Performance and status

We have maintained a performance and status sheet of all the stocks we have mentioned on the blog. We update it (usually fortnightly) to keep updated our readers about our current status for the mentioned stocks.

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292 thoughts on “Performance and status”

  1. Hi, Ayush,

    You have given a “accumulate” call on Riddhi Siddhi. After what the management did in their subsidiary sale, why do you feel they will give anythin to minority shareholders now?
    What is the difference between accumulate and buy calls?

    Rgds

    1. Hi Vinod,

      We had exited Riddhi Siddhi and had made a blog post for the same – https://dalal-street.in/riddhi-siddhi-french-roquette-deal-impact/

      The updation in the sheet as “Accumulate” has been an error during last updation. We have corrected the same to “Exited”. Thanks for bringing the same to notice.

      Accumulate is when the stock is looking very attractive at current levels. Buy is when it is in a buying range.

      Regards,

    2. i will not go for this stock.since mkt has corrected substantially and also expected to go down further, better watch out to pick pedigree stocks at lower levesl …like : axis bank , l&t, bhel , alstom , abb , siemens , novartis etc.

      1. I tend to agree with Jatin. Solid companies are available at reasonable prices and they would form core of my portfolio. I will put some risk money in the small cap. But majority of my funds will go to large and mid cap.

          1. Ayush bhai,
            I see you exited Pratibha Inds. The stock looks interesting from after they won few orders.
            What’s your take on it looking at bullsihness in Infrastructure stocks?

            Also if you think there are some good mid-caps for 1 yr hold view please do suggest. Your take on Jyoti Structures if you tracking.
            pls do continue with some new ideas. Liked your Balkrishna.

          2. Hi,

            Yeah, we had exited from the sock at that time as better options seemed to be available. One needs to be very selective in the infra sector as cos are highly leveraged.

            Yes, lots of very good options are available and we have been discussing them at our blog. You may refer to the performance sheet to look at the ideas in bold which are still open.

            Don’t track Jyothi Structures closely but yes its a good co and has value.

    1. Hi,

      Like @pratyushmittal:disqus mentioned, we had made a small post on Pratibha.

      Might be posting a detailed note soon.

      Thanks & Regards,

  2. Dear Ayush,
    Do you track SRF? I am researching this idea. At least statistically it looks OK with good multi year growth and other ratios plus prudent and conservative management. Sort of good value stock. Do you have any opinion on this stock or industry.
    I am trying to develop bear story for this idea before I invest. Why it is so disliked by investors (PE of 3.5 and dividened yield of 5%).

    Request other readers to voice their data and opinions.

    Thank you.

    Girish

    1. Hi Girish,

      Though the stock looks cheap, but I think we need to consider the impact of end in earnings from carbon credit (which might happen or get reduced going forward – reason – Kyoto Protocol needs to be renewed and the benefit may get reduced.

      If the carbon credit are to end going forward, I think earnings will take some decent hit.

      Regards,

      1. Thanks for your input. Yes that can dent the profits for sure. But for some resons the CERs revenue is already fallen to Rs 72.81 cr this year Vs Rs.259 Cr last year. Not sure if it will go up in the next few years.
        The other red flag is sustenability of margins next year. The chemicals segment had 131% increase in EBIT due to global market situation. But new capacity has come in. Same was true with packaging film segment. But after supreme court order on Gutkha packaging and additional capacity exmapsion in the coutry will surely impact the margins of packaging film busines. Already impact started in Q4. In Fy 2010-11 margins were extremely high for both checmcals and packaging film businesses. Will not last going forward.
        But on the positives….
        1. The track record of this management for last many years in all market conditions. Especially as asset allocators. Also there is an ambition to scale up the operations.
        2. The valuation is very cheap. Even if we knock off 50% profits next year (just a guess) the PE will still be 7 or so. I think there is lot of margin of safety due to very low valuation if the investment horizon is 2 or 3 years.

        1. Its good to know that contribution from CERs is already low this year. Yes, contribution from packaging business should be very low this year.
          You have done good homework and it should give you comfort while investing.

    1. Hi,

      We do like Pratibha for long term but there are lots of concerns for the infra sector and their stocks in near term. Hence needed more clarity or better price.

      What do you think?

      Regards,

  3. Ayush,
    You have HOLD for Balkrishna Inds. Do you think one can still accumulate at current price looking at the future expansion of Rs1000 Cr?

    1. Hi Rohit,

      BKT is definitely a very good company and outlook is also very good…the stock has also done very well and is up 50% up from our recommendation date despite gloomy market.

