The retail segment was affected by a demand slack in the fashion and lifestyle (F&L) vertical and a sequential decline in total store area. The digital segment reported a sequential drop in subscriber numbers amid tariff hikes and higher average revenue per user (ARPU).
Madhusudan Kela’s portfolio: 7 stocks rally up to 135% in CY26
Madhusudan Kela’s disclosed portfolio of 19 stocks was worth about Rs 2,665 crore as of August 14. Seven holdings gained 10–135% in 2026, while five