NewsOrders & DealsDolly Khanna Reduces Stakes in 5 Companies, Adds IFB Agro Industries in Q3 FY26Dolly Khanna Reduces Stakes in 5 Companies, Adds IFB Agro Industries in Q3 FY26
Dolly Khanna reduced her stakes in five companies during Q3 FY26, including GHCL (to 1.07% from 1.21%) and Emkay Global (to 2.30% from 2.70%), while potentially exiting Prakash Pipes completely. She added IFB Agro Industries with a 1.13% stake after its 105% rally. The moves reflect cautious positioning amid market volatility and mixed corporate performance.
*this image is generated using AI for illustrative purposes only.
Veteran investor Dolly Khanna made significant portfolio adjustments during the third quarter of FY26, reducing her stakes in five companies while adding one new investment to her ₹250 crore portfolio. The moves reflect a cautious stance amid ongoing market volatility and mixed corporate performance.
Major Stake Reductions
Khanna trimmed her holdings across several portfolio companies during the December quarter. The most significant changes included her stake in GHCL, which was reduced to 1.07% from 1.21% in the previous quarter, according to official shareholding pattern data from the Bombay Stock Exchange.
| Company | Q3 FY26 Stake | Q2 FY26 Stake | Stock Performance |
|---|---|---|---|
| GHCL | 1.07% | 1.21% | Down 27% (1 year) |
| Emkay Global | 2.30% | 2.70% | Up 300% (5 years) |
| Prakash Industries | 2.57% | 2.94% | Down 33% (6 months) |
| Som Distilleries | 2.07% | 2.40% | Down 40% (6 months) |
| Coffee Day Enterprises | 1.70% | 2.20% | Down 10% (6 months) |
Complete Exit from Prakash Pipes
The investor appears to have completely exited her position in Prakash Pipes, either through a full sale or by reducing her holding below the 1% disclosure threshold. The company, which manufactures PVC pipes and fittings for agriculture, housing, and sanitation applications, has seen its stock decline nearly 50% over the past six months. Prakash Pipes has also diversified into flexible packaging, producing laminates and barrier films for food, pharmaceutical, and FMCG applications.
New Portfolio Addition
Khanna added IFB Agro Industries to her portfolio by acquiring a 1.13% stake, representing approximately 1 lakh shares. The investment comes after the stock rallied 105% in the preceding six months. IFB Agro Industries operates in alcohol manufacturing, branded alcoholic beverage bottling, processed marine foods for domestic and export markets, and feed sales.
IFB Agro's Strong Financial Performance
The new addition demonstrated robust financial results in Q2 FY26. The company reported consolidated profit after tax of ₹22.70 crore, representing a significant increase from ₹2.09 crore in the corresponding quarter of the previous year and ₹17.18 crore in Q1 FY26. Revenue grew 38.90% year-on-year to ₹532.88 crore from ₹384.32 crore.
Market Context
The portfolio adjustments occurred against a backdrop of challenging market conditions, including foreign portfolio outflows, geopolitical uncertainty, and mixed quarterly performances among major companies. These factors have contributed to increased market volatility and prompted experienced investors to adopt more selective investment approaches. Shareholding disclosures for the quarter are still being released, indicating that additional portfolio changes may be revealed in coming reports.
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