As the Indian markets turned volatile, the country’s most prominent super investors signalled their long-term conviction through aggressive buying.
In the last few months of 2025 (Q3FY26), the super investors, or as we call them the Warren Buffetts of India, invested significant capital into a tactical mix of value-driven laggards and high-growth mid-caps.
Analysing the rationale behind these high-conviction bets reveals whether they signal a broader market shift.
By analysing these buy decisions, one can better distinguish between transient market noise and the structural positioning of India’s most successful wealth builders.
With that said, let’s dig into the 10 stocks that the Warren Buffetts added to their portfolio as per exchange filings for the quarter ending December 2025. Later on, we share a comprehensive table where you will find all the key metrics of these 10 companies.
#1 Hindustan Construction Company Ltd: Debt Reduction Play
Incorporated in 1926, Hindustan Construction Company Limited (HCC), with a market cap of Rs 4,760 cr is a flagship company of the HCC Group. It has contributed to India’s 26% hydropower capacity, over 60% of its nuclear power generation capacity, 4,036 lane km of roads and expressways, 395 bridges, and 360 km of advanced tunnelling.
The company’s financials remain strained, with sales and EBITDA seeing significant declines. Despite this, the company has seen a fresh 1.7% stake by Mukul Agrawal.
| FY | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| Sales/Rs Cr | 9,444 | 8,248 | 10,668 | 8,270 | 7,007 | 5,603 |
| EBITDA/ Rs Cr | 844 | 391 | 1,188 | 548 | 671 | 634 |
| Profit/Rs Cr | 197 | -610 | 563 | -28 | 478 | 113 |
As per the company’s most recent investor presentation from November 2025, the company has a robust orderbook with an order backlog of Rs 13,152 cr, and has reduced its debt from Rs 4,253 cr five years ago to the current Rs 1,610 cr.
#2 Sudeep Pharma Ltd: The Capital Efficiency Play
Incorporated in 1989, Sudeep Pharma Limited with a market cap of Rs 6,175 cr is a manufacturer of pharmaceutical excipients, food-grade minerals, and specialty nutrition ingredients serving over 100 countries.
The financials of the company have shown good growth in the last 5 years. Screener does not have numbers for FY23, but that does not stop us from calculating the compound growth which is 32% in sales and 50% in profits between FY20 and FY25
| FY | FY20 | FY21 | FY22 | FY24 | FY25 |
| Sales/Rs Cr | 123 | 215 | 343 | 459 | 502 |
| EBITDA/ Rs Cr | 25 | 44 | 67 | 182 | 191 |
| Profit/Rs Cr | 18 | 33 | 50 | 133 | 139 |
The company was listed recently in November 2025 and raised Rs 895 cr through the IPO, which it plans to utilise towards procurement of machinery for Nandesari Facility and other general corporate purposes.
#3 Techera Engineering India Ltd: The Strategic Defence Bet
Incorporated in 2018, Techera Engineering (India) Limited designs, manufactures and supplies precise tooling and components for the aerospace and defence industries. With a market cap of Rs 295 cr, the company provides precision tooling, components, and automation solutions for the aerospace and defense sectors.
The company is listed in NSE’s SME exchange that comes with a significant warning: buyer beware. To know all about the risks involved you can read the company’s recent analysis HERE.
Let us look at the stand-alone figures for the company to get a long-term perspective.
| FY | FY21 | FY22 | FY23 | FY24 | FY25 |
| Sales/Rs Cr | 8 | 7 | 26 | 39 | 50 |
| EBITDA/ Rs Cr | 1 | -4 | 4 | 7 | 9 |
| Profit/Rs Cr | 0 | -6 | 1 | 3 | 3 |
Techera acts as a critical, high-margin cog in the national “Make in India” machinery for the defense sector. It is a classic play of identifying a sub Rs 300 crore market cap operator that is poised to benefit from the multi-decade tailwinds of defense indigenization and global supply chain diversification.c
#4 Adcounty Media India Ltd: Betting on Digital Future
Incorporated in 2017, Adcounty Media India Ltd provides adtech and digital media solutions. With a current market cap of Rs 279 cr, the company is a BrandTech enterprise that provides end-to-end solutions covering branding and performance optimization.
The financials of the company have logged in sturdy figures that seems to be what caught the attention of Ashish Kacholia who bought a 2.9% in the company recently. Sales and Profits have recorded 29% and 66% compound growth respectively.
| FY | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| Sales/Rs Cr | 19 | 16 | 31 | 54 | 43 | 69 |
| EBITDA/ Rs Cr | 1 | 1 | 3 | 10 | 11 | 18 |
| Profit/Rs Cr | 1 | 1 | 2 | 8 | 8 | 14 |
Adcounty Media is a classic ‘growth at a reasonable price’ pick in a high-margin BrandTech firm with exceptional capital efficiency. The superior capital efficiency suggests a robust ‘moat’ or a highly scalable business model that requires less capital to fuel growth compared to the broader sector.
