Ashish Dhawan’s portfolio

Ashish Dhawan is a leading private equity investor and philanthropist. Ashish Dhawan’s portfolio has 15 companies as of November 2021. The net worth is ₹ 1971 crores.

He has invested 20% of his funds into various sectors, followed by the computer and software sector (13%). The other sectors in Ashish Dhawan’s portfolio are transport and logistics, ceramics and granite, finance, pharmaceuticals, media and entertainment, and private sector banks.

The shares in Ashish Dhawan’s portfolio whose holding percentage has increased are:

Arvind Fashions Ltd

Ashish Dhawan has 65,64,065 shares of Arvind Fashions, valued at ₹ 185.63 crores. The holding percentage in this company has increased by 0.2% as of September 2021. Presently, he has 5% of the company’s shares (4.8% in March 2021).

The revenue and net profit growth were 85.91% and 53.91% as of September 2021 on a YoY basis, respectively. The QoQ growth was 154.39% and 44.83%. The significant easing of COVID related restrictions resulted in robust growth in the retail channel and online business. Sales recovery was 90%+, compared to pre-COVID levels. Power brands grew by 145% on a YoY basis. Online channel sales contributed to 40%+ of the company’s revenues. There was a robust sales recovery due to the festive season. Sales growth with optimal cost measures improved operating profitability. EBITDA was ₹ 72 crores compared to the loss of ₹ 14 crores.

Arvind Fashion is a textile manufacturer that focuses on its core brands like US Polo, Tommy Hilfiger, Arrow, Calvin Klein, Sephora & others, and strengthening its balance sheet. It aims to maintain leverage at reasonable levels. It has raised ₹ 1450 crores in the last two years from two rights issues and the sale of a minority stake in Flying Machine to Flipkart. Moreover, it is restructuring its business model by selling loss-making brands like GAP, Hanes, New Port, and Unlimited.

The expected CAPEX is ₹ 50 crores. The overall blended margins are 8-10%. They aim to add 150 stores each in FY22 and 23 through franchisee. Experts expect the gross debt to reduce from ₹ 903 crores to ₹ 500 crores in FY23. The management’s focus is on capital allocation, stringent working capital, and cash-flow positive till FY23.

Arvind Fashions Ltd

The shares whose holding percentage in Ashish Dhawan’s portfolio remains constant are:

Max India Ltd

Ashish Dhawan’s portfolio has 6.1% of the company’s shares. It holds 32,60,256 shares of Max India, amounting to ₹ 24.7 crores. The net profit grew 730.56% and 29800% on YoY and QoQ basis, respectively.

Max India is a part of Max Group. They have a  presence in the senior care sector.

It is the holding company of Max Skill First and Antara Senior Living. The aim is to enhance the well-being of the elderly population. The mission is to become the most preferred choice of employees, customers, and shareholders.

They have three core values. Firstly, Sevabhav, to create a culture of helpfulness in the society. Secondly, Credibility, their words match with their actions and behavior. Lastly, Excellence, hire experts to deliver the best solutions.

The cash flow has increased by 107.3%. The operating profit rose by 245.54% on a YoY basis.

Max India Ltd

RPSG Ventures Ltd

Ashish Dhawan has a 4.7% stake in the company. He holds 12,34,286 shares valued at ₹ 81.5 crores. The revenue rose by 23% on a YoY basis as of September 2021, but the net profit declined on QoQ and YoY basis by 49.05% and 27.7%, respectively.

RPSG Ventures is a flagship company of Sanjiv Goenka Group engaged in the electricity generation and distribution business in Kolkata and West Bengal. It is promoting businesses in information technology, outsourcing, renewable energy, real estate, and FMCG.

Sustainability, Humaneness, Credibility, Customer First, Risk-Taking, Execution Excellence, and Agility are its core values.

RPSG Ventures Ltd


Ashish Dhawan’s portfolio has 5,60,00,000 shares of the company. The holding percentage as of September 2021 is 3.5%, with no additions since March 2021. The shares of IDFC amount to ₹ 292 crores.

The revenue growth on a YoY basis is 56.72%. The Net profit rose by 280.28% and 163.84% on YoY and QoQ basis, respectively.

Revenue grew by 23.8%, majorly due to 10.5% YoY AUM growth. Strong income growth, and operating leverage and improved margins led to a rise in net profits. The AUM growth was 0.2% on a QoQ basis.

Fee income grew marginally by 0.6%. EBITDA is ₹ 89.88 crores as of September 2021, up 211.22% on a YoY basis. IDFC Ltd has given 8.86% returns over the last six months and 94.88% in the past 12 months.


Dish TV India Ltd

Ashish Dhawan has a 1.6% stake in the company. He holds 2,89,57,491 shares of the company at ₹ 48.6 crores. The revenue and net profit have declined by 15.15% and 53.62% on a YoY basis. They have decreased by 1.75% and 38.73% on a QoQ basis. EBITDA stands at ₹ 430.94 crore in September 2021, down 18.64% from ₹ 529.67 crore in September 2020.

