My Portfolio- key thesis points for each company and learnings

Hi, I have been investing for 5 years now, and my portfolio is below.
Any questions, comments, feedback, or criticism is allowed and appreciated.

This mainly captures successful investments. But I have made stupid mistakes, FOMO’d, gotten greedy.
It’s all a part of the game, as long as we are learning and actively trying not to make the same mistakes again.

In the interest of transparency, I have lost good money on stocks like Tejas, Netweb, Josts Engineering, Zaggle, Rategain, etc.
Many of these were good companies, but I either entered late (and in greed/FOMO) or did not have a disciplined exit. I have also earned good returns in companies like Olectra, Balaji Amines, etc. which are no longer a part of the portfolio. I generally do not like to remove winners from the portfolio entirely, but due to better opportunities or a change in my thesis, it is sometimes necessary to.

Disclaimer: I may exit any of the companies or take new positions and not mention it here,
so please do your own due diligence before making any investments.

Would love your feedback and thoughts.

Company Weightage % Gain/Loss Thesis
Bharat Electronics 6.8% 305.02% Strongest names in Defence sector, will benefit from tailwinds and exports will further strengthen order book.
Hindustan Aeron 6.59% 749.8% Same as above – core defence play with export momentum.
TD Power Systems 5.77% 30.63% Proxy for AI boom (gas-powered plants) and intermittent energy storage/grid stabilization.
Axiscades Tech. 5.54% 80.79% Becoming a CRDMO for Defence, many JVs and collaborations.
Frontier Springs 4.51% 70.19% Tie-up with Continental + Govt capex in railways.
Interarch Building 4.26% 51.31% PEB is nascent in India — huge tailwinds from infra capex. One of only 3 serious players.
Danish Power 3.88% 29.5% Missed TARIL and Shilchar. Bullish on T&D. Strong order book and financials.
Housing & Urban Dev. 3.77% 274.62% Benefiting from RBI’s new infra financing rules. Might exit soon.
Acutaas Chemicals 3.01% -1.22% Shift towards CDMO, battery and semi chemicals. Underperforming now — likely temporary.
PG Electroplast 2.92% 130.86% EMS boom + one of India’s few AC compressor players — could gain from import restrictions.
Aditya Birla Capital 2.92% 52.04% Amalgamation + good valuation + RBI tailwinds.
Aarti Pharmalabs 2.9% 26.54% CDMO tailwinds.
Samhi Hotels 2.89% 12.51% Undervalued vs listed peers. Strong growth in biz travel.
Jubilant Pharmova 2.87% 19.75% CDMO play + U.S. mfg capabilities.
Zinka Logistics 2.84% -5.46% Organizing a fragmented space. Monetization potential in logistics-tech.
NTPC 2.83% 7.03% Energy transition theme.
Eternal 2.82% 381.58% Quick commerce & food delivery proxy. Bought between ₹50–60.
Arvind Fashions 2.71% 23.41% Strong brands + good valuation + improving financials.
Tata Power 2.62% 78.5% Long-term energy transition compounder.
Blue Jet Healthcare 2.41% 22.88% CDMO export tailwinds post BA approvals.
Hindustan Copper 2.37% -18.79% Bullish on copper but unsure if this is the best way to play it.
Jio Financial Services 2.2% 20.06% BlackRock + Reliance optionality — pure thematic bet.
Praj Industries 1.98% 25.06% Disappointed by delays, but solid book and overseas potential.
Varun Beverages 1.92% 72.35% Strong execution. Watch out for HCCB listing and Campa Cola aggression.
Ceinsys Tech 1.8% -19.25% High potential, but needs WC discipline and better execution.
JM Financial 1.76% 20.94% Structural reset underway + cheap valuation.
HCG 1.72% 8% Cancer care growth + KKR’s healthcare track record.
Vimta Labs 1.68% -4.77% Will benefit from rising India-based mfg activity.
VA Tech Wabag 1.68% 15.57% Water theme — strong long-term potential.
HDFC Bank 1.64% 14.99% Token banking position — has been a drag.
BLS International 1.61% -12.96% Duopolistic space, excellent return ratios, cash-rich.
Techno Electric 1.34% -2.03% Data center energy infrastructure theme.
Privi Speciality 1.34% 4.68% JV with Givaudan + strong product portfolio.
Power Finance Corp 1.1% -13.22% Financing India’s energy infra + cheap valuation.
Embassy Developments 0.93% -17.76% [No thesis provided yet]
7 Likes

Ideally I want to bring the companies down from 35 to 25 or so, which I am slowly working towards.