#5 Emkay Global Financial Services Ltd: A Contrarian Proxy Play
Incorporated in 1995, Emkay Global Financial Services Ltd is in the business of providing
capital market services with a current market cap of Rs 750 cr. The company provides institutional broking, asset management, wealth/ portfolio management, succession planning, investment banking, currency, depository participant, equity broking, commodity broking, distribution of financial products and investment banking operations.
The financials of the company seem to suggest that the company knows how to run its house and is finally on a turnaround journey.
| FY | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| Sales/Rs Cr | 135 | 160 | 272 | 215 | 314 | 360 |
| EBITDA/ Rs Cr | -3 | 26 | 55 | 25 | 56 | 79 |
| Profit/Rs Cr | -13 | 11 | 34 | 14 | 32 | 57 |
Smart money’s interest in Emkay Global despite a sharp quarterly profit fall is a classic contrarian Proxy Play on India. Don’t forget that with a strong promoter holding (70%+), the company is expanding into high-margin Wealth Management and AIFs. Madhusudan Kela has bought into the company at a significant correction from the all-time high, which positions him for a front row seat to the next rally.
#6 Patel Engineering Ltd: A Deep Value Play
Established in 1949, Patel Engineering Ltd, with a current market cap of Rs 2,960 cr, is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works in areas like hydro, irrigation & water supply, urban infrastructure and transport.
The financials of the company are probably what has attracted smart money towards it.
| FY | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| Sales/Rs Cr | 2,617 | 1,995 | 3,380 | 3,891 | 4,544 | 5,093 |
| EBITDA/ Rs Cr | 185 | 244 | 530 | 562 | 690 | 749 |
| Profit/Rs Cr | 11 | -291 | 72 | 183 | 290 | 248 |
Source: Screener.in
Patel Engineering could be a high-conviction bet on a deep-value turnaround, trading at over 90% discount from its all-time high and just 0.75x its book value. But while the growth story is compelling, investors should note that Patel Engineering carries significant contingent liabilities, primarily related to outstanding bank guarantees and various arbitration claims.
#7 Advait Energy Transitions Limited: The Green Hydrogen Bet
Established in 2009, Advait Energy Transitions Limited is a global leader in end-to-end solutions for power transmission, substations, and telecommunication infrastructure. With a market cap of Rs 1,486 cr, the company has in 2023 expanded into the renewable energy domain, undertaking projects in Green Hydrogen and Solar Power integration.
The financials of the company have shown solid compounded growth in net profits.
| FY | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| Sales/Rs Cr | 45 | 66 | 79 | 104 | 209 | 399 |
| EBITDA/ Rs Cr | 4 | 5 | 10 | 17 | 36 | 52 |
| Profit/Rs Cr | 1 | 5 | 5 | 8 | 22 | 32 |
The company’s fundamentals are powering ahead with a 67% EBITDA CAGR and a massive Rs 1,070 cr order book. If one would have invested Rs 1 lakh in the stock 5 years ago, it would have been close to Rs 52 lakhs today. Vijay Kedia’s bet in the company is probably due to the growth turnaround as the company evolves from niche power infrastructure into a possible player in India’s green energy transition.
#8 Geojit Financial Services Ltd: Value in Distress Pick
Incorporated in 1994, Geojit Financial Services Limited with a market cap of Rs 1,906 cr offers a complete spectrum of financial services including online broking, financial products distribution, portfolio management services, margin funding, etc.
Headlines surrounding Geojit Financial Services currently suggest a company in distress. Net profit for the quarter ended September 2025 collapsed by nearly 60%, falling to Rs 22.4 cr. Consequently, the stock price has drifted significantly from its 52-week highs, leading many retail investors to exit.
But while the street sold, smart money was buying big, probably signalling a turnaround. Let’s look at the financials to get a better understanding.
| FY | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| Sales/Rs Cr | 306 | 426 | 500 | 447 | 623 | 749 |
| EBITDA/ Rs Cr | 101 | 191 | 231 | 155 | 237 | 285 |
| Profit/Rs Cr | 51 | 127 | 154 | 101 | 149 | 172 |
The primary driver for this super investor interest appears to be a valuation mismatch compared to industry peers. While Angel One trades at a Price-to-Book (P/B) ratio of roughly 4.6x, Geojit Financial Services trades at a P/B of just 1.7x.