      As the co’s 50% of revenue is from Europe and looking at the uncertainties and risks, one should be a bit cautious here until things settle. There are other new ideas also which one should consider.

      Regards,

      1. Thanks Ayush. will keep that in mind. I thought adding 25% of BKT might be a good idea, but after your advice I will hold off.

        Can you pls share what new ideas you looking at?

        I was exploring VOLTAMP TRANSFORMERS. They seem to be good and seems like a Debt free company.

        whats your take on that one?

        1. Hi Rohit,

          BKT is a very good co and hence adding abt 25% of your intended qty at current levels could be a good idea. Do allocate some portion of your portfolio (say 1-3%) to stock ideas you like and are working on.

          Have posted new ideas in last few months and all of them still look good.

          Don’t track Voltamp transformers closely. Doesn’t looks cheap on last couple of years of performance. Anything particular here?

          Regards,

    1. Hi,

      Though the longer term story seems intact in both the cos but one should wait for Q3 results to get a clue about the results.

  4. HI Ayush,

    which one is looking good in below peers
    1.Everest Industries
    2.Hyderabad Industries
    3.Visaka Industries
    4.Shyadri Industries

    Regards,
    Vishal

    1. Hi,

      I think one should watch Q3 nos before acting. As cement prices had increased in last few months, may be there will be margin pressure.

  5. Hi Ayush,

    Wanted to check your views on ABC bearing. Although, their growth has been slow, but hopefully their new plant will give the growth impetus.

    1. Hi Saurabh,

      Though fundamentally its a good co but it hasn’t been able to deliver on consistent growth. In this market we feel there are better options available.

    1. Yes, the recovery has been good but as there haven’t been any updates from the company or other analysts and the growth hasn’t been there for quite sometime, one may switch to other ideas.

      1. Ayush,
        do you track Action Const Equip? RD on his chat session use to recommend it. Do you think it has value and can been added?

        1. Hi,

          We haven’t been tracking the same. The last qtr of the co was quite poor…what were the reasons for the same?

    1. Hi Vishal,

      Though it seems to be a short term negative, but we feel it will have neutral effect over a medium to longer term.

  6. Hi Ayush,

    Awesome new look to the scorecard!

    Regarding Piccadilly Agro – why do you still consider it a hold?

    1. Hi,

      Thanks. The stock has just fallen off the cliff due to poor earnings. While the BV is good at 30+ hence we feel its no point to sell at these prices…may be when the performance improves, the stock may come back.

  7. Hi Ayush- whats your take on Piccadilly Agro now? While all sugar stocks have had a tough time, what do you make of the subdued performance on the liquor front?

    1. Hi Abhinav,

      Very limited information is available on this co and hence tough to understand the exact reason behind the subdued performance.

  8. Hi Ayush

    would the chinese govt decision to stop sea food imports from India be a negative for Avanti feeds

    Regards

  9. will you suggest investment in SHREE RENUKA SUGAR and SUZLON at current price for long term say 3+ years?
    Your view, Please

  10. Hi Ayush – what is the difference between your buy on decline and accumulate calls ? If you are looking at your performance spreadshee what kind of decline you looks for ( 10%, 20% ?). I guess this varies from stock to stock but a rough figure will make me understand your views on apcotex v/s say smruthi

    1. Hi Vishal,

      We feel if one is trying to build a portfolio, then he should have exposure in the stocks under Buy, Buy on Decline & Accumulate rating. Accumulate is given to a stock which is looking very attractive at the current levels and higher exposure should be given while Buy on decline is for stocks which are good but buying should be done in phased manner from time to time and on declines of say every 5-10%.

      Usually investors should spread out their portfolio into 15-20 stocks.

  11. Hi Ayush

    Do you track a cravatex . Seems good ( Though has run up ) …Good franchise & should benefit from Demographic dividend & domestic consumption

  12. which one is the best buy @ CMP among the stocks you track in respect of future price appreciation potential?

    1. We feel if one is trying to build a portfolio, then he should have exposure in the stocks under Buy, Buy on Decline & Accumulate rating. Accumulate is given to a stock which is looking very attractive at the current levels and higher exposure should be given while Buy on decline is for stocks which are good but buying should be done in phased manner from time to time and on declines of say every 5-10%.
      Usually investors should spread out their portfolio into 15-20 stocks.

  13. Hi Ayush

    Do you track RS Software . Good set of numbers , cheap & good dividend yield …Client concentration however , remains a risk

  14. Hi Ayush

    Do you track WEBELSOLAR? Should one remain invested in that company for long term?
    How do you see the future of the company in long run?

