According to reports from The Financial Express, Narayana Murthy's family office through Catamaran Ventures LLP has made significant investments in two manufacturing companies during the June 2026 shareholding season. The LLP now holds 1.68% of Sansera Engineering, valued at approximately ₹336 crore at current prices, making it the second largest disclosed public market bet after Aequs worth ₹430 crore. Additionally, Catamaran has acquired 1.02% of M M Forgings, a Chennai-based forging veteran, valued at about ₹26 crore. Both positions were not present in any earlier quarter registers, marking a significant expansion in the family office's manufacturing portfolio.
As reported by The Financial Express, Sansera Engineering, incorporated in 1981, is a Bengaluru-based manufacturer of precision forged and machined components, ranking among the top ten global suppliers of connecting rods for light and commercial vehicles. The company's current market cap stands at ₹20,176 crore with strong financial performance showing 18% CAGR growth in sales over five years, reaching ₹3,498 crore in FY26. Net profit surged to ₹327 crore in FY26 from ₹217 crore in FY25, with interest costs collapsing from ₹61 crore to ₹24 crore after debt reduction from ₹726 crore to ₹238 crore. The stock has delivered impressive returns, trading at ₹3,235 as of July 30, 2026, representing a 297% increase since its September 2021 listing at ₹815.
According to The Financial Express, M M Forgings, incorporated in 1946 and with a current market cap of ₹2,591 crore, represents a contrarian investment opportunity in the manufacturing sector. The company has experienced mixed financial performance with sales growing at 16% CAGR over five years to ₹1,590 crore in FY26, while net profit declined from ₹135 crore in FY24 to ₹99 crore in FY26. However, the company shows early turnaround signs with free cash flow turning positive at ₹71 crore in FY26 after three years of negativity, and borrowings decreasing from ₹1,184 crore to ₹1,074 crore during the same period. The stock has gained 49% over five years, trading at a PE ratio of 26x compared to the industry median of 30x.
As reported by The Financial Express, the four fresh stock purchases in one filing season demonstrate Catamaran's systematic approach to manufacturing investments, with three of four companies carrying deep Japanese partnerships and all focusing on metal manufacturing. The family office's position sizing reflects conviction levels, paying rich multiples for proven compounders like Sansera (60x PE) and modest multiples for unproven opportunities like M M Forgings. However, the analysis notes significant risks, particularly Sansera's premium valuation leaving no room for execution stumbles, while M M Forgings still needs to prove its expensive new capacity can generate returns. The strategy emphasizes textbook portfolio discipline where position size follows conviction, with the office testing unproven stories with smaller stakes while making substantial commitments to proven performers.
