I’m a 19-year old undergraduate student studying in the US. I’ve been passionate about investing for a while, and made some significant changes to my portoflio recently. I owe most of my learning to @Worldlywiseinvestors from SOIC, having watched his videos for over 3 years now.
Here’s my PF (based off current value, not allocated capital):
Stock
Value
Garware Hi Tech
5.17%
Narayana Hrudayala
18.51%
Samhi Hotels
13.89%
TD Power
10.62%
JM Financial
5.06%
Aditya Birla Capital
4.10%
Time Technoplast
4.47%
Pokarna
10.12%
Thangamayil Jewellery
4.77%
Gold
18.00%
Cash
5.29%
I look for businesses riding long-term trends, showing strong growth, available at a fair starting price, with a clear trigger for value realization. Hedged with Gold.
Very strong portfolio- and even more impressive that you’re 19, you can retire by the time you reach most of our ages
I have also been fortunate to come across @Worldlywiseinvestors and SOIC, and I owe a lot of my learning and ideas to them. Therefore, I understand the rationale for most of your stocks, because I have quite an overlapping portfolio. Just curious, why the high allocation to Pokarna?
Most of my analysis will be uploaded on my website, as I want to keep a transparent record of how I progress as an investor. But I’ll upload them here one by one!
Regarding your question about Pokarna, I believe they have significant industry tailwinds, with India’s stone market being unorganized, and management guiding that domestic demand will start to pick up soon, and we’re seeing good product acceptance internationally as well.
I think it’s an operating leverage play as well, with their quartz production line coming soon in 2026.
One thing to note - I also closely follow Mohnish Pabrai and, among the many things I’ve learned, I want to implement his portfolio allocation strategy, of roughly 10% allocation in 10 stocks. Having said that, I’ve got a significant exposure to gold, so I’ll have to work around that.
Here are my notes on Pokarna. I’ll be uploading more this week!
Please note that, for my valuation model, I am trying to be as conservative as possible. The theory is that if, with low expectations, I can foresee a preferable upside, then I can only be happier!
Company Overview
Started as a granite quarrying and processing company in India.
Over the years became a leading manufacturer + exporter of premium granite and engineering quartz surfaces.
Pokarna Engineered Stone Limited [PESL] is a wholly-owned subsidiary to manufacture high-quality quartz surfaces under the Quantra brand using italian tech.
Operates a vertically integrated business model, control over the entire value chain.
Strong U.S Presence accounting for 85% of quartz exports.
Diversifying into new markets like Canada, France, Mexico, Russia.
Industry
Granite :
A natural stone quarried directly from Earth, cut into slabs, polished, and used mainly for countertops, flooring, and exterior applications.
India is a country with one of the largest quartz deposits.
In India, the granite industry is valued at $40 billion.
Leading supply markets: India, Brazil, China.
Quartz :
Engineered by combining crushed quartz with resin and pigments (typically ~90–95% quartz).
More uniform, customizable in design, non-porous (more stain-resistant) and competes with granite, marble, and high-end tiles.
Projected to grow at 7–9% CAGR globally.
USA and Europe are the largest consumers of quartz surfaces; Australia and Middle East are smaller but fast-growing markets.
Shift in supply chains:
Anti-dumping duties by the USA on Chinese quartz opened doors for India, Vietnam, and Turkey.
Higher margins than granite due to better pricing.
Benefiting from higher demand for “sustainable” materials — quartz is marketed as more eco-friendly due to engineering control.
Global Demand Drivers for Both :
Real estate: new residential construction, home renovations, commercial building upgrades.
One of India’s largest exporters of finished granite + strong in domestic market.
Operates multiple captive quarries in Andhra Pradesh, Telangana, and Tamil Nadu.
75+ granite varieties in portfolio sourced locally and from Ukraine, Madagascar, Norway.
Two Divisions:
Quarrying :
Extraction: physically digging out huge blocks of granite stone from Earth.
Processing :
After quarrying, rough granite blocks are cut, shaped, polished, and finished into slabs, tiles, or other pieces to become usable.
Quartz (PESL) :
Integrating two advanced technology lines (Kreos and Chromia) to introduce new-gen quartz surfaces with full-body aesthetics + HD digital printing capability.
Kreos:
Produces full-body slabs where the entire thickness (inside-out) has the same color, pattern, and texture.
Enables production of ultra-thin (7mm) products compared to traditional 12, 20, 30mm slabs.