    1. The sheet was updated a week back…we usually update it every fortnight. So it will be there in next update.

  15. Ayush . many of your stocks are flying around …Congrats on some great calls .

    Time to update the report too !

  16. Ayush

    Gujarat reclaim results for 4 th quarter a tad disappointing . Does this have to do with plant shut down for a few days

    1. Hi,
      Yes, the results are weak on quarterly basis but still very good on annual basis. The stock would take correction but it remains a high quality stock with good prospects for long term. As per notes to acs, new capacities have started production so there should be good growth in coming year.

      Yes, the plant shut down seems to have affected.

  17. Hi Ayush

    On Avanti , I feel q 1 / q2 results of FY 13 …will be very good . One is the seasonality factor and couple with weak INR …..any thots

    regards

    1. Yes, usually Q1 & Q2 are the best quarters and we may see topline growth but I would like to remain a bit cautious on the margin side…we may see some softening. We shouldn’t extrapolate. Yes, weaker rupee should help.

  18. Hi Ayush,

    What are your views on Manjushree Technopack. I think this stock idea is worth revisiting.

    Thank You.

    1. Yeah, the co has been doing really well and one should remain invested and add more on declines.

      1. Manjushree’s consistent growth in the past 10 years has been excellent. Do you believe the latest announcement by the government to allow FDI in retail will benefit the co from a long term viewpoint? Was wondering why this stock is not in your ‘hold’ or buy on declines category anymore despite your comment above.

        1. Hi,

          Over last couple of years, the co has taken a lot of debt and now the debt:equity ratio is at about 1.25 and in the recent qtr the co hasn’t grown much. Hence to be on the safer side, we have taken an exit for now.

  19. Hi Ayush

    I had once mentioned about V-guard . They have come out with a outstanding numbers

    Regards

    1. Keep a track of it results and developments, if the co continues doing well then time frame is not that important.

  20. Ayush,
    Good set of numbers from Balkrishan Inds. Do you see the performance to continue or can one exit the counter?
    I just want to see how the numbers are given for the next year.

    1. Hi Rohan,

      Try to look at the longer term picture and the business model. The co has a excellent track record and is in process of almost doubling its capacity over next 3 years.

      The current nos are good but there is some slowdown. So if you are already having the shares and exposure is good then some profit booking can be done otherwise one should stay invested and monitor the performance.

  21. Hi Ayush,

    Any particular reason on making Ashiana “buy on declines”. Is it because of the changed accouting policy which can make results unpredictable?

    1. As the near/medium term nos are expected to be weak, stock price may correct and hence one should keep buying gradually on declines

        1. Yes, the approval has been very slow for new projects in Bhiwadi and this coupled with the accounting change will be impacting the nos. But if one thinks beyond a year then its an excellent co to own.

  22. Hi Ayush,
    I have a few questions:
    1. Do you run this as an investment fund that I can invest in?
    2. Also, do you allocate equal amounts of money to all of your share holdings? Or do you assign different weights based on how much you like a company or set of companies?

  23. Ayush Sir,

    I like Indag Rubber as a company and also its management. But I read your queries to the management. Seems like you were suggesting, market opportunity is not there anymore(after your mgmt interaction) and may not grow more than another 10% or so. Also the company is looking to diversify to other areas due to no growth situation. What other businesses mgmt is looking for growth, when are they looking for this diversification. So do you think it is wise to look at this opportunity or look for other ideas from your picks. Also if one can invest how much % of portfolio one can invest considering the growth constraints the company faces. Many Thanks.

    1. Hi,

      Indag is a good co in terms of consistent nos and financial ratios. Yeah, when we met the mgmt, it seemed that the growth will slowdown but the co has done pretty well since then and grown at about 20%. So this is commendable.

      On the limitations, yes, longer term growth potential is limited due to the limited market size. There hasn’t been details on the the new lines of business.

      This is a decent opportunity given the valuations but exposure should be limited to 3-5% due to lack of clarity on growth.

  24. Ayush,
    The link to Narmada Gelatin doesn’t open any stock details. Its refers to management meet. Is that intentional or error? I wanted to check on Narmada Gelatin details like other stocks.

    1. Hi Manek,

      We haven’t posted a detailed note on it. We had briefely mentioned about the co in the relevant post.

    1. Hi,

      It does seem to have value and in past has been a good dividend paying co. The negative is the volatility in earnings.

      Would like to know more on the growth prospects to take it further. Do share if any update at your end.

  25. Hi Ayush

    Can you please share you investment philosophy or the list of do’s and don’t which you adopt specifically highlighting if there are any sectors which you do not invest in and the valuation methodology being followed. Not sure if anything is already posted earlier. Thanks

    1. Hi Anil,

      Usually we don’t invest in IT or highly competitive commodity sector like Steel etc. We like to invest in young cos growing at 25-30% and having a niche area and quoting at single digit PE multiples. The business should have an ROCE of above 20% and promoters should have a clean track record.

