Aditya Khemka
Chief Investment Officer of InCred Asset Management and one of the few genuine single-sector specialists in Indian portfolio management — a career spent almost entirely inside healthcare, from a pharmaceutical company's Latin American operations to sell-side desks in New York and London, and now two healthcare-only PMS mandates. APMI names him on both.
Is Aditya worth your time?
A sector specialist, in the strict sense. Khemka began at Glenmark Pharmaceuticals in 2005 working in Brazil and Argentina, covered US generics at Lehman Brothers from 2007, moved to Nomura in London in 2008 on multinational pharma, and transferred to Nomura India in 2011 where he initiated the firm's Indian healthcare coverage. He was later a healthcare-specialist fund manager at DSP before joining InCred Asset Management, where he is Chief Investment Officer. APMI records him as the named fund manager of both of the firm's healthcare approaches — the InCred Healthcare Portfolio, live since February 2021, and InCred Focused Healthcare Equity, live since July 2023. Two things follow from the specialism: the whole book rides one sector's cycle, and the second mandate is still young.
Investors who want deliberate, deep exposure to Indian healthcare and are hiring a specialist rather than a generalist — someone whose entire career, from a pharmaceutical company's Latin American operations to sell-side coverage in New York and London to a healthcare fund seat, has been inside this one sector. It suits a multi-year horizon, a satellite allocation rather than a core one, and an investor who accepts that a single-sector book will diverge sharply from a broad index in both directions. If you need the manager to protect you when healthcare de-rates, this is the wrong instrument; that is a job for your asset allocation, not for him.
- Both mandates are healthcare-only, so the entire book rides one sector's regulatory and pricing cycle.
- The second strategy, InCred Focused Healthcare Equity, has only been live since July 2023.
- The flagship is reported to sit heavily in small caps and in a handful of names, against a broad BSE 500 TRI benchmark.
- Sources disagree on his experience: over 16 years on InCred's own bio, 18 years on PMS data platforms.
About Aditya Khemka
Aditya Khemka is Chief Investment Officer of InCred Asset Management Private Limited, the SEBI-registered portfolio manager within the InCred group, holding registration INP000007410 dated 2 May 2022. APMI records him as the named fund manager of both of the firm's healthcare approaches as of July 2026.
His career has been spent almost entirely inside one sector. He started at Glenmark Pharmaceuticals in 2005, working in Brazil and Argentina, then moved to Lehman Brothers in the United States in 2007 covering US generics companies. In 2008 he joined Nomura in the United Kingdom covering multinational pharmaceutical names, and in 2011 transferred to Nomura India, where he initiated coverage of the Indian healthcare sector. He was subsequently a healthcare-specialist fund manager at DSP before joining InCred.
Career
- Present
Chief Investment Officer, InCred Asset Management Private Limited
Named fund manager on APMI of both the InCred Healthcare Portfolio and InCred Focused Healthcare Equity as of July 2026. He sits alongside a CEO, a private-equity CIO, an alternative-credit CIO and a separate equity fund manager within the wider asset management business.
- before InCred
Healthcare-specialist fund manager, DSP Investment Managers
InCred's own bio credits him with the DSP Healthcare Fund and describes it as the best-performing sectoral fund under him. The firm does not publish the start and end dates for the role, and this profile does not state them.
- from 2011
Nomura India
Moved to the Indian business and initiated the firm's coverage of the Indian healthcare sector — the first time his work was aimed squarely at the domestic market.
- from 2008
Nomura, United Kingdom
Covered multinational pharmaceutical companies including GSK, Novartis and Sanofi.
- from 2007
Lehman Brothers, United States
Covered US generics companies including Teva and Mylan — the sell-side grounding in the generics economics that later shaped his preference for domestic branded businesses.
- from 2005
Glenmark Pharmaceuticals
Began his career inside a pharmaceutical company rather than in finance, working in Brazil and Argentina.
Six principles
Cash flow, and where it comes from
InCred describes his process as built on bottom-up research and on understanding the source of a company's cash flows and their sustainability — the durability of the cash, not the size of the reported profit.
One sector, studied from three sides
Operating experience inside a pharmaceutical company, sell-side coverage of generics and multinational pharma, and buy-side healthcare fund management. The edge claimed is depth in a single vertical.
Domestic demand over export economics
In public commentary he has preferred hospitals, diagnostics and branded formulations serving Indian patients to export-led generics exposed to overseas pricing and regulatory pressure.
Concentration is the product
Both approaches are confined by mandate to the Indian healthcare ecosystem, and the second is explicitly a focused portfolio within it. Neither is trying to diversify the sector risk away.
Benchmarked against the whole market
Both are measured against the BSE 500 TRI rather than a healthcare index, so the sector call itself is part of what gets judged — for better and worse.
Judged over years, not quarters
Sector cycles in healthcare run long. A mandate this narrow needs to be assessed across one, not across a few good or bad quarters.