Chromia:
Prints intricate, realistic patterns and artistic designs on quartz slabs, allowing designs that mimic expensive marbles at lower cost but high realism.
Growth Drivers
Investing ₹440 cr to expand quartz production facility in Mekaguda, Telangana with third Bretonstone production line operational by March 2026.
New Bretonstone line expected to generate turnover of ₹450–550 cr annually.
Expected EBITDA expansion of ₹145–165 cr and PAT of ₹100–110 cr.
Kreos technology helping produce full-body, ultra-thin quartz slabs, gaining popularity:
Less raw material use + premium pricing = margin improvement.
Chromia technology helping integrate HD digital printing into quartz manufacturing:
Can create intricate patterns, hyper-realistic textures, vibrant colors.
Demand for engineered stone countertops growing at CAGR of 9.3%.
More customers opting for quartz over granite due to durability and low maintenance.
Pickup in US housing demand after slowdown in 2023.
International forays starting:
Russia: good product acceptance and repeat orders; lead time challenges due to limited shipping lines.
Canada: distributor looking to expand Quantra’s reach.
Mexico: doing good despite low-cost imports; Pokarna positioned as a niche/luxury brand.
France: working with one of the largest clients; good repeat traction.
Focus is more on value growth than volume growth.
Competitors - Caesarstone
Caesarstone holds roughly 5–6% of the global quartz market share.
Quantra (Pokarna) is sub-1% of the American quartz market.
Pokarna does not sell directly to end-consumer/fabricator; instead works with large distributors — their success is linked to distributor success.
Caesarstone’s gross margins trending at 26–27% compared to ~65% for Pokarna.
Management Guidance
Kreos line commercialized in Q2FY24.
Chromia line expected to commercialize in Q4FY25.
Total CAPEX for Kreos and Chromia lines is about €10M.
30–35% EBITDA margin guidance is good for FY25.
Current tax rate at 35%, expected to move to 25% in FY25.
India’s stone market largely unorganized and fragmented compared to the US.
Working on an experience center in Hyderabad.
Focus remains on exports; local numbers expected to rise after six months.
Valuation
Risks
Trade policies - If the U.S. continues tariffs, it could hurt Pokarna’s sales significantly, given that 85% of Pokarna’s quartz revenue comes from the U.S.
U.S. Real Estate - Analysts are predicting a slowdown in the U.S. economy which would affect real estate sales too. This is a significant market for Pokarna.
Competition globally from low-cost Chinese producers and Brazil.
Started as a manufacturer of polymer-based industrial packaging solutions in India.
Over the years, evolved into a multi-product, multi-geography player across rigid packaging, composite cylinder, infrastructure plastics, and auto components.
Operates a diversified product portfolio catering to industries such as chemicals, lubricants, FMCG, healthcare and mobility.
Operates across 10+ countries with strong local manufacturing in Asia, MENA and India, serving 900+ clients globally.
Actively developing future-ready solutions such as hydrogen fuel cell cylinders, composite fire extinguishers, and E-rickshaw batteries.
Industry
Rigid Industrial Packaging
Rigid containers made of HDPE or composite materials.
Used to store and transport chemicals, lubricants, and food-grade liquids in bulk.
Global market ~$40–45 billion, growing at 4–6% CAGR.
Dominated by players like Greif, Schutz, and Mauser.
Indian market is highly fragmented, strong demand from chemical clusters (Gujarat, Maharashtra).
Growth drivers:
Rising chemical exports from India.
Global shift from metal drums to plastic (lighter, corrosion-free).
Intermediate Bulk Containers (IBCs)
Large (~1000L) containers for bulk transport of liquids and semi-solids in chemicals, paints, and food additives.
Global market ~$5–6 billion, growing at 6–8% CAGR.
High compliance and quality barrier.
Time Technoplast has presence in UAE, Malaysia, Vietnam.
Indian market is still nascent (~₹500 crore), with shift from drums to IBCs in organized sectors.
Composite LPG/CNG Cylinders
Lightweight, corrosion-resistant, fiber-wrapped plastic cylinders (vs. traditional metal).
Used to store LPG, CNG, and specialty gases.
Fast-growing global market with demand from MENA, South America, and Asia.
I’ve been bullish on gold for over 6 months. Here’s my thesis on my exposure to gold, largely paraphrased from Ritesh Jain:
In 2006, US debt was about 6 trillion, with debt-to-GDP at about 50%. Now, its 36 trillion, with debt-to-GDP at 130%. For the last 150 years, 52 countries have achieved this level of debt, out of which 51 countries have defaulted!
