ValueQuest PMS Review: Growth & Platinum Strategies, Returns (2026)
ValueQuest PMS, run by Valuequest Investment Advisors Pvt Ltd, reported assets under management of ₹20,083.66 crore across 1,833 clients and 2 investment approaches as of 31 August 2026,. That places it among the larger portfolio managers in India by reported PMS AUM.
The firm is led by founder and CIO Ravi Dharamshi, and both of its listed approaches, Growth and Platinum, sit in the multi-cap and flexi-cap category. This review covers the firm's background, the reported numbers for each strategy, how to interpret them, and the practical points around fees and taxation.
ValueQuest PMS , run by Valuequest Investment Advisors Pvt Ltd, reported assets under management of ₹20,083.66 crore across 1,833 clients and 2 investment approaches as of 31 August 2026,. That places it among the larger portfolio managers in India by reported PMS AUM. The firm is led by founder and CIO Ravi Dharamshi, and both of its listed approaches, Growth and Platinum, sit in the multi-cap and flexi-cap category. This review covers the firm's background, the reported numbers for each strategy, how to interpret them, and the practical points around fees and taxation. Key takeaways ValueQuest PMS reports assets under management of ₹20,083.66 crore across 1833 clients as of 31 August 2026. Investment approaches: 2. Highest 3-year return in the line-up: Growth at 17.98% a year, against 12.1% for the S&P BSE 500 TRI over the same period (to 31 August 2026). Minimum investment ₹50 lakh; reported returns are TWRR, net of fees but before your taxes. Quick Facts: ValueQuest PMS Portfolio Manager Valuequest Investment Advisors Pvt Ltd SEBI Registration No. INP000003724 PMS AUM ₹20,083.66 crore (as of 31 August 2026) Number of Clients 1833 (as of 31 August 2026) Investment Approaches 2 Key People Ravi Dharamshi (Founder & CIO); Sameer Shah (Co-Founder & Fund Manager) Registered Office Mumbai (Prabhadevi), Maharashtra Minimum Investment ₹50 lakh (SEBI-mandated minimum for PMS) About ValueQuest ValueQuest describes itself as a boutique, SEBI-registered portfolio management firm based in Mumbai. According to its public profile, its research team brings two decades of industry experience, and the firm places stock selection at the centre of its approach. It positions itself as an alternative investment manager serving high-net-worth individuals and institutional investors. Ravi Dharamshi is the Founder and Chief Investment Officer. His profile notes more than 23 years of association with the Indian stock markets and an MBA in Finance from Bentley University in the US. After a short internship at Salomon Smith Barney in the US, he returned to India, and the firm credits him with a stock-picking record built on conviction-led calls. Sameer Shah is Co-Founder and Fund Manager. His profile highlights his role in positioning ValueQuest with high-net-worth and institutional clients, drawing on an understanding of both global markets and Indian trends. One point of context: the reported AUM of ₹20,083.66 crore is large relative to the client count of 1,833. Such a figure may cover all portfolio management mandates (discretionary, non-discretionary and advisory, which can include large institutional mandates), so it is not directly comparable with a boutique manager's discretionary book. Investors can ask the firm for the split. ValueQuest PMS Strategies and Performance Strategy Category 1Y 2Y 3Y 5Y Inception Growth Multi Cap & Flexi Cap 31.94% 9.10% 17.98% 17.97% Oct 2010 Platinum Multi Cap & Flexi Cap 14.24% 2.33% 14.83% 17.15% Jul 2014 S&P BSE 500 TRI (broad-market reference) Index 4.7% -0.1% 12.1% 10.9% — Returns as of 31 August 2026, TWRR, as reported by the portfolio manager; returns over one year are annualised. "NA" indicates the figure is not available, typically because the strategy has not completed that period. Index rows are shown for reference only, as of 31 August 2026 (index figures as published in Sundaram Alternates' August 2026 PMS performance disclosure); each strategy's own SEBI category benchmark may differ, so ask the manager for its benchmark comparison. ValueQuest Growth As the name suggests, this is a growth-oriented multi-cap and flexi-cap approach. Launched in October 2010, it is the longer-running of the two strategies. It reported 31.94% over 1 year, 9.10% annualised over 2 years, 17.98% over 3 years and 17.97% over 5 years as of 31 August 2026. The strategy stayed positive over the 2-year window that captured the market correction. ValueQuest Platinum Platinum, launched in July 2014, is also classified as multi-cap and flexi-cap. It reported 14.24% over 1 year, 2.33% over 2 years, 14.83% over 3 years and 17.15% over 5 years. The 5-year figure is close to Growth's, while the shorter periods trail it. The data does not explain how Platinum differs from Growth in construction or minimum ticket, so investors should check the Disclosure Document. How to Read These Numbers Each ValueQuest strategy should be judged against its own category benchmark over the same period, and against peer PMS strategies with a similar mandate, not against strategies with a different risk profile. The 2-year column covers September 2024 to August 2026 and therefore largely reflects the 2024-26 correction in Indian equities, which was sharper in mid and small-caps. That is why 2-year figures are often well below the 3-year and 5-year numbers. Both ValueQuest strategies remained positive on a 2-year basis, which is less common in a period when many multi-cap PMS strategies reported negative 2-year numbers. The 5-year figures of 17.97% (Growth) and 17.15% (Platinum) are the more useful guide to the long-term experience. The figures are Time-Weighted Rates of Return (TWRR), which strip out the effect of client inflows and outflows. An individual investor's actual return depends on when they invested and the fee structure chosen, so it can differ from the headline figure. Under SEBI norms, PMS returns are reported net of fees and expenses but before tax; since every sale in the investor's demat account can trigger capital gains tax, post-tax outcomes vary. PMS portfolios are usually more concentrated than