Gurjot Portfolio

Thanks for sharing this calculation Gurjot and the sheet. It is really helpful. Wanted to know that whether the same methodology is being used in calculating MON100 price or if you have a relevant link maybe you can redirect me there. Thanks again for the efforts.

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Hey would be good to know how has May/June worked for you, what strategy you followed in may/June correction and now what are your strategy on these recession/bear possibility…thanks

Are you holding on to your picks, buying the dips or coming/already come in substantial cash?

  1. Overall portfolio is down -16% YTD similar to MidCap and SmallCap indices

  2. I have been consistently getting out of all high P/E names as you can see from my April PF Update (Titan, Dr Lal, Britannia, Syngene, etc. - most of which are further down up to 20% from my sell price). Soon after I was out of Divis Labs and managed to get out JIT without any loss or PF hit, it has also seen 20% further drawdown from those levels. All of this mainly due to the expected derating of these high P/E companies with higher interest rate cycle.

  3. I have also exited 50% position in Mirza (120% profit in less than 6 months) to reallocate mainly to financials such as Banks and General Insurance.

  4. I’m currently looking at high but stable dividend yield of 4-5% plays with a 10%+ kind of growth and if growth doesn’t materialize, it’ll be like FD in the bank.

  5. Almost all the cash raised has been redeployed into existing holdings and ETFs shared in April update.

Hope this helps.


Yes it does, i see your strategy to rotate capital from high PE to div yield and BFSI has been working well over last few months…

Hi Gurjot ,

have you looked at INVITS/REITS ?

I’ve discussed REITs many times on this thread and across this forum. I was invested in all 3 - however I moved out of them as I did not see myself making 15%+ XIRR on those, so re-deployed to more attractive growth opportunities. I currently don’t hold any REITs.

Sharing some of the old posts on REITs

Portfolio Update - H12022

First half of CY2022 is done and dusted, a bit like most investors’ portfolios to be honest. The past couple of months (May and June) have been quite bruising for all, they’ve brought a lot more pain with Nifty almost going into bear market and Mid/Small Caps decisively plunging into bear markets.

The market is completely dominated by macro events (multi-year/decade high inflation, weakening currency, rising crude and commodity prices, Fed/RBI rate hikes, etc.) currently and would be interesting to see how long this phase of the market lasts. With Nifty at ~17x forward (FY23) multiple, this market is definitely not overvalued. But neither is it dirt cheap IMO. It would be interesting to note if the macro events of last few months start suppressing FY23 earnings. This is the biggest risk to the market i.e. FY23 earnings growth getting dented because of inflation, commodity prices and rate hikes. However, even if that were to happen I don’t see a material downside to this market from 15,000-15,500 levels.

The biggest learning for me over the past 8 months has been the fallacy of “buy on dips”. Irrespective of business or management quality, large cap or bhangaar cap, almost everything has fallen and corrected substantially barring select few. This shows the virtues of patiently accumulating / sitting on cash till your favorite businesses come to your buy price levels and not just buying every dip no matter the quality of business. In 2021, I could have never believed that just 1 year later the texture of the market would be 180 degree opposite (from everything going up to everything going down). Hence, it’s always prudent to not chase stock price but let your favorite businesses come to you. Thankfully, I’ve mainly done buy on dips in well established relatively good quality businesses where I don’t lose much peace of mind at night even if they fall 10/20% from buy price.

My portfolio has taken a 60% haircut in the past 18 months! Not in value but number of holdings. Bull market of 2021 was extremely kind for me to keep on exiting most of positions with handsome profits. From a 75 stock portfolio to just 32 holdings as of date, this is the most concentrated I’ve been in the past 2 years.