America’s biggest export is the dollar. Thats what you need to be the world’s reserve currency. But with these levels of debt, they can no longer consume at the current rate. Hence their attempt to shift towards a manufacturing nation. This means that, since USD is no longer the world’s reserve currency, people will shift towards safe havens like gold.
You might make the argument for US bonds. Historically, if the equity market went down, money moved to bonds. But this year, we saw equity markets down as well as bonds down. What does this suggest? People are moving away from both equity markets and bonds, and are moving to commodities like gold.
Look at the MOVE index. It’s been trending upwards. When the bond index touched 150 in the past, Prime Minister Liz Trust lost the confidence vote. So this is an important level as it decides the fate of the equity market.
All in all, I think that this marks a shift towards gold as everyone is losing trust in traditional safe assets. But I’m still bullish on India and believe they will benefit more out of this, so have decided to hedge my portfolio with an exposure to gold.
You can find a more thorough analysis on my website as I don’t want to crowd this chat.
Started as a manufacturer of AC generators in India, catering to power generation needs across industrial and utility sectors.
Over the years, it evolved into a niche global player supplying high-capacity generators and motors for gas, steam, hydro, and wind turbine applications.
Operates a diversified product portfolio including AC generators (1–200 MW), induction and traction motors, and specialized 2-pole generators for high-speed applications.
Serves a wide range of industries such as power, oil & gas, metals, cement, data centers, railways, and nuclear power, with 70%+ revenue from international markets.
Exports to 60+ countries with manufacturing hubs in India and strategic presence in Europe and Asia, maintaining a pricing and quality edge through Indian production.
Actively expanding into emerging sectors like data center backup power, grid stabilization for renewables, and geothermal energy, while delivering 40%+ YoY order book growth.
Industry
AC Generators
Convert mechanical energy from turbines/engines to electrical energy
Used in steam, hydro, diesel, gas and wind power setups
Electric Motors
Convert electrical energy into mechanical energy for industrial processes and transportation
Global Trends
Gas power plants in the U.S.
80 new plants by 2030 (+46GW, size of Norway’s electricity system)
Driven by AI/data center power demand; need for cheap, uninterrupted power
Data centers for AI: electricity demand expected to 3x in the next 3 years
Grid stabilization: renewables need backup gas engines that start instantly when solar/wind power drops
Business Segments
Generators
Ranges from 1 MW to 200 MW
Applications: Gas, Hydro, Wind, Steam turbines
Domestic = 27%, Export = 73%
Induction and Traction Motors
Focused on high-capacity motors (250MVA+)
Customers: Indian Railways, Nuclear Corporation of India
Turkey Operations
Manufacturing center for large generators
All orders denominated in Euros to stay immune from local inflation
Filed termination notice but used Turkey as export hub till now
Specialized Products
2-pole generators
Spins very fast, for high-performance applications like turbines + ships
Need to pay royalty to Siemens
Nuclear Power plant work
Inside dome = more risk → more complexity (qualification required)
Inside the dome = Nuclear fission heats water to produce steam (via the reactor). Some pumps, valves, sensors, and heat exchangers sit inside here.
Outside the dome = Steam is sent to a turbine connected to a generator. The turbine spins the generator, producing electricity.
Growth Drivers
Export demand - large export orders for hydro, gas engine, gas turbine generators
Domestic demand - steel and cement industries (large power plants up to 100 MW)
Data center boom - Ai-related data centers needing reliable backup power
Grid stabilization - rise in renewable energy requiring fast-response gas engine generators
Order book is still international dominated with muted demand in domestic market as it is dependent on private capex.
Note on U.S. Tariffs:
“The products we are exporting to manufacturers over there have a 2-year qualification, which is required for any other generator manufacturer to, let’s say, replace us in the event that duties do come in”
Margin expansion: moving from out of dome to inside the dome for nuclear
Here’s my PF for the month of May (based off current value, not allocated capital):
Stock
Value
Garware Hi Tech
6.3%
Narayana Hrudayala
17.3%
Samhi Hotels
13.9%
TD Power
11.1%
JM Financial
5.5%
Aditya Birla Capital
4.0%
Time Technoplast
4.6%
Pokarna
10.6%
Thangamayil Jewellery
4.4%
Gold
17.8%
Fineotex Chemical
4.3%
Cash
0.2%
The only change was addition of Fineotex Chemical. The thinking was that we are getting a leading manufacturer of chemicals for the textile sector (which India will likely see high growth in) for 3000 cr. They are a one-stop solution, are constantly expanding their product lineups as well as capacity. The results were definitely sub par, but the management suggests it is a temporary dip in the FMCG, Cleaning & Hygiene segment. I will continue tracking them next quarter to review things further.
I’ll be posting full theses here throughout this week!
Here are my notes on Narayana Hrudayala. Note that my conviction has decreased slightly due to possibly peak margins for the Cayman business and rising clinic and insurance losses. I may reduce allocation for better opportunities.
Company Overview
Indian hospital chain focused on affordable, high-volume healthcare
Operates with the lowest ARPOB (Average Revenue Per Occupied Bed) among peers due to its value-focused model
96% of revenue comes from inpatients
One of India’s largest bone marrow transplant centers
High capital efficiency: lowest gross block per bed among competitors
Industry-leading ROCE (~28%) despite low pricing due to efficient asset utilization
Industry
Indian healthcare is characterized by a supply-demand mismatch
India accounts for 17% of the global population and 21% of the disease burden
Sector is growing at a 12% CAGR
Industry often caters to premium segments; NH stands out by targeting underserved segments
Business Segments
India Operations
Largest contributor to revenue and PAT
Focused on affordability and high throughput
Payer mix: 46% walk-in, 25% insured, 21% government schemes, 8% international
Cayman Islands Operations
105-bed specialty hospital
45% EBITDA margins
CAPEX of ₹1000 crore planned for an oncology block
Set up to provide low-cost care for U.S. patients by employing Indian doctors (unique regulatory advantage)
Growth Drivers
Operating leverage from increased utilization of new hospitals
Margin expansion guidance: moving from 8.6% to double-digit margins in 3–5 years
Cayman expansion into central city area (vs. earlier remote location) expected to improve reach and services
ALOS (Average Length of Stay) reduction and increasing complex therapy mix
Here’s my broad thesis for Samhi Hotels. I’m changing things slightly to avoid crowding this chat:
India’s hotel sector has been experiencing a huge supply-demand mismatch, which enabled increased pricing power + rising ARR & Occupancy rates. Samhi is well placed in cities like Bangalore & Hydrabad to capture these tailwinds. They’ve got a strong project pipeline for the next few years which will contribute to operating leverage playing out + financial leverage playing out too with the ongoing sector tailwinds.
I know I build income statements, but I prefer using simple napkin math. As Warren Buffet says, “Thou shall not use excel!”.
I think we can safely assume 500cr EBITDA for FY26 (16% up from FY25). Using a conservative EV/EBITDA multiple of 14x, we get an EV of 7000cr - 1500cr for debt = 5500cr market cap. Not even including cash, this should yield 30%+.
You can find a more thorough analysis on my website!
We are getting a leading manufacturer of chemicals for the textile sector (which India will likely see high growth in) for 3000 cr. They are a one-stop solution, are constantly expanding their product lineups as well as capacity. FY25 were definitely sub par, but the management suggests it is a temporary dip in the FMCG, Cleaning & Hygiene segment.
I think they’re at an inflection point, as input price correction will bring them back to previous margins + regulatory tailwinds + more countries increasingly looking at Indian chemical suppliers + high growth in their Water and O&G segment. They are constantly developing new products, AquaStrike being the one they highlight frequently. They already have sales in Asia but once they get the WHO approval growth may be robust.
However, I will have to closely track their situation with delayed orders and orders from bangladesh. Although I think there is scope for PE rerating, one should not bank on that. I believe Fineotex will yield good results over the next 2-3 years.
You find a more thorough analysis on my website here!
They are riding a huge financialization tailwind for India, and are leading in the IPO and QIP space. At the time I invested, it was available at less than 1 price to book. After the recent concall I believe the management is taking us in the right direction. Improved capital allocation through the rationalization of the real estate loan book, shift to asset-light and off-balance sheet model and doubling down on asset management.
There have been corporate governance and capital allocation issues in the past, so I’m keeping that in mind. The key is to track their cash deployment in the coming quarters.
You can find a more detailed analysis on my website here!
I also think that GreenEdge Wealth produced a brilliant article with a sum-of-the-parts model. Highly suggest reading it. Link.