Dish TV is currently in dispute with YES Bank, its largest shareholder with a 25.63% stake. The bank sent a requisition notice to the company’s board to call EGM to remove Goel and reconstitute the board by adding seven new directors. Dish TV board decline the requisition for the shareholder meeting. The Operating revenues as of September 2021 are ₹ 7,181 million. The Subscription revenue is ₹ 6,445 million.

The institutional investors have increased their holdings to 38.76% from 12.55%. The company continues to drive its business performance and enhance the viewing experience on traditional and OTT platforms.

Dish TV India Ltd

Glenmark Pharmaceuticals

Ashish Dhawan has 1.8% stake in Glenmark. He holds 51,00,000 shares. The value of the shares is ₹ 261.5 crores. The revenue grew by 6.6% on YoY and QoQ basis. The net profit rose by 17.44% on a YoY basis but declined 10.35% on a QoQ basis.

Glenmark Pharma is an India-based pharmaceutical company with a presence in more than 80 countries. Their focus is on generics, specialty and OTC businesses with a strong presence in diabetes, cardiovascular and oral contraceptives.

Glenmark reported a strong performance growth in the Africa, Asia, CIS regions, and Europe. EBITDA grew 6.8% YoY, though margin saw a contraction at 18.9% due to massive operating costs. The company paid off a substantial portion of the debt from IPO proceeds. The margins may come under stress in the coming quarters with a further rise in input costs. But company’s long-term potential, however, remains strong. New product launches will help topline and margin growth over the long term.

Glenmark Pharmaceuticals

Karur Vysya Bank Ltd

Ashish Dhawan holds 1,96,00,180 shares of the Karur Vysya bank, valued at ₹ 95.4 crores. The holding percentage is 2.5%.

There was marginal YoY revenue growth of 0.23%. But the net profits grew by 44.01%.

Overall advances stood at ₹ 53,850 crores and increased by 7% on a YoY basis. The total deposits are ₹ 65,410 crores, out of which CASA is 35%. Net interest is ₹ 680 crores.

The gross NPA stood at 7.38% and net NPA at 2.99%. The operating profit stands at Rs. 373.84 crore in September 2021, down by 16.69% on a YoY basis.

Karur Vysya Bank Ltd

Equitas Holdings Ltd

Ashish Dhawan’s portfolio holds 4.7% shares of Equitas. The number of shares is 1,60,00,000, valued at ₹ 192.2 crores.

The net profit increased by 220.98% on a QoQ basis but declined by 64.32% on a YoY basis.

Equitas Small Finance Bank recorded a PAT of ₹ 412 million due to higher provisions. But the operating performance for the quarter was in line.

Robust business growth showed due to healthy disbursements, which were up 149% QoQ. All segments were growing, except for MSE Finance. Liability momentum remains strong, with the CASA ratio improving to 45%.

Slippages were high, although healthy recoveries and upgrades resulted in a stable asset quality ratio. The restructuring book was 10.2% of loans. Collection efficiency for September 2021 improved to 99.7%, providing comfort on recovery trends. GNPA/NNPA ratio increased marginally by 4.82%/2.46% on a QoQ basis.

Equitas Holdings

Quess Corp Ltd

Ashish Dhawan has had a 1.1% stake in Quess Corp without any change since March 2021. 15,86,510 shares amount to ₹ 142.8 crores.

The net profit declined by 17.78% and 18.67% on YoY and QoQ basis, respectively. The revenue grew by 23.43% on a YoY basis.

EBITDA from operations grew by 12% YoY basis. PAT down 17% YoY due to extraordinary non-cash charge. The net debt position improved to ₹ 68 crores against ₹ 151 crores last year. The company announced an interim dividend of Rs. 4 per share.

Quess will benefit from the revival of operation across industries, especially in its Workforce Management and Operating Asset Management verticals. There is the addition of clients and the pickup in associate headcount. Moreover, Quess will deliver a robust operational performance. It will also benefit from strong demand for IT staffing and will report 25% revenue growth in FY22E, aided by a low base.  Moreover, the adjusted EBITDA margin was robust with better operating leverage. Over the medium term, Quess to be a big beneficiary of the recent labor law reforms. Moreover, the management is seeing improving trends of and hiring.

Quess Corp Ltd

Palred Technologies Ltd

Ashish Dhawan has a 7% stake in the company. He holds 6,78,189 shares worth ₹ 13.8 crores. The revenue rose by 20.05% on a YoY basis, but the net profit declined by 69%. But the net profit grew by 51.62% on a QoQ basis.

Palred Technologies caters to database management. It makes the database easy, accurate and quick. Health & Glow and Globus are satisfied clients and have shared how solutions have helped to improve profits. They provide data in a cost-effective and relevant manner.

Palred Technologies Ltd

Allcargo Logistics Ltd

Ashish Dhawan’s portfolio has 39,01,827 shares of Allcargo Logistics. The value of the shares is ₹ 124.1 crores. The holding percentage is 1.6%.

The net profits have grown tremendously on YoY and QoQ basis by 298.27% and 94.55%, respectively. The revenue has increased by 113.04% and 44.32% in the same manner.