Portfolio Holdings

Name Current %
RPPL 7.47%
HDFC 6.93%
BETA 6.64%
ISEC 5.27%
MASFIN 2.89%
GLS 2.59%
VMART 1.46%
CERA 0.85%
SOLARA 0.67%

Portfolio Sectoral Break-Up and Market Cap Distribution

With 30% of PF in Financials which have massively underperformed in the past 2 years, I’ve been able to manage the PF performance / downside at par with the market. If this sector were to lead the next bull run, I’m pretty confident the portfolio would end up handsomely outperforming the market.

Portfolio Exits

Mirza International - In a market where major indices have given negative returns, making 110% return in 6 months is phenomenal going. I’ve exited based on technical factors and I also feel I don’t need to make all my returns from a single stock. If I want to make 20% CAGR over 10 years and I make 110% in 6 months, I only need to re-invest this capital at 12% for the remaining 9.5 years to get 20% CAGR over 10 years.

HDFC Bank - converted into HDFC to capture 4-5% arbitrage.
IEX, Indiamart, Whirlpool - High P/E, re-allocated to better attractive growth/dividend plays at more reasonable valuations
Nazara Tech - Don’t feel comfortable owning these cash burn businesses in the current market environment although Nazara is profitable but I want cash spewing machines in the current market
Associated Alcohols - Potential corporate governance issues, high promoter salary, do not want to get stuck with any bad managements even in good businesses


Hello Gurjot, thank you for sharing your experiences. This is really helpful. Wanted to check with you how do you track your PF performance. Have you made an excel template for tracking the PF? If so, would be able to share it.

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Hi …Thanks for updating. Now , will you stick to 30 odd stocks or planning to reduce it further?

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Good to see a tech as one of your largest holdings. Is maximum part of this allocation added in recent crash? Or is the result of buy the dips? You do not have any midcap IT…Any reasons?

Also, very small caps RPPL & BETA also have top allocation. Must be very high conviction bets for you…can you share your brief thoughts on them, their business - specially the promoters, management & corporate governance parts?

I see you have big exposure to ICICI group = 14% + This is just an observation…


In recent communication, Mukul Mahaveer Agarwal is entering RPPL, with 100000 preferential issue of shares at 193 price. Around 1.5 Lakh shares to promoter too. Looks like company is getting visible for big investors.


Apologies everyone for the delayed response - July was a very busy month for me on the professional front and in August I was traveling abroad for majority of the time.

@sougataG have answered this question here :point_down:. Regarding sharing the template - I would have to spend a lot of time to scrub the data as I have multiple sheets with Equity, Mutual Funds, NPS, etc. details in it. Not sure that would be so easy for me.

@Mudit.Kushalvardhan - I’m currently holding 30 scrips, with 95% allocation in the top 25. I will likely always hold more than 20 stocks. I believe in adequate diversification as I’m not the promoter managing the business, no matter how much I deep-dive/analyze/study any company - a business can face various unseen and unimaginable risks. Diversification is your only free lunch in the market.

Also I recently posted here - the number of stocks in your portfolio has no correlation with your portfolio returns.

@Investor_No_1 - I’ve been adding HCL Tech aggressively throughout 2022 - avg buy price ~1010. Recent correction seems to be offering another good opportunity. I’d love to buy midcap IT but they are either at quite stretched valuations (anything above 30x P/E is relatively high multiple) or not as robust business model as the large cap IT plays.

Both Rajshree Polypack and Beta Drugs have their threads (RPPL quite a detailed one) on VP. I think most of the information about these companies is covered there.

The management of Rajshree has a great execution track record in my view. All the planned capex over the past 2-3 years is now bearing fruit along the lines of management guidance. The last quarter had the highest ever quarterly sales in the company’s history. Management has also done a preferential issue at a price of 193 for the next phase of company’s growth.

Beta Drugs is a branded generics oncology play with the main advantage of it being a pea sized fish in an ocean. There is massive opportunity/runway for growth and the management has delivered fabulously so far. With Indian pharma companies, I think scale becomes a big challenge and I don’t like any large sized pharma companies given the intense competition, regulatory hurdles and challenges. In pharma, being small in size is a massive advantage in my view. The management / corporate governance of Beta Drugs is average in my view - they just about meet expectation. Promoters have taken considerable salary increase with exponential growth in profits (not a red flag but obviously not the best corporate governance).


