Markets are known to overreact, and investors tend to be finicky due to the volatile nature of the markets. Amidst this, it is nothing short of an achievement for anyone to hold stocks for a decade. But smart investors like Ashish Dhawan are known to pull off this feat with finesse. So, when Dhawan sells stocks that he had held for a long time, it turns heads.
And that is what he did! He has sold one of his favourite stocks, a global pharma giant he was holding for about 6 years.
Let us try and decode the reasons behind this exit.
Curing the Portfolio – Glenmark Pharmaceuticals Ltd
Glenmark Pharmaceuticals Ltd is a global research-led pharmaceutical company with presence across generics, Specialty and OTC business with operations in over 80 countries.
With a market cap of Rs 52,216 cr, Glenmark Pharmaceuticals Ltd was a part of Warren Buffett of India, Ashish Dhawan’s portfolio since December 2019 as per Trendlyne.com. As of the quarter ending June 2025 his holding was 1.24% which as per the filings for the quarter ending September 2025, fell below 1% meaning a complete or partial exit.
At the same time, HDFC MidCap Fund just bought a 6.2% stake in the company, showing a clear difference of opinion with Dhawan.
The company’s sales went from Rs 10,641 cr in FY20 to Rs 13,322 cr in FY25, which is a compounded growth of 5%.
The EBITDA (earnings before interest, taxes, depreciation, and amortization) climbed from Rs 1,699 cr in FY20 to Rs 2,351 cr in FY25, logging in a compound growth of almost 7%.
When it comes to profits, Glenmark has shown a complete turnaround in FY25, after a bad FY23 and FY24.
| Year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| Profits/Rs Cr | 776 | 970 | 994 | 377 | -1,434 | 1,047 |
The share price of Glenmark Pharma was Rs 485 in October 2020 and as of closing on 23rd October 2025, it was Rs 1,851, which is a jump of 281%.
The company’s share is trading at a PE of 39x, while the current industry median is 33x. The 10-year median PE for Glenmark Pharma is 18x, which is lower than the industry median of 27x for the same period.
In the latest Annual report, the company’s Chairman & Managing Director, Glenn Saldanha said, “FY 2025 was a year of reset. A bold pivot into a future we are actively building: more focused, more innovative, and more global than ever before. As Glenmark 3.0 is our strategy in motion. A shift from scale to value. From generic to differentiated. From legacy to leadership.”
Beautifying The Portfolio – Greenlam Industries Ltd
Authors Note: We had covered this stock as the recent filings on Trendlyne showed that Ashish Dhawan’s holding fell below 1% indicating a partial or complete exit. However, we have received the following clarification from the company.
“Greenlam would like to clarify that, there was no change in shareholding of Mr. Ashish Dhawan during the last quarter ending September 30, 2025 in Greenlam. However, while submitting the shareholding pattern for the said quarter, there was an inadvertent missing of individual shareholding of resident shareholders’ holding in excess of 2 lakhs nominal share capital. Greenlam is updating the revised shareholding pattern with the stock exchanges and the same will get reflected shortly.”
As per the updated filings, Ashish Dhawan still holds 3.8% stake in Greem Industries worth Rs 245 cr.
Follow The Dhawan Playbook?
What has triggered Ashish Dhawan’s decision to sell off his holding in one of his favourite stocks? Is it a strategic exit or a red flag the market is not seeing right now? The answer could very well be in Dhawan’s knack for seeing beyond the usual market noise.
Glenmark seems to be struggling when it comes to profits, although it has shown a turnaround in the last financial year. However, the management seems quite confident when it comes to the future of the company. But whatever be the case, it has fallen out of favour when it comes to Dhawan.
While we might never find out the exact reason or strategy behind the exit, one can always be in the know by adding the stocks to a watchlist and following it in the coming weeks and months. Whether you already own it or plan on adding it to your portfolio, the watchlist seems like a clever idea.
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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