Madhusudan Kela has made two notable turnaround bets in the market. One is SG Finserve, a non‑banking finance company linked to the Apollo ecosystem, and the other is a regulatory technology firm. Both have shown strong profit growth but carry different risks.
SG Finserve was earlier Moongipa Securities and was reshaped in 2021 by APL Apollo promoters. It lends working capital to dealers, distributors, suppliers and transporters connected to APL Apollo. Kela acquired about 9.5 lakh shares in March 2025, equal to nearly 1.7%. The company’s sales rose from ₹2 crore in FY21 to ₹334 crore in FY26, a compound annual growth rate of 178%. Net profit jumped from ₹2 crore to ₹128 crore in the same period, a CAGR of 130%. The market cap now stands at about ₹4,616 crore. Analysts note that such rapid growth from a low base raises questions about valuation sustainability.
The second bet is a regulatory technology firm held through Madhuri Kela. It provides compliance and governance solutions. The company has moved from thin or negative profits to steady growth. The market has re‑rated it positively, though valuations assume continued strong performance.
Both investments reflect Kela’s contrarian style. SG Finserve offers explosive momentum while the RegTech firm provides steadier returns. Investors must weigh speed against sustainability.
