Jhunjhunwalas’ portfolio value doubled in 2 years! Here's how much RJ & Co made in 2022

The Indian stock market lost a legendary trader in 2022. Rakesh Jhunjhunwala passed away on August 14, 2022, at 62, following a cardiac arrest.

Fondly known as Big Bull and India's Warren Buffett, the portfolio value of Dalal Street's ace investor is now worth over Rs 32,000 crore as the year draws to an end, as per data available on Trendlyne.

Though this is a 31% jump from his total holdings in 2021, which were around Rs 24,500 crore at the end of last year, Jhunjhunwala's portfolio value has doubled in a matter of just two years from Rs 16,727 crore in December 2020.


He is survived by his wife, Rekha Jhunjhunwala, and three children. Rekha has been an investor in several RJ companies, and the Jhunjhunwala portfolio value includes the value of Rekha’s holdings as well.

Titan Company remained Jhunjhunwalas’ top holding. RJ and Associates held Titan shares worth Rs 12,318 crore or a 5.5% stake in the jewellery maker at the last count in September 2022. The stock has, however, underperformed this year and has -2% returns to investors this year. Despite a poor show, according to Trendlyne, the consensus recommendation from 32 analysts tracking the stock remains Buy.

For 2023, domestic brokerage Motilal Oswal also has a buy call on 2 RJ stocks namely, Titan and Indian Hotels. The brokerage believes that Titan's medium-to-long-term earnings growth visibility is nonpareil among largecap consumer and retail companies. It expects this trend to continue, with a 31% earnings CAGR over FY22-24. Titan also remains among the top bets of Morgan Stanley.

For Indian Hotels, the brokerage believes the asset-light model and new/reimagined revenue-generating avenues with higher EBITDA margin bodes well for an expansion in RoCE. It is expected to register a CAGR of 50% over FY22-25E. The hotel stock has risen 72% this year. The billionaire family holds a 2.12% stake worth Rs 947.9 crore, the consensus rating from 14 analysts tracking the stock is also Buy.


Star Health and Allied Insurance Company, his second biggest holding at Rs 5,789.8 crore or 17.5% stake, also disappointed investors and tanked around 28% on a year-to-date (YTD) basis. Metro Brands remained the third biggest holding at Rs 3,298 crore. Tata Motors and Crisil were some other stocks where Jhunjhunwalas’ ownership is worth around Rs 1,000 crore or more.

Overall, Jhunjhunwalas owned more than a 1 per cent stake in around 33 listed companies at the end of Q3. Bilcare, Dishman Carbogen Amcis, and Nazara Technologies were the worst performers from his pack, plunging more than 50% each.

On the other hand, Karur Vysya Bank is the only multibagger stock in his portfolio. RJ and Associates hold a 4.5% stake worth Rs 381.5 crore in the lender that has rallied around 140% in 2022. Other holdings that outperformed were DB Realty, Metro Brands, Indian Hotels, Federal Bank and Canara Bank have yielded returns in the range of 52-96% this year.

RJ and Associates cut stakes in a dozen companies, including three exits, and picked up stakes in half a dozen other stocks, including Singer India, Tata Communications, and Titan, in Q3. In 13 companies, its stake remained unchanged for the quarter.

(With data inputs from Ritesh Presswala)

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