Revenue stood at ₹ 4978 crores as of September 2021. The EBITDA was ₹ 363 crores. The PBT stood at ₹ 319 crores, including ₹ 43 crores exceptional income and ₹ 24 crores share of profit from associates and joint ventures.

The company’s leadership, collective vision and commitment allowed to record notable performance in the September quarter. The sharp focus on transformation and digital initiatives bolster the entire team to work with a start-up mindset. They shall continue to work with an asset-light approach and deliver value to stakeholders with continued growth and profitability.

The logistics industry went through the pain with low rates over several years. But now it has turned around post-consolidation, and freight rates are showing no signs of going back to earlier levels.

Allcargo Logistics Ltd

Greenlam Industries Ltd

The holding percentage is 5.7%. 13,62,842 shares amount to ₹ 206 crores.

The net profit and revenue grew by 12.14% and 56.98%, respectively.

The company is planning a stock split. There will be a split in the face value of ₹ 5 to ₹ 1 per share, making the stock more affordable to retail investors and increasing liquidity. But the market cap will remain the same. The number of shares increase and the price move down without affecting the underlying value. In the past six months, the stock price of Greenlam Industries has surged 45% compared to a 14 % rise in the S&P BSE Sensex. While, in one year, it has more-than-doubled or up 112%.

Greenlam reported robust volume growth of 45 % on a YoY basis. There was a jump of 64% /29% in domestic/export volume as the company continues to gain market share. Sharply higher raw material cost, delay in passing on costs, and loss in allied business impacted profit (20 % lower than the estimate). Going ahead, Greenlam expects margins to improve over coming quarters due to volume growth.

Greenlam Industries Ltd


Ashish Dhawan has a 4.8% stake in the company. He holds 31,00,000 shares worth ₹ 65.7 crores.

The net profit and revenue grew by 170.7% and 31.24% on a QoQ basis, but the net profit declined by 16.62% on a YoY basis.

HSIL delivered a total Income of ₹ 566 crores, a robust growth of 29%, EBITDA grew by 18% YoY, amounting to ₹ 91 crores. The PAT of ₹ 42 crores grew with a margin of 4%.

Revenue growth was due to the pickup in the economic activities, demand revival, and macro-economic scenario. There was an increase in demand for glass bottles visible in all end-user industries, and recovery in the real estate sector drove the growth of the building products segment.

HSIL delivered a stellar performance even after the closure of one of the glass containers furnaces during the quarter for relining. Despite rising fuel prices, HSIL has maintained a healthy operating margin of 16%, owing to higher operational efficiencies supported by their distinct capability to use alternative fuels across plants. They continue to invest in businesses to improve operational efficiency and cost reduction initiatives.


The shares in Ashish Dhawan’s portfolio whose holding percentage has decreased are:

Zensar Technologies Ltd

Ashish Dhawan holds 31,00,000 shares of Zensar. The value of shares is ₹ 116.3 crores. The holding percentage has reduced by 0.1% since March 2021. The current holding percentage is 1.2%.

There was a marginal increase in the revenue by 7.26% and 12.15% on a YoY and QoQ basis, respectively. Even though the net profit grew by 19165.31% on a YoY basis, there was a decline in net profit growth by 6.53% on a QoQ basis.

EBIT margin declined by 10.9% on a QoQ basis due to a salary hike and other supply-related factors. Deal TCV witnessed a robust recovery to $188.5 million ($97 million in Q1FY22).

The management expects the margin to revert to high teens in the medium term. With a likely return to high-teens organic growth in FY23E on a good FY22 exit and a recovery in key accounts, there is potential for a significant stock re-rating as valuations catch up with its peer group.

There was a sharp dip in the share value by 9% after more than 10% of the equity of the IT consulting & software company changed hands through block deals.

Zensar Technologies Ltd

Birlasoft Ltd

Ashish Dhawan holds 50,00,000 shares of this company. The value of the shares is ₹ 237.1 crores. The holding percentage was trimmed by 1.1% and 1.8% since June and March 2021, respectively. Currently, Ashish Dhawan has a 1.8% stake in the company.

The net profit grew by 49.2% on a YoY basis but declined by 9.25% on a QoQ basis. The revenue growth on a YoY basis was 17.99%.

Birlasoft focuses on non-ERP digital businesses like CRM, data analytics, app development & enterprise solution. The company caters to manufacturing, BFSI, energy & utility and life science.

The EBITDA margin declined by 15% due to wage hikes and a sharp rise in expenses.

Birlasoft recorded good numbers on the revenue front, but high subcontracting costs affected margins. The attrition rate is at 24%, probably the highest for a long time. It also reflects the talent crunch in the industry.

The crude oil prices are stabilizing. Going ahead, the revenue growth in the energy vertical will improvise if the crude oil prices are not volatile. Cloud revenues have started improving because of their partnerships with Google and Microsoft.

Birlasoft Ltd


To sum up, it is necessary to have knowledge about the stock market before investing. Use plenty of tools and resources to analyze the markets. Moreover, patience is the key to earn returns in long run. Lastly, the most important, diversification is the most important to set off losses during adversities.