Portfolio Update - September 2022

Much water has flown under the bridge since my last portfolio update 3 months back and yet not much has changed if I look at the markets/PF from a YTD perspective. 2022 is the year of no returns and getting through to the end of 2022 without being badly bruised or damaged could be counted as the success of an investor this year.

“India shining” was a political campaign at the start of a multi-year bull market from 2004. 18 years later, despite the extremely dark grey macroeconomic clouds in US and Europe - I can confidently say India is truly shining on the global stage with strong economic growth reflected in the equity market outperformance and currency markets. However, no magnitude of economic growth will salvage us if the US economy were to tailspin into a severe recession. We will all be hit by it, but just to a lesser extent because of a strong domestic economy.

Overall, it has been interesting to observe the strength in the broader markets. With Nifty near a ~10% correction from ATH, the Mid and Small Cap indices are also only down by that much . Generally, they have a multiplier effect both on the upside and downside. But given their resilience so far, I don’t think there are too many cheap throwaway valuation companies in the current market.

From a portfolio standpoint, there has been a strong recovery in Q3CY22 similar to the market, however it has only brought us close to parity for the year. Stocks like ICICI Bank, Polycab, Prataap Snacks, Macpower which are near all-time high / 52wk high have helped protect the downside along with a decent recovery in the financials. In recent times, I have mainly been adding high dividend yielding companies (4-5% yields) with a reasonably strong growth outlook. If there is any sharp decline or adverse news, the div yields should protect the downside and also act to minimize opportunity cost of cash in the bank at 4-5%.

Portfolio Updates

I’m now down to exactly 30 stocks in the PF. I have made 2 changes - exited Tips Industries and Jubilant Ingrevia.

The exit in Tips Industries at 1900 (doubler in 1 year for me) was explained here and seems like a decent decision with stock having corrected 20% from there :smiley:

The exit in Jubilant Ingrevia was due to the multiple negative publicity of various chemical companies plant fires/incidents (Valiant Organics, Deepak Nitrite, etc.) and Jubilant Ingrevia already has a bad track record of environmental compliance, very well covered in that thread.

Portfolio Holdings

Name Current %
RPPL 7.62%
HDFC 6.47%
BETA 6.33%
ISEC 6.10%
GLS 3.94%
MASFIN 3.83%
VMART 1.46%
CERA 0.97%
SOLARA 0.70%

On a side note, I’m seriously toying with the idea of starting a small momentum portfolio. The back test results are quite conclusive in terms of the outperformance vs indices both in up and down markets. I’m actually looking for app/ways on how to execute trades automatically on Zerodha or ICICI Direct to completely take out the manual / emotional element of investing.

Festive season’s greetings to all VPers :diya_lamp:


Hi Gurjot,

Thanks for the regular updates on your portfolio, I really enjoy going through them and through your thought process. Keep them coming!

I wanted to understand more about how you picked a micro cap like Macpower so early in Aug 20 when its market cap was barely 100Cr! You seem to have gone through the entire cycle with it too - start small in satellite portfolio and then build the position as conviction got higher and now its the 3rd highest allocation in your portfolio. Incredible journey for me!

Can you please share the following details about your journey with Macpower? Lots to learn from this as a fellow investor who has started dabbling in small and micro caps.

  1. How did you come across the company?
  2. What made you take the first stab at it?
  3. Did you meet Management face to face or over calls?
  4. How did you build your conviction over time to turn this into an 8% position?

