Our Guiding Philosophy: A Vision Rooted in Five Pillars
Over two decades, our investment philosophy has matured and adapted to shifting market conditions, while our core values—rooted in quality, independent thought, and unwavering hard work—have remained constant. These five guiding pillars shape every decision we make, from what we invest in to when and for how long.
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Framework-Led Investing
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Dynamic Risk Allocation
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Independent, Reality-Based Thinking
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Long-Term, Cycle-Aware Capital
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Quality with Value Discipline
Our process is framework-driven and built for consistency. Each position is scored across quality, growth, valuation, and risk, with quarterly reviews guiding capital allocation.
Asset allocation and position sizing are governed by a predefined algorithmic framework. Exposure is calibrated to prevailing market valuations and forward risk-reward.
Our decisions are grounded in fundamentals, valuation, and objective analysis rather than market narratives or consensus positioning.
We invest with a long-term orientation while recognising that cycles shape valuations, sentiment, and opportunity.
We allocate capital to businesses where quality, growth, and valuation are aligned with attractive long-term expected returns.
Shareholding in listed companies
| # | Company | Sector | Description |
|---|---|---|---|
| 1 | AIRTEL | Telecommunications | Major player in mobile and broadband services across multiple regions. |
| 2 | ABSL AMC | Mutual Fund | Asset management company with high exposure to fixed income |
| 3 | AKUMS | Pharmaceuticals | Pure play CDMO company serving Indian market |
| 4 | APCOTEX | Chemicals | Asian Paints spin off - leader in specific emulsion polymers |
| 5 | BIOCON | Biopharmaceuticals | Renowned for its innovative biotech products and research in diabetes and oncology. |
| 6 | BIRET | REIT | Owner of commercial real estate largely focussed on Delhi/NCR market. |
| 7 | BLUEDART | Logistics | Air and premium logistics leader, a DHL company |
| 8 | CARYSIL | Consumer Durables | Exporter of kitchenware with growing product range |
| 9 | CEINSYS | IT Solutions | Provides cutting-edge software and technology solutions focused on Geo-Spatial Technology. |
| 10 | DBOL | Manufacturing | UP Based Sugar Producer diversifying into Ethanol |
| 11 | DHARMAJ | Agrochemicals | Fast growth agrochemical player in B2C and B2B |
| 12 | FERMENTA BIOTECH LIMITED | Biotechnology | Largest producer of Vitamin D3 in India. |
| 13 | GLOBUS SPIRITS LIMITED | Distilleries | Producer of ethanol, country liquor and premium spirit brands with a focus on quality and craftsmanship. |
| 14 | HDFC BANK LIMITED | Banking | Major banking institution offering a wide range of financial services and products. |
| 15 | HERITAGE FOODS LIMITED | Dairy Products | Dairy company fast foraying into the FMCG space through value added products. |
| 16 | HIKAL LIMITED | Chemicals/Pharma | Engages in the manufacture of specialty chemicals and pharmaceutical products. |
| 17 | IRIS BUSINESS SERVICES | Software Services | SAAS company building solutions addressing XBRL disclosures in financial markets. |
| 18 | INDIGRID | Power Transmission | Power InvIT with >10% yield |
| 19 | INFLAME ENTERPRISES LIMITED | Manufacturing | Contract manufacturer for a large percentage of chimneys in the Indian market. |
| 20 | INFOSYS LIMITED | IT Consulting | Leading provider of IT consulting and services with global reach. |
| 21 | JUBILANT PHARMA LIMITED | Pharmaceuticals | Diversified biotech and pharmaceutical company with growing presence in the radiopharmaceutical space. |
| 22 | KOTAK MAHINDRA BANK LIMITED | Banking | Provides comprehensive banking and financial services with a strong customer focus. |
| 23 | KRBL | Agri and Energy | India's largest basmati rice exporter |
| 24 | MIDHANI | Defense | Defence focused player and superalloys manufacturer |
| 25 | MODI NATURALS | Manufacturing | Commodity oil company diversifying into Ethanol and Q-Com FMCG |
| 26 | NGL Fine-Chem Ltd | Pharmaceuticals | Growing API company in the animal health space |
| 27 | PNB HOUSING FINANCE LIMITED | Finance | Change in management leading to affordable housing foray |
| 28 | POLYPLEX CORPORATION LTD | Pharmaceuticals | World leading company in production of BOPET films |
