@Midhunjoe do you have position in Epack Durables currently? Whats your thesis? I don’t see active thread on this ticker.
Hi,
I have a tracking position in Epack durables. Have been guilty of not updating the portfolio. Will do it soon. Shall share the thesis along with it.
Sharing my portfolio update. Lots of new entrants post the last update. Overall portfolio size has grown at descent clip (Almost everyone would have the same experience).
Not very proud if the way the portfolio looks like. Need pruning of stocks since the portfolio looks like a potpourri of sorts. Will be happy to discuss on the investment thesis of any of the stocks further.
Exited Digikore and basilic . Any change in the VFX theme ?
Hi @praveenks74 , Thanks for writing in.
I sold entire VFX lot (Digikore and Basilic earlier and Phantom few days back).
The results from all these players were weak. Such small players need to grow exponentially (Thats the reason for them to be in the portfolio). I think the strike in US is still having negative impact . We are also seeing some reputed players in US going bankrupt and Phantom acquiring them and so on. Basilic accounting fiasco dented some confidence on the reporting front too. The AI worry is always on the backdrop like the sword of Damocles.
Plus I quit my full time job few months back and need to juggle within the portfolio to give entry to new ideas.
P.S: I sold Basilic and Digikore and forefeited a good bit of gains post that 
Interesting article about the Wallenberg family who own / have stake in the likes of SAAB , ERICSSON, ASTRA ZENECA, ABB, SKF, ATLAS COPCO,EQT, NASDAQ among others. Corporate structure has strong parallels to our own Tata group.
Update on the portfolio:
Recent entrants into the portfolio : Websol Energy, Waree Energy, Cyient DLM , TRIL, Tejas Networks.
Sold : HBL , Gujarat Themis,P.G, Phantom, Tarachand, Shivalik, Sanghvi, Natural Capsule.
| Stock | Date of 1st Purchase | Invested price | Current Price Nov 5 | % Weightage |
|---|---|---|---|---|
| Neuland Labs | Jul-21 | 2067 | 15496 | 14.12 |
| Websol Energy | Oct-24 | 1168 | 1621 | 7.66 |
| Gufic Bio | Feb-22 | 230 | 465 | 7.30 |
| IRIS business | Sep-23 | 128 | 441 | 6.06 |
| KPIT | Mar-19 | 40 | 1408 | 5.99 |
| Waaree Energies | Oct-24 | 2411 | 3112 | 5.57 |
| Shakti Pumps | May-24 | 2075 | 4474 | 5.26 |
| TechnoElectric | Nov-23 | 656 | 1549 | 4.41 |
| GRP | May-24 | 2112 | 3402 | 4.00 |
| Navin Flourine | Sep-19 | 680 | 3301 | 3.87 |
| Anant Raj | Jul-24’ | 517 | 734 | 3.54 |
| Rategain Travel | Nov-23 | 580 | 798 | 3.41 |
| Bikaji Foods | May-24 | 574 | 876 | 3.38 |
| E2E Networks | Jul-24 | 1780 | 4977 | 3.12 |
| IFB INDUSTRIES | Jul-24 | 1711 | 1577 | 3.04 |
| ZEN Technologies | Jul-24 | 1700 | 1856 | 2.79 |
| Pennar Industries | May-24 | 141 | 199 | 2.01 |
| Frontier Spring | Aug-24 | 2296 | 2014 | 1.94 |
| Annapurna Swadist | Dec-23 | 338 | 391 | 1.89 |
| Epack Durables | Jul-24 | 274 | 465 | 1.79 |
| Cartrade | Aug-24 | 940 | 1101 | 1.73 |
| Cash | 1.68 | |||
| TRIL | Oct-24 | 824 | 945 | 1.59 |
| Tejas Networks | Oct-24 | 1369 | 1307 | 1.39 |
| Advait Infratech | Aug-24 | 2078 | 1783 | 0.86 |
| Cyient DLM | Oct-24 | 691 | 632 | 0.85 |
| Emerald Finance | Jul-24 | 72 | 91 | 0.75 |
Portfolio is back to highs after c. 18% drop from the top in October .
Still needs trimming down to give meaningful allocation to some stocks.
@Midhunjoe Great picks must say and great returns as well in such a short span.
I need some roadmap of your investments in Shakti pumps and Annapurna Swadist. Like what were your views and analysis in buying them. Shakti pumps have given great return and is it still a good buy ?
Annapurna Swadisht acquired Madhur Confectioners Private Limited (MCPL) which have way better unit economics than Annapurna. If we remove their MCPL revenue from Annapurna then it’s only 15% CAGR growth. Also they have missed guidance given in previous quarters.
Shakti pumps are bounded by Government policies and the majority of their business is in Maharashtra. As we know that elections are going on in maharashtra, if a government change happens then it will affect the business.
Would like to know your views for investments.
Looks good portfolio Midhun…
Can we know your rational behind taking position in Cyient DLM despite it’s very high valuations.
Regards.
Hi @Chirayu_Shah , Thanks for the compliment and for writing in.
Regarding Shakti pumps, MH is the state with largest pumps being sanctioned under component B and Shakti has a 20% share in installation. Agree that there is a political risk associated in MH. On the valuation front it’s still relatively cheap at c.30 trailing PE. I would wait for the dust to settle post MH results to add/ fresh position .
Regarding Annapurna ,
I think Madhur numbers are not reflecting in H1 consolidated numbers . It’s looks good to me considering the overall slow down in the urban consumption . Madhur adds the fast growing sweets and confectionery segment to their repertoire and like you said their margins are better than Annapurna . I might add some more quantity in Annapurna shortly.
Thanks for the kind words @Shakti_Srivastava ,
I don’t think Cyient is highly valued compared to the peers in the industry like Avalon, Syrma or Kaynes. Cyient recently acquired Altek in the US with ITAR certified facility ( Lets you supply to US military ) . Cyient DLM has c. 70% of their business in Aero and defence domains. The management pedigree is also good. I expect H2 to be better than H1. Hence took a tracking position . If they continue to execute will add .
Bought Shakti Pumps at this level (867) today…Can anyone comment was this my good decision or not
