It has been roughly 9 months since my last update here and the portfolio has changed considerably. I wanted to come back with a proper update, not just a list of stocks, but an honest accounting of what I bought, what I sold, why, and what has actually worked and what hasn’t.
Portfolio summary as of 19 March 2026:
28 positions (down from 31 a few months ago, target: ~22 over time)
Exits — What I Sold and Why (Being Honest)
HAL (Hindustan Aeronautics): Exited a profitable position (>500%). HAL is a great company but at the valuations it commanded post re-rating, the easy money was made. I was already expressing the defence theme through MTAR and BEL where I had higher conviction on the earnings trajectory. This was more a portfolio management decision than a fundamental one. I prefer to be concentrated in the less-discovered names in a theme rather than spread across the obvious ones too.
HINDCOPPER (Hindustan Copper): Made a good profit here (~70%). I’ll be transparent: I bought at ₹310 and exited at ₹525. Copper fundamentals remain structurally interesting (EV transition, renewables, data centres), but the stock oscillates with global commodity cycles and I’ve learned, the hard way, that I don’t have an edge in timing those moves. Took the profit and moved on. If copper re-rates further, I’ll have missed some upside, and I’m fine with that.
SANGHVIMOV (Sanghvi Movers): Took a loss here. Have to be honest about this one: I exited at a loss. The thesis was decent, crane rental beneficiary of India’s infrastructure capex upcycle. But execution kept disappointing. Revenue was lumpy, fleet utilization was weaker than I modelled, and capital sitting in a flat-to-declining stock has a real opportunity cost. Sometimes you have to cut losses and redeploy. The lesson I took from this: asset rental businesses require a much more granular understanding of utilisation cycles than I initially had.
VIMTALABS (Vimta Labs): Decent business, NABL-accredited testing labs, honest management, no governance concerns. But I already had meaningful CDMO/pharma exposure and Vimta’s growth rate wasn’t differentiating enough to justify holding alongside those names. Rotated out at roughly breakeven.
JUBLPHARMA (Jubilant Pharmova): The multi-division structure made thesis clarity difficult. CDMO story vs. base API business vs. the radio pharma pivot, I couldn’t build clean conviction on which division was going to drive re-rating. When I can’t clearly answer “what does the market re-rate on and when?”, I now default to exiting rather than holding in hope. Booked a modest loss.
For the remaining exits from the original portfolio, the pattern was consistent: either the 200 DMA broke and didn’t recover, or a better opportunity existed in the same theme. I am increasingly convinced that not selling mediocre positions is the single biggest drag on long-term portfolio returns.
New Additions (Key Ones)
MTAR Technologies (MTARTECH) — 4.6% allocation, -3.2% MTAR is one of my higher-conviction additions and the fact that it is currently in the red is something I want to address head-on. This is a precision parts manufacturer with approved vendor status for fuel cells (Bloom Energy), nuclear components (NPCIL), and space/defence applications (ISRO, DRDO). The competitive moat here is significant: getting approved as a vendor for nuclear-grade precision components takes years of qualification and is essentially irreversible once established. My FY29E thesis is built on three revenue pillars converging simultaneously: the Bloom Energy ramp as clean energy adoption accelerates globally, India’s nuclear capacity addition programme (10 new reactors announced), and the defence/space order pipeline that MTAR is uniquely positioned to capture. Current valuations, in my view, do not adequately price the FY27 earnings step-up. I’m comfortable holding through this trough.
Sansera Engineering (SANSERA) — 3.3% allocation, +0.1% Sansera is effectively a flat position but it belongs in new additions because my thesis has evolved materially since I entered. I originally bought this as a quality auto ancillary with strong forging capabilities and deep OEM relationships. What I’ve increasingly come to appreciate is the aerospace pivot story. Sansera has been systematically building capabilities in aerospace-grade precision forged components and recently disclosed an order pipeline from global aerospace OEMs. The EV transition risk is real and I won’t minimise it: a meaningful part of Sansera’s revenue comes from powertrain-linked auto components that could face pressure in an accelerating EV scenario. But the counter-thesis is the aerospace ramp, which operates on completely different timelines and is an additive revenue stream rather than a replacement. If you look at how Sansera is allocating capex over the next three years, the aerospace share is growing decisively. I’m holding and selectively adding on weakness.