diversified mutual funds, so a few stock or sector calls can drive results either way. Who ValueQuest PMS May Suit Investors with ₹50 lakh or more who want a long-vintage, multi-cap equity PMS with a track record going back to 2010 Investors comfortable with a founder-led, stock-picking approach and the swings that come with it Those with a horizon of at least five years who can sit through periods of underperformance Investors who prefer to choose between two flexi-cap strategies from the same house rather than many niche mandates ValueQuest PMS may not suit investors who need capital within two to three years, those uncomfortable with concentrated equity exposure, or those looking for fixed-income or multi-asset allocation within a PMS. Fees, Minimum Investment and Taxation SEBI mandates a minimum investment of ₹50 lakh for any PMS, which can be funded in cash, by transferring existing securities, or a combination of both. ValueQuest may offer different fee structures, such as a fixed management fee, a hybrid structure, or a performance fee charged above a hurdle rate; the exact fee schedule, exit load and other charges are in the Disclosure Document, and should be read before signing up. Unlike a mutual fund, the securities in a PMS are held in the investor's own demat account. Every sale by the portfolio manager is therefore a taxable event in the investor's hands. For listed equity, short-term capital gains (holding of 12 months or less) are taxed at 20%, while long-term capital gains are taxed at 12.5% on gains above the ₹1.25 lakh annual exemption. Dividends are taxed at the investor's slab rate. For a fuller walkthrough, see our guide on how PMS onboarding, funding, taxation and exit work (/insights/how-pms-works-onboarding-funding-taxation-exit) . Money n Wealth's View ValueQuest's main strengths in the data are vintage and consistency over long periods. The Growth strategy has run since October 2010, and both approaches report 5-year returns above 17%, with positive 2-year returns through a difficult phase for Indian equities. The 1-year figure of 31.94% for Growth is strong, though a single year should not drive a decision. What to watch: the firm is closely associated with its founder, so key-person dependence is worth discussing. The very large reported AUM may limit how nimbly the firm can move in smaller companies, and the publicly reported data does not spell out the differences between Growth and Platinum. Investors weighing this against a diversified fund can read our comparison of PMS versus mutual funds (/insights/pms-vs-mutual-funds-1-crore-investors) , or see where ValueQuest sits among India's largest PMS players by AUM (/insights/pms-players-in-india-aum-vintage) . Frequently Asked Questions Is ValueQuest PMS good? ValueQuest PMS has a long track record, with its Growth strategy running since October 2010 and reported 5-year returns of 17.97% (Growth) and 17.15% (Platinum) as of 31 August 2026. Whether it is suitable depends on an investor's goals, horizon and risk appetite; past returns do not guarantee future results. What is the minimum investment in ValueQuest PMS? The minimum investment is ₹50 lakh, which is the SEBI-mandated minimum for any PMS. It can be funded in cash or by transferring existing listed securities. Some strategies may set a higher threshold, so check the Disclosure Document for the specific approach. Which is the best ValueQuest PMS strategy? There is no single answer; it depends on the investor's goals. Growth has the longer track record (since October 2010) and stronger reported 1-year, 2-year and 3-year numbers as of 31 August 2026, while Platinum (since July 2014) has a similar 5-year figure. Investors should compare both against their benchmark and read the Disclosure Document. Who manages ValueQuest PMS? ValueQuest PMS is led by Ravi Dharamshi, Founder and CIO, who has over 23 years of association with Indian stock markets, along with Sameer Shah, Co-Founder and Fund Manager. Is ValueQuest PMS registered with SEBI? Yes. Valuequest Investment Advisors Pvt Ltd is registered with SEBI as a portfolio manager, with registration number INP000003724 as listed on its public profile. Investors can verify the registration on the SEBI website before investing. Related Reading Portfolio Management Services (PMS) in India: the complete 2026 guide (/insights/pms-india) How PMS works: onboarding, funding, taxation, reporting and exit (/insights/how-pms-works-onboarding-funding-taxation-exit) PMS vs mutual funds above ₹1 crore (/insights/pms-vs-mutual-funds-1-crore-investors) PMS players in India by AUM and vintage (/insights/pms-players-in-india-aum-vintage) Wright Research PMS Review (/insights/wryght-research-and-capital-pms-review) WhiteOak Capital PMS Review (/insights/white-oak-capital-management-consultants-pms-review) Tata Asset Management PMS Review (/insights/tata-asset-management-pms-review) Axis AMC PMS Review (/insights/axis-asset-management-company-pms-review) All PMS reviews (/insights/category/pms) Sources SEBI: registered portfolio managers (https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=10) Association of Portfolio Managers in India (APMI) (https://www.apmiindia.org) Disclaimer: This article is for general informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer/solicitation to invest in any security or PMS strategy. Portfolio Management Services are subject to market risks; please read the Disclosure Document and Client Agreement carefully before investing. AUM, client and performance figures cited are as reported by ValueQuest in public disclosures as of 31 August 2026, are calculated using the Time-Weighted Rate of Return method, are not verified by SEBI, and individual client returns may vary. Past performance is not indicative of future returns. Strategies, fees and figures may change without notice and should not be construed as a recommendation to buy or sell. Money n Wealth (Predics Fintech Services Pvt Ltd) is an AMFI-registered Mutual Fund Distributor (ARN-121995) and APMI-registered PMS Distributor (APRN-07444); this is not a SEBI-registered investment advisory service. Please consult your financial advisor before making investment decisions.
