Sunil Singhania's Abakkus Flexi Cap Fund has crossed the 1% shareholding threshold in BEML, a defence PSU that secured a landmark ₹5,400 crore order from the National High-Speed Rail Corporation on September 18, 2026. According to reports from The Financial Express, the order covers supply and maintenance of high-speed trains for the Mumbai-Ahmedabad corridor, representing approximately 24% of BEML's entire FY26 revenue. Domestic institutions have increased their combined stake from 19.40% in June to 21.52% in September 2026, while foreign investors reduced their holding to 5.27% from 9.91% in March 2024. Singhania's fund now holds 9,03,225 shares worth approximately ₹180 crore, representing 1.08% of the company's total equity.
With a market capitalization of approximately ₹16,403 crore, BEML now holds ₹21,700 crore of work in its order book, equivalent to roughly five years of revenue at FY26 levels. As reported by The Financial Express, the company reported a ₹16,285 crore order book as of June 30, 2026, bringing the total to the current record level. However, BEML's financial performance shows challenges with FY26 sales of ₹4,351 crore representing only a 4% compound annual growth rate over five years, while net profit declined by half to ₹148 crore in FY26. The company's financial metrics reveal EBITDA of ₹300 crore in FY26 with a 9% compound annual growth rate, though operating margins compressed from 13% to 7% during this period.
Sanjiv Shah's portfolio company Kanoria Chemicals & Industries has delivered exceptional returns with the stock surging 127% in a year from its March 2026 low of ₹56 to ₹181 as of October 14, 2026. According to The Financial Express, Shah increased his stake from 2.79% in March 2026 to 3.97% in June 2026, becoming the largest public shareholder with a stake worth approximately ₹31 crore. The company's core chemicals business showed strong performance with standalone revenue growing from ₹388 crore in FY21 to ₹875 crore in FY26, representing an 18% compound annual growth rate. The June 2026 quarter delivered a consolidated profit of ₹26.36 crore against a loss in the previous year, with the continuing business earning approximately ₹32 crore.
BEML shares have declined 11% in a year despite the major order win, trading at a PE ratio of 92x compared to the industry median of 30x. As reported by The Financial Express, the company faces cash flow challenges with negative free cash flow of ₹250 crore and customers taking 191 days on average to pay in FY26. The stock's performance shows return on equity has slipped to about 5%, while high-speed trains require long testing periods before generating revenue. Kanoria Chemicals trades at approximately 1.4 times book value after recovering from its March low, though the company faces risks from promoter pledging of 29.57% of their holdings and volatile formaldehyde pricing dependent on methanol costs.
