It looks I have finally managed to prepare fully functional portable version of Android Studio for Windows. The packages I have shared until now are no longer maintained and I have removed them from my Google Drive. Here is the latest package that is up to date (Android Studio 0.4.6) and contains up to date SDK package.
Please grab it from here: Android Studio 0.4.6 Portable for Windows
– Android Studio 0.4.6
– KitKat SDK (API 19) with latest SDK Tools 22.3, Platform-tools 19.0.1 and SDK Build-tools 19.0.2
– Android Support Repository, Google Repository and Google USB driver
– JDK 1.7.0 r25
How to start it: just use enclosed start.bat to launch it.