| 29 | RATEGAIN TRAVEL TECHNOLOGIES LIMITED | Software Services | SAAS company providing technology solutions for travel and hospitality industries. |
| 30 | RELIANCE INDUSTRIES LIMITED | Conglomerate | Diversified conglomerate with interests in energy, petrochemicals, and retail. |
| 31 | SBI CARDS | Financial | Amongst Top 3 credit card issuers in India |
| 32 | SOLARA ACTIVE PHARMA SCIENCES LIMITED | Pharmaceuticals | Focuses on the development and production of pharmaceutical API products. |
| 33 | SUPRIYA LIFE SCIENCES LIMITED | Pharmaceuticals | Engaged in the development and manufacture of APIs with a high degree of backward integration. |
| 34 | TATA CONSULTANCY SERVICES LIMITED | IT Consulting | Offers a range of IT consulting and services to drive business transformation. |
| # | Company | Sector | Description |
|---|---|---|---|
| 1 | ABSL AMC (Aditya Birla Sun Life AMC) | Mutual Fund | Asset management company with high exposure to fixed income |
| 2 | ACC Ltd | Building Materials / Cement | Leading cement producer with fair valuations |
| 3 | Airtel (Bharti Airtel Ltd) | Telecommunications | Major player in mobile and digital services, upcoming data center play |
| 4 | Akums Drugs & Pharmaceuticals Ltd | Pharmaceuticals | Pure play CDMO company serving Indian market |
| 5 | Alivus Life Sciences | Pharmaceuticals | Develops and manufactures active pharmaceutical ingredients (APIs). |
| 6 | Apcotex Industries Ltd | Chemicals | Leader in specific emulsion polymers |
| 7 | AWL Agri (Adani Wilmar Ltd) | FMCG / Agri-Business | Producer of edible oils, packaged foods, and agri-products under its flagship Fortune brand. |
| 8 | Axis Bank Ltd | Banking / Financial Services | Private sector bank offering retail, corporate, and wealth management services. |
| 9 | BIRET (Brookfield India Real Estate Trust) | REIT | Commercial REIT from Brookfield with > 90% occupancy |
| 10 | Blue Dart Express Ltd | Logistics | Air and premium logistics leader, a DHL company |
| 11 | CMS Info Systems | Cash Management | Provides cash logistics, ATM management, and payment solutions. |
| 12 | Garware Technical Fibres | Technical Textiles | Produces technical textiles for fishing, sports, and aquaculture. |
| 13 | Globus Spirits Ltd | Distilleries | Potential premiumization play in liquor |
| 14 | Greenpanel Industries | Building Materials | Manufactures MDF boards and wood panels for furniture and interiors. |
| 15 | HDFC Bank Ltd | Banking | Major banking institution offering a wide range of financial services and products. |
| 16 | Heritage Foods Ltd | FMCG | Dairy company fast foraying into the FMCG space through value added products. |
| 17 | IndiGrid (India Grid Trust) | Power Transmission | India’s first listed power sector InvIT focused on stable, long-term yield assets in energy infrastructure. |
| 18 | IRIS Business Services Ltd | Financial Technology / SaaS | SAAS company building solutions addressing XBRL disclosures in financial markets. |
| 19 | Kotak Mahindra Bank Ltd | Banking | Provides comprehensive banking and financial services with a strong customer focus. |
| 20 | KPR Mill | Textiles & Apparel | Integrated textile manufacturer producing yarn, fabrics, garments. |
| 21 | Modi Naturals Ltd | FMCG / Food Processing | Modi Naturals produces premium edible oils, health foods, and is expanding into ethanol-based biofuels. |
| 22 | Motilal Oswal Financial Services Ltd | Financial Services / Broking | Wealth management, stockbroking, and mutual fund services backed by strong research. |
| 23 | NGL Fine-Chem Ltd | Pharmaceuticals | Manufacturer of pharmaceuticals and intermediates for usage in veterinary and human health. |
| 24 | RateGain Travel Technologies Ltd | Software Services | SAAS company providing technology solutions for travel and hospitality industries. |
| 25 | Reliance Industries Ltd | Conglomerate | Diversified conglomerate with interests in energy, petrochemicals, and retail. |
| 26 | Saregama India | Media & Entertainment | Music label and entertainment company producing music and films. |
| 27 | Smartworks Coworking Spaces | Real Estate / Co-working | Managed office spaces and coworking solutions for enterprises. |
| 28 | Supriya Life Sciences Ltd | Pharmaceuticals | Global manufacturer of active pharmaceutical ingredients with strong R&D capabilities. |
| 29 | Syngene International | Biotechnology | Contract research and manufacturing services for pharma companies. |
| 30 | WeWork India | Real Estate / Co-working | Premium coworking spaces and flexible office solutions across major Indian cities. |