The call that shows the method working
Named on both mandates — and what that concentration means
The Association of Portfolio Managers in India, the SEBI-recognised body for the PMS industry, records Aditya Khemka as the named fund manager of both InCred Asset Management approaches as of July 2026: the InCred Healthcare Portfolio, with an inception date of 15 February 2021, and InCred Focused Healthcare Equity, with an inception date of 18 July 2023. Both are filed as equity approaches benchmarked to the BSE 500 TRI with a ₹50 lakh minimum, and both objectives on the register are explicit that the universe is Indian healthcare. InCred's own disclosures carry the firm's SEBI portfolio-manager registration, INP000007410 dated 2 May 2022.
Read together, the two entries describe a single, deliberate bet. There is no diversified fallback mandate here, and the second approach is a narrower cut of the first rather than a different exposure — which makes holdings overlap a real question rather than a theoretical one. The register also puts a date on the newer strategy that matters: July 2023 is a short live record, and nothing in the flagship's longer history transfers to it.
- 2005Begins at Glenmark Pharmaceuticals, working in Brazil and Argentina
- 2007Joins Lehman Brothers in the United States, covering US generics companies
- 2008Moves to Nomura in the United Kingdom, covering multinational pharmaceutical companies
- 2011Transfers to Nomura India and initiates coverage of the Indian healthcare sector
- before InCredHealthcare-specialist fund manager at DSP Investment Managers; dates not published by the firm
- 15 Feb 2021InCred Healthcare Portfolio inception, per APMI
- 2 May 2022InCred Asset Management holds SEBI portfolio-manager registration INP000007410
- 18 Jul 2023InCred Focused Healthcare Equity inception, per APMI — the shorter of the two records
- 31 Jul 2026APMI records him as named fund manager on both approaches
How the strategies have performed
Trailing returns, net of fees, annualised beyond one year. Shown only when sourced and dated; missing figures are unavailable, never zero.
| Strategy | 1Y | 3Y | 5Y | Since inception |
|---|---|---|---|---|
| InCred Healthcare Portfolio | +11.29% | +26.96% | +15.34% | +18.59% |
| InCred Focused Healthcare Equity | +7.36% | — | — | +36.44% |
Figures are historical, unaudited and third-party reported, as of 2026-06-30. Past performance is not indicative of future returns.
What to press Aditya on
Bring these to the call.
What happens when healthcare de-rates?
Both mandates are sector-bound. Ask for the drawdown history of the flagship through the sector's worst stretches, and ask what the mandate permits him to do — cash, sub-sector rotation, nothing — when the whole sector is falling.
How different are the two strategies really?
The focused approach is drawn from the same universe as the flagship. Ask for the current holdings overlap between them in writing before you are sold both as separate allocations.
Which record are you being shown?
The flagship dates to February 2021 and the focused approach to July 2023. Ask for dated, separate performance series for each rather than a blended sector story.
How large can one name get?
Data platforms report a largest single holding in the mid-teens as a percentage of the flagship and a heavy small-cap weight. Ask for the maximum single-stock and single-sub-sector limits, and for the current market-cap split.
Can the book be exited at size?
A concentrated small-cap healthcare portfolio is harder to trade than the headline size suggests. Ask how many days it would take to liquidate the top five positions at normal volumes.
Which fee plan is on your form?
APMI leaves the fee fields blank; a data platform reports a fixed option and two variable options with different hurdles. Ask for the exact rate, hurdle, high-water-mark treatment and exit load in writing.
Who runs it if he leaves?
He is the sole named manager on both approaches and the firm's CIO. Ask who the deputy is, who signs off on trades, and what the documented succession plan is for a single-specialist mandate.
How they compare
Comparable managers on the platform, by asset class and category · live fund figures.
| Manager | 1Y | 3Y | AUM | Nyra |
|---|---|---|---|---|
| Siddharth Bothra Invesco - Rise · PMS | +8.2% | +18% | ₹12.6 Cr | 7.8 |
| Rajesh Pherwani Valcreate Lifesciences and Specialty Opportunities · PMS | +2.8% | +18.3% | ₹0 Cr | 7.7 |
| Divam Sharma Green Portfolio - MNC Advantage · PMS | +4.3% | +17.6% | ₹9.76 Cr | 7.6 |
| Ashi Anand Valcreate-IME Digital Disruption · PMS | +9.8% | — | ₹13.76 Cr | 7.5 |
Aditya Khemka · FAQ
What does Aditya Khemka manage?
Why do both strategies look similar?
How risky is a single-sector mandate?
How long has the second strategy been running?
What are his qualifications?
What is the minimum investment, and what are the fees?
Considering Aditya's strategy?
We'll pull the current Disclosure Document, the actual fee schedule, and a portfolio-overlap check against what you already own.
PMS Sahi Hai is a distributor (APMI Reg. APRN08358), not a SEBI-registered Investment Adviser. APMI registration does not constitute an endorsement. We are paid by the product manufacturer; this does not change the price you pay. PMS & AIF investments are subject to market risks; past performance is not indicative of future returns. This is not investment advice. PMS Sahi Hai is an independent marketplace and is not affiliated with Aditya Khemka.