Greetings of the festive season to you as well :slight_smile:


Thanks for the kind words @nirvana_laha

Macpower is just one of the many SME (soon after migrated to main board) companies I had invested in 2020, the recent price action may be bringing this into focus but I think highly of the other SME companies I’ve invested as well. Anyway, thanks for the good set of questions which also helps me structure the response as well, so here goes

  1. Around late 2019, I had discovered Saurabh Mukherjea’s Coffee Can Investing and I had started investing by applying those filters on Screener and weeding out any commodity companies. However, I was mainly focusing on large/mid/small cap companies at that time with at least 10 years of operating history. Then Covid struck and everything crashed. In the first Covid decline (Mar-2020), I was mainly buying the CCP / LCP type businesses (Divis, Titan, Page, Marico, Berger Paints, HDFC Bank, Kotak, Alkyl Amines, etc.). Most of these businesses seemed to be no-brainers after a 30-50% market cap erosion and they all recovered in April and never saw their March lows again.
    However, next month i.e. May 2020 there was another correction (not to the March lows) and this has turned out to be the real Covid bottom for a lot of the broader market mid/small caps. If I remember correctly ~18 May was the 2nd lowest bottom and markets have never gone back to those levels again. Now it was at this time around May/June that I started looking at really small / micro cap companies as well because I saw many small / micro cap companies at absolutely throwaway valuations of 3/4/5 P/E and some even had 5-6% dividend yield. I downloaded the entire list of BSE SME platform and NSE SME platform companies and put screeners on them for profitable growth, low debt and ROE/ROCE (>20%) over the last 3/5 years, whatever data was available. It was then that I landed upon Macpower and few other SME companies which I invested in. I would do the exact same exercise again if we are in a similar market situation. Buying decent businesses with real cashflows for 3-5x earnings multiple is the actual time to load up as an investor because you have such a strong MoS in your buy price. I sincerely doubt that time will come again soon.

  2. I bought Macpower as a 50cr company at Rs 50, not even a 100cr company. A few things about Macpower’s business & management immediately struck me (apart from basics such as debt free company quoting extremely cheap)

  • Import substitution play - Based on my research, there was a genuine need for it’s products. Indian Machine Tools Association - FY19 consumption of machines in India was worth 23,500 cr out of which only 11,000 cr worth machines were developed in India. Remaining 13k were still reliant on imports. Machine tool industry overall CAGR in the last 10 years was 35% CAGR. Few players present in this industry - only 7-8 key players are present in this industry and Macpower was amongst top 5 players already despite operating at such a small scale

  • Capex - Company had undertaken capex to double it’s capacity around 2019-20. I had seen videos of the company’s manufacturing facilities on YouTube

  • Genuine honest promoter - he didn’t take dividend in both 2018 and 2019 when it was paid out and promoter had 75% holding so a huge sum of money was waived off by the promoter
    All this was enough for me to take a small 1% PF position

  1. No, I didn’t meet them. In fact, I’ve never met any company’s management. One thing I remember watching was one of the interviews of the promoter in 2018/19 where he talked about strong growth potential of the company. By the way, promoter is no fancy English speaking professional sounding management if you ever listen to him on concalls / interviews. But all a shareholder should be interested in is the clarity of thought, vision for the company and execution!

  2. As Peter Lynch said “water the flowers and cut out the weeds” - I’ve averaged up on Macpower from Rs 50 to Rs 200 after seeing the management execution and them walking the talk. At Rs 200 also, the business was around 10x earnings multiple which was fairly cheap IMO if they did successfully grow at 25-30% as per their guidance. However, my allocation was only 3.5% - it’s just the strong appreciation which has made it a 7.5% position currently.

As a note of caution for my previous post, the stock % is the current % of PF in that stock. However, you can not guess how much is allocated to which stock - some are in loss, some are in minor profits and some are in big profits like Macpower.

Please keep in mind, I invested in about 5 SME companies around that time in May-Aug 2020 and most of them gave stupendous returns in 1 year or less. That in itself should tell you the state of the markets at that time. Currently, we are a lot closer to EUPHORIA rather than DESPAIR and I’d be extremely selective in investing in any SME businesses today.