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If you don’t mind, can you share your portfolio XIRR? Just want to understand if holding 35 companies have any effect on portfolio returns.

AB Capital coz of ex ICICI Vishaka mulye has seen a +ve turnaround.
Interarch - Pennar - these PEB stories have an ample runway to go. Huge tailwinds as u aptly said.
Axiscades : Lot of good things mentioned by Bharani sir in many posts. If they achieve the guidance for 2030 it will re rate amazingly. (even 50% they are able to do that is amazing)
Samhi - The only hotel available at reasonable valuations and showing amazing growth.
JublPharmova - CDMO injectables turnaround is a inflection pt here which happened in Q4FY25 - watch out for this one. This will surprise +vely
Zinka - Has had some overhang - Good Valuepickr post on Zinka. Good niche factor play.
BlueJet - Triple combo in the waiting as per esperion.
Privi - 75% promoter holding as of screener - Some selling was bound to come by promoters - SBI has lapped up that sale. Good stable play in chemicals.

3 Likes

It hovers between 40-50%. It doesn’t have any significant effects (positive or negative), but I would rather give more weight to my higher conviction ideas, which is why I would ideally like to bring the number to 22-25 companies.

Thank you. Zinka has a good post here+ a good report from JM Financial recently.

wrote the zinka post on VPickr with my old account :stuck_out_tongue:

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Good set of companies. I would have exited from Power Finance corp, HDFC, Embassy Developments, Jio Fin, NTPC and shifted the fund to the rest.

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Thank you!

In the process of doing exactly that with most of those names and 1 or 2 more

Update- I exited Embassy Developments and sold half my position in HUDCO.

Some exciting names in my watchlist, but I need to keep reminding myself to allocate more to existing positions rather than increase the number of stocks I own.

This is a very difficult problem, that is not talked about enough. We are bombarded with so many ideas from Twitter, VP, Telegram, the news and various other sources. It is tough to not FOMO, trust your original ideas and theses and stay disciplined.

2 Likes

Karnik — solid picks and good returns. In a similar position with over 35–40 names in the portfolio. That said, I have a clearer view on the top 8–10 core holdings where the conviction is strong. The rest have been more recent additions and need further deep dives. I’m likely to trim the satellite positions and reallocate toward the core names. Easier said than done :slight_smile: Ultimately, with this level of diversification, meaningful returns will be hard to come by — position sizes need to move toward 8–10% for the high-conviction ideas.

One key learning for me has been the importance of having a structured process for adding new names and scaling allocations. Picking one-two horses/leader within the sector. Ideas will always keep coming, so I’m trying to stay fully invested (or close to it). That way, any new addition forces me to re-evaluate existing positions — which should ensure I spend more time on best businesses.

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Update- Added quantities in HCG and TD Power today.

Will share the updated portfolio weightage in a few days, once I am done trimming and topping up.

Update - I exited HUDCO completely.

Added a new stock- CCL Products

I know I broke my own rule about the number of stocks to maintain in my portfolio, but CCL was too good an opportunity to pass up. Will be a little flexible regarding this and look to exit a few names over the next few weeks/months

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what is your thesis on picking CCL? if possible through some light

The two main growth triggers here are-

  1. Sharp drop in coffee prices- this doesn’t affect the margins as the company operates on a cost-plus pricing model, but what changes is that the working capital required falls drastically. This improves return ratios and also results in much lower short-term borrowings, which in turn reduces interest cost and increases PAT.
  2. Recent Cap-Ex into its subsidiary in Vietnam
  3. Additional Optionalities- Shift in sales mix towards premium (higher margin products) and Growing D2C brand in India (Continental Coffee)
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what is your process of stock picking, if you don’t mind? Do you arrive at a target price, and them invest or do you rely on qualitative judgement?