According to reports from The Financial Express, Nemish Shah, the co-founder of ENAM Holdings, has maintained a disciplined approach to his equity investments over two decades. Across twelve quarters ending June 2026, Shah demonstrated contrasting strategies with his two major holdings. In Bannari Amman Sugars, he has maintained a 2.59% stake for three consecutive years without selling a single share, while in LMW, the Coimbatore machinery maker, he has been gradually reducing his position from 5.57% to 5.24% over the same period. Both companies are characterized by their virtually zero debt positions and have shown signs of recovery in recent financial performance.
As reported by The Financial Express, LMW Ltd, incorporated in 1962, operates as one of only three companies globally making the full range of spinning machinery. The company reported a net profit of ₹131 crore in FY26, representing a 24% compound annual growth rate over five years. In the June 2026 quarter, the company achieved significant operational improvements with sales rising 24% to ₹861 crore and operating profit jumping to ₹64 crore from ₹14 crore, expanding margins from 2.0% to 7.4%. The company maintains zero borrowings for six straight years with reserves of ₹2,856 crore against equity capital of ₹11 crore. Recent market data shows promoter holding has remained almost constant over the last 6 months, with pledged promoter holdings remaining insignificant.
According to The Financial Express, Bannari Amman Sugars has successfully transformed its financial position over the past decade. The company's borrowings decreased from ₹1,221 crore in FY15 to just ₹9 crore in FY26, representing a dramatic improvement in debt management. The company achieved cash conversion cycle halving from 263 days to 137 days in FY26 and generated cash from operations of ₹514 crore with free cash flow of ₹405 crore. Net profit increased 41% from ₹105 crore to ₹148 crore in FY26, though this growth was partially attributed to a reduced effective tax rate from 35% to 17%.
As reported by The Financial Express, LMW's share price has increased 109% over five years from ₹8,200 in August 2021 to ₹17,140 in August 2026, though it remains 10% below its all-time high of ₹19,200. The stock trades at a PE ratio of 100x, significantly above the industry median of 31x. Bannari Amman Sugars has seen its share price rise 94% over five years from ₹1,820 to ₹3,520, currently trading at a PE ratio of 30x compared to the industry median of 16x. Both companies maintain strong balance sheets with LMW holding ₹2,856 crore in reserves and Bannari Amman achieving virtually debt-free status.
