Ashish Dhawan, the co-founder of ChrysCapital and one of India’s most astute private equity veterans, is possibly doubling down on what we can only assume to be a high-conviction contrarian play. Now, while retail sentiment remains unsteady around the infrastructure sector’s volatility, Dhawan has quietly increased his stake in an infrastructure service provider to a significant 5%, up from 4.1% in the preceding quarter.
This aggressive accumulation comes at a time when the stock is trading near its all-time lows, signalling a sharp divergence between institutional conviction and market noise.
Not only Dhawan, Ellipsis Partners LLC, which is a Foreign Institutional Investor, has also hiked its holding from 3.56% to 3.7%.
The infrastructure player has faced a gruelling period of price erosion, hit by sectoral headwinds and broader macroeconomic pressures that have kept the stock in the red. No wonder seasoned market observers take such moves by investors like Dhawan as either an undervalued asset base ripe for a rebound or a fundamental turnaround that the broader market has yet to price in.
Let us look into the stock in question, plus another one of Dhawan’s manufacturing holdings that is trading near lows.
Bluspring enterprises: The demerger alpha and Rs 1.7 lakh cr opportunity
Incorporated in 2025 after a demerger from Quess Corp, Bluspring Enterprises Ltd is in the business as an infrastructure services company.
With a market cap of Rs 826 cr, Bluspring is an infrastructure services company. It is an integrated facility management service provider offering end-to-end solutions like Soft Services, Hard Services / Engineering Services, Production Support Services, Hygiene Services, Technology Enabled Services.
Ace investor Ashish Dhawan, who held a 4.1% stake at the end of the quarter ending September 2025, has hiked his holding to 5%, which is worth Rs 41 cr as per trendlyne.com
Let us look at the financials to see if we can find out why he decided to raise the stakes.
Before I go ahead, please note that screener.com only has consolidated data for the company from FY24 probably due to the demerger, which is what we will be diving into today.
30% sales growth vs. Persistent bottom-line pressure
The sales of the company have grown at a rate of 30% from Rs 2,682 cr in FY24 to 3,484 cr in FY25. Coming to the current financial year, in the nine months ended December 2025, the company has recorded sales of Rs 2,517 cr.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) jumped from Rs 78 cr to Rs 83 cr in the same period, logging a growth of just 6.4%. In FY26 so far the EBITDA recorded is Rs 53 cr.
Net profits seem to be an area for big concern as the company has been reporting consistent losses. Losses jumped from Rs 149 cr in FY24 to Rs 173 in FY25. In FY26 so far, the company has logged losses of Rs 26 cr.
The share price of Bluspring Enterprises Ltd after demerger was around Rs 85 in June 2025 and as of closing on 24th February 2026 it was Rs 55, noting a big drop.
Deep discount: Is Bluspring’s 45% price erosion a value trap or a rebound play?
At the current price of Rs 55, the stock is trading at a discount of over 45% from its post demerger all-time high of Rs 101.
The company’s stock is trading at a negative PE due to consistent losses, while the industry median sits at 21x currently.
The Quess corp demerger: Unlocking value in a Rs 1.7 lakh cr market
After the completion of the successful demerger and the listing in June 2025, Bluspring has big changes coming up. With a diversified portfolio across Facility and Food Service, Telecom and Industrial Services, Security Services etc the company is well-positioned to capitalize on a Rs 170,000 cr market opportunity with a projected 13% CAGR over the next three years.
The company’s management in the latest earning call in January 2026 said that for Q4FY26, they are targeting sustained double-digit revenue growth and an expansion of EBITDA margins to 4%. In the long term, the company aims to outpace the economy by growing at 3x the GDP rate through both organic and inorganic strategies, with a goal of reaching 6% EBITDA margins by FY30.
Growth in the Telecom and Industrials verticals is expected to remain steady at 12%–15% YoY, while future M&A activity will strictly prioritize deals that improve EBITDA, ROE (Return on Equity), and ROCE. Although a near-term buyback is off the table to focus on operational stability and acquisitions, the Foundit segment is gaining momentum and is projected to reach breakeven within the next three quarters.
AGI Greenpac: 215% gains meet a 40% correction
Incorporated in 1960, AGI Greenpac Ltd manufactures and sells Container Glass bottles, PET bottles and Security Caps and Closures under Packaging Products segment.
With a market cap of Rs 3,558 cr, the company produces various packaging products, including glass containers, specialty glass, PET bottles, and security caps & closures. It holds a 17%-20% market share, making it the second-largest player in the Indian organized glass packaging industry by installed capacity.
Ashish Dawan bought a 4.8% stake in the company as per the filings for the quarter ending December 2020 and as per the recent exchange filings for December 2025 it is still at 4.8% worth Rs 171 cr.
Superior capital efficiency: Analyzing AGI’s 20% ROCE outperformance
The company has a current ROCE (Return on Capital Employed) of 20% while the industry medina is 12%. Which means that for every Rs 100 the company uses as capital, it generated a profit of Rs 20 on it, while its industry peers average around just Rs 12.
Let us dive into the financials to see what has held Dhawan’s interest for so long. Please note we are looking at the standalone figures as the consolidated figures are not available on screener.in
The sales of the company grew at a compounded rate of 6% from Rs 1,859 cr in FY20 to Rs 2,529 cr in FY25. Sales in the first nine months of FY26 came in at Rs 1,924 cr.
The EBITDA jumped from Rs 271 cr I FY20 to Rs 614 cr in FY25, logging a compound growth of 18%. EBITDA recorded during FY26 so far is Rs 442 cr.
Regarding net profits, the company has recorded steady and solid compound growth of 47% from Rs 48 cr in FY20 to Rs 322 cr in FY25. In FY26 so far, the profits logged are Rs 237 cr.
The share price of AGI Greenpac Ltd was around Rs 175 in February 2021 and as of closing on 24th February 2026 it was Rs 550, which is a jump of 215%.
Navigating legal hurdles and market volatility
However, in the last 6 months the stock price has witnessed a steep correction of 40% from Rs 910 to Rs 550, possibly due to the drop in quarter-on-quarter profit figures.
Also, the long-term bull case for AGI Greenpac suffered a major blow after the Supreme Court rejected its resolution plan for Hindusthan National Glass (HNG).
This ruling has forced a restart of the bidding process, effectively stripping away the expected growth premiums and leaving investors to price out the potential gains from a deal that remains mired in prolonged litigation and fresh uncertainty.
The stock is trading at a PE of 11x while the industry median is 19x, hinting at a significant valuation gap and potential for a re-rating, provided the company can stabilize its margins and resolve the uncertainty surrounding its expansion projects.
In the February 2026 investor presentation, the company’s Chairman & MD, Sandip Somany, said, “The new 500-tonne per-day container glass plant in Madhya Pradesh and the 1.6-billion aluminium beverage cans facility are transformative steps in expanding our manufacturing footprint and diversifying our portfolio. These initiatives position the company for sustained growth over the next 5 to 7 years, supported by close partnerships with customers and suppliers to deliver an integrated and future-ready range of liquid packaging solutions.”
Betting on the possible re-rating or value traps?
Ashish Dhawan’s stake hike in Bluspring Enterprises reflects a classic high-conviction value play. While the market reacts to near-term losses, he is perhaps focused on the long horizon. His aggressive move suggests a bet on a recovery that retail players might miss.
On the other hand, AGI Greenpac remains a compelling story of operational strength despite its legal setbacks. The current price correction offers a margin of safety for those tracking its growth. With a solid ROCE, the firm is well-placed to handle the current sectoral headwinds.
Both companies are navigating transitional phases that demand patience from the market. Whether these contrarian bets will lead to a major re-rating remains the key question. Adding these stocks to a watchlist and keeping an eye on them seems like a clever idea for now.
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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