Goldman Sachs’ Indian equity portfolio, managed through its global funds, dropped 36% in the fiscal year ending March 2026, shrinking from Rs 11,940 crore to Rs 7,610 crore as of March 27. While about 28 of its roughly 48 stocks declined between 10% and 60%, with five major holdings losing over 50%, one standout performer delivered 107% gains.
The portfolio, tracked as of the December 2025 quarter, suffered broad losses across its holdings. Top laggards included Laxmi Dental, which fell 64% from Rs 445 to Rs 162, where Goldman Sachs holds a 3.50% stake worth about Rs 31 crore. Awfis Space Solutions dropped 62% to Rs 254 from Rs 663, with a 4.04% stake valued at Rs 73 crore. Newgen Software Technologies declined 58% to Rs 422, holding a 2.19% stake of Rs 131 crore. Aurionpro Solutions lost 52% to Rs 764, with a 2.16% stake at Rs 91 crore. Ganesha Ecosphere slipped 50% to Rs 781, maintaining a 2.84% stake worth Rs 59 crore. Transformers & Rectifiers (India) fell 49% to Rs 272, with a 1.49% stake of Rs 122 crore. Despite the downturn, several stocks posted gains. TD Power Systems soared 107% from Rs 411 to Rs 849, where Goldman Sachs owns a 2.40% stake valued at Rs 318 crore. Other winners included SJS Enterprises, up 79% to Rs 1616 (3.98% stake, Rs 205 crore); Tatva Chintan Pharma Chem, rising 63% to Rs 1103 (2.59% stake, Rs 67 crore); Navin Fluorine International, gaining 44% to Rs 6055 (1.29% stake, Rs 400 crore); Sai Life Sciences, up 30% to Rs 986 (1.68% stake, Rs 350 crore); and Inox India, which rose 20% to Rs 1199 after being newly added in December 2025 (2.16% stake, Rs 235 crore). Data comes from ACE Equity and Trendlyne.
