About Company
Carnelian Asset Management and Advisors Pvt Ltd
Carnelian Asset Management & Advisors is a boutique investment management firm based in Mumbai, India, founded in 2019 by Vikas Khemani, Manoj Bahety, and Swati Khemani. As of January 2026, the firm manages approximately ₹9,101 crore (approx. USD 1.6–1.7 billion) in assets. The firm operates on a QGARP (Quality Growth at Reasonable Price) framework, integrating proprietary forensic analysis to identify structural winners and avoid "accounting pitfalls".
Fund Snapshot
| Year of Inception | NA |
| Number of Stocks | Cat III AIF |
| Investment Horizon | Long Term |
Investment Philosophy
- Carnelian Capital Compounder Fund believes in growth investing at fair valuations and obsesses about the risk-reward trade-off at Carnelian. The fund favours definite returns over immediate returns as long-term investors, and don’t mind short-term underperformance.
- When the risk-reward payoff is convincing, they are willing to be contrarians, and don’t mind sitting on cash when we see weakness.
Investment Framework
Carnelian Capital Compounder Fund investment framework is structured around four key pillars:
- Quality – Focuses on business and management quality.
- Growth – Includes:
- Magic: Accelerated earnings growth and valuation re-rating.
- Compounder: Sustainable earnings growth.
- Forensic Analysis (CLEAR) – Evaluates:
- Cash flow analysis
- Liability analysis
- Earnings quality analysis
- Asset quality analysis
- Related party & governance issues
- Valuation – Ensures reasonable valuation relative to growth.
The framework emphasizes “Quality Growth at a Reasonable Price”, integrating business quality, earnings sustainability, forensic risk analysis, and fair valuation.
Carnelian Advantages Over Competitors
Carnelian Capital has a unique approach & unique insights into investing. Carnelian Capital is an exceptional independent, entrepreneurial boutique with a reputed board of advisors. Carnelian focuses on long-term approach with high active share (differentiated portfolio), Concentrated QGARP portfolio –Quality Growth companies (Business & Management) at a Reasonable Price. This offers them a unique blend of companies with accelerated and sustainable growth proprietary forensic analysis known for identifying larger themes, trends /stocks early.
People
Carnelian Capital founders are Industry veterans with strong complementary skill sets. They have a deep understanding of capital markets, businesses & strong relations with corporate India/industry which helps them invest in the right fund.
Process
Carnelian Capital focuses on a unique forensic framework –“CLEAR”. Carnelian Capital focuses on quality. Carnelian follows a disciplined investment process & it has a differentiated approach to risk management.
Fund Overview
The Capital Compounder Strategy (PMS) is a long-only, multi-cap, and sector-agnostic investment approach designed to capitalize on India’s “trillion-dollar opportunity.” It follows a QGARP (Quality Growth at a Reasonable Price) philosophy, focusing on companies with strong fundamentals.
Key Features:
- Diversified Portfolio: Invests in a mix of large, mid, and small-cap listed companies in a 50:30:20 ratio.
- Selection Criteria: Targets businesses with niche expertise, strong growth potential, proven track records, and excellent management.
- Portfolio Composition: Holds 20-25 stocks and is benchmarked against the BSE 500 TRI.
This strategy aims to achieve sustainable long-term growth by identifying high-quality companies with scalable opportunities.
Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
Vikas Khemani
Vikas is the driving force behind Carnelian Asset Management & Advisors, bringing to the table more than 27 years of experience in capital markets. He established the firm in 2019 and has since guided its growth into a respected investment platform. Today, Carnelian manages $1.3 billion across a variety of investment approaches. Before founding Carnelian, Vikas spent 17 years as CEO of Edelweiss Securities Ltd. During his tenure, he played a key role in developing and scaling several key business segments, including institutional equities, investment banking, and equity research. Vikas is well-regarded for his strong business acumen and in-depth knowledge of the Indian capital markets. This expertise has earned him recognition throughout the Indian corporate world. His leadership skills and talent for spotting opportunities early on have been important to Carnelian's distinctive way of investing. In 2014, Vikas received the Young Professional Achievers Award from the Institute of Chartered Accountants of India. This award recognised his positive impact on the financial industry. His entrepreneurial spirit continues to shape Carnelian’s growth. He is committed to guiding the firm forward, searching for new ways to provide value and deliver solid results for investors. Vikas's blend of experience, insight, and leadership makes him a key figure in the Indian financial landscape. His work at Carnelian reflects his dedication to excellence and innovation in investment management.
Manoj Bahety
Manoj Bahety has worked in financial services for almost 27 years, gaining deep understanding of forensic research and managing investments. Now a fund manager at Carnelian, he puts heavy focus on research when picking stocks for investment. Before starting Carnelian with Vikas Khemani, Manoj had important positions at Edelweiss Securities. These included the Deputy Head of Institutional Equity Research, the Head of Forensic Research, and the Head of Thematic & Mid-Cap Research. At Edelweiss, Manoj developed Analysis Beyond Consensus (ABC Research). This system helps institutional investors make better choices by using solid data instead of just relying on what companies report. Manoj's research has guided investment choices around the world. Outside of his work at Carnelian, Manoj is active with the CFA Institute. He participates in groups like the India Advocacy Committee and the Global Capital Markets Policy Council (CDPC). Manoj’s ability to analyse information and his careful, step-by-step way of doing things are key to how Carnelian operates and makes investment decisions. His past experiences and dedication to thorough research make him a valuable asset in the financial world. In summary, Manoj's extensive background and commitment to data-driven analysis greatly improve Carnelian's investment strategies.
Swati Khemani
Swati Khemani brings 23 years of know-how in the financial world to the table. She’s a great example of today’s Indian woman in business, handling leadership roles, understanding investments, and taking on the challenges of being an entrepreneur. Her career path is quite diverse. She’s worked in equity research, selling to big institutions, investment banking, and managing people. All this experience gives her a wide view of how the financial industry works. As one of the people who started Carnelian, she plays a big part in running the business and handling the company’s money. She’s also known for being a mentor and leading with a focus on people, which has helped create a positive work environment at Carnelian. This approach has also been key in building strong relationships with both clients and other businesses. Swati has always been a supporter of Carnelian’s goals, helping to improve the way the company works, its governance, and its plans for the future. Her career is a story of bouncing back from challenges and striving for success, as she juggles a demanding job with her roles as an entrepreneur and a family leader.
Find answers to common questions about fund investments, performance, portfolio strategy, and investor services.
The Carnelian Capital Compounder Strategy is a long-only, multi-cap, sector-agnostic Portfolio Management Service (PMS) that seeks to create long-term wealth by investing in high-quality businesses with strong growth potential. The strategy follows a Quality Growth at a Reasonable Price (QGARP) approach and aims to capitalize on India's long-term economic growth opportunities.
The strategy typically maintains a concentrated portfolio of 20–25 stocks across large-cap, mid-cap, and small-cap companies. The allocation is broadly diversified across market capitalizations while remaining focused on businesses with scalable growth opportunities, strong fundamentals, and capable management teams.
The strategy is built on four pillars: Quality, Growth, Forensic Analysis (CLEAR), and Valuation. It evaluates business quality, management capability, earnings sustainability, financial health, governance standards, and valuation attractiveness before making investment decisions.
The proprietary CLEAR framework conducts deep forensic analysis covering Cash Flows, Liabilities, Earnings Quality, Asset Quality, and Related-Party & Governance Risks. This process is designed to identify potential red flags early and help preserve capital while improving investment quality.
The strategy is suitable for long-term investors seeking exposure to a professionally managed equity portfolio focused on quality growth businesses. It may appeal to investors who value disciplined stock selection, risk management, and a differentiated investment approach that prioritizes sustainable compounding over short-term market movements.
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Disclaimer: Investing in AIF, PMS, Gift City or Mutual Fund is subject to market risk. Please read the related documents carefully. Past performance does not guarantee future results and there is no assurance that the managed accounts will necessarily achieve their objectives. Actual portfolios may differ as a result of account size, client-imposed investment restrictions, the timing of client investments and market, economic, and individual company factors. We at ALTPORT do not guarantee any returns in the hands of investors, nor do we take any sort of accountability for the performance of the scheme.
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