  26. Hi Ayush

    Do you track singer India . Looks cheap . MNC , latest quarter results seem good . If June quarter can be replicated there could be an uptick . Also delisting story .

    1. Dost why you wasting time on putting the comments?? Lots of free and paid sites are available. Do googling and let people do some useful discussions here. Thanks Happy investing

    2. @Bhavik: This blog is for investors sharing knowledge about value investing. We are not here for trading.
      @Moderators: Why not remove such sadist comments?

      1. Hi Prashanth,

        We want to keep this website as transparent as possible and hence haven’t moderated the above comment.

        Thanks for your response.

  27. Hi Ayush,

    I was looking at apcotex industries. Looks like a good company in a commoditised industry. The company is showing excellent growth in exports. Is it sustainable(or due to weak rupees). Also there latest annual report doesn’t specify about installed capacity. As per knowledge 30,000 MT was last capacity seen. Have they made any capex to increase the capacity. Looks like company is operating at 97% capacity. Do you have any information.?Also the company is making progress and gaining good traction and becoming efficient. Is it due to a larger scale of operations.? Can you throw some light on this.? Thank You.

    1. Hi,

      Yes, they are doing well in a competitive industry and the change is due to the next generation. The MD has been trying to grow the co at a steady rate of 20-25%+.

      They have undertaken some expansions and invested about 30 Cr in up-gradation and expansion of capacities.

      The key thing would be if they are able to expand their margins…if it happens, the stock can get re-rated. Otherwise it can be a steady grower.

      1. Ayush, Thanks for the information. I did analyse it, company being very shareholder friendly. But business is not that great to talk about. Was comparing this with Savita Chemicals, and savita was having better return ratios. But this being a small company, can grow 15% compound. So currently kept under radar and not yet made a move.

  28. hi Pratyush
    Few days back I visited yr cantt office and met you and Yr father.U added my name in mailing list.I am not receiving mails.Kindly check at yr end.
    Harish Matah

    1. Dear Sir,

      Thanks for writing in. We haven’t made a blogpost since 3rd September hence you haven’t received any email. You should receive one the next time we make a post.

  29. Ayush,
    Do you track Sanghvi Movers? The stock in Infra & power stocks are beaten down since last 2 years. Will govt become active, do you see Sanghvi getting better orders as the company is the best in its segment and caters to large power projects.

    Regds

  30. CA Ayush, Good evening. I notice your earlier recommendations Welspun, Piccadily Agro, BNK Capital much below the recommended price and your advice is to hold. Is it advisable to buy at the present price levels? Pl advice. Regards, Suresh

    1. Though it is trading cheap but there was a fraud in the co last yr and nothing much was disclosed. Hence we feel there is lack of clarity to have much exposure

      1. Have you seen consolidated results and balance sheet? They are also planning QIP. Before QIP gap between valation and price can get reduced!

    1. Hi Suvenkat,

      Go for the scripts which are still in buy mode and recommended recently. Like – GRP, Sahyadri, Muthoot Cap, Smruthi, Narmada Gelatine etc

  31. Congratulations for setting first screener site for the Indian stock. I have following questions if you wish to answer:
    1. Can you please share the source from which the information is sourced?
    2. This being a non commercial site, how you guys are maintaining this (managing finances)?
    3. What are the future plans for the site?
    4. The site can have filters for sectors and give the facility to compare between 2 or more stocks at a time.
    Keep up the good work.
    Happy Investing 🙂

    1. Hi Atul,

      1. Screener analyses the publicly published data of companies from multiple sources including the exchange websites and some manual feeding.

      2. We are working towards educating masses about investing. We are currently maintaining this from our own funds.

      3. At the moment we haven’t given it much thought. We seek to spread Screener so that the maximum people may benefit from it. We are also working on various unique and new helpful features.

      4. We will be adding industry filters soon. The idea for stock comparison is also good and we will give it a thought.

      Thanks for the feedback :),

      Pratyush

  32. Ayushji,
    i could not understand logic of some of the recommendations…muthoot capital is near recommended price but is still accumulate and not buy. narmada is below recommended price but is buy on decline, not outright buy. could u please explain. great job anyways….

    1. Hi Paritosh,

      We have added a brief footnotes as to what the terms mean.

      Accumulate: We find the current price attractive for investing.
      Buy on declines: The company has good fundamentals but the price might take a few corrections from time to time.
      Hold: Stock is adequately valued and is expected to continue to give a recurring good performance.

