Vallabh Bhanshali, chairman of ENAM investment house, made a significant market move by purchasing 20 lakh shares of Sunflag Iron and Steel for ₹60 crore in early May 2026. According to reports from The Financial Express, the stock jumped 29% in two trading days following the public disclosure of this bulk deal. The transaction involved buying shares at an average price of ₹300 per share from members of the Sanghavi family, with Bhanshali now holding a 1.1% stake worth ₹72 crore as of July 2026. The stock touched an all-time high of ₹428 on May 7, 2026, though it currently trades at a 16% discount from its peak.
The investment reveals a significant hidden asset within Sunflag's balance sheet - a ₹7,779 crore investment in Lloyds Metals and Energy that was converted from debentures in March 2023. As reported by The Financial Express, this stake has grown from ₹17 crore in March 2022 to ₹7,779 crore by March 2025. The market value of these investments now stands at approximately ₹7,724 crore, making the steel business operations effectively available for free at current market prices. Sunflag operates an integrated special steel plant at Bhandara, Maharashtra, with annual sales of nearly ₹4,000 crore and serves automotive, railway, and defense sectors. The company's market cap of ₹6,526 crore is significantly lower than the value of its Lloyds stake, creating an unusual investment structure where the steel business comes free with the acquisition.
The company's strategic focus extends beyond traditional steel manufacturing to defense and aerospace applications. According to The Financial Express, Sunflag operates a super alloys facility commissioned in FY22 targeting fighter jet, space vehicle, and nuclear reactor components. The facility has received approvals from marquee aerospace and defense customers, though offtake has been slower than planned. In May 2026, the company was declared the successful bidder for the Tambia South coal block in Madhya Pradesh, enhancing its raw material security for defense applications. The company serves Indian Railways, ordnance factories and power equipment makers, with Daido Steel of Japan holding a 10% stake for years.
Separately, Hitesh Satishchandra Doshi, a low-profile investor with a disclosed portfolio worth over ₹830 crore, acquired a 3.1% stake in Schneider Electric President Systems worth approximately ₹85 crore through the company's direct listing on June 12, 2026. As reported by The Financial Express, Schneider President designs and manufactures 19-inch enclosures with FY26 sales of ₹384 crore and net profit of ₹38 crore, maintaining strong ROCE of 24% and ROE of 18%. The company's stock has surged nearly 300% in one month from its relisting price of ₹849 to ₹2,227 as of July 2026, taking the market cap to ₹2,694 crore. The company is almost debt-free with just ₹1 crore in borrowings and has paid no dividends despite steady profits.
