As markets react and overzealous investors seek rapid returns, ‘doing nothing’ in the stock market is considered one of the rare virtues. One of India’s Warren Buffetts, Ashish Dhawan, is known to embrace the contrarian view. Ignoring the noise about ‘this is the next big thing’, he has built a reputation for single-minded determination.
His consistent long-term strategies are best characterised through the two stocks he has not sold, for a decade. These holdings give birth to some valid questions in the minds of investors who follow him. These picks become more exciting as they are currently trading at a discount on their all-time high prices due to market volatility. Is this the time for other investors to follow suit with Dhawan?
Let us see if we can find what made Dhawan hold them for a decade.
Incorporated on August 10th, 1988, as Navpad Texturisers Pvt Ltd, in December 1995, the company changed the name to ASC Enterprises Limited and again changed it to Dish TV India Limited in 2007.
With a market cap of Rs 1.013 cr, Dish TV is India’s biggest and amongst the world’s largest (single country) direct-to-home (DTH) Company with a subscriber base of more than 29 million. The Company is part of the Essel Group and is engaged in the business of providing Direct to Home (DTH) television and Teleport services.
India’s Warren Buffett, Ashish Dhawan has been steadily holding a stake in the company since December 2016 (since records were available), per Trendlyne.com. As of the quarter ending in March 2025, Dhawan holds 1.6% stake in Dish TV.
A quick look at the financials of the company will raise a lot of questions, as to what is it exactly that has kept Dhawan’s interest and money in the company all these years?
The company’s sales have dropped from Rs 6,166 cr in FY19 to Rs 1,857 cr in FY24. That is a drop of 70% in 5 years. Even for quarters between April and December 2024, the total sales recorded is only Rs 1,224 cr, which does not point towards a strong quarter or a fiscal year.
The EBITDA (earnings before interest, taxes, depreciation, and amortization) has also seen a drop of 63% from Rs 2,055 cr in FY19 to Rs 761 cr in FY24. And the recorded EBITDA for the period between April and December 2024 is 432 cr.
When it comes to profits, Dish Tv has not seen one after FY17. In FY19 the company recorded losses of Rs 1,163 cr and in FY24, which jumped to a loss of Rs 1,967 in FY24. Between April and December 2024, the company had already logged in Rs 86 cr in losses.
The share price of Dish TV went from around Rs 4.75 in April 2020 to its price as on 21st April 2025, which is Rs 5.5. It a small jump of 16% in 5 years.
Even at Rs 5.5, the current price is a discount on the share 52 week high of Rs 18.5 and the all-time high of Rs 144.
The company’s share is trading at a negative PE, so it is not available on screener or trendlyne, but the industry median currently 32x. The 10-year median PE for Dish TV is 15x, which is lower than the industry median of 34x for the same period.
One surprising element here is that the FII (Foreign Institutional Investors) holding in Dish TV grew by about 25% from 9.5% for the quarter ending December 2024 to 12.06 for the quarter ending March 2025. This comes at a time when the FII exodus has left India Inc gasping for breath.
Deutsche Bank Trust Company Americas just bough a 1.5% stake in the company.
Founded in 2013, Greenlam Industries Limited specializes in crafting laminates, decorative veneers, and related products. The company distributes its offerings through an extensive network of branches and dealers across India.
With a market cap of Rs 5,690 cr, Greenlam has expanded its global footprint with two fully owned international subsidiaries—Greenlam Asia Pacific Pte Ltd and Greenlam America Inc.—alongside two domestic subsidiaries: Greenlam South Ltd, which is wholly owned, and HG Industries Limited, where it holds a 74.91% stake.
Ashish Dhawan has held a stake in Greenlam at least since December 2015 (since records were available), per Trendlyne.com. Holding as of the quarter ending March 2025 is 3.77%.
As for the financials, the company’s sales grew at a compounded rate of 12% from Rs 1,281 cr in FY19 to Rs 2,306 in FY24. And between April and December 2024, the company logged in sales of Rs 1,888 cr.
EBITDA also grew from Rs 159 cr in FY19 to Rs 296 cr in FY24, which is a compounded growth of 13.5%. And for the period of the 3 quarters between April and December 2024, it has recorded Rs 209 cr in EBITDA.
Greenlam’s net profits have also grown at a compounded rate of 12% from Rs 77 cr in FY19 to Rs 138 cr in FY24. Between April and December 2024, profits of Rs 67 cr have already been recorded.
Greenlam’s share price was around Rs 57 in April 2020 which has grown to its current price of Rs 223 (As on 21st April 2025). This is a jump of 291%.
At the current price of Rs 223, the company’s share is trading at a discount of over 30% on its all-time high and 52-week high price, which is Rs 331.
The company’s share is trading at a PE of 53x, while the industry median is 48x.The 10-year median PE for the company is 16x which is the same as the industry median for the same period.
Greenlam commenced commercial production of Chipboard at its manufacturing facility in Naidupeta, Andhra Pradesh in Jan 2025. The facility has an installed production capacity of 2,92,380 cubic meters per annum and is expected to generate revenue up to 750 crores annually at full capacity utilization.
Add to Watchlist?
What fuels Ashish Dhawan’s confidence in his decade-long commitment to Dish TV India and Greenlam Industries? Dish TV, despite its steep financial declines, and Greenlam, with its steady growth, present contrasting stories. Yet, both are trading at significant discounts, hinting at potential opportunities. Are these the overlooked multibaggers that Dhawan sees merit in? The answer may lie in his ability to see beyond the noise of market volatility.
Dish TV’s struggles, marked by shrinking sales and persistent losses, contrast sharply with Greenlam’s consistent growth in revenue and profits. Yet, both stocks have caught the eye of institutional investors, with Dish TV seeing a surprising uptick in FII interest and Greenlam expanding its production capacity.
Could these developments signal a turnaround for Dish TV or further upside for Greenlam? The market’s current discounts might be a rare window for those willing to bet on Dhawan’s vision. For now, adding these stocks to your watchlist sounds like a plan.
Disclaimer:
Note: We have relied on data from www.Screener.in and www.trendlyne.com throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information.
The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only.
Suhel Khan has been a passionate follower of the markets for over a decade. During this period, He was an integral part of a leading Equity Research organisation based in Mumbai as the Head of Sales & Marketing. Presently, he is spending most of his time dissecting the investments and strategies of the Super Investors of India.
Disclosure: The writer and his dependents do not hold the stocks discussed in this article.
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