Sameer Arora of Helios Capital added a few new names to his portfolio in the June quarter—this time, picking up stakes in three recently listed companies. He’s known for backing steady, high-quality businesses, so when he makes fresh entries like these, it does catch the eye.
It doesn’t mean a major shift in strategy. Often, it’s just about spotting better value or picking up on a story the market hasn’t fully appreciated yet. If you follow his style, or already own any of these stocks, it’s only natural to wonder: what has he noticed that others might’ve missed?
Let’s take a look..
#1 Vishal Mega Mart
Vishal Mega Mart is a diversified value retailer serving the middle and lower-middle income groups in India. It targets the largest consumer segment, comprising 66% of the households in India. It is one of the top three offline-first diversified retailers in India by retail volume. As of March 2025, its store count stands at 696.
These stores are spread across various regions, in 458 cities. Of this, 324 stores are in Tier III areas, 180 in Tier II, and 192 in Tier I. There are 284 stores in the North, 183 in the East, 166 in the South, and 63 in the West. This ensures a lower concentration risk.
Strong growth in revenue and profitability
Vishal’s revenue grew 20% to Rs 107 billion in FY25. The apparel segment contributed 44%, followed by general merchandise and FMCG (28% each). Its same-store sales grew 12.3% during the year. EBITDA margin rose by 27 basis points (bps) to 14.3%. Net profit rose 37% to ₹6.3 billion.
EBITDA stands for earnings before interest, tax, depreciation, and amortization.
Private labels continue to drive performance.
Sales from the company’s own brands account for 73.1% of its revenue, up from 71.8% in FY24. At the same time, sales from third-party brands have declined from 28% to 26.7%. Its revenue is quite diversified, with 42% coming from the North, 29.5% from the East, the South (20%), and the West (8%).
Vishal’s own brand is growing rapidly as consumers prefer low-priced private-label unbranded products. Six of its brands now have sales of over ₹5 billion, while 19 brands have sales of over Rs 1 billion. Notably, its registered loyal customers (1.45 billion) drive its sales. These customers account for 95% of gross revenues (including GST).
Store expansion to accelerate in new regions
Looking ahead, the company estimates that it has a long road ahead for growth, as it has a presence in only 458 of the 1,250 tier I and II cities. It is likely to open stores in more than 800 smaller cities in these places. It is opening smaller stores in smaller towns to maintain revenue per square foot at par with larger cities.
The company is also expanding aggressively in Kerala, and pilot projects are starting in Gujarat and Maharashtra. The company plans to increase its store count from the current 696 to 1,000 by FY26. The management has also indicated adding 100 stores annually in Tamil Nadu, Gujarat, and Maharashtra.
Its new stores typically break even in 18 months, turning profitable immediately.
As per Trendlyn, Helios Flexi Cap Fund made a fresh entry, adding 3.3 million shