In today’s fast-paced stock market, where investors are often swept up by trends and quick returns, the value of patience is becoming increasingly evident. Ashish Dhawan, often referred to as India’s Warren Buffett, stands out for his contrarian approach. While others chase the latest market fads, Dhawan’s steadfast commitment to his investments has earned him significant respect in the financial community.

Notably, two of his long-term holdings have raised eyebrows among investors, particularly as they currently trade below their historical peaks. As market volatility continues, many are left wondering if now is the moment to align their investment strategies with Dhawan’s. Let’s delve into the two companies that have captured his attention for over a decade.

Dish TV India Ltd: An Investment Enigma

Founded in 1988 and originally named Navpad Texturisers Pvt Ltd, Dish TV India Limited is a flagship player in the DTH (Direct-to-Home) television sector. With a market capitalization of Rs 1.013 crore, it has become a prominent part of the Essel Group, boasting over 29 million subscribers.

Dhawan has held a 1.6% stake in Dish TV since December 2016, according to records from Trendlyne.com. However, the company’s financial trajectory raises questions about his unwavering support.

• Sales Decline: Dish TV’s revenue plummeted from Rs 6,166 crore in FY19 to Rs 1,857 crore in FY24, a staggering 70% drop over five years.
• Earnings Trouble: EBITDA also fell sharply, down 63% from Rs 2,055 crore in FY19 to Rs 761 crore in FY24.
• Continued Losses: The company has not posted a profit since FY17, with losses escalating from Rs 1,163 crore in FY19 to Rs 1,967 crore in FY24.

Despite these setbacks, Dish TV’s share price has only seen a modest increase from Rs 4.75 in April 2020 to approximately Rs 5.5 as of April 21, 2025. This represents merely a 16% gain over five years, and the current price remains significantly lower than its all-time high of Rs 144.

Interestingly, Foreign Institutional Investors (FIIs) have increased their stake in Dish TV from 9.5% to 12.06% between the December 2024 and March 2025 quarters, possibly signaling a belief in a turnaround.

Greenlam Industries Ltd: A Steady Performer

Established in 2013, Greenlam Industries Limited specializes in laminates and decorative veneers and enjoys a robust market presence with a market cap of Rs 5,690 crore. The company has also expanded globally through subsidiaries in the Asia Pacific and America.

Dhawan has been invested in Greenlam since December 2015, currently holding 3.77% of the company. The financial performance of Greenlam tells a more optimistic story:

• Consistent Growth: Sales grew from Rs 1,281 crore in FY19 to Rs 2,306 crore in FY24, marking a 12% CAGR.
• EBITDA Improvement: EBITDA climbed from Rs 159 crore in FY19 to Rs 296 crore in FY24.
• Profit Increase: Net profits rose from Rs 77 crore in FY19 to Rs 138 crore in FY24.

Greenlam’s share price has jumped significantly from around Rs 57 in April 2020 to Rs 223 as of April 21, 2025, representing an impressive 291% increase. However, it still trades over 30% lower than its peak price of Rs 331.

Evaluating the Investment Landscape

What drives Ashish Dhawan’s long-term investments in these contrasting companies? Dish TV faces significant challenges with declining sales and persistent losses, while Greenlam showcases steady growth in both revenue and profits.

Both stocks are currently trading at considerable discounts, potentially offering hidden value for investors who are willing to look beyond the immediate market noise. This unique situation could present lucrative opportunities for those who share Dhawan’s investment philosophy.

As both companies continue to evolve, the key question remains: could this be the opportune moment to consider investing in these stocks? For those intrigued by Dhawan’s investment style, adding Dish TV and Greenlam to your watchlist might be worth exploring.

Final Thoughts

Navigating the stock market requires careful analysis and a disciplined approach. While the future of Dish TV remains uncertain, Greenlam continues to thrive. Investors should conduct thorough research and consult with financial advisors before making any decisions.

Investing is a personal journey, and understanding your risk tolerance and financial goals is essential for success in this dynamic environment.