Aditya Khemka is the Chief Investment Officer of InCred Asset Management, with more than 16 years of experience across healthcare businesses and investments in India and international markets. His career spans pharmaceutical businesses, institutional equity research and portfolio management, with a particular focus on healthcare and bottom-up equity investing.
Before joining InCred, Khemka worked with DSP Investment Managers as a healthcare specialist fund manager. His earlier career included Glenmark Pharma, Lehman Brothers, Nomura and Ambit Capital. His investment process is centred on bottom-up research, understanding the source of cash flows and assessing their sustainability.
Who Is Aditya Khemka?
Aditya Khemka is the CIO of InCred Asset Management, where he is associated with the firm's equity investment platform and has particular expertise in healthcare investing. InCred's current leadership structure identifies him as CIO, InCred Asset Management.
His professional experience covers healthcare businesses and investments across the US, Europe, Latin America and India. This includes operating experience in the pharmaceutical industry, institutional equity research covering global and Indian healthcare companies, and portfolio-management experience.
Khemka started his career with Glenmark Pharma before moving into investment research. His subsequent roles at Lehman Brothers and Nomura gave him exposure to global pharmaceutical companies and eventually the Indian healthcare sector. He later worked with DSP Investment Managers as a healthcare specialist fund manager before joining InCred.
For investors looking at the broader platform, InCred Asset Management provides access to information on its PMS and alternative investment activities.
Aditya Khemka Education and Qualifications
Aditya Khemka holds an MSc in Finance, a postgraduate qualification in Management from MDI, Gurgaon, a CIIA qualification from the UK, and a CFA qualification from ICFAI.
His academic background in finance and management complements his experience across equity research, healthcare businesses and portfolio management.
Aditya Khemka Career in Equity and Healthcare Investing
Aditya Khemka began his career with Glenmark Pharma in 2005, where he worked in Brazil and Argentina. His early professional experience provided exposure to the pharmaceutical business before he moved into financial-market research.
In 2007, he joined Lehman Brothers in the US, where he covered US generic pharmaceutical companies including Teva and Mylan. This role gave him experience analysing pharmaceutical companies within the US healthcare market.
In 2008, Khemka moved to Nomura in the UK, where he covered multinational pharmaceutical companies including GSK, Novartis and Sanofi. He subsequently moved to Nomura India in 2011, where he began covering the Indian healthcare sector.
His career later included experience with Ambit Capital, followed by a move to DSP Investment Managers in 2015. At DSP, he worked as a healthcare specialist fund manager until 2020. His responsibilities combined healthcare-sector research with portfolio management.
Khemka subsequently joined InCred Asset Management, where he became CIO. His career therefore covers multiple stages of the investment process: understanding pharmaceutical businesses from an operating perspective, researching global and Indian healthcare companies, evaluating listed equities and managing investment portfolios.
This combination of healthcare-sector specialization and public-market investment experience forms the basis of his current profile as an InCred equity fund manager and healthcare-focused investment professional.
Aditya Khemka’s Role at InCred Asset Management
As CIO, InCred Asset Management, Aditya Khemka is part of the senior leadership of the asset-management business. InCred's platform covers strategies including long-only equity, structured debt, unlisted equities and other investment solutions.
Khemka's principal investment expertise is in equity markets and healthcare. His investment process is described around bottom-up research and understanding the source and sustainability of cash flows.
His responsibilities should be distinguished from other investment professionals within InCred. The current leadership team separately identifies Saurabh Jhalaria as CIO, Alternative Credit Strategies, Vivek Singla as Managing Partner & CIO, Private Equity, and Ankur Jain as Managing Director, Private Credit Strategies.
Aditya Khemka’s Investment Approach
Aditya Khemka's investment approach is based on bottom-up equity research, with emphasis on understanding the underlying business and the sustainability of its cash flows.
The approach involves studying companies individually rather than relying solely on broad sector or market-level views. For a healthcare-focused investor, this can involve evaluating pharmaceutical businesses, hospitals, diagnostics companies and other healthcare-related businesses through their operating fundamentals and financial characteristics.
The InCred Healthcare Portfolio follows a bottom-up stock-selection approach within the healthcare universe. The strategy focuses on identifying businesses based on their underlying fundamentals while considering valuation and the sustainability of the investment thesis.
Khemka's long-standing healthcare specialization also provides continuity between his institutional research experience and his current portfolio-management responsibilities. His career has involved analysing global pharmaceutical companies as well as India's healthcare sector, followed by direct fund-management experience at DSP.
The broader InCred asset-management platform states that its investment process seeks to combine strategies according to the prevailing macroeconomic environment and investment opportunities, with a focus on risk-adjusted returns.
Funds Managed by Aditya Khemka on ALTPORT
The following InCred PMS strategies are associated with Aditya Khemka within the current strategy set specified for this profile:
| Fund Name | Category | Managing Entity | Status |
| InCred Healthcare Portfolio | PMS · Healthcare | InCred Asset Management Pvt Ltd | Current association |
| InCred Focused Healthcare Equity | PMS · Healthcare | InCred Asset Management Pvt Ltd | Current association |
| InCred Multicap Portfolio | PMS · Multi Cap | InCred Asset Management Pvt Ltd | Current association |
| InCred Small and Midcap Portfolio | PMS · Small & Mid Cap | InCred Asset Management Pvt Ltd | Current association |
| InCred India Ascend Portfolio | PMS · Equity | InCred Asset Management Pvt Ltd | Current association |
| InCred Select Opportunities Portfolio | PMS · Equity | InCred Asset Management Pvt Ltd | Current association |
The InCred Healthcare Portfolio is the most directly aligned with Khemka's healthcare specialization. Current professional profiles identify him with InCred's healthcare PMS strategy, while his career background includes healthcare-sector research and fund management.
The broader set of PMS strategies reflects Khemka's role within InCred's equity investment platform. Individual mandates, portfolio construction frameworks and fund-manager responsibilities should be evaluated at the individual strategy level.
Aditya Khemka’s Market Views and Media Interviews
Aditya Khemka has participated in financial-market discussions covering healthcare, pharmaceutical companies, hospitals, diagnostics and broader equity-market themes. His public commentary reflects his sector expertise and experience in equity research and portfolio management.
His professional profile and educational appearances have also included discussions around fundamental analysis and counter-cyclical investing, consistent with his background in bottom-up equity research.
His market views should be considered in the context of the date and subject of each interview. Public commentary does not, by itself, change the investment mandate or portfolio-construction rules of an individual PMS strategy.
Manage By : Aditya Khemka
