As of today, I sold my stake in Jamna auto. I bought it in April 2021 as a replacement for IEX (which in my opinion was fairly valued at that time 
). If I had held onto IEX, returns would have been higher as IEX has doubled whereas Jamna has gone up by ~70%.
Jamna is a play on MHCV revival. Though the CV cycle is still in early stage, stock prices have zoomed in anticipation. I have valued Jamna on a 10x EV/EBITDA multiple (on conservative side as CV downcycles can be bad and prolonged) giving me an exit price of ~150 by FY26. The incremental returns have fallen below 10% and I have exited accordingly. So my current CV cycle play is via Ashok Leyland and Atul auto. Cash is at 11% and detailed portfolio is below.
Core compounder (54%)
| Companies | Weightage |
|---|---|
| I T C Ltd. | 8.00% |
| Housing Development Finance Corporation Ltd. | 4.00% |
| NESCO Ltd. | 4.00% |
| Manappuram Finance Ltd. | 4.00% |
| Ajanta Pharmaceuticals Ltd. | 4.00% |
| Aegis Logistics Ltd. | 4.00% |
| Alembic Pharmaceuticals Ltd. | 4.00% |
| Amara Raja Batteries Ltd. | 4.00% |
| Avanti Feeds Ltd. | 4.00% |
| Eris Lifesciences Ltd. | 4.00% |
| HDFC Bank Ltd. | 2.00% |
| HDFC Asset Management Company Ltd | 2.00% |
| Aditya Birla Sun Life AMC Ltd | 2.00% |
| PI Industries Ltd. | 2.00% |
| Control Print Limited | 2.00% |
Cyclical (16%)
| Companies | Weightage |
|---|---|
| Kolte-Patil Developers Ltd. | 4.00% |
| Sharda Cropchem Ltd. | 4.00% |
| Ashiana Housing Ltd. | 2.00% |
| Ashok Leyland Ltd. | 2.00% |
| SWARAJ ENGINES LTD. | 2.00% |
| Kaveri Seed Company Ltd. | 2.00% |
Slow grower (6%)
| Companies | Weightage |
|---|---|
| Cochin Shipyard Ltd. | 4.00% |
| Power Grid Corporation of India Ltd. | 2.00% |
Turnaround (6%)
| Companies | Weightage |
|---|---|
| CARE Ratings Ltd. | 4.00% |
| Lupin Ltd. | 2.00% |
Deep value (7%)
| Companies | Weightage |
|---|---|
| SJVN Ltd. | 1.00% |
| ATUL AUTO LTD. | 1.00% |
| Jagran Prakashan Ltd. | 1.00% |
| D.B.Corp Ltd. | 1.00% |
| Time Technoplast Ltd. | 1.00% |
| RACL Geartech Ltd | 1.00% |
| Shemaroo Entertainment Ltd. | 1.00% |