Kedia's Indian cybersecurity SMEs surge on demand
Noted investor Vijay Kedia has built a concentrated portfolio of small-cap Indian cybersecurity firms that have delivered multibagger returns, reflecting a broader market repricing of the country's fast-growing digital defence sector.
Noted investor Vijay Kedia has accumulated significant stakes in three Indian cybersecurity companies. This cluster of small-cap stocks has delivered explosive returns as the country's digital defence sector expands rapidly.
The concentrated bets underscore a structural shift in how Indian corporates allocate capital. As businesses adopt artificial intelligence tools and shift data to cloud platforms, cybersecurity has transitioned from a routine IT expense to a board-level priority. This evolving threat landscape is creating a new investable subset in a market where pure-play cybersecurity equities remain scarce.
The sector's growth metrics justify the attention. According to the Data Security Council of India, more than 400 domestic cybersecurity product companies generated $4.46 billion in revenue in 2025, reflecting a 34% compound annual growth rate from 2020. A separate estimate by MarketsandMarkets values the Indian market at $8.58 billion this year and projects it will reach $16.86 billion by 2030.
TAC Infosec is the most prominent of Kedia's holdings, with a 3.64% stake held through Ankit Vijay Kedia as of March 2026. The vulnerability management firm, which operates in 100 countries, listed on the NSE SME platform in April 2024. By December 2024, the stock had surged 949% from its issue price to hit a high of Rs 1,112, later rallying another 16% over two days after its US subsidiary CyberScope announced plans for a Nasdaq listing.
TechD Cybersecurity represents another core holding, with Kedia holding roughly 5.3% of the company. The stock listed in September 2025 at Rs 366.7, a 90% premium over its Rs 193 IPO price. The firm raised Rs 39 crore to fund a new Global Security Operation Centre in Ahmedabad and expand its workforce.
Sattrix Information Security completes the trio, yielding roughly 155% over the past year. Kedia's firm secured its exposure through a preferential allotment of 45,48,379 shares in February. This transaction was executed as a share swap for the acquisition of Sattrix Software Solutions.
While the underlying commercial demand for data protection services is substantial, investors are navigating a highly speculative segment. All three targets trade on the SME and small-cap platforms where liquidity is constrained and price swings are severe. The market is currently rewarding companies that can demonstrate scale, but the valuation premiums carry outsized risks.
