In the realm of Indian investing, Ashish Dhawan has carved out a significant niche for himself as both a savvy investor and a dedicated philanthropist. Renowned for his acumen in stock selection, Dhawan is the visionary founder of ChrysCapital, gaining respect in the stock market by strategically targeting high-growth sectors. Beyond finance, he is a driving force behind the Central Square Foundation, advocating for enhanced educational standards across India. His well-balanced approach to value and growth investing has earned him accolades among peers and market analysts alike, particularly for his insights into medium and small-cap stocks.

Portfolio Overview

Currently, Dhawan manages a portfolio consisting of 11 stocks, valued at over ₹3,004 crores. Today, we will spotlight his top two holdings based on the size of his investments.

Glenmark Pharmaceuticals Ltd

Glenmark Pharmaceuticals Ltd is a leading global pharmaceutical entity, operating in over 80 countries with a diverse range of products spanning generics, specialty drugs, and OTC items. With a market capitalization of ₹39,670 crores, it ranks as the fourth largest and one of the fastest-growing pharmaceutical firms in India. Additionally, it is the 15th largest generic company in the U.S. by prescriptions and the fifth largest in Europe.

• Key Products: Glenmark offers various pharmaceutical solutions, including oral solids, liquids, topical treatments, respiratory products, and biologics, focusing on dermatology, respiratory, and oncology therapies.

Ashish Dhawan holds a 1.8% stake in Glenmark, which translates to 5 million shares valued at ₹703 crores, making it his most substantial investment. He has been a shareholder since December 2019. Notably, Foreign Institutional Investors (FIIs) own 23.15% of Glenmark, with significant stakes from Smallcap World Fund, Inc. and Government Pension Fund Global.

Financial Performance

• Sales Growth: Glenmark’s sales rose from ₹9,865 crores in FY19 to ₹11,813 crores in FY24, reflecting a 4% compounded annual growth rate. Between April and December 2024, the company reported sales of ₹10,066 crores.

• EBITDA Trends: While EBITDA declined from ₹1,586 crores in FY19 to ₹1,195 crores in FY24, the latest figures for April-December 2024 indicate a rebound, reaching ₹1,790 crores.

• Profitability Issues: The company’s net profits experienced a downturn, from ₹925 crores in FY19 to a loss of ₹1,434 crores in FY24. However, recent data shows a positive shift, with profits for the April-December 2024 period totaling ₹1,042 crores.

As of May 5, 2025, Glenmark’s share price stands at ₹1,406, representing a 322% increase from its price five years ago. Despite this, it trades at a 23% discount from its all-time high of ₹1,831.

IDFC First Bank Ltd

IDFC First Bank Ltd emerged from the merger of IDFC Bank and Capital First on December 18, 2018. The bank, with a market cap of ₹49,067 crores, operates a robust network of 970 branches and 1,136 ATMs nationwide. It is transitioning from a corporate-focused bank with low net interest margins (NIM) to a retail-oriented institution with improved NIM.

Dhawan’s investment in IDFC First Bank amounts to a 1.26% stake, equivalent to 9.25 crores shares valued at ₹620 crores. FIIs also hold 25.68% of the bank, including stakes from Odyssey 44 A S and Tata Indian Opportunities Fund.

Financial Highlights

• Revenue Growth: The bank’s revenue has surged at a compounded annual growth rate of 18%, from ₹16,240 crores in FY20 to ₹36,502 crores in FY25.

• Loan Book Expansion: As of FY25, the total loan book grew by 20%, reaching ₹2,41,926 crores.

• Net Interest Income: NII increased from ₹16,451 crores in FY24 to ₹19,292 crores in FY25, a growth of 17%. However, a slight dip in NIM was observed in Q4 FY25 due to challenges in the micro-finance segment.

• Profit Recovery: IDFC First Bank, which faced a loss of ₹2,843 crores in FY20, rebounded to report a profit of ₹1,490 crores in FY25. The share price has risen significantly from around ₹20 in May 2020 to ₹67 as of May 5, 2025, marking a 235% increase.

Implications for Investors

The substantial investments made by Ashish Dhawan in Glenmark Pharmaceuticals and IDFC First Bank are drawing attention from the investment community. His commitment signifies confidence in these companies, despite their respective challenges.

• Glenmark Pharmaceuticals is navigating a complex landscape with fluctuating operating profits but shows promise with its recovering net profit margins.

• IDFC First Bank, while facing some pressures on NIM, continues to demonstrate robust overall growth.

As time unfolds, the performance of Dhawan’s key holdings will be crucial for investors considering these stocks for their portfolios. Their continued popularity among institutional investors further solidifies their status as noteworthy options for watchlists.

Disclaimer

This article is intended for educational purposes only and is not a recommendation for investment. Always conduct thorough research and consult with financial advisors before making investment decisions.