While the mainstream media and podcasters will not give them the due attention, a few women investors are quietly making a mark in the Indian stock markets with their knack for picking multibaggers.
Vanaja Sunder Iyer, a Warren Buffett of India, is a very well respected and followed investor. She is known for her community service and mentoring initiatives as well.
Currently she holds 12 stocks in her portfolio, with a worth of Rs 695 cr. But today we are going to look at her biggest holdings to try and understand if we can find a pattern in her stock picking skills.
Force Motors Ltd
Established in 1958, Force Motors Ltd is the flagship company of the Abhay Firodia group. The company is in the business of manufacturing fully vertically integrated small and light CVs, multi-utility vehicles, and agricultural tractors, which it supplies to various countries in the Middle East, Asia, Latin America, and Africa.
With a market cap of Rs 13,961 cr, Force Motors Ltd boasts of about a 70% market share in the LCV school buses and ambulances segment.
The company has also partnered with global automotive names like Daimler, BMW, Rolls-Royce, ZF, Bosch, MAN etc. It produces engines and axles for Mercedes Benz India and BMW-India.
Vanaja Iyer holds a 1.3% stake in the Force Motors, which is 175,000 shares worth Rs 186 cr, as per the filings made for the quarter ending March 2025. This is the biggest holding in her portfolio. According to trendlyne.com, she has held a stake in the company since as far back as December 2019.
Let us take a quick look at the financials of the company to see what has kept her interested all these years.
The company’s sales jumped from Rs 3,081 cr in FY20 to Rs 8,072 cr in FY25, which is a compounded growth of 21% in five years.
The EBITDA (earnings before interest, taxes, depreciation, and amortization) grew from Rs 261 cr in FY20 to Rs 1,093 cr in FY25, logging in a compounded growth of 33%.
Clubbed with these, the net profits could be what has kept Vanaja interested in the company. From a profit of Rs 50 cr in FY20, the company saw a compound jump of 47% in profits to Rs 801 cr in FY25.
The share price of Force Motors was around Rs 805 in May 2020, which has climbed to its current price of Rs 10,603 (as of closing on 21st May 2025), which makes it a growth of 1,218% in just 5 years.
Rs 1 lac invested in the stock 5 years ago would have been over Rs 13 lac today.
The company’s share is trading at a PE of 26x which is same as the industry The 10-year median PE for Force Motors and the industry median is also 26x.
The current ROCE (Return on Capital Employed) for Force Motors is 30%, which is higher than the industry median of 20%. This means the company makes a profit of Rs 30 on every Rs 100 it spends as capital.
The company has proposed a dividend of Rs 40 per share at a face value of Rs 10 each for the financial year 2024-25.
Insolation Energy Ltd
Incorporated in 2015, Insolation Energy Ltd is engaged in the business of manufacturing solar panels and modules of high efficiency of various sizes.
With a market cap of Rs 5,495 cr, the company is the 2nd largest North Indian manufacturer of solar panels, batteries, and inverters based in Jaipur, Rajasthan.
Vanaja Iyer holds a 2.1% stake in the company as of the quarter ending March 2025, which is 45,10,000 shares worth Rs 113 cr.
The company still has to file their audited results for the FY and quarter ending March 2025.
However, the company’s sales grew from Rs 215 cr in FY22 to Rs 737 in FY24. Since the company reports half yearly figures, until September 2024, sales of Rs 612 cr were already logged in, hinting at a good end to the financial year.
The EBITDA grew at a compound rate of 140% from Rs 14 cr in FY22 to Rs 81 cr in FY24. And until September 2024, the EBITDA was Rs 80 cr already.
The net profits were Rs 7 cr in FY22 which grew at a compounded rate of 180% to Rs 55 cr in FY24. And until September 2024, Rs 40 cr was already recorded in profits.
The share price of Insolation Energy Ltd jumped from around Rs 10, which was its listing price in October 2022, to its current price of Rs 249 (as of closing on 21st May 2025). That is a growth of 2,390%.
Rs 1 lac invested in the stock at listing would have been about Rs 25 lacs today.
The company’s share is trading at a PE of 54x while the industry median is 44x. The 10-year median PE for Insolation Energy is 65x, and the industry median for the same period is 33x.
The current ROCE of the company is 48%, which beats the industry median of 21% by a big margin.
In March 2025, the company received orders from Rajasthan Renewable Energy Corporation Limited (RREC) worth Rs 340 cr and Teerth Gopicon Limited worth Rs 32 cr. Also, Insolation Energy’s wholly owned subsidiary, Insolation Green Energy Private Ltd, also secured its highest single sale order amounting to Rs 733 cr for supply of Solar PV Modules.
Follow The Iyer Ideology of Investment?
Vanaja Iyer is someone who generates interest among investors with her picks and sell offs. And when it is about her favourite picks, investors must take notes.
With financials of both her favourites, Force Motors, and Insolation Energy, showing enviable numbers, it is a given to take a deep dive into her investment strategy. Be it sales, operating profits, net profits, ROCE, share prices… Both her favourites shine right now.
While Force Motors has already delivered a good financial year, Insolation Energy’s current numbers are also hinting at a good end to the last financial year, with a solid order pipeline.
With all currently seeming to work in the favour of Vanaja’s favourite stocks, it would be imprudent to not have them in one’s watchlist.
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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