Porinju Veliyath needs no introduction as he is one of the most respected and widely followed super investors of India. He founded a portfolio management service called Equity Intelligence India Pvt Ltd. A highly skilled investor and fund manager known for his value-focused approach and swimming against the tide, Porinju has made a name for himself by picking multibagger stocks and building solid wealth with them.
So, when he trusts stocks to be in his portfolio, one must take notes and try to find out if the reason behind the pick could be decoded. Especially new investors, as they could benefit from following his proven strategy
Here are 2 stocks held by the Warren Buffett of India, that have the largest holding in his portfolio.
Incorporated in 1996, Aurum PropTech Ltd is in the business of software development and other services for the real estate.
With a market cap of Rs 493 cr, Aurum PropTech integrates tech expertise in real estate, and builds and operates PropTech products, services, and platforms catering to the B2B, B2C, B2B2C, and D2C Real Estate Value Chains.
India’s Warren Buffett, Porinju Veliyath, has this company as the largest holding. As for the quarter ending March 2025, he holds 43,20,000 shares (between individual portfolio and Equity Intelligence India Pvt Ltd) in the company worth Rs 73 cr, which is roughly a 6% holding in the company.
Let us look at the financials to see if we can find out the reason behind this.
The company’s sales were at Rs 10 cr in FY20 which jumped to Rs 264 for FY25. That is a compound growth of a huge 92% in 5 years.
The EBITDA (earnings before interest, taxes, depreciation, and amortization) for Aurum Proptech has seen a fair share of ups and downs in the last 5 years.
EBITDA Performance (FY20–FY25)
| FY | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| EBITDA (Rs Cr) | -1 | -10 | -19 | -16 | 3 | 46 |
FY25 seems to be the turnaround story for the company when it comes to operating profits.
Coming to the net profits, this is one area that raises questions about why Porinju has remained invested since December 2021 (as per trendlyne)
Net Profits (FY20–FY25)
| FY | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| Net Profit (Rs Cr) | 90 | 2,413 | -13 | -40 | -66 | -41 |
The share price of Aurum Proptech Ltd went from around Rs 218 in May 2020 to its price as of closing on 7th May 2025, which is Rs 169. That’s a drop of around 23% in 5 years.
The current price of Rs 169 is over a 77% discount from the stocks all-time high price of Rs 741.
Due to consistent losses, the company’s PE is negative and not listed on Screener or Trendlyne, but the industry median is 30x. The 10-year median PE for Aurum Proptech is close to 89x, while the industry median for the same period is 27x
Incorporated in 1945, Kerala Ayurveda Ltd is engaged in manufacture of Ayurveda products, Ayurveda Research, Academies, Clinics, Hospitals, Ayurvedic Wellness Resorts and Services, cultivation of herbs and maintaining herbarium of medicinal plants. The company emerged as a frontline manufacturer of a few speciality patent ayurvedic medicines.
With a market cap of Rs 409 cr, Kerala Ayurveda Ltd manufactures Ayurveda Medicines with 350+ classical and proprietary formulations, operates treatment centers, clinics, hospitals, and Ayurveda Resorts all over India. Company has an Ayurveda Academy in India & US and cultivates 1,200+ Ayurveda herbs and maintains an herbarium of medicinal plants.
Porinju holds 5.18% stake in the company, which is around 623,000 shares worth Rs 21.2 cr.
The company’s sales have jumped from Rs 59 cr in FY19 to Rs 108 cr in FY24 which is a compound growth of 13% in 5 years. And between April and December 2024, the company has logged in sales of Rs 89 cr already.
EBITDA grew from Rs 5 cr in FY19 to Rs 7 cr in FY24, which is a compound growth of 7%. Between April and December 2024, the EBITDA was Rs 5.14 cr.
The net profits is an area of concern for the company. Take a look:
| FY | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 |
| Net Profit (Rs Cr) | 3 | 4 | -5 | 2 | 0 | -1 |
Kerala Ayurveda Ltd.’s share price was around Rs 48 in May 2020 which has grown to its current price of Rs 340 (As of closing on 7th May 2025). This is a jump of around 608%.
At the current price of Rs 340, the company’s share is trading at a discount of 30% from its all-time high of Rs 487.
The share is however trading at a PE of a huge 341x while the industry median is 34x. The 10-year median PE of the company is 31x while the industry median for the same period is 22x.
Big Plans for Small Caps?
Porinju Veliyath’s big bets on less talked about companies like Aurum Proptech Ltd and Kerala Ayurveda Ltd give us a rare insight into the Warren Buffetts of India’s mind.
Aurum Proptech’s sales are growing and its EBITDA just turned positive, hinting at a bright future. However, its stock price lags, and it still loses money overall. Kerala Ayurveda’s sales also keep growing with its stock price going up considerably, which means investors believe in the stock. But its high PE ratio and declining net profits raise concerns about its sustainability.
Investors must weigh the pros and cons and analyze the financials to determine if these stocks align with their goals. Now, whether these stocks deserve a spot on your watchlist, depends on how much risk you’re willing to take and if you buy into Veliyath’s strategy. Thorough research is essential, as Veliyath’s conviction could lead to significant rewards or risks.
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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