      Thanks for the appreciation,
      Pratyush

    1. Hi Vinod,

      The reason is we already have good exposure from very low levels and hence would be buying gradually at these levels. But yes, it does look good.

      Ayush

  33. Ayush,
    Whats your take in Aarti Inds at current price as you tracking Aarti drugs as they are from the same management group.

    1. I think the co is over-leveraged and one should avoid. Invest in such ideas only if you understand the co very well.

  34. excellent job !!! where can i find the reasons/notes for buying ? for example Caplina was recommended to buy, i would like to read the notes on why it is being recommended. also when the list is updated after the actual buy. i am seeing caplina entry price at 70 and the date is jan 08. i dont see this rate on jan 08. its available on 70rs on jan 02. is it possible to update the list immediately. i understand this doesnt matter for long term investors

    1. Hi Naveen,

      We do feel that the co’s value is much higher than the market cap as of now. However, there have been concerns on the quality of earnings as of now and hence value unlocking may take quite some time. Best strategy is to buy gradually in a phased manner, if convinced.

  35. Ayush

    Seeing your picks for the first time…..Am new to your site
    If you can help provide a range of about how many stocks you would hold at one point in time???
    The reason for my question is that all companies mentioned here are micro-caps (niche plays), so I’m trying to understand your thoughts on downside protection assuming some of these may have had scalability and corporate governance issues. Am i right in assuming that in a major bear market like in 2009, (considering most of them to be illiquid) P/E’s of many of many of these companies may have fallen way below 5

    1. Hi Akshay,

      As personally we are full time into investing and have a passion to work on new interesting ideas, we hold several stocks at a point. However, usually 15-20 stocks form majority of the portfolio and would recommend the same to others too.

      Stocks do fall during bear markets but the good thing is that almost every other stock falls in these times and hence one can exchange a weaker idea into a stronger one.

  36. hi this is my first comment on any investment related site. first i want to wish you from heart for the great effort you put in (dalal – street / screener.in) kudos to whole team. 🙂

    and regarding to the above post i guess your investment grew about 25+ folds i guess ?.

    i personally think Indian share market is 90% filled with gamblers and sky fall run chickens, but i am happy to see people with love for investing.

    i am a software employee by professional & loves investing.

    i give value to people who shares & cares about others, out of the respect for dalal-street team .

    i am making an request, i like to be a part of dalal-street team to what ever i can contribute to dalal-street team. (technically/investment wise).

    by the way, i want to buy dalal-street shares if available ?? or invest in the dalal-street brand as an investor too.

    i am 25 years old guy, working in Bangalore.

    1. Hi Jitendra,

      Thanks a lot for the appreciation 🙂

      Yeah, being full time into investing, we love to study stocks and share them.

      It is wonderful to have your support. We are constantly working on new tools to make investing easy and more powerful. Will send you an email on how we can work together on technical end.

      We don’t have any company or brand currently, as all the developments are done at personal level and only for sharing/educational purpose.

      Thanks again for your support,
      Pratyush

  37. Hi Ayush,

    Which are the best stocks that I can buy now. Since market has come down from highs.

    Thanks,
    Naveen

    1. Hi Naveen,

      The correction has been strong in the small cap space and several choices are coming up. So I think its better to keep a bit diversified approach as of now and increase exposure in stocks where you keep getting more conviction and insight.

      1. I want to pick up couple of stocks from the list mentioned. What do you say about Lumax and Narmada Gelantine

    1. Hi,

      Due to the recent correction in small and mid cap space, several new interesting ideas have come up like – Kovai Medical, Astra Zeneca, Canfin etc and we are studying them. It might be better to see March qtr results of the co.

    1. Hi Satish,

      As the underlying investments haven’t also done well, the stock has been a value trap. The movement in such ideas usually happens during bull markets when the underlying stocks also start doing well.

  38. Hi Ayush,

    This is great and you guys rock. When you enter a position, can you also tell us what % of your portfolio you are going in with? 🙂
    I think you guys are a genius and I want to treat you as a mutual fund and follow. Do you mind?

    Cheers,
    -Prasanna

    1. Hi Prasanna,

      We believe that stock allocation should be based on the level of conviction. Thus we leave it on the readers to draw their own levels of conviction and take decisions accordingly.

      Personally, when we start reading on an idea and like it, we allocate 2-3% and then try to increase the same to 5-6% with more conviction. Usually we don’t allocate more than 10% to an idea as usually our stocks are from small cap space and there can be high volatility and sudden changes.

