As of today, I have switched my position from Biocon to Jubilant Ingrevia. Reason is valuation is quite high for biocon and growth delivery is definitely not up to the mark. On the other hand, Jubilant Ingrevia has leadership in a few chemistries (pyridine, acetic anhydride), is ramping up their specialty chemicals division and are quite cheap (~1.5x EV/sales). The recent investor presentation provides valuable insights into their business (link). Updated portfolio is below, cash stays at 0%.
| Companies | Weightage |
|---|---|
| HCL Technologies Ltd. | 6.00% |
| I T C Ltd. | 6.00% |
| PI Industries Ltd. | 6.00% |
| Power Grid Corporation of India Ltd. | 6.00% |
| Larsen & Toubro Ltd. | 6.00% |
| Ajanta Pharmaceuticals Ltd. | 4.50% |
| Kolte-Patil Developers Ltd. | 4.50% |
| Ashiana Housing Ltd. | 4.50% |
| NESCO Ltd. | 4.50% |
| InterGlobe Aviation Ltd. | 4.00% |
| Bajaj Auto Ltd. | 4.00% |
| Suprajit Engineering Ltd. | 4.00% |
| Lupin Ltd. | 3.50% |
| Manappuram Finance Ltd. | 3.50% |
| Housing Development Finance Corporation Ltd. | 3.00% |
| HDFC Asset Management Company Ltd | 3.00% |
| Reliance Nippon Asset Management Co | 3.00% |
| CARE Ratings Ltd. | 3.00% |
| Avanti Feeds Ltd. | 2.00% |
| Cera Sanitaryware Ltd | 2.00% |
| Infosys Ltd. | 2.00% |
| National Aluminium Co. Ltd. | 2.00% |
| NATCO Pharma Ltd. | 2.00% |
| Wonderla Holidays Ltd. | 2.00% |
| Maithan Alloys Ltd. | 2.00% |
| Cadila Healthcare Ltd. | 2.00% |
| Inox Leisure Ltd. | 2.00% |
| Indian Energy Exchange Ltd. | 1.00% |
| Jubilant Ingrevia Ltd | 1.00% |
| Ashok Leyland Ltd. | 1.00% |
| Cash | 0% |
Plenty of data available on this, the spark capital report provides a lot of insights. For a quick summary, you can look at the presentation by @rupaniamit
Inventory situation was high in MMR, I preferred buying developers where existing inventories were lower (Pune, Bangalore, Hyderabad, Jaipur).