Going Full time into Investing

Investment Learning
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This is my live portfolio, all deployed as of 31st March 2026, which marks my transition into full time, managing portfolio at Captain’s portfolio with the start of New Financial Year 2026-27. It is a mix of some “10x in 10 years bets”, compounders and turn arounds. I have no benchmarks to beat, no customers to answer to, so this is just an attempt to hold some accountability by building in public. I will keep sharing a quarterly updates. (For simplicity, prices and allocations are decimal adjusted).

I am in it for the Love of the Game. Feedback is welcome
Equity 81%
(Price as On 31st Mar 2026)
Symbol Sector Price Allocation
NEULANDLAB PHARMA 12027 8%
NAZARA GAMING 233 7%
3BBLACKBIO MOLECULAR DIAGNOSTICS 1126 6%
RATEGAIN SAAS 439 6%
INDIAMART E-COMMERCE 1986 6%
IGIL GEMS & JEWELLERY CERT 318 5%
NYKAA E-COMMERCE 235 5%
AARTIPHARM PHARMA 592 5%
CDSL FINANCIAL SERVICES 1119 5%
DEEPAKNTR CHEMICALS 1287 5%
SAREGAMA MEDIA & ENTERTAINMENT 319 4%
ZAGGLE SAAS 187 4%
AJAXENGG ENGINEERING & CAPITAL GOODS 404 4%
TATAELXSI SOFTWARE SERVICES 3977 4%
UFBL RESTUARANTS 195 4%
TRANSRAILL ENGINEERING & CAPITAL GOODS 452 4%
POLICYBZR INSURANCE PLATFORM 1428 4%
INDOTECH ENGINEERING & CAPITAL GOODS 1107 4%
IEX ENERGY PLATFORM 115 4%
LAURUSLABS PHARMA 993 4%
TARSONS LABWARE 167 3%
CLEAN CHEMICALS 657 3%
100%
Debt 16% (Pledged for Margin)
Symbol Sector Price Allocation
SBI CRISIL IBX GILT INDEX - JUNE 2036 DEBT 13.01 95%
LIQUIDCASE ETF 113.42 5%
100%
Trading Cash 3% (Cash deployed in trades)
Symbol Sector Allocation
Active Trades Equity 100%

Disclaimer: I am not a SEBI-registered advisor. This content is my personal portfolio journal and is for educational purposes only. Investments in the securities market are subject to market risks. Please consult a registered advisor before making any financial decisions.

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is this your buying price or price as of 30th march closing ?
and if its your buying price, how did you managed to catch ,most of them at their bottom ?

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Hi Vivek, this is just the market price at the end of the quarter as mentioned clearly (This was published yesterday on my substack, 31st Mar), which I plan to use as my public anchor and keep updating at the end of each quarter, not my average buy price. Don’t want to complicate as the average will be different and keep on changing based on further buy or past returns

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Could you share a concise investment thesis for portfolio constituents? This would help facilitate more productive discussions and maintain continuity when evaluating individual business updates. Thank You

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Don’t Tell Me What You Think, Tell Me What You Have in Your Portfolio - Taleb

However I will share my short thesis for each stock over the weekend

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Whats your long term target for Clean science and Ajax Enginnering? Asking becuase i am holding both of this

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thats a very crude Interpretation..:sweat_smile:

By that line, he meant to say, “actions and exposure to risk post their analysis are far more credible indicators of a person’s belief than just their spoken opinions or theories.”
Thoughts put in action > just thought.

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I don’t have targets, I am not a Sebi registered RIA.

I have a portfolio approach

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Agreed, here’s one liner thought behind each stock:

  • 3B BlackBio – Bet on Indian molecular diagnostics, with fast growing, high margin test volumes and CORIS integration driving scale from a small base.

  • Transrail Lighting – Bet on infra play on India’s power T&D capex, backed by a large order book and 30%+ ROCE in EPC and tower/pole projects.

  • Laurus Labs – Pharma/CDMO candidate as growth reaccelerates in CDMO and formulations, leveraging an existing US/EU regulatory platform. Lumpy & Valuation risk

  • Neuland Labs – High‑quality CDMO, owned as a premium pharma outsourcing play. Lumpy & Valuation risk

  • Aarti Pharmalabs – API plus CDMO transition story where stabilizing pricing and fresh capex can turn a flat top line into high‑margin outsourced manufacturing growth.

  • RateGain – Travel‑tech SaaS platform riding global travel recovery and data/AI monetization, where successful Sojern integration can unlock operating leverage and multiple expansion.

  • Nazara Tech – India gaming and ad‑tech platform bet on long‑term digital entertainment and esports growth, holding company play

  • Zaggle Prepaid – Fintech spend‑management/SaaS name compounding from a low base, where strong revenue/PAT growth can translate into ROE improvement and rerating.

  • Indo Tech Transformers – Power‑transformer manufacturer leveraged to grid and renewable capex, owned for volume/margin upcycle while monitoring high promoter pledge risk.

  • Ajax Engineering – Concrete equipment and construction machinery play on India’s infra and real‑estate capex cycle, with temporary slowdown seen as an entry opportunity.

  • IGI India – Asset light, high margin global lab grown diamond certification oligopoly held as a steady compounder on category growth and 50%+ ROCE.

  • IndiaMART – Dominant B2B marketplace toll booth on MSME digitization, owned for durable high margin cash generation compounding

  • Tata Elxsi – Premium ER&D/design services franchise on the software‑defined auto and media/OTT trend, held as a quality compounder despite

  • IEX – Core power exchange utility on rising electricity demand and market based trading, with regulatory overhang accepted in exchange for high ROE annuity economics.

  • CDSL – Financialization proxy via a depository duopoly, riding structural growth in demat accounts and market participation, compounding play

  • Nykaa – Beauty and personalcare platform capturing formalization and premiumization of Indian beauty, held cautiously given excellent growth with position sized for valuation risk.

  • Deepak Nitrite – Cyclical chemicals and phenol/intermediates leader owned for operating leverage and capex driven upside through the next upcycle.

  • Saregama – Music‑IP compounder where streaming driven royalty growth and a deep catalogue are the core thesis, with non‑music segments treated as optionality.

  • PB Fintech (Policybazaar) – Capital light, network effect insurance and credit marketplace that should capture digital penetration gains, with position sized for valuation risk.

  • UFBL (Barbeque Nation) – High risk casual dining turnaround on India’s eating out theme, owned as an asymmetry bet if leverage and cost pressures normalise.

  • Tarsons – Labware picks and shovels to pharma/biotech and research where any successful execution turnaround could create upside from depressed profitability.

  • Clean Science – Specialty‑chemicals and process‑IP story held only as a monitored low‑conviction position until capex delivery and governance/communication improve.

  • Gsec – 7% yield plus pledged for margin for option trading

  • Trades – ETFs play for US, turnarounds sector, value etc

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Indo Tech Transformers Ltd doubles from 31st mar in just 21 days (1107>>>2247 today). Would have laughed if someone told me this could happen in 3 weeks, while war is still not over…Lets see how it goes from here.

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Alright, time for One Month review into Full time Investing Mode:
First thing first, Portfolio:

Equity is up 25% (Weighted average return) because of overall recovery in small caps.
Top 3 Performer: Indotech (144%), UFBL (78%), Rategain (38%)

Low performer: None of the stock gave negative return this month, However Tataelxsi is the lowest performer, only up 4%.

Debt is up marginally, as 10 yr Yield is flirting with 7% now

Churn: None, just added little bit in few top names in the first week when market was down

Personally, I have been able to get a lot time back post transition and have invested the same into a lot of reading and consuming content (Books, Podcast, Articles, Substack etc). So far so good, enjoying.

