India's answer to Warren Buffett, ace investor Nemish Shah, has demonstrated remarkable patience with his investment strategy. According to reports from The Financial Express, Shah co-founded Enam Holdings and maintains only 5 stocks in his portfolio, all held for at least a decade. The total portfolio is valued at approximately ₹3,659 crore as of June 2026 filings, with the smallest position worth just ₹3 crore. The portfolio includes a textile machinery maker (LMW - 49% stake), glass company (Asahi India Glass - 38% stake), air compressor firm (Elgi Equipments - 9.3% stake), sugar mill (Bannari Amman Sugars - 3.6% stake), and clothing brand (Zodiac Clothing - 0.1% stake). As per Trendlyne data, the two largest holdings - LMW and Asahi India Glass - carry 87% of the portfolio value, while the smallest position is worth ₹3 crore.
LMW, the textile machinery maker, represents 49% of Shah's portfolio worth approximately ₹1,793 crore. As reported by The Financial Express, the company's FY26 profit of ₹131 crore was 66% below the ₹384 crore earned in FY23. However, the stock has compounded at 17% annually over the past decade, trading at a PE of 113x against an industry median of 34x. The company's sales have grown at 13% CAGR over five years, reaching ₹3,207 crore in FY26, though EBITDA and net profit growth rates are marked as not meaningful. The June 2026 quarter showed improved performance with ₹861 crore in sales and ₹56 crore net profit, better than the previous year. The company's composition shows that ₹136 crore of the ₹234 crore trailing twelve-month pre-tax profit comes from other income rather than operations, with the operating business contributing under ₹100 crore.
Asahi India Glass, the glass manufacturer for automotive and building applications, accounts for 38% of the portfolio at ₹1,393 crore. According to The Financial Express, the company built new capacity that showed up in accounts before benefits materialized. In FY26, sales rose 9% to ₹4,990 crore while net profit fell 6% to ₹345 crore, primarily due to 48% jump in depreciation to ₹285 crore and 59% increase in interest to ₹204 crore from new plant operations. However, the June 2026 quarter showed significant improvement with 23% operating margin, the highest in twelve quarters, generating ₹149 crore net profit against ₹55 crore previously. The company's balance sheet strengthened with ₹3,907 crore in reserves and reduced borrowings from ₹2,696 crore to ₹2,198 crore. The stock trades at a PE of 55x with 11.8% return on capital employed and 10.7% return on equity.
Elgi Equipments, the air compressor manufacturer, represents 9.3% of the portfolio worth approximately ₹340 crore. As reported by The Financial Express, the company demonstrates exceptional cash flow generation with 22.1% return on capital employed and 19.0% return on equity. In FY26, the company generated ₹348 crore in free cash flow from operations of ₹454 crore, well above reported operating profit. The June 2026 quarter delivered ₹1,062 crore in sales and ₹103 crore net profit. The stock has compounded at 21% annually over the decade and trades near the top of its range at a PE of 43x. Foreign institutional holding has declined from 29.09% in March 2025 to 21.90% in June 2026, while domestic holding has more than doubled from 4.98% to 10.12%.
Bannari Amman Sugars, the sugar mill operator across five facilities in Tamil Nadu and Karnataka, represents 3.6% of the portfolio worth ₹130 crore. According to The Financial Express, the company has achieved remarkable balance sheet transformation with borrowings reduced from ₹1,221 crore in FY15 to just ₹9 crore in FY26. The investment book grew from almost nothing to ₹263 crore, with interest cost for FY26 at just ₹2 crore. However, operational performance has been challenging with sales declining 4% CAGR over five years to ₹1,917 crore in FY26 and EBITDA falling 1% CAGR to ₹198 crore. The June 2026 quarter reported an operating loss of ₹5 crore and net loss of ₹11 crore on ₹172 crore in sales, though the company received a ₹29.76 crore GST show cause notice in August 2026. The stock trades at a PE of 41x with 9.3% return on capital employed and 8.0% return on equity.
Zodiac Clothing, the men's formal wear manufacturer, represents 0.1% of the portfolio worth just ₹3 crore. As reported by The Financial Express, the company has experienced severe decline with sales falling from ₹391 crore in FY15 to ₹162 crore in FY26. The stock has compounded at approximately -10% annually over the decade and is down 25% over the past year. Return on equity last year was -18.1%, with the company reporting negative EBITDA and net profit for multiple years. The June 2026 quarter brought ₹33 crore in sales and a net loss of ₹9 crore. Foreign institutional holding has completely exited from 10.57% in FY17, while promoter holding has increased from 61.55% to 72.93%.