      1. Hi Ayush,

        I’m not sure if my comment got lost because of a glitch. I don’t mean to bother you, if that was intentional — totally understand if it was. Just re-posting my comment:

        I’d love to invest in your conviction levels treating it as a Mutual Fund. Would you mind sharing what portion of your portfolio a new accumulate call is going to take up? If there’s some reason why you wouldn’t want to share that, completely understand.

        Thanks a lot!

        -Prasanna

        myprasanna.com
        myprasanna@gmail.com
        littleinvestor.tumblr.com

  39. Ayush,

    Interesting to note that you have recommended Piccadily Agro. Went back to read your old post. Seems like a fundamentally good company. Are you playing for valuation here or do you see any triggers for the stock?

    What is your view on MPS post their acquisition of Element LLC? This will add a burden of 10crs on the balance sheet in Q1

    1. Hi Prashanth,

      Piccadily has delivered a good Q4FY13 result and as per one of the recent announcement from the co, FY14 should also be good. Hence looking at the low valuations and good prospects, we feel one can buy to bring down the aveg cost.

      MPS has delivered inline with the expectations. The acquisition may help them in bringing growth.

  40. Hi ayush

    please suggest me what should i do? if customize columns tab and manage watch list tabs are not working. Thanks

  41. Dear Ayush,
    Missed out on Astral Poly interview on making Big .What was the gist n new abt the interview .Wud be grateful if you could update on the same/

      1. Cannot view the interview hv u seen the recorded version of interview? Vijay gawade too saw the interview n was deeply impresses with it. Said that Astral as such is a tight hold for long term. Besides his personal obstacles what were his view on Astral future n prospects ?

        1. There was not too much discussion on future. It was more on the entrepreneurship challenges and the profitable growth the co has had.

    1. The latest AR has been very good to read – the co has been making all the right moves – expanding product range, reach and building a stronger brand. The only concern is the big fall in the rupee.

  42. Ayush what’s your take on Canfin home margins being lower as its parent Canara Bank fleecing it by charging high intt rate at base rate of 10.25% n Canfin have to lend it @ 10.75% . Ofcourse Canfin like other PSU will focus only on safe salaried class . Any hopes for Canfin sourcing more fund from NHB n other banks or sources at more competitives? Is this the crux issue for underperformance of Canfin?

  43. Hi Ayush, Priyush,
    I know you like to analyze micro cap and small cap stocks and reccomend those. In the current market turmoil many strong Moat long term bets like Page Ind, Titan Ind, Asian paints, Pidilite etc are coming down. Although still expensive (PE wise) they are slowly looking attractive on DCF basis. We may get an opportunity of life time to enter into these stocks and build rock solid core portfolio. I will appreciate if you give your views and analysis on some of these ‘The Dream’ stocks.
    Regards,
    Girish

    1. Yes, one may build some part of portfolio to these superb cos provided one has the visibility on their growth prospects in coming years….one shouldn’t be betting just because they have done well in past.

  44. I fail to understand why Bajaj Investment Holding Co. which owns ~30% of bajaj Auto and ~40% of Bajaj Finserv is selling for only ~8500 crore. Instead if someone independently purchases ~30% of bajaj Auto and ~40% of Bajaj Finserv, he will have to shell out ~21000 crore. Apart from these two mammoth ownership, Bajaj Investment Holding also owns several other investments on its B/sheet and the company is debt free.

    Can anyone explain the rational behind this mediocre valuation?

    1. Hi Nitin,

      Such discounts are common for the holding cos as the value you are looking at is not going to be unlocked. So until and unless there is a trigger to unlock this value, the discount would remain there and one may have to face high opportunity cost.

  45. Great calls n good hit ratio.Bravo. Keep up the good work.

    Seems good times are ahead for stock markets now after 5 years of consolidation in nifty n sensex terms. For last 1 year RE n Gold have given average to negative return for retail investors. Stock specific returns on the contrary have been very good in the same time which are all tax free for CG n dividends.

    Now more retail investors as such will come to stock markets n our choice of small caps will get more attention , price rise which will then capture the attentions of big players IMHO .

    What’s your take.

  46. hi, I have been looking at Power Finance Corporation for some time and started purchasing when the stock hit about 100 (my buy price after averaging was around 140).

    While the fundamentals of the assets (power companies) can always be questioned, a nodal agency such as PFC does come with a fair amount of advantages as well as a strong balance sheet (with an excellent track record to boot).

    I am not really able to figure out why the stock is being discounted so much and the value being so low. Can anyone shed some light around this?