  1. Beta Drugs (13x from original price, although I’m making less - refer to my posts from Apr 2021)
  2. Macpower CNC (7x from original price)
  3. Worth Peripheral (exited at 3x)
  4. RKEC (exited at 2.5x)
  5. MP Today (exited at -20% loss)

I also looked at Chemcrux Enterprises (15x since Jun-Jul’20) and missed it only because it required a big lot size of investment that time :cry:

PS: I like the business of my other 2 SME companies more - Beta Drugs and Rajshree Polypack. But then, I’m not complaining if Macpower decides to take all the attention :smiley:


Thanks for your valuable thread. Really awesome journey and your honesty.
In last 7 years you have achieved around 15% CAGR. If we dwelve about LTCG and STCG taxes as your churn has been very high, may be around 2% can be subtracted by way of taxes, so net returns are around 13%.
My questions are :

  1. Many active funds in flexicap category like HDFC flexicap, SBI focused equity have given more returns than that.
  2. Small cap category funds like SBI small cap, Nippon India small cap have given very high returns compared to above returns.
    So does it make sense to handover our funds to them, instead of we doing it?
  3. Also above active funds return goes on to show that there is lot of steam left in active fund management compared to passive indexing.
  4. i saw your interview on Shankar Nath You tube channel about coffee can investing. Its very good. But what i have watched your entire journey is basic paradigm of coffee can investing is select 15 companies and hold them for 10 years, no in between churn, adding, or removing, nothing. After 10 years, you will open your coffee can and see out of those 15 companies which one has survived and which have been multibagger and which have gone bust. But i m confused here that i see your constant buying and selling, which may be for right reasons, but this doesnot follow coffee can portfolio principles…Am.i.missing something here? Kindly help.

Hi Mudit,

Thanks for the questions. Below is my latest portfolio performance (Jan 2015 - Nov 2022) which becomes 17.5-18% CAGR over ~8 years including dividends. All MFs publish their returns pre-tax so if you subtract 1-2% returns from my PF, then you must subtract the same for all mutual funds as well.

  1. My portfolio XIRR has comfortably beaten both the funds mentioned by you over the same time period (1 Jan 2015 - 30 Nov 2022)
  • SBI Focused Equity DR-Growth - 14.3%

  • HDFC Flexicap Fund DR-Growth - 13.4%

  1. I’m already invested in Nippon Small Cap mutual fund and that has been one of the best performing funds indeed, infact I created a video on that as well recently. However, it’s not wise to invest 100% of your PF in a very volatile small cap fund. It comes with very high risk-reward and NAV volatility which is not suitable for majority of investors.
    Why Time in the Market beats Timing the Market! From -20% CAGR to +18% CAGR - YouTube

  2. Not necessarily, there are umpteen studies to show actively managed funds are fast losing ground to index funds and how difficult it is becoming for active fund managers to beat broad indices. Yes, there are still many actively managed funds which have done really well and there is some juice left as India is not yet fully discovered but indexing will likely be the best choice for most people in a few years.

  3. I shared 2 more clippings from that interview on my [Twitter handle] where I mentioned that I use multiple investing strategies in my portfolio and Coffee Can is just one way of identifying good businesses. (

My answer on the high portfolio churn -

None of what I do or have done is perfect. It has worked out well for me so far. I hope this is helpful and please take everything I say with tablespoon full salt.


Thanks for your reply. Many things got cleared. Just one thing i would like to correct…AMCs are Trust entities. Meaning they are pass through entities. So when a fund manager sells shares whether short term or in long term, he dosenot have to pay any tax. So fund managers are lucky chaps…they can be in and out of shares without any tax implications. But this is not applicable to others. So if somebody has very high need for buying and sellling, instead of him doing it, he can do it thorugh a fund manager of mutual fund.