Also Health is getting the better of it, No excuses left to miss workout, so frequency is now consistent, diet has also improved with more control and less eating out.

Lets see how market behaves from here, war is still in limbo, crude is up a lot and Rs is weaker. Hope better sense prevail and we have good times ahead.

Cheers,

Captain

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IEX Q4/FY26 Review

The Good: Record volumes! Q4 PAT rose ~11% YoY to ₹130Cr, and FY26 PAT grew ~15%. The core engine is firing with elite operating margins (~86%) and stellar ROE (~39%).

The Bad: The CERC market coupling regulatory overhang remains a huge threat. Still no clarity, Grid India to operate as MCO as per latest paper, lets see how the regulations come (and when they come and if IEX fights again in court)

Valuation: Trading at ~23x P/E. Fairly priced for a near-monopoly, but the regulatory sword of Damocles prevents any major re-rating.

A brilliant toll booth on India’s power grid, but returns are hostage to regulators. Holding as a steady, high-quality compounder, risk management via position sizing

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INDIAMART Q4/FY26 Review

The Good: Core engine is still healthy. FY26 revenue grew 13%, backed by strong cash generation (₹694Cr CFO) and a fortress balance sheet (~₹3,280Cr cash). Rewarding shareholders with a fat ₹60/share dividend!

The Bad: Q4 PAT crashed >70% YoY to just ₹50Cr. The massive “other income” sugar rush from FY25 has faded, exposing a lower normalized margin.

Valuation: Trading at an effective ~25x P/E on normalized earnings. Growth is steadying in the low-teens, and paying supplier additions remain sluggish.

Holding as a high quality, cash rich portfolio anchor. Let’s see if subscriber growth improves in the coming quarters

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LAURUSLABS Q4/FY26 Review

The Good: The cycle has decisively turned! FY26 Revenue grew 23% and PAT skyrocketed ~148% to ₹890Cr. Q4 EBITDA margins are back to a stellar ~28-29%. CDMO and synthesis are firing on all cylinders.

The Bad: It’s heavily capital intensive. Massive planned FY27 capex (>₹1,000Cr) means free cash flow will remain tight.

Valuation: Trading at a spicy ~70x P/E. The fundamental recovery is real, but the market has already priced in perfection. Margin of safety is non existent.

Holding now to see how capex in peptides/ADC/gene therapy plays out.

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Wanted to understand your logic for holding on to Nykaa even at current levels.
I made post in the Nykaa forum, tagging it here. Would like to know your perspective:

Nykaa is an excellent business. After a year of analysis - Im certain Nykaa has a moat, a very rare case in the internet, retailing space.

The only issue however is a matter of discipline - quite a hard choice to sit this one but, at these prices, everything is priced to perfection.

Since the moat is relevant, competition is not the biggest concern.

But given the prices it is race to see what gives first: profit growth or a fall in valuations, both of which are bound to happen sooner or later, unless we live in a perfect world.

Even if one were to assume profit doubling every 2/3 years, the PE ratio will still be at 250+, without any upward movement in the stock - but the stock will certainly move even if it a slight tick when the operating margins show growth, hence you can expect a higher valuations if the return momentum sustains. It is a valid thought that Nykaa caters to the population segment who can afford despite overall weakness in the economy.

Everything ticks with this company, but just the valuations do not make it a good investment.

If nykaa is short term momentum bet that’s a different case, but if this is a long term bet, then you have more chances of losing vs making money.
Contra views invited.

Disclosure: Owned the stock since 200 levels, exited recently.

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For me its a portfolio bet (Most expensive business I hold in terms of Market cap), I am waiting to see how it pans out when J curve kicks in earnings (Question of when, not if) and impact on valuation. I am taking it as compounder not as multibagger because of extreme valuations. Promoters have done good so far and growth outlook is also good even from here, given the huge TAM and India’s demographic (and globally as they are trying)

1 Like