    The earnings this year are on track for about 36 rupees per share (an increment of almost 13 rupees per share from 23 – makes it about 50 percent positive aggregation). We just had the results come out on nov 8th and the second quarter results are spectacular. This organization also ends up paying about 6 plus rupees dividend every year – which is also great.

    The current stock valuation seems to be deeply discounted. While I have been accumulating over the last 2 months, I am unable to understand the reasons why (apart from the low float for the organization, the uncertainties in power sector reform and other commonly mentioned reasons – which were also in play about 6 months ago). Can anyone provide their perspective?

  47. summit securities holding value crossed 800 crores in CEAT,KEC,ZENSAR mkt cap only 85 crores company increased syake in all holding companys in last 3 years profits now discount 90% can i buy more for targer of 150 with in year

  48. Ayush,

    The number of stocks on hold and accumulate or buy in declines seems to be large. Typically how many stocks do you hold in your portfolio at a time? Just curious how you manage to stay focussed with so many stocks in portfolio.

    1. As most of our stock picks are small cos, we feel its better to have some diversification and hence don’t advise allocation of more than 10% to an individual stock until n unless one has lot of insight and confidence.

      As part of our research, we like to participate and allocate smaller amounts to cos which interest us and we want to research further. Hence usually 15-20 stocks form our core portfolio while much more are there will smaller allocation for study purpose.

    1. Haven’t tracked it offlate but when I had studied it few years back, it seemed one of the better cos in the sector.

  49. Hello Ayush! Is Atul auto, accelya kale good buy at these levels? i see both stocks already had excellent run but valuation looks nice, thanks

    1. Hi,

      Both the cos have done very well and have got re-rated by the markets. Both the cos have potential to do well from here also however, the undervaluation and margin of safety available before won’t be there at these prices.

      1. Thanks Ayush! Of course from valuation perspective GRP Ltd does look attractive. But, You being confident of it, what has changed about GRP that would bring it back on track?

        1. The Sept qtr was good in terms of coming back to decent profitability. So it seems that the co has been able to come out of its problems.

          Going forward as they would utilize their idle capacities, I expect them to do better. However, it may take time before material changes are visible.

          1. Thanks for your reply! Being a cyclical business that sounds plausible! However, Mr. Markets behavior and the sharp rise recently is as interesting to monitor as always.

  50. Ayush ,

    What is your view on Mayur at 350/ 15x LTM Earnings. Can some fresh allocations be made or good to book some profits?

    Thanks
    Abhay

      1. Got it, 1 more question, I am trying to come up witha fair multiple for Mayur. Using SOTP approach, doemstic business is 3-4% Net Income margin business.I am valuing that at 8x Earnings. Exports, on the other hand is 35-40% Net income margin business growing at 20%+. So very valuable, but not sure which comps to use – would you know of any other similar export oriented manufacturing companies that are doing quite well (AIA Eng comes to mind) and which could be used as comps. Thanks in advance.

        1. I couldn’t get the nos you are using to arrive at the calculations. I don’t think domestic business yields just 3-4% net margins.

          Domestic business is also very good for Mayur.

          Overall the business is good because throws a lot of cashflows and has potential to maintain good growth going forward.

    1. Hi Rajeev,

      This is not a recommendation site. We just share our thoughts and ideas we are working on and you may follow the same by subscribing to the blog via email (its available at the top right of the blog)

  51. Hello,
    Thanks for the list and recommendations.
    Am wondering if you still lookout for the stocks that are shown as exited. Is it possible that they have become worth buying again?

    Regards
    Roshni

  52. sir you are not giving any suggetion from past 4 month. is value stocks are ended in this high market. please provide suggetion. retail investor like me only dependenton you thanks……

  53. Hi ,

    Just an observation
    Muthoot Capital is ‘Buy on Declines’ at Sr. No. 2 and at ‘Accumulate’ at Sr. No. 27.
    Thanks

    1. Yeah, we need to correct that. There are two entries as we had recommended earlier and exited at 130 levels. Then recommended again at 80 levels

    1. We feel its better to follow the fundamental performance rather than think of price. Hence no specific targets in mind.

      1. Dear Ayush,
        Thanx for the reply.
        What do you perceive of the fundamentals of the company.
        They dole out hefty dividends.
        Is it good for the company.
        The foreign promotors hold 75% of shares.

        Also what do you make of the fundamentals of GANESH ECOSPHERE.
        It has the largest plastic recycling plant in India.
        Thanx a ton.

        Ashley.

        1. Yeah, its really good that the co is paying out dividends if they don’t need the money. Its a very good policy for the minority shareholders.

          Don’t track ganesh ecosphere.