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Portfolio Update - CY 2022

2022 was a year of consolidation for Indian markets digesting the large bull market gains over the past couple of years. However, 2022 should also be a great source of pride for Indians as Nifty was the best performing market amongst major global economies. Nifty’s return of 4.3% must be viewed in the context of massive macroeconomic headwinds (aggressive US Fed rate hike, unprecedented FII selling, highest US inflation in 40 years) and geopolitical turmoil (Russia Ukraine war) in Europe.

My portfolio performance was flat as a pancake, also digesting the unbelievable 50%+ gains of 2021. Few notable outperformers in the PF were Mirza, Macpower, MAS Financial, Electronics Mart (IPO) and huge underperformers were Valiant Organics, Vaibhav Global along with insurance sector laggards.

2022 has been a year of great learning for me especially from a technical analysis stand point (referring to Stan Weinstein’s Stage Analysis). This has really helped me become a lot more patient with my buy/sell process. Armed with the right technical understanding, a person no longer needs to chase stocks when buying but let it come to their defined buy zone or technical buy levels. Similarly, no matter how good the business fundamentals may be - following some simple rules can help protect large profits and exit without suffering too much pain. So learning the basics of “Stage analysis” was an absolute god-send!

Portfolio Update
I’m now starting to hold different baskets of stocks in my portfolio including techno-funda bets. As long as the combined portfolio delivers 15%+ CAGR and beats major indices, I’ll be satisfied and continue to run the PF myself. 10 years into the market, I still feel there is so much more to learn in terms of investing styles and I’m only still scratching the surface.


  • Macpower - My most profitable stock market investment till date with 7 digit profits, exited 75% position at 375 (3.7x) as markets started valuing this nanocap B2B capex dependent business at 30x earnings.

  • Inox Leisure - A business which I really like and still feel has great potential in a market like India. Cinema is one of the best mass entertainment options across all age categories. However, I feel the crazy narrative being spun on social media #BoycottBollywood has really dented the image of Bollywood and I was shocked to see Inox making a loss in Q2FY23 which was a completely normal quarter post Covid with many big releases including Brahmastra. This basically led me to the precipice for exiting with a 70% profit. However this provides us a great observation test in my view, whether politics wins or the human need for entertainment in Cinemas. I’m confident it will be the latter, but just don’t know when. And being too early or too late can often be the same as being wrong in the market.

  • Neuland Labs - Like it’s topsy turvy business performance, I’ve also had a roller-coaster ride in Neuland with initial buy at 600 odd in Jul’20 seeing it rise rapidly to 2800 and then watch it plummet all the way back to 1000. After the good results in the latest quarter, I’ve made a full exit with decent profit (40%) mainly because of the extremely unpredictable and lumpy business.

  • Muthoot Finance - Booked -15% loss, got the initial investment thesis wrong and the AUM/loan-book growth guidance was lower than I had initially imagined plus very high competitive intensity from banks led to marketing campaigns such as teaser loans at 7% ROI and very unattractive NIMs. Overall, I still rate is as a very good business but in a very competitive landscape where growth is becoming an issue.

  • Cera Sanitaryware - Exited with handsome gains (2.7x) due to valuation concerns and potential future returns after the stock hit 6000 recently as I don’t expect it to return more than 15% in the next few years based on the given growth guidance.

Name Current %
RPPL 7.59%
HDFC 7.10%
ISEC 5.55%
BETA 5.51%
GLS 4.18%
MASFIN 4.08%
VMART 1.43%
SOLARA 0.70%

Note: Portfolio holdings are as of 7 Jan 2023 and charts below are as of 31 Dec 2022

Insurance companies which have been a big laggard in the past couple of years, have had a pretty good start to 2023. Very early but promising signs for insurance sector after a long sideways run.


Hi @gurjota, Can you clarify more on your learning on technical analysis. For example, (a) which technical indicators you use to identify if the stock is in a buy zone or sell zone of the stage analysis (b) which combination of technical indicators you found useful and tested in your approach.