My India portfolio is again on track as consumption related stocks have finally started moving after the Election result. For now I see them as hope trades. It may last till the next budget. In this quarter portfolio winners are Trent, Pidilite and Granules India. Pidilite is a 10 bagger in 10 years as I hold the stock with a “no matter what” attitude:) Whereas Granules India is giving 6X return in 6 years.

NVIDIA is the first 10X in my US portfolio. In my 10 years of investing journey (6 years for US stocks) I got blessed with 10X return 4 times. Those were Vaibhav Global, Deepak Nitrite, Pidilite and Nvidia. Except DN I am still holding the other 3 in my portfolio. Both DN and Nvidia reached 10X within 2 years of initial investment. Ultimately I sold DN with a 6X return. This time I am going to sell 50% of my Nvidia holding after the 1:10 stock split takes effect as early as next week. Kabhi na kabhi to 10X return ka maza lena chahiye:)

I personally believe that Nvidia has more room to run. In future all CPU intensive operation will be offloaded to GPU and as a result Nvidia being a monopoly will grab the lion share of new industry which needs support from accelerated computing (for example self driving car tech). Also as expected, hyper-scalar companies like MSFT/AMZN/GOOG have started showing cloud service revenue growth acceleration as developers are experimenting with training new models to solve everyday problems. As a result my Microsoft holding is giving 4X return in 4 years.

At the same time much anticipated revenue growth acceleration of US based SaaS/software infrastructure companies have not been realized yet. In fact, for a few companies growth is going in the wrong direction. The usual chorus here is that big enterprises have stopped buying these softwares due to the so -called macro issue. Somehow the third layer of AI stacks are not showing traction in the middle of raging bull AI hype. Growth may come back when few more AI applications appear in the market. Or in the worst case scenario few of them will be disrupted by newcomers. But whatever the case, my strong belief is that the winner(s) in this space will have a hell of a run for decades to come. As it’s difficult to pick winner(s) so early in this space so I have invested equal amounts in all such companies. Hopefully few of them will turn out to be multibagger even if others falter.

A special mention for cybersecurity company Crowdstrike. My thesis of investing in CRWD was their cloud centric clean architecture to solve some of the tricky issues in the cybersecurity space. This is why they are now beating legacy companies like Palo Alto Networks and Splunk w,r,t winning new multi million dollar deals with their platform centric architecture. I have been holding CRWD from a much lower level (3X return), stocks fell more than 65% from top during the 2022 bear market. Since then it has recovered well and surpassed previous highs convincingly. Now good news is that it’s being added to the prestigious S&P 500 index – this cements its dominance in the field they are operating. At the same time I am patiently waiting for my portfolio stocks Palantir and Trade desk to be added to the same index in the near future. Interestingly all 3 companies are run by founders and I can notice the same confidence/vibe from the respective owners on their products while listening to their quarterly earnings calls.

Interesting fact, during 2022 when US FED started raising interest rate aggressively then majority predicted US recession in 2023. Similarly we all know how exit polls predicted our own election results. Moral of the story is that we need to be careful when there is a widespread consensus view/opinion on some future event’s outcome. Need to be extra cautious while investing based on such a consensus view. In both times I benefited by just doing nothing:)

Disc. This is not a buy/sell recommendation. Biased as invested in all stocks discussed above. Not a SEBI registered advisor.

Hi, I am relatively new in this field and trying to learn things, I did research on muthoot group there are 3 companies I found muthoot finance, Muthoot microfin and muthoot capital services, I know this thread about Muthoot Microfin but I wanted to know what happened with Muthoot Capital services from 1200 to 290. I am not able to find any reason of it. They give bonus in 2017 but stock crashed in 2018. If someone knows anything which I didn’t get please let me know also provide the source if you found it.

Thanks a lot for providing such a user-friendly platform. A lot of information about mutual funds’ holdings are visible, but how to check the holdings of small cases? Please clarify.

Management Initiatives for increasing the topline:-

• Namkeen segment – Currently only 25% of the outlets have Namkeen available(As the taste of Namkeen varies according to the region and currently only Indore plant has the capability to manufacture Namkeen). The management wants to increase its availability through range selling, Sales force automation and entry into modern trade and quick commerce. Management has already developed the products and will launch the products in East India and South India over next couple of months. They expect to increase the sales by 4-5% from this move. Currently Namkeen’s contribution to total revenue is about 16%.

• Jammu Plant – The Jammu plant has been commissioned in March 2024 and the management expects to target areas like J&K, Punjab and Himachal which were earlier less accessible due to logistics issues. The management expects to generate 10 crores of revenue per month from this plant going forward.

• Quick commerce – The management has taken the initiative to get themselves listed on Dmart and Reliance. The supply should start from Q125 itself. The potential could be 50 crores per year from these 2 outlets.

• PLI scheme eligibility – The management needs to maintain 10% CAGR growth till FY 2027 (Base year for calculation – FY 20) in topline to be eligible to receive PLI benefits. Management have fulfilled the CAPEX criteria and the PLI benefits should start to kick in from FY 25.

• Export market – They have received few orders from Oman market and the management will also participate in the upcoming conference in Dubai and they are hopeful of achieving 50-100 crores of topline in the next 1-2 years

Overall the management expects to hit 500 crores of revenue on a quarterly basis by Q3 25 and an annualized revenue of around 1900 crores for FY 25 lead by major growth in Extruded snacks, Pellets and Namkeen. With EBITDA margins being around 9% we could expect EBITDA around 171 crores (21% increase yoy) and EPS around 27-28. Plus the management expects to further enhance the EBITDA margin by 2-3% by focusing on optimizing operation cost and reducing channel distributor margins.

Quant ELSS tax saver growth MF has enter MSTC in May 2024 after Motilal Oswal fund which seems MF’s are entering in the E commerce business