  54. Hi Ayush,

    How would you compare the quality of Waterbase vis-a-vis Avanti Feeds? Would you recommend a entry at CMP? Have you seen seasonality in these kind of businesses? If yes, which are the best months to get into?

    1. Hi Ramesh,

      Qualitatively I feel Avanti is a much much better co.

      At CMP, i feel waterbase is also attractive on the valuations.

      Yes, the business is seasonal and usually H1 is much better than H2 and Q3 is the weakest.

  55. Have you looked at Optiemus Infracom the sole distributor of Samsung mobiles in India ? Or La Opala RG Kitchenware firm from Kolkata ?

    1. Hi Tankrich,

      Have you done some more work on this co – Optiemus? I’m hearing the name for the first time…will like to know more. Plz email me, if you have some details.

      On La Opala, had got in very early but couldn’t understand the story and got out early. Looks expensive now.

  56. Hi, Do you believe in Spic’s turnaround story. If so, is it right time to enter or wait for budget implications on fertilizer subsidies?

    1. Hi,

      We generally start with a 2-3% allocation after initial study/work on a stock. And as the insight and comfort increases, increase it to 5-7%. In cos where we have a good confidence and understanding we take it to max 10%.

      We feel its better to have a bit diversified portfolio while investing in mid and small caps.

  57. Dear sir,

    What is ur view on below mentioned stocks at cmp ?

    Paper products
    Premier explosives
    Manjushree technopack

    C & C Contruction
    Jaihind projects
    Gammon india
    Shriram EPC
    canara bank
    Vascon engineer

  58. Dear Ayush,

    i am reading your blog from past one year and follow your recommendations but i lacked in the percentage gain because from your blog i don’t know where to find current recommendation…as they seen in performance and status tab the stock already run 25% ..like anuh pharma…..please help me in this concern..
    thanks and regards

    1. Bizarre ! will it help if someone open your account also and start putting money into it too?? common dear do some home work too

  59. Dear Sir,

    i am reading your blog from past few days but from your blog i don’t know where to find current recommendation…as they seen in performance and status tab the stock already run 25% ..like anuh pharma…..please help me in this concern..
    thanks and regards

    harry

    1. Hi,

      You can subscribe to get email update whenever there is a new post. The option is at the top right of the blog.

      We are not providing any recommendation…just discussing cos and their fundamentals.

  60. Hi Ayush,
    Why is Kwality Ltd stocks not performing well. What is wrong with its fundamentals that I am not seeing?

  61. SREE RAYALSEEMA HYPO HITECH LIMITED… SRHHLTD… what is the present status… can i buy more this stock… or sell this stock…

  62. how will recent sebi guidelines affect this blog. I hope you continue this blog as is by publishing disclosures of your actions, and making it explicit that they are not recommendations to buy/sell.

  63. Hi Ayush,

    I dont see recommendations updated in last 6 months, have we stop doing it? I joined this blog today only so not sure how to follow this blog for good recommendations or studies around good stocks? Kindly guide me plz.

      1. Thank You Ayush. I have joined this forum 2 days back and amazed with your stock picks and performance. As I am new to stock marking investing and trading. Would like to know from your side how can I proceed further to pick such kind of undervalued stocks going forward. I read lot of article, forums and books but with having so much of ratios in financials dont know what ratios to look while choosing any stock. Like EPS, P/E, P/B etc. Could you please kindly guide me further ?

        1. Hi Varesh,

          Would recommend you to visit valuepickr.com. We have discussed about these aspects indepth over there.

          1. Hi Ayush,

            Thanks for routing me to valuepickr. I requested for login Id,paws but no response yet. Also could you advise for beginner what could be the starting point there.

            Your help I this regard will be highly appreciated.

          2. Hi, I have send a request for the approval of your registration. You should be able to access after that.

          3. Thanks Ayush, I got aces to site now. Will go through the content and will let you know for any queries.

  64. Hi Ayush, Greetings!! I found this website when I was searching for fundamental stock analysis in google few weeks back. You guys are doing awesome, I was very late and regretting on not able to find this blog 4 years back.. Thank you for all your recommendations. I know it is difficult to find value picks at this market highs. Do you have any plans to publish any new stocks in near future.. All the best!!

  65. Ayush – Haven’t see an update on this for last 8 months – can u kindly provide us some updates.

    Also which of these stocks do you own now at present?

  66. Hi can you pls update your site pls. You have recently added a small cap offshore oil firm. Can you pls let me know what is the target and how many years I need to hold it. My email id is csheth12@gmail.com

  67. Hi, we do not see any updates in this tracker since 11 months. Current price column is also not reflecting the latest information. anyhow thanks for the information so far you provided.

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