This represents a discount of nearly 63% relative to its peer. Investors seem to be betting on mean reversion and even a partial closing of this gap could drive significant capital appreciation.
#9 Associated Alcohols & Breweries Ltd: The Premiumization Pivot
Incorporated in 1989, Associated Alcohols & Breweries Ltd with a market cap of Rs 1,578 cr is a prominent player in the liquor industry, with a significant presence in Madhya Pradesh, holding a 20-25% market share in IMIL and IMFL products. Additionally, it ranks among the top 5 IMFL players in Kerala and is the world’s first producer of White Brandy.
The financials of the company show sustained growth in the last 5 years.
| FY | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| Sales/Rs Cr | 523 | 436 | 513 | 701 | 759 | 1,075 |
| EBITDA/ Rs Cr | 78 | 89 | 82 | 63 | 77 | 128 |
| Profit/Rs Cr | 49 | 58 | 61 | 42 | 51 | 81 |
Porinju Veliyath’s stake in Associated Alcohols could be a strategic value growth play centered on the company’s transition from a commodity-grade ENA producer to a high-margin branded IMFL (Indian Made Foreign Liquor) player.
By capitalizing on the premiumization trend in India’s alco-bev industry, the firm is de-risking its revenue stream from low-margin country liquor toward proprietary brands, supported by significant capacity expansion and a robust balance sheet.
#10 IFB Agro Industries Ltd: The High Spirits Bet
Incorporated in 1982, IFB Agro Industries Ltd with a market cap of Rs 1,338 cr is in the business of manufacturing alcohol, bottling of branded alcoholic beverages, processed marine foods for domestic and export markets and sale of feed.
Dolly Khanna just bought a 1.13% stake in the company worth around Rs 15 cr as per the exchange filings made by the company for the quarter ending December 2025.
The financials of the company do not have any strong figures in the last 5 years for sales or profits, but FY25 seemed like a year revival.
| FY | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| Sales/Rs Cr | 963 | 694 | 1,010 | 1,246 | 930 | 1,059 |
| EBITDA/ Rs Cr | 26 | 56 | 77 | 75 | -9 | 41 |
| Profit/Rs Cr | 23 | 47 | 53 | 51 | -11 | 25 |
However, for H1FY26, the company has logged net profits of Rs 40 cr already, which means FY26 will end on a much stronger note than FY25, this could be a reason for Dolly Khanna’s interest in the company.
Super Investor Blueprint: Conviction Over Noise
The fresh buys by the super investors gives one a transparent window into where long-term conviction is currently pooling. While these ten stocks reflect a sophisticated appetite for both infrastructure recovery and specialized manufacturing growth, they remain high-conviction signals within a complex macroeconomic environment.
For the retail investor, the primary value lies not in the blind replication of these trades, but in identifying the structural themes these veterans are prioritizing. These market icons typically operate with a multi-year investment horizon and a capital cushion designed to absorb significant short-term drawdowns. Here is a summary of the picks with some more numbers to glance through.
| Sr.No | Company | P/E | ROCE | ROE | Debt-to-Equity | Dividend Yield | 1-Year Returns | Smart Money |
| 1 | Hindustan Construction Company Ltd | Negative | 25% | Negative | 1.47 | 0 | -32% | Mukul Agrawal |
| 2 | Sudeep Pharma Ltd | 47x | 36% | 33% | 0.20 | 0 | Recently Listed | Mukul Agrawal |
| 3 | Techera Engineering India Ltd | 54x | 13% | 10% | 0.48 | 0 | 13% | Ashish Kacholia |
| 4 | Adcounty Media India Ltd | 16x | 63% | 47% | 0.01 | 0 | Recently Listed | Ashish Kacholia |
| 5 | Emkay Global | 33x | 20% | 21% | 0.27 | 0.53% | 1.40% | Madhusudan Kela |
| 6 | Patel Engineering Ltd | 7x | 15% | 10% | 0.40 | 0 | -42% | Vijay Kedia |
| 7 | Advait Energy Transitions Limited | 38x | 27% | 23% | 0.27 | 0.13% | -7% | Vijay Kedia |
| 8 | Geojit Financial Services Ltd | 19x | 19% | 17% | 0.11 | 2.20% | -29% | Porinju Veliyath |
| 9 | Associated Alcohols & Breweries Ltd | 17x | 20% | 17% | 0.13 | 0.25% | -30% | Porinju Veliyath |
| 10 | IFB Agro Industries Ltd | 23x | 7% | 4% | 0.13 | 0 | 152% | Dolly Khanna |
The ultimate test of these bets however will be whether the underlying companies can translate their impressive order books into consistent bottom-line earnings in the months and years to come. A good way to track that and not miss any big movement would be 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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