Godawari Power and Ispat (GPIL) — 4.3% allocation, -3.5% GPIL is an integrated iron ore pellet manufacturer and one of the lower-cost producers in the country. I entered this position as a quality cyclical play: strong balance sheet, captive iron ore mines giving meaningful cost advantages over peers, and a management team with a solid track record of capital allocation through cycles. The stock is currently slightly in the red and I’ll be honest that iron ore price softness and lower steel realisations have pressured near-term earnings. But the thesis here is not a short-term trade and the most important development to flag is the capacity expansion the company is executing, which is nearly 200% of current installed capacity. This is not a marginal addition; it is a transformational scale-up that, when operational, changes the earnings profile of the business entirely. GPIL’s integration from mine to pellet to DRI already gives it structural cost resilience that most pure-play steel names don’t have. Layer in this capacity expansion and the operating leverage on any commodity recovery is significant. Watching the iron ore cycle carefully, but conviction on the business quality and the growth runway remains firmly intact.
South West Pinnacle Exploration (SOUTHWEST) — 3.8% allocation, -1.4% This is one of the least-covered names in my portfolio and deliberately so. South West Pinnacle is a mine developer and operator, working primarily on government-awarded coal block development contracts in India. The thesis is simple: India needs to operationalise its coal blocks faster, SWPE has the technical capability and track record to execute, and the order pipeline from Coal India and state DISCOMs is deep. But two recent developments have materially strengthened my conviction beyond the domestic story. First, the company has made a foray into Oman, which signals a deliberate pivot toward international mining project opportunities and meaningfully expands the addressable market beyond what a purely India-domestic reading of the business would suggest. Second, and critically, SWPE has received a mining licence, which is a significant regulatory milestone that moves the business from a services and development model toward becoming an operator with direct resource ownership. These are not incremental news items; they change the long-term earnings ceiling for the company.
Finolex Cables (FINCABLES) — 1.9% allocation, -0.9% (Brand new entry, scaling up position size) Part of a comprehensive wires and cables sector deep dive covering Polycab, KEI, RR Kabel, Finolex, HFCL, and Sterlite. Finolex came through as the undervalued name in the pack: clean balance sheet, zero debt, and strong brand presence in South and West India. The market penalises it for the Finolex Industries holding structure complexity, which I think is overstated relative to the core cables business quality. But the thesis goes well beyond the core cables business. Finolex is investing in optical fibre preform manufacturing, which is the upstream raw material used to draw optical fibre cables. India is almost entirely import-dependent on preforms today, and domestic preform capacity is a strategic necessity given the scale of BharatNet and the broader fibre rollout across the country. If Finolex successfully scales its preform capacity, it transforms from a branded cables business into a vertically integrated optical infrastructure company, which is a completely different earnings and valuation conversation. This optionality is receiving almost no attention from the market currently, which is precisely why the position is interesting. Bought for the core value and the margin of safety, with preform as a free option on top.
KSH International (KSHINTL) — 0.9% allocation, -2.7% (Brand new entry, scaling up position size) This is a small entry into what I consider one of the most misunderstood businesses in the current portfolio. KSH International is not a commodity wire manufacturer. It is the only Indian company approved to supply Continuously Transposed Conductors (CTC) for HVDC (High Voltage Direct Current) transformers, which are the most technically demanding and highest-value product in the power transmission supply chain. The MD confirmed on the Q3FY26 concall that they are the only ones supplying this product domestically, with 37 HVDC transformers currently in execution including a GE order pipeline. This single fact, which is almost entirely absent from market commentary, is the foundation of the thesis. The three pillars that underpin it are: first, the Power T&D supercycle driven by grid modernisation, renewable energy evacuation, and AI data centre power demand, all of which flow through large power transformers, every one of which contains KSH’s CTC; second, the HVDC CTC monopoly itself, which is structurally protected because global HVDC growth is in exponential territory and no other Indian manufacturer has the approvals to compete; and third, the capacity expansion at the Supa Plant which takes KSH to 43,445 MT and makes them the second largest CTC manufacturer in India, with Phase 2 targeting 59,045 MT by FY28 effectively doubling the base.
