Ashish Dhawan is not an unknown name when it comes to the investor circles in India. He stands out as an insightful investor and philanthropist who is skilled when it comes to picking stocks for his portfolio.
He founded ChrysCapital and has made a name for himself in India’s stock market by focusing on fast-growing areas with great outcomes. Outside of money matters, he is the mind behind Central Square Foundation pushing for better schools across India. Dhawan’s keen, orderly approach mixes value and growth investing, earning him high regard from market watchers and fellow investors. People value his clear smart takes on medium and small-sized company stocks.
He currently holds 11 stocks in his portfolio, worth over Rs 3,004 cr. But what we shall be looking at today are the top 2 holdings in his portfolio by holding size.
Glenmark Pharmaceuticals Ltd is a global research-led pharmaceutical company with presence across generics, Specialty and OTC business with operations in over 80 countries.
With a market cap of Rs 39,670 cr, Glenmark Pharmaceuticals Ltd is the 4th largest and fastest growing in the Indian market, 15th largest generic company by prescriptions filled in the USA and 5th largest Indian generic co. in Europe.
The company offers a wide range of pharma products in the form of oral solids, liquids, topical products, respiratory MDI/DPI and complex injectables & biologics. It is primarily focused on therapy areas of dermatology, respiratory and oncology.
India’s Warren Buffett, Ashish Dhawan holds a 1.8% stake in the Glenmark Pharma, which is 50,00,000 shares worth Rs 703 cr, as per the filings made for the quarter ending March 2025. This is the biggest holding in his portfolio. According to trendlyne.com, he has held a stake in this company since December 2019.
On the other hand, FIIs hold 23.15% in the company as of the quarter ending March 2025. Smallcap World Fund, Inc. and Government Pension Fund Global are the two most prominent FIIs that hold over 3% stake each.
Let us take a quick look at the financials of the company to see if we can find out what has kept the FIIs and Dhawan interested in the company.
The company’s sales went from Rs 9,865 cr in FY19 to Rs 11,813 cr in FY24, which is a compounded growth of 4% in five years. Between April and December 2024, the company has logged in sales of Rs 10,066 cr already.
The EBITDA (earnings before interest, taxes, depreciation, and amortization) has seen a drop of nearly 25% from Rs 1,586 cr in FY19 to Rs 1,195 cr in FY24. However, the recorded EBITDA for the period between April and December 2024 is nothing short of a comeback, as it is already at Rs 1,790 cr.
When it comes to profits, the picture looks a bit gloomy for Glenmark Pharma. The net profits were Rs 925 cr in FY19 and for FY24, the company has reported losses of Rs 1,434 cr. But the three quarters between April and December 2024 have seen a turnaround, as for that period the profits logged in are Rs 1,042 cr already.
The share price of Glenmark Pharma is currently Rs 1,406 (as of closing on 5th May 2025), which is 322% higher than its 5-year-old price of Rs 333.
At the current Rs 1,406, the share is trading at a 23% discount from its all-time high price of Rs 1,831.
The company’s share is trading at a negative PE, so it is not available on Screener or Trendlyne, but the industry median currently 29x. The 10-year median PE for Glenmark Pharma is 18x, which is lower than the industry median of 27x for the same period.
On the 28th of April 2025, the exchange sought a clarification from the company for the CDSCO report about counterfeit drugs. The response for was given by Glenmark Pharma on the 29th of April 2025 stating, “At the outset we wish to inform you that products referred to in the said news article are spurious products which have not been manufactured by Glenmark Pharmaceuticals Limited or any of its affiliates. Since this is a counterfeit issue and the products in question are not manufactured by Glenmark Pharmaceuticals Limited this was not intimated to the exchanges. We have been proactive in informing the Exchange about the events of the Company and we will continue to do so”.
IDFC First Bank Ltd is engaged in the business of Banking Services. IDFC FIRST Bank was founded by the merger of erstwhile IDFC Bank and erstwhile Capital First on December 18, 2018
With a market cap of Rs 49,067 cr, the bank operates a network of 970 branches and 1136 ATMs across India. The bank is transforming from a corporate focussed, low NIM (Net Interest Margins) bank to a retail focused high NIM bank.
Ashish Dhawan’s stake in IDFC Limited was converted, on merger, into a 1.19% stake in IDFC First Bank in October 2024. And as of the quarter ending March 2025 his holding is 1.26%, slightly higher than the previous report. In total he owns about 9.25 cr shares worth Rs 620 cr.
Once again, FIIs hold a 25.68% stake in the bank, with Odyssey 44 A S holding 3.7% and Tata Indian Opportunities Fund holding 1.02%.
As for the financials, the bank’s revenues grew at a compounded rate of 18% from Rs 16,240 cr in FY20 to Rs 36,502 cr in FY25.
According to the company’s latest investor presentation in May 2025, in FY25, the total loan book grew by 20% to Rs 2,41,926 cr.
The NII (Net Interest Income) grew from Rs 16,451 cr in FY24 to Rs 19,292 cr in FY25, which is a growth of 17%. The NIM (Net Interest Margin) saw a small drop in Q4FY25, which according to the bank was due to decline in the micro-finance business.
Looking at the net profits for IDFC First Bank, in FY20 the bank had recorded losses of Rs 2,843 cr. However, in FY25, the bank logged in Rs 1,490 cr in profits.
IDFC First Bank’s share price was around Rs 20 in May 2020, which has grown to its current price of Rs 67 (As on closing for 5th May 2025). This is a jump of 235%.
At the current price of Rs 67, the company’s share is trading at a discount of over 33% on its all-time high price, which is Rs 101.
The bank’s share is trading at a PE of 33x, while the industry median is 11x.The 10-year median PE for the bank is 19x while the industry median for the same period is around 15x.
US-based Warburg Pincus, a leading private equity firm, has applied for a CCI approval to purchase a 10% stake in IDFC First Bank through its entity Currant Sea Investments BV.
Big Holdings, Big Risks?
When an investor like Ashish Dhawan trusts his money with any stock, it naturally attracts interest from investors across the board. Especially when the holdings are his biggest ones. Add to it the interest FIIs have shown in these stocks, and it is a mix that could cause ripples in the market.
While the financials for both, Glenmark Pharma and IDFC First Bank have their own challenges, they have still managed to hold the attention of the Warren Buffett of India, Ashish Dhawan and the FIIs. Glenmark’s troubling operating profits coupled with the turnaround story its net profits are showing, warrant all eyes on it.
IDFC First Bank on the other hand with a fall in NIMs, still packs a punch with its strong growth in overall business.
While how these picks of Dhawan will turn out is something only time will tell, given that they have managed to hold his and FIIs interest for all this time, it does make them a good choice to have on one’s watchlist.
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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