Ascendant's Portfolio

Brief Introduction:

Dabbled in markets for some time in 2021 when I started earning, but then exited since I found the valuations to be very high. At that time I had no fundamental knowledge of macroeconomics or stocks, and was just doing Technical analysis. Also I got absorbed by work and personal stuff.
Started investing again in August 2023, and since then there has been a heavy churn in my portfolio due to the below reasons:

  • Kept learning more and more and my view changed.
  • Middle east conflict
  • 12 Sep and 25-27 Oct Crash which instilled fear in me

Some early mistakes and lessons

  • Exited winners early, and held on to losers. New Rule is you sell the first day when conviction changes, or keep on holding it.
  • Do not be afraid to re-enter a stock at a higher price once you booked profit earlier. Ex: PFC, Coal India, NTPC
  • Have proper tools at your disposal to analyze stocks, news or events.
  • Enter if fundamentals or market perception changes, do not worry if the stock price has already moved up a lot in the last week. It does not matter. Same policy for exit.
  • Do not overdiversify. 2 stocks per sector should be good enough.

New Portfolio
Long term themes are: EV, Chemicals, IT, Renewable Energy, EMS
Medium Term themes: Real Estate, Infrastructure, AgroChemicals
All the rest of the stocks are for short term, and I will exit when I find new opportunity (regardless of booking profit or loss)

Company Thesis
Aarti Industries - Chemicals Sector in India is a long term Play.
- Earnings have bottomed out and Q2 FY24 was great
- Company has been a consistent compounder since 2014
- Huge capex underway in the next 5 years
KEI & APAR - Proxy to Railways and Power, also Data centers
- EPS growth matching the growth in share price
- Ok Valuations as compared to other stocks in the theme
HBL Power - Renewable Energy theme for storage of batteries
- Kavach scheme, hence a railway proxy
- Q2FY24 profit 3x YoY, matching share price
PI Industries - Consistent compounder over the last decade
- Agrochemicals sector rising in India
- Government will keep supporting this sector
Kaynes Tech - Sector tailwinds.
- Avalon looks good in terms of valution though, might switch there if export order start coming in
Shakti Pumps - Solar Pumps and KUSUM Scheme
SDBL - Good growth of brand in last 5 years
- Huge planned capex
- Promoter increasing their stakes since 2 years
Sonata Software - Huge revenue forecast given by management
- Best Generative AI Play in India, I am also invested in MSFT for the same reason
- This could be a more of an emotional investment
CDSL - They hold stocks in demat form. Private companies req to digitalize their shares.
- Stock market growth in India
Tata Elxsi - EV design Play.
- KPIT Tech looks better as a company and I might rotate my PF to it.
- However, Elxi looks undervalued
Anuh Pharma - Rising after some consolidation. Huge earnings growth.
- SME Pharma Play, check out thread on VP about what it does
Praj Industries - One of the best companies to play the Ethanol blending theme
- Builds Ethanol manufacturing Plant
Sona BLW Precision - Another EV Play
- OEM Strike is over. Expected new orders and production.
- US exports should open up

Average weight of 5-10% in each company.

Next Plans

  • I am looking to book profits in short term holdings, and add that money to long term themes which I have pointed out.
  • As you can see from the no. of shares, my PF size is quite small. Not planning to add any more money into equities this year since it has crossed my risk appetite in case of a major correction.
  • Researching some good names in Pharma, especially Biosimilars. However, I will try to time that entry once the market agrees.
  • I will also observe how the above stocks perform during short term market corrections. As an example, I have found Gravitas, KPIT Tech, KEI, Apar to keep performing regardless of market. These are the kind of names I want to associate myself with.

I believe you should be writing the thesis regarding what made you convinced to buy the above business

Hi, I have now added link to published excel sheet with some investment rationale.
I will update on VP thread about new PF addition or removals.

@Ashar_Mann It is my view that you should not display the number of shares to anyone. This gives others a peek into your finances. That is not necessary for anyone to know. Your weight is sufficient for conviction.

As said by a very senior and very respected member of the forum, don’t make members click and see a sheet to know about things, if you are seeking views from them. You can post your rationale instead of a sheet.

You have given the context of your beginning and the current philosophy, for someone who can post this, posting the rationale is also the same.

The sheet is an excel sheet so it would not matter if it generates views right? It is quite hard for me to maintain that format in the original post.

However as pointed out by @Karan_Khanna , I will delete the No. of shares column.

I guess I was not clear. If we want members to provide with their views/opinions about our stocks, then we should post our rationale in the thread, so that they know about our rationale and reply. We should not make them click a link or a sheet to see our rationale.

Something like this.

Or even this.

This is a trivial matter, so I have nothing to add.

Thanks, updated. Is Anti thesis mandatory? I don’t want to put some bias in other VP member’s mind, and want their fresh inputs.

This is your PF, and as such, except for the rationale which helps members know about your views, so that they can give their views, anti thesis I don’t think is necessary per se, unless, of course, if you have found reasons for things going wrong, which can be presented along with your thesis.

This thread may very well work like a journal to your journey, and if you update your activity as per your views, it helps you and might help others too. Work of members who are not active for years is as fresh and relevant as today’s news.

Core Portfolio Update:
Added approx 5% to these stocks and increased my PF size.
Please check respective VP thread for these stocks.


  • Company has done huge Capex and I am expecting good profit growth over the next few years.

Jupiter Wagons

  • Railway is giving more and more orders everyday for coaches. Both Titagarh & JWL are stocks to have for 5 years
  • Chose JWL over Titagarh as stock has been pushed down quite a lot due to upcoming QIP, and stock in ASM.


  • Had removed this stock in the past, but now again added it on account of Company increasing it’s presence in Malaysian Airports.
  • Company excluded of MSCI India SmallCap (Negative)

Future Plans
Looking to exit Tata Elxsi after swinging for small profits. Will add 5% in Tata Tech post listing.