Helios Flexicap Fund, managed by Samir Arora, has overhauled its portfolio in July, making Bharat Heavy Electricals (BHEL) its largest new addition. The fund also initiated positions in InterGlobe Aviation and SBI Funds Management while fully exiting Varun Beverages. Investors are noting these changes as BHEL shows signs of a financial turnaround, while other portfolio additions reflect a shift in sector exposure.
The Helios Flexicap Fund, managed by veteran investor Samir Arora, implemented a notable reshuffle of its portfolio in July 2026. The fund introduced five new stocks into its holdings while completely divesting from two others, signaling a strategic change in its market outlook.
Bharat Heavy Electricals (BHEL) emerged as the fund’s most significant new investment. The fund acquired 17.8 lakh shares of the power equipment manufacturer, representing nearly 1 percent of its total portfolio value. This move follows a period of financial recovery for the company. In the quarter ending June 2026, BHEL reported a consolidated net profit of Rs 377 crore, a major improvement from the Rs 456 crore loss recorded in the same quarter last year. Revenue for the period jumped 40 percent to Rs 7,698 crore, while the company’s operating profit margin turned positive at 6.55 percent, compared to negative territory previously.
While the financial turnaround is evident, investors monitoring BHEL should consider the specific risks inherent in the heavy engineering and power sector. Large capital projects often face execution delays and cost overruns, which can impact profitability. Furthermore, the company’s growth remains tied to government infrastructure spending and the cyclical nature of the power sector.
In other portfolio changes, the fund initiated a stake in InterGlobe Aviation, the operator of IndiGo, adding 1.4 lakh shares. This move comes despite the airline reporting a net loss of Rs 238 crore for the quarter, largely due to high aviation turbine fuel costs and adverse foreign exchange movements. However, revenue grew by nearly 20 percent to Rs 24,584 crore, reflecting robust passenger demand. The fund also expanded its portfolio to include SBI Funds Management, Page Industries, and Poonawalla Fincorp.
On the exit side, the fund completed a full divestment of its holdings in Varun Beverages, selling 17.5 lakh shares that previously made up 1.2 percent of the portfolio. It also exited its position in India Shelter Finance Corporation. These exits indicate a potential profit-booking strategy or a shift in focus toward sectors with different growth profiles.
As of the end of July, the fund’s sector allocation remained focused on banking and finance, which together accounted for over 20 percent of the portfolio. The overall portfolio composition was tilted toward large-cap companies, which made up 61 percent of the holdings. Investors may track future updates from the fund to see how these new bets perform, particularly whether BHEL can sustain its profitability and whether InterGlobe Aviation can manage its fuel cost pressures in the coming quarters.