Indigo and other stocks in which Helios Flexi Cap Fund bought and sold stake; Do you own any?

Synopsis: Helios Flexi Cap restructured its portfolio in December by selling IndiGo (99,943 shares), realising an intrinsic gain in Urban Company (4.04 lakh shares), and increasing PhysicsWallah to 69.07 lakh shares and reducing cash to 0.92%, showcasing tremendous equity allocation.

Helios Mutual Fund, backed by Samir Arora, made dramatic portfolio shifts in December, indicating no holds barred in its conviction. Helios withdrew from IndiGo due to operating challenges, harvested profits in listed firms like Urban Company, and further consolidated bets in new-age companies like PhysicsWallah. Since it maintained cash levels very low at under 1%, this change shows Helios’ commitment to rotate its portfolio aggressively in search of growth.

About the portfolio restructuring. 

The Samir Arora-sponsored Helios Mutual Fund had some significant portfolio changes in December 2025. The fund parted ways with significant holdings in IndiGo and Urban Company and stepped up its holdings in PhysicsWallah and other new-age listed companies. The Flexi Cap scheme of the fund has allocated almost all its cash. The cash position of the scheme has declined to 0.92% as of December-end from 2.64% as of November. 

The assets under management of the fund were approximately Rs 5,932 crore as of the end of December. The exit from IndiGo (InterGlobe Aviation) saw the Fund divest 99,943 stocks, which translate to a share of 1.05% of its AUM. The specific company was amid challenges as the airline experienced delays in its flights.

Helios also completed its divestment in Urban Company, offloading approximately 4.04 lakh shares after having halved its stake the previous month. Urban Company had listed in September 2025 at Rs 169 (against its IPO price of Rs 103), and despite some pullback from peaks, saw a significant re-rating post-listing. 

On the accumulation side, the fund increased its stake in PhysicsWallah, adding 21.73 lakh shares to bring total holdings to 69.07 lakh shares, valued at around Rs 91.7 crore, and boosting its portfolio weight to 1.55% from 1.2%. Beyond this, Helios also scaled up positions in a range of existing stocks, including One97 Communications, PB Fintech, and Delhivery, alongside traditional names like HDFC Bank, Reliance Industries, and ICICI Bank.

The December round of reshuffling, in particular, exemplifies Helios Flexi Cap Fund’s risk-retake strategy, where it has switched investments from stocks that may have imminent working-cap-related risks to stocks that have future growth potential. The Helios Flexi Cap Fund has shown a focus on new-generation online platforms, educational websites, large private sector banks, and index leaders, which is a barbell strategy. This strategy is followed to maintain stability in its portfolio despite taking risks in stocks.

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