Portrait-style photo of an Indian man in a business shirt and blazer, thoughtful expression, soft studio light, a muted stock chart in the background, subtle eBharat watermark—realistic editorial image for a Jhunjhunwala legacy article.

Rakesh Jhunjhunwala, the “Big Bull”: what his portfolio still tells India (Sept 12, 2025)

Rakesh Jhunjhunwala’s influence hasn’t faded. His family’s disclosed holdings still lean on strong brands and cash flows. Here’s the easy-to-read rundown of what’s in the basket and how to track it smartly.

Rakesh Jhunjhunwala (5 July 1960 – 14 August 2022) was a Chartered Accountant who built RARE Enterprises and invested in his own name as well as in the name of his wife, Rekha Jhunjhunwala. The media often called him India’s Warren Buffett because he stayed invested in strong businesses for years and let compounding do the work. He liked companies with clear moats and cash flows, especially in finance, technology, retail and pharmaceuticals.

As per the latest shareholding disclosures available for the June 2025 quarter, the Rakesh Jhunjhunwala & Associates group shows about 26 listed holdings with a combined public-market value of ~₹61,768.6 crore. These numbers move with daily prices and get updated as companies finish filing their quarterly shareholding patterns. If something looks missing today, it usually appears once that company uploads its report to the exchange.

If you follow India’s stock market, you know Rakesh Jhunjhunwala. Many of us still repeat his lines. Three years after his passing, the Big Bull still shapes how people talk and act in markets. His family and related entities keep showing up in quarterly shareholding data. The list reads like a lesson in staying focused on a few strong brands and steady cash flows, without getting scared by daily ups and downs.

Say Jhunjhunwala and most investors still think Titan. It remains the family’s standout long-term bet. A sharp fall in early July 2025 briefly cut hundreds of crores from the mark-to-market value, a reminder that one strong franchise can dominate the day’s headline even when the idea behind it is decades old. The lesson is simple and still valid: buy quality, hold it long enough, and let compounding do its work.

What’s inside the basket

A quick look at the associates shows familiar themes. There are consumer brands and services, hotel businesses with lighter asset models, training and technology-linked names, and a few financial companies. Indian Hotels and Aptech appear regularly. Some banks are in the mix. Brokerage and wealth platforms also show up. This is not random. It follows the same Big Bull approach—own brands with moats, focus on cash generation, and give management time to deliver while the market argues.

The portfolio also changes when it needs to. In June 2025, filings and deal logs showed activity in names like Nazara Technologies and Rallis India, including block and bulk deals. The point is not drama, it is discipline. Even the best investors make edits. When an idea has played out or money is better used elsewhere, positions get reduced or closed.

You cannot copy someone’s personality, but you can copy a process. Jhunjhunwala’s style boils down to clear habits: buy businesses, not symbols on a screen, let a bigger position be earned by quality and time, and accept volatility as part of the journey, not as a penalty. The current set of holdings—packed with durable franchises and proven operators—says this more clearly than any quote. For a new investor, the takeaway is to build a simple core with broad index exposure, add a few well-researched leaders, and stay patient when noise rises.

Sector-wise Holdings (Rakesh Jhunjhunwala & Associates)

Textiles, Apparels & Accessories
26.85%
Healthcare
26.02%
Banking & Finance
15.32%
Pharmaceuticals & Biotechnology
8.61%
Automobiles & Auto Components
6.59%
Retailing
5.55%
Hotels, Restaurants & Tourism
3.67%
Cement & Construction
2.67%
Utilities
1.25%
Telecom Services
1.17%
Realty
0.69%
Chemicals & Petrochemicals
0.55%
Software & Services
0.52%
FMCG
0.25%
General Industrials
0.24%
Consumer Durables
0.06%
Shares are grouped by sector. Percentages reflect the latest disclosed mix for Rakesh Jhunjhunwala & Associates. Values change with filings and price moves.

Company-wise Holdings — Rakesh Jhunjhunwala & Associates

Quarter: Jun 2025 • Source: Exchange filings (Trendlyne) • History shows Dec ’24 and newer only

Nazara Technologies
Below 1% for the first time
Holding Value:
Qty:
Jun ’25 Change:
Below 1%
Jun ’25 Holding %Below 1%
Mar ’25: 7.1%
Dec ’24: 7.2%
Aptech
Holding Value:
₹318.2 Cr
Qty:
24,019,236
Jun ’25 Change:
0.0
Jun ’25 Holding %41.4%
Mar ’25: 41.4%
Dec ’24: 41.4%
Sundrop Brands
Holding Value:
₹154.5 Cr
Qty:
1,861,759
Jun ’25 Change:
0.0
Jun ’25 Holding %4.9%
Mar ’25: 4.9%
Dec ’24: 7.0%
Canara Bank
Holding Value:
₹1,471.3 Cr
Qty:
132,443,000
Jun ’25 Change:
0.0
Jun ’25 Holding %1.5%
Mar ’25: 1.5%
Dec ’24: 1.4%
Crisil
Holding Value:
₹1,903.8 Cr
Qty:
3,799,000
Jun ’25 Change:
0.0
Jun ’25 Holding %5.2%
Mar ’25: 5.2%
Dec ’24: 5.2%
Valor Estate
Holding Value:
₹424.7 Cr
Qty:
25,000,000
Jun ’25 Change:
-0.0
Jun ’25 Holding %4.6%
Mar ’25: 4.7%
Dec ’24: 4.7%
Escorts Kubota
Holding Value:
₹629.5 Cr
Qty:
1,708,388
Jun ’25 Change:
0.0
Jun ’25 Holding %1.5%
Mar ’25: 1.5%
Dec ’24: 1.5%
Federal Bank
Holding Value:
₹700.7 Cr
Qty:
36,030,060
Jun ’25 Change:
0.0
Jun ’25 Holding %1.5%
Mar ’25: 1.5%
Dec ’24: 1.4%
Fortis Healthcare
Holding Value:
₹2,966.3 Cr
Qty:
30,739,000
Jun ’25 Change:
0.0
Jun ’25 Holding %4.1%
Mar ’25: 4.1%
Dec ’24: 4.1%
Geojit Financial Services
Holding Value:
₹150.5 Cr
Qty:
20,099,400
Jun ’25 Change:
0.0
Jun ’25 Holding %7.2%
Mar ’25: 7.2%
Dec ’24: 7.2%
Indian Hotels Company
Holding Value:
₹2,251.6 Cr
Qty:
28,810,965
Jun ’25 Change:
0.0
Jun ’25 Holding %2.0%
Mar ’25: 2.0%
Dec ’24: 2.0%
Jubilant Pharmova
Holding Value:
₹1,150.2 Cr
Qty:
10,244,000
Jun ’25 Change:
0.0
Jun ’25 Holding %6.4%
Mar ’25: 6.4%
Dec ’24: 6.4%
Karur Vysya Bank
Holding Value:
₹704.3 Cr
Qty:
33,487,516
Jun ’25 Change:
0.0
Jun ’25 Holding %4.2%
Mar ’25: 4.2%
Dec ’24: 4.2%
NCC
Holding Value:
₹1,635.6 Cr
Qty:
78,333,266
Jun ’25 Change:
0.0
Jun ’25 Holding %12.5%
Mar ’25: 12.5%
Dec ’24: 12.5%
Tata Communications
Holding Value:
₹720.6 Cr
Qty:
4,500,687
Jun ’25 Change:
0.0
Jun ’25 Holding %1.6%
Mar ’25: 1.6%
Dec ’24: 1.6%
Tata Motors
Holding Value:
₹3,402.7 Cr
Qty:
47,770,260
Jun ’25 Change:
0.0
Jun ’25 Holding %1.3%
Mar ’25: 1.3%
Dec ’24: 1.3%
Titan Company
Holding Value:
₹16,458.2 Cr
Qty:
45,793,470
Jun ’25 Change:
0.0
Jun ’25 Holding %5.2%
Mar ’25: 5.2%
Dec ’24: 5.1%
Va Tech Wabag
Holding Value:
₹768.8 Cr
Qty:
5,000,000
Jun ’25 Change:
0.0
Jun ’25 Holding %8.0%
Mar ’25: 8.0%
Dec ’24: 8.0%
Wockhardt
Holding Value:
₹434.8 Cr
Qty:
2,837,005
Jun ’25 Change:
0.0
Jun ’25 Holding %1.8%
Mar ’25: 1.8%
Dec ’24: 1.9%
Singer
Holding Value:
₹34.4 Cr
Qty:
4,250,000
Jun ’25 Change:
0.0
Jun ’25 Holding %6.9%
Mar ’25: 6.9%
Dec ’24: 6.9%
Raghav Productivity Enhancers
Holding Value:
₹148.3 Cr
Qty:
2,205,704
Jun ’25 Change:
0.0
Jun ’25 Holding %4.8%
Mar ’25: 4.8%
Dec ’24: 4.8%
Jubilant Ingrevia
Holding Value:
₹334.5 Cr
Qty:
4,735,500
Jun ’25 Change:
0.0
Jun ’25 Holding %3.0%
Mar ’25: 3.0%
Dec ’24: 3.0%
Star Health
Holding Value:
₹4,443.2 Cr
Qty:
100,753,935
Jun ’25 Change:
0.0
Jun ’25 Holding %17.1%
Mar ’25: 17.1%
Dec ’24: 17.1%
Metro Brands
Holding Value:
₹3,329.4 Cr
Qty:
26,102,394
Jun ’25 Change:
0.0
Jun ’25 Holding %9.6%
Mar ’25: 9.6%
Dec ’24: 9.6%
Concord Biotech
Holding Value:
₹4,142.5 Cr
Qty:
25,199,240
Jun ’25 Change:
0.0
Jun ’25 Holding %24.1%
Mar ’25: 24.1%
Dec ’24: 24.1%
Baazar Style Retail
Holding Value:
₹93.6 Cr
Qty:
2,532,500
Jun ’25 Change:
0.0
Jun ’25 Holding %3.4%
Mar ’25: 3.4%
Dec ’24: 3.7%
Inventurus Knowledge
Holding Value:
₹13,021.1 Cr
Qty:
84,668,326
Jun ’25 Change:
0.0
Jun ’25 Holding %49.3%
Mar ’25: 49.3%
Dec ’24: 49.3%
Sun Pharma Advanced
Holding Value:
Qty:
Jun ’25 Change:
Jun ’25 Holding %
Dec ’24: 1.9%
Bars show Jun ’25 Holding %. History chips now include only Dec ’24 and newer quarters. Rows with no ≥ Dec ’24 data were removed.

There are two easy rules for reading the data. First, rely on official filings, not rumors. The latest quarter’s shareholding and clearly state when some updates are still pending, so do not react too fast if a name is missing in the middle of the cycle. Second, cross-check with another source. You can see how a position evolved across quarters. When the market is loud, the filings stay calm. That is where you should focus.

A whole generation learned to think long term because Jhunjhunwala made patience look profitable. The family’s disclosed holdings, still large and still tilted toward brands with pricing power, keep teaching that lesson in real time. Open the trackers on any day and you can see conviction priced into the market. That is a legacy as relevant as any famous line he ever spoke.
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