over ₹2,399.9 crore.
Hemant Surgical: What the new bet signals
The warrant conversion route — where an investor first acquires warrants and then converts them into equity — is a structure typically used by informed investors who want price certainty while giving the company time to deploy capital. Kela’s stake moving to 6.9% post-conversion signals conviction in the company’s near-to-medium term trajectory. Hemant Surgical operates in the medical consumables and surgical products space, a sector that has seen sustained demand growth driven by rising healthcare penetration and hospital capacity expansion across India.
FY26 dividend income: ₹1.56 crore from six holdings
Separately, Kela’s long-term holdings generated over ₹1.56 crore in dividend income during FY26 — a figure that illustrates how patient, concentrated positions in fundamentally strong businesses can produce meaningful passive income alongside capital appreciation.
Sangam India, the textile manufacturer, was the largest contributor. With a holding of 24,40,699 shares and a dividend of ₹2 per share, the estimated payout came to ₹48.81 lakh. Bombay Dyeing and Manufacturing followed, with a ₹1.2 per share dividend on 31,42,758 shares generating approximately ₹37.71 lakh. Rashi Peripherals, the electronics distribution company, paid ₹2 per share on Kela’s holding of 16,07,717 shares — an estimated ₹32.15 lakh. Kopran, the pharma company, contributed ₹24.88 lakh at ₹3 per share on 8,29,593 shares. MKVentures Capital paid ₹0.25 per share on 28,58,027 shares, adding ₹7.14 lakh, while Prataap Snacks contributed ₹5.5 lakh at ₹0.5 per share on 11 lakh shares.
The dividend flows underscore a consistent pattern in Kela’s investing style — building positions in businesses with reliable cash generation and holding through cycles, allowing compounding to work on both the capital and income side simultaneously.
This article is for informational purposes only and does not constitute investment advice. Please consult a qualified financial advisor before making any investment decisions.