According to latest exchange filings for the quarter ending June 2026, Catamaran Ventures, Narayana Murthy's family office, has made significant investments in two manufacturing companies. The firm now holds 1.46% stake worth ₹262 crore in TD Power Systems and 1.02% stake worth ₹28 crore in Vardhman Special Steels. As reported by The Financial Express, these positions represent a stark size difference, with the TD Power Systems investment being nearly nine times larger than the Vardhman Special Steels position. The investments align with Catamaran Ventures' strategy of focusing on export-oriented precision manufacturing and engineering firms in India.
As reported by The Financial Express, TD Power Systems, incorporated in 1999, is a Bengaluru-based manufacturer of AC generators and electric motors for power plants worldwide. The company serves over 100 countries with subsidiaries in the United States, Europe, Turkey and Japan, and maintains a long manufacturing tie-up with Japan's Toshiba group for large turbine generators. According to the report, the company's market cap stands at ₹17,969 crore with minimal debt of just ₹18 crore against reserves exceeding ₹1,000 crore as of FY26. The company has demonstrated strong financial growth with sales growing at 26% CAGR over five years, reaching ₹1,856 crore in FY26, while net profit grew at 40% CAGR to ₹239 crore.
According to The Financial Express analysis, TD Power Systems has demonstrated strong financial growth with sales growing at 26% CAGR over five years, reaching ₹1,856 crore in FY26. The company's net profit grew at 40% CAGR to ₹239 crore in FY26, with margins expanding from single digits to around 18%. As reported by The Financial Express, the company's return on capital employed stood at 33% and return on equity at 25% in FY26. The stock has more than doubled over the past year, trading at a PE of 75x against the industry median of 38x. The company's sales jumped about 45% in FY26 alone to ₹1,856 crore, while net profit climbed to ₹239 crore.
As reported by The Financial Express, Vardhman Special Steels, incorporated in 2010, manufactures special and alloy steel bars for automotive engine and gearbox parts, serving major clients including Toyota, Maruti Suzuki, Hyundai and Hero MotoCorp. The company's market cap stands at ₹2,672 crore with a PE of 22x, trading at the industry median. According to the report, Aichi Steel, the steel arm of Japan's Toyota group, doubled its stake to 25% in September 2025, indicating deepening technical partnerships. The company has lined up a heavy capex plan of roughly ₹2,600 crore over the coming years, including a ₹475 crore forging plant and a much larger new steel plant of about 500,000 tonnes, targeted for completion by FY30.
According to The Financial Express, both investments align with Catamaran Ventures' strategy of focusing on export-oriented precision manufacturing and engineering firms in India. The report notes that both companies maintain debt-free balance sheets and have strong Japanese partnerships, which aligns with Murthy's career history of building bridges with Japanese firms. As reported by The Financial Express, the investments represent a total commitment of ₹290 crore across the two manufacturing companies, reflecting Murthy's preference for patient, long-term positions over smallcap speculation. The contrast between the two investments is striking - TD Power is a momentum story running at full speed with expensive valuations, while Vardhman is a value story trading at normal mid-market prices.
