Siddharth Bhaiya, a renowned small-cap investor on Dalal Street, passed away on December 31, 2025. He was 47 years old. Bhaiya, founder and MD of Equitas, was known as the “small-cap multibagger hunter.” He had mastered the art of identifying high-growth companies. His sudden death sent shockwaves through the investment community.
used to find gold in the soil
Siddharth Bhaiya was often referred to as the “small-cap multibagger hunter.” He built a strong reputation for his ability to identify high-growth companies early and invest in them for the long term. Under his leadership, Equitas became one of the most watched PMS platforms on Dalal Street. It manages approximately ₹7,700 crore across PMS and Alternative Investment Fund (AIF) strategies.
According to documents and his LinkedIn profile, Bhaiya’s track record stood out even in a market crowded with star investors. His flagship PMS strategy delivered a compounded annual growth rate (CAGR) of approximately 34%, resulting in an absolute return of approximately 2,800%. This means investors received a return of approximately 28 times over the long term. Equitas is considered one of the top-performing PMS funds in the Indian equity market.
What was Siddharth Bhaiya’s background?
Siddharth Bhaiya, a chartered accountant (CA), founded Equitas in 2012. Prior to that, he had worked as a fund manager at Nippon India Mutual Fund for nearly seven years. His colleagues and peers described him as a highly analytical and contrarian investor. He combined a value discipline with growth-oriented stock selection. The cornerstones of his investment philosophy were deep bottom-up research, companies with strong balance sheets, scalable business models, and patient capital allocation. Bhaiya was known for ignoring short-term market noise and holding onto winning investments over multiple market cycles.
Recently, a warning was issued
In recent years, when Indian equities, especially small- and mid-cap stocks, were reaching record highs, Bhaiya Dalal emerged as one of the most cautious voices on Dalal Street. He repeatedly warned that valuations were rising too high and investor enthusiasm was outpacing fundamentals.
Last month, he described the current rally as a “bubble” rather than a healthy bull market. He urged investors to keep their expectations low and focus on long-term risk-adjusted returns. Bhaiya’s sudden demise is a significant loss to the Indian investment community. He helped many investors earn significant profits by investing in the right companies. His investment style and deep understanding of the market will be greatly missed