Ace investor and one of the Warren Buffetts of India, Sunil Singhania is a well-known and highly followed super investor of India. Known widely for his strategic hold on midcap and smallcap stocks across varied industries, his investment philosophy is more about finding fairly or under-valued companies with strong fundamentals and significant growth prospect.
What makes Singhania stand apart from the average investors is that he does not get affected easily by market sentiments and tends to stick to his picks during market cycles, just like any true follower of Warren Buffett would. Currently, two of his most recent picks for Abakkus Funds are trading at a discount of over 40%.
However, as per the last filing, Singhania has held onto the stocks despite the steep decline in less than a year since they were listed. Does he see something that the average investor does not?
Let us look at the stocks to try and find out.
All Time Plastics Ltd – 40% correction vs. 25% profit growth
Incorporated in 1971, All Time Plastics Ltd manufactures and exports plastic houseware products.
With a market cap of Rs 1,307 cr, the company specializes in production of plastic consumer ware designed for everyday household use. It primarily operates on a B2B model, manufacturing consumer ware for clients who market products under their own brands.
Sunil Singhania’s Abakkus Fund bought a 6.2% stake in the company per the exchange filings for the quarter ending September 2025. As of the quarter ending December 2025, the holding was the same 6.2% worth Rs 80 cr.
The company was listed in August 2025 at the price of around Rs 280 and it climbed to a high of around Rs 335 in the same month. However, it has logged a downward spiral since then, to its current price of Rs 200 as on 24th March 2026.
With that 40% decline in 6 months, the share of All Time Plastic is trading near its all time low of Rs 194.
The stock price decline primarily driven by a sharp contraction in operating profit margins (OPM), which plummeted from 19.64% in September 2024 to a low of 11.04% in September 2025, largely due to supply chain disruptions and higher freight costs linked to geopolitical factors. This margin pressure, combined with deferred orders and raw material delays, led to a significant drop in quarterly net profit from Rs 13.4 cr in September 2024 to Rs 4.2 cr in September 2025.
Furthermore, operational efficiency deteriorated, with debtor days increasing from 34 to 57 and the cash conversion cycle widening from 60 to 96 days, between March 2024 and March 2025.
Let us look at the financials of the company (standalone) to see what is it that is holding Singhania back with this stock.
The sturdy engine behind the 40% decline
The sales of the company have grown at a compound rate of 14% between Rs 289 cr in FY20 and Rs 558 cr in FY25. And for the first 3 quarters of FY26 ending in December 2025, the company has logged sales of Rs 465 cr.
The EBITDA (earnings before interest, taxes, depreciation, and amortization) grew from Rs 42 cr in FY20 to Rs 101 cr in FY25 logging a compound growth of 19%. And for the 3 quarters of FY26, the EBITDA recorded by the company was Rs 68.5 cr.
Regarding net profits, the company recorded compounded growth of 25% from Rs 16 cr in FY20 to Rs 47 cr in FY25. And for the first 3 quarters of FY26, the profits were Rs 26 cr.
The company’s share is trading at a PE of 33x currently while the current industry PE is 34x.
In the company’s latest investor presentation, the MD and Chairman, Kailash Punamchand Shah said, “During the quarter, we also progressed on our long-term sustainability and material diversification roadmap with the signing of an MoU with the North East Cane and Bamboo Development Council. This engagement enables us to explore engineered bamboo products in a structured and asset-light manner, leveraging our design-to-delivery capabilities while staying aligned with our strategic priorities.
Overall, the sequential improvement seen in Q3 reinforces our confidence in the business. With incremental capacity coming on stream, strong customer relationships and a disciplined approach to execution, we remain focused on sustaining profitable growth in the quarters ahead.”
M & B Engineering Ltd: Why Abakkus holds firm despite a 50% share price slump
Incorporated in 1981, M&B Engineering Ltd is a design-led engineering solutions provider.
With a market cap of Rs 1,437 cr, the company is a leading player in India’s Pre-Engineered Buildings (PEBs) sector, operating through two key divisions.
Singhania’s Abakkus Funds bought a 2% stake in the company per the exchange filings for the quarter ending September 2025. And as per the filings for the quarter ending December 2025, the stake remained 2% worth Rs 29 cr.
Just like All Time Plastics above, M&B was also listed in August 2025 at a price of around Rs 409. The price went on to hit its all-time high of Rs 536 in November 2025, before it went on a downward spiral to its current price of Rs 251 as on 24th March 2026.
At the current share price of Rs 251, the stock is trading at a discount of over 50% from its all-time high and trading near a 52-week low of Rs 243.
This downward pressure is primarily due to a compression in operating profit margins (OPM) and deteriorating efficiency ratios over the last year. Quarterly results show that OPM has struggled to stay above the 19% peak seen in September 2024, sliding to 11% in the December 2025 quarter, which reflects rising operational costs despite steady sales growth.
Also, Domestic Institutional Investors (DIIs) significantly reduced their stake from 13.46% in September 2025 to 10.24% in December 2025, suggesting a cooling of institutional confidence which often acts as a catalyst for price corrections.
Let us move to the financials of the company to try and find what makes Singhania confident about this stock.
The Rs 212 cr order and expansion
The company’s sales logged a 12% compounded growth from Rs 520 cr in FY20 to Rs 909 cr in FY25. And for the first 3 quarters of FY26, the sales logged were Rs 770 cr.
The EBITDA jumped from Rs 38 cr in FY20 to Rs 122 cr in FY25 logging a compound growth of 26%. And for the 3 quarters of FY26, the EBITDA logged was Rs 94 cr.
As for the net profits of the company, it logged a compound growth of Rs 46% from Rs 11 cr in FY20 to Rs 74 cr in FY25. And for the first 3 quarters of FY26, the profits logged were Rs 59 cr.
The share is trading at a PE of 16x, which is close to the current industry median PE of 15x.
In the recent investor presentation from February 2026, the company’s joint Managing Director, Malav Patel said that during Q3FY26, the company secured single largest export order of value Rs 212 cr from the United States, reinforcing the company’s growing presence and competitiveness in international markets.
He also said that the management is quite confident that the company will achieve the overall numbers- with the topline expected to be in the range of around Rs 1,250 cr, and the EBITDA likely to be in the range of around 12.75%.
The Abakkus philosophy: Business fundamentals vs. market sentiment
For the average investor, a 40% drop in share price is nothing but a sign to exit. But for an investor like Singhania, it probably means something else.
The recent decline in prices of All Time Plastics and M&B Engineering highlights how Singhania is immune to short-term market jitters and only the long-term business math impresses him. While the broader market is currently fixated on temporary margin squeezes and supply-chain hiccups, the Abakkus strategy appears to be banking on the underlying engines of growth of these two companies.
With M&B Engineering bagging its largest-ever US export order and All Time Plastics pivoting toward asset-light, sustainable materials, the operational foundations seem to be expanding even as the stock prices contract. Singhania’s refusal to budge reflects a belief that the market is overreacting to transitory pressures, while ignoring robust compounded profit growth that stretches back years.
How these two stocks move in the coming weeks and months will be a fascinating ride to watch. Add these stocks to a watchlist if you do not want to miss out on any possible action.
Note: We have relied on data from www.Screener.in and www.trendlyne.com throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information.
The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only.
Suhel Khan has been a passionate follower of the markets for over a decade. During this period, He was an integral part of a leading Equity Research organisation based in Mumbai as the Head of Sales & Marketing. Presently, he is spending most of his time dissecting the investments and strategies of the Super Investors of India.
Disclosure: The writer and his dependents do not hold the stocks discussed in this article.
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