Force Motors (FORCEMOT) — 2.3% allocation, +11.7% A position that doesn’t get enough attention in my portfolio narrative. Force Motors is executing a quiet but meaningful pivot: on one side, deepening its relationship with the defence establishment through specialised vehicle platforms, and on the other, pushing into the premium UV segment where it has historically been underrepresented. Both vectors are showing up in the earnings trajectory and the stock has begun to reflect this. Still early in the re-rating.
Entero Healthcare (ENTERO) — 1.9% allocation, -6.6% Entero is a pharma distribution modernisation play. The Indian pharmaceutical distribution chain remains deeply fragmented and Entero is building the technology and logistics infrastructure to consolidate and professionalise it. The position is currently slightly in the red and I’ll be honest that margin ramp has been slower than I modelled. Watching closely over the next two quarters for evidence that operating leverage is beginning to show through.
Current Portfolio — All 28 Positions
| # | Stock | Allocation | P&L | Thesis |
|---|---|---|---|---|
| 1 | TD Power Systems | 9.4% | +111.4% | Generator motors for data centres and industrial; AI capex beneficiary |
| 2 | Bharat Electronics (BEL) | 7.2% | +333.2% | Defence electronics compounder; biggest winner in portfolio |
| 3 | Acutaas Chemicals | 6.1% | +102.6% | Specialty pharma chem; earnings delivery well ahead of expectations |
| 4 | Frontier Springs | 4.8% | +81.4% | Niche railway springs manufacturer; strong revenue growth, low analyst coverage |
| 5 | MTAR Technologies | 4.6% | -3.2% | Precision parts for fuel cells, nuclear, space; re-rating play on FY27-29 earnings step-up |
| 6 | Sai Life Sciences | 4.5% | +9.3% | Best-in-class India CDMO; China+1 core beneficiary |
| 7 | Godawari Power (GPIL) | 4.3% | -3.5% | Integrated iron pellet player; ~200% capacity expansion underway |
| 8 | AXISCADES Technologies | 3.9% | +80.8% | Engineering services + defence software IP; under-discovered |
| 9 | BlackBuck | 3.9% | +30.5% | SaaS for trucking; early profitable stage, large TAM |
| 10 | South West Pinnacle | 3.8% | -1.4% | Coal mine developer; Oman foray + mining licence changes earnings ceiling |
| 11 | Vishnu Chemicals | 3.8% | +3.0% | Dominant Indian chromium chemicals manufacturer; niche moat |
| 12 | Interarch Building | 3.6% | +20.5% | Pre-engineered buildings; warehousing and infra capex beneficiary |
| 13 | Aditya Birla Capital | 3.5% | +82.3% | Discount-to-NAV play across diversified financials; re-rating ongoing |
| 14 | Sansera Engineering | 3.3% | +0.1% | Precision forging + aerospace pivot; monitoring EV transition risk |
| 15 | CCL Products | 3.3% | +17.0% | India’s dominant instant coffee exporter; steady compounder |
| 16 | NTPC | 3.2% | +93.8% | Renewable transition + base thermal earnings; sleep-well holding |
| 17 | Aarti Pharmalabs | 2.9% | -7.0% | CDMO value play; under-discovered, patience required |
| 18 | JM Financial | 2.9% | -9.4% | Diversified financial services; low P/B recovery bet |
| 19 | Privi Speciality Chemicals | 2.9% | +24.2% | India’s largest aroma chemicals player; margin recovery story |
| 20 | Eternal (Zomato) | 2.5% | +338.6% | Blinkit compounding; bought very early, small position |
| 21 | Indosolar (WaareeIndo) | 2.5% | -37.3% | Solar module capacity play; thesis delayed, watching |
| 22 | Force Motors | 2.3% | +11.7% | Defence + premium UV pivot; earnings trajectory improving |
| 23 | Fedbank Financial | 2.2% | -2.7% | Gold loan + retail NBFC; watching credit quality trend |
| 24 | SAMHI Hotels | 2.0% | -21.6% | Business hotel RevPAR recovery; execution slower than expected |
| 25 | Finolex Cables | 1.9% | -0.9% | Value pick in cables sector; preform optionality entirely unpriced |
| 26 | Entero Healthcare | 1.9% | -6.6% | Pharma distribution modernisation; watching margin ramp |
| 27 | HBL Engineering | 1.6% | -26.8% | Railway + defence batteries; sharp correction, thesis under review |
| 28 | KSH International | 0.9% | -2.7% | India’s only approved HVDC CTC supplier; power T&D supercycle monopoly play |
| -- | Mirae Hang Seng TECH ETF | 0.4% | -28.8% | China tech optionality; rounding-error position |
Honest Market Thoughts — March 2026
On the mid/small cap correction: I entered several positions near peaks in late 2024 and have watched some of them give back 20-40%. What I’ve tried to discipline myself to do is separate “price has fallen because fundamentals weakened” from “price has fallen because valuations corrected from frothy levels.” The former demands action; the latter demands patience. HBL Engineering, SAMHI, and Indosolar are positions where I am still working through which bucket they belong to.
