If there is one super investor who could be called the Warren Buffett of India in its truest sense, it would be Nemish Shah. The almost invisible super investor to the common man, he is known for his investment views and value investing strategies. In 1984, Nemish Shah along with another super investor of India, Vallabh Bhanshali, founded one of India’s leading financial advisory institutions – ENAM Securities (Recently merged its investment banking and broking operations with Axis Bank)
Nemish Shah currently holds only 5 stocks in his individual portfolio, with a net worth Rs 3,240 cr. Enam Securities Pvt Lt holds 31 stocks worth Rs 15,720 cr.
However, what has caught the attention of investors from all categories, are the recent changes Shah did to 2 of his oldest and favourite holdings. Because when someone like Nemish Shah, who is not quick to make big changes makes such changes, it warrants all the attention.
Here are the changes he made to his personal portfolio.
Additional stake in the backbone of India’s textile machine manufacturing
Incorporated in 1962, Lakshmi Machine Works (LMW), is a leading Textile Machinery Manufacturer in India engaged in the manufacturing and selling of textile spinning machinery, CNC Machine Tools, Heavy castings, and parts and components catering to diverse sectors. The company’s current market cap is Rs 16,973 cr.
Nemish Shah has held a stake in the company since December 2015. He might have bought it earlier, but that’s how far back the data available on Trendlyne is. At the quarter ending June 2025, his holding was 3.3%. This holding as per the filing for the quarter ending September 2025 has gone up 5.4%as per screener.in.
The sales for LMW have grown at a compound rate of 14% from Rs 1,574 cr in FY20 to Rs 3,012 cr in FY25. Sales in FY25 saw a drop of 36% from its FY24 figure of Rs 4,696 cr.
The EBITDA (earnings before interest, taxes, depreciation, and amortization) for LMW was Rs 11 cr in FY20 and for FY25 it was Rs 142 cr, which is a compounded growth of 67%. However, the FY25 figure is again a drop from the FY24 number of Rs 435 cr.
Talking about the net profits, LMW has seen a compounded growth of 27% as the profits went from Rs 28 cr in FY20 to Rs 103 cr in FY25. But once again, the FY25 number is a drop from the FY24 number of 374 cr.
So, one can say that FY25 was not the best for LMW as it saw big drops in its sales, profits and operating profits. How did this affect the share prices?
The share price of LMW went from Rs 4000 in November 2020 to its current price of Rs 15,890 as on 3rd November 2025. That is a jump of about 300%.
The company’s share is trading at a current PE of 164x which is much higher than the current industry median of 36x. The 10-year median PE for LMW is 39x and the industry median for the same period is 30x.
The company is almost debt free and is maintaining a healthy dividend payout of about 27%.
As per the company’s last annual report, the management is focused on a multi-year strategy to strengthen the company’s core by improving customer-centricity, reinforcing values like excellence and integrity, and improving delivery across all operations. With that they aim to reposition LMW as a comprehensive solution provider, leveraging digital transformation and process improvements to meet evolving customer needs in a dynamic global environment.
Trimmed stake in India’s integrated glass giant
Incorporated in 1984, Asahi India Glass Ltd, is a joint venture backed by Maruti Udyog and Japan’s Asahi Glass. The company dominates India’s integrated glass solutions market, serving the automotive, architectural, and consumer sectors.
With a market cap of Rs 23,825 cr, the is India’s premier automotive safety glass manufacturer, and a major player in Asia. They supply top automakers like Maruti, Hyundai, Tata, and many others.
Nemish Shah has been holding a stake in the company at least since December 2015 as per Trendlyne. For the quarter ending June 2025, he held 6% stake which fell to 5.7% as per the filings for the quarter ending September 2025.
As for the financials, the company’s sales grew from Rs 2,643 cr in FY20 to Rs 4,594 cr in FY25 which is a compounded growth of 12%.
EBITDA grew from Rs 431 cr in FY20 to Rs 766 cr in FY25, logging in a compound growth of about 12%.
The net profit grew at a compounded rate of 18% from Rs 151 cr in FY20 to Rs 367 cr in FY25.
The share price of Asahi India Glass Ltd was around Rs 225 in November 2020 and as on 3rd November 2025, the share price is Rs 935, which is almost a 320% jump in 5 years.
The company’s share is trading at a current PE of 73x while the current industry median when compared to peers is 33x. The 10-year median PE for the company is 42x and the industry median for the same period is 25x.
As per the last annual report, the company’s management is fairly optimistic about the future, given India’s resilient economic growth and stability amidst global volatility. The company foresees solid growth opportunities in the Automotive and Architectural glass sectors, driven by trends like premiumization of vehicles, the evident move to EVs, a growing demand for quality building materials, and government initiatives like ‘Make in India’ and infrastructure spending.
The company aims to capitalize on these by focusing on vertical integration to become more ‘Atmanirbhar’ (self-reliant), investing in R&D and new product development, achieving operational excellence, getting closer to customers, and deepening their commitment to sustainability, including using green hydrogen.
Do these changes give a hidden signal?
Nemish Shah has held both the stocks we saw today over a decade, so it won’t be completely wrong to call them his favourites. Now Shah is not one to make frequent changes to his portfolio, but LMW and Asahi India Glass have seen these changes giving rise to a lot of questions amongst investors. Should one buy the stock he added more of or sell off the one he cut stakes in?
Well, Nemish Shah’s strategy is only known to him, and he has a track record of beating the market time and again. While LMW had a bad financial year and Asahi showed solid promise, the managements of both companies are confident of the future.
As for the question whether to buy or sell, that is something you must decide in collaboration with your financial advisor. However, until then, it would be a wise decision to add these stocks to a watchlist and follow them closely.
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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