Vijay Kedia Bets on Websol Energy and Mahamaya Lifesciences: Could These Small-Cap Stocks Be the Next Multibaggers?
Veteran investor Vijay Kedia, widely followed by Indian stock market participants, has reportedly added two new small-cap names to his portfolio in the March 2026 shareholding disclosures, drawing fresh attention from investors. One of the companies is Websol Energy System, a West Bengal-based solar cell and solar module manufacturer, while the other is Mahamaya Lifesciences, an SME-listed company engaged in pesticides, crop protection products, and agri-chemicals.
According to the report cited, Kedia has acquired nearly a 1% stake in Websol Energy, an investment currently valued at about Rs 49 crore. Websol has emerged as one of the stronger turnaround stories in the solar manufacturing space. After years of struggling, the company has shown a sharp improvement in its financial performance over the past two years. In FY26, its sales crossed Rs 1,000 crore for the first time, while net profit stood at Rs 303 crore and EBITDA reached Rs 429 crore. The company also appears to have a very low debt burden, which has added to investor interest. Its stock has surged nearly 1,700% over the last five years, reflecting the market’s enthusiasm for solar energy plays. At the same time, there are risk factors investors are watching closely, including promoter holding of less than 30% and a large portion of promoter shares being pledged.
The second stock, Mahamaya Lifesciences, has also attracted market attention after Kedia’s investment through Kedia Securities, which reportedly purchased a 4.5% stake worth around Rs 17 crore. Mahamaya operates in the agri-chemical and crop protection business, a segment that has seen strong demand as India’s agricultural input market expands. The company’s growth has been notable in recent years. Revenue increased from Rs 90 crore in FY22 to Rs 329 crore in FY26, while profit rose from Rs 3 crore to Rs 17 crore over the same period. However, the company faces a key concern on the cash flow front. Despite reporting profits in FY26, its operating cash flow remained negative because a significant amount of money was tied up in inventory and receivables.
Market watchers believe these two bets reflect Kedia’s focus on long-term themes tied to India’s structural growth story. Solar energy and agriculture are both seen as important sectors for the country’s economic future, and his latest investments have intensified discussion around the two stocks. Still, experts caution that investors should not simply copy a well-known investor’s portfolio moves without evaluating the businesses’ fundamentals, valuation, cash flow quality, and risk profile. With both stocks now in the spotlight, market participants are likely to track them closely in the coming months.