On my winners: BEL, NTPC, Eternal, TD Power, HAL, Hindustan Copper, AB Capital and Acutaas have delivered outsized returns and the honest answer is that some of that is luck, specifically buying early enough, as much as it is skill. I’ll take it. The key discipline is not selling these too early. Multi-baggers require sitting through periods where a +50% gain feels like “enough.”
On defence and power: These remain my highest-conviction macro themes. Both are government-directed, multi-year, and relatively bipartisan in terms of political support. The risk is execution delay. HAL’s supply chain issues have illustrated that even well-funded government programmes can slip. But the direction of travel is clear. MTAR being currently in the red is something I’m watching closely, but my view is that the current weakness is about near-term order timing rather than any structural deterioration in the business.
On CDMO: SAILIFE and AARTIPHARM are medium-to-long term conviction plays. The China+1 shift in pharmaceutical outsourcing is real and India has the chemistry depth to capitalise on it, but it takes time for revenues to ramp. I’m not looking at these on a 12-month horizon. Acutaas has already validated the thesis through earnings delivery; the others are still in the validation phase.
On financial services: I’ve been humbled here. JM Financial is in the red, FedBank is roughly flat, and AB Capital is the only meaningful winner. Financial services requires a level of balance sheet forensics that I’m still developing. I’ll likely trim this exposure gradually.
On Indosolar: This is my most uncomfortable position. -37.3% is painful and I underestimated how long it would take for the Waaree ecosystem value to reflect in the Indosolar price. The solar module capacity story remains real; the listed vehicle for it has been messy. Still holding but fully size-aware.
On concentration: I want to get to approximately 22 positions over the next two quarters. The long tail of sub-2% positions represents capital that is either waiting to be sized up on confirmed thesis delivery or will be exited. I’ll be deliberate about this rather than letting the tail drift.
What I’ve Learned Since Last Post
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Thesis clarity before entry is non-negotiable. If I can’t write two clean sentences on what specifically the market is missing about a stock, I shouldn’t own it. This filter alone would have kept me out of Sanghvi Movers and Jubilant Pharmova.
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Cutting losses is a skill, not a weakness. I held Indosolar and SAMHI longer than I should have, partly out of anchoring bias. Actively working on this.
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A rules-based exit process exists for a reason and bending it is almost always a mistake. Over the past year I developed a 200 DMA exit rule: if a stock closes a week below its 200 DMA with no immediate recovery, I exit. This framework is designed to make the process less emotional and more disciplined, and to respect the time value of capital sitting in a declining position. It worked well when I followed it. Where I caused myself unnecessary pain was in giving it leeway during the sharp market correction and heightened geopolitical uncertainty of the past few months, telling myself conditions were exceptional and a recovery was imminent. In hindsight that was rationalisation, not analysis. Weak markets and uncertain macro are precisely the conditions the rule was designed for. The positions that hurt most in this portfolio are largely the ones where I made that exception. Going forward the rule is the rule.
Disclosure: I am a SEBI Registered Research Analyst (INH000023807). I hold all stocks mentioned above in my personal portfolio as of 19 March 2026. This post is for information purposes only and does not constitute investment advice. Please conduct your own due diligence or consult your financial advisor before investing.
