According to reports from The Financial Express, Vallabh Bhanshali, co-founder of Enam Holdings and its chairman, maintains a concentrated portfolio of only four stocks worth approximately ₹190 crore as of the quarter ending June 2026. The portfolio discloses holdings above the 1% mark in just four companies, with three of the four stocks holding almost exactly the same weight. Bhanshali, who spent three decades as an investment banker before building Enam alongside Nemish Shah, follows a quality-over-quantity investment approach similar to his co-founder.
As reported by The Financial Express, Sunflag Iron & Steel represents Bhanshali's most significant position, with the stock trading at ₹346 on August 28, 2026, worth approximately ₹70 crore. The company, incorporated in 1984 and making alloy and special steels at Bhandara in Maharashtra, saw Bhanshali acquire 20 lakh shares at ₹300 each in May 2026, representing a ₹60 crore investment that drove the stock up 29% over two sessions. The company's balance sheet reveals a significant holding company discount, with investments worth ₹7,724 crore against a market capitalization of ₹6,291 crore, effectively making the steel business worth ₹1,433 crore with minimal debt.
According to The Financial Express, Greenlam Industries represents Bhanshali's largest position at 29.41 lakh shares worth ₹73 crore, representing approximately 1.2% of the company. The decorative laminates manufacturer has seen its stock compound at 12% over five years and 13% over ten years, though recent performance has been impacted by heavy capital investments. The company's financials show sales growing from ₹1,200 crore in FY21 to ₹3,046 crore in FY26, while EBITDA increased from ₹174 crore to ₹325 crore, but net profit declined from ₹74 crore to ₹56 crore due to increased borrowings rising from ₹307 crore to ₹1,160 crore.
As reported by The Financial Express, Styrenix Performance Materials represents Bhanshali's third-largest position at 1.98 lakh shares worth ₹39.9 crore, representing approximately 1.1% of the company. The ABS and SAN resins manufacturer, formerly known as INEOS Styrolution India, has seen its promoter holding decrease from 75% in March 2022 to 46.24% by June 2024, while domestic institutional holdings increased from 4.99% to 17.43%. The company's financials show sales growing from ₹1,631 crore in FY21 to ₹2,640 crore in FY26, with EBITDA ranging from ₹414 crore to ₹364 crore, though the company maintains a standalone return on capital employed of 33%.
According to The Financial Express, On Door Concepts represents Bhanshali's smallest but most significant percentage holding at 3.90% of the company worth ₹6 crore, representing approximately 2.21 lakh shares. The Bhopal-based grocery and household essentials retailer has demonstrated a remarkable turnaround, moving from losses of ₹35 crore in FY19 and ₹18 crore in FY20 to earning ₹11 crore on ₹320 crore of sales in FY26. The company's financials show sales growing from ₹183 crore in FY21 to ₹320 crore in FY26, with borrowings falling dramatically from ₹112 crore to ₹10 crore and operating margins improving from 0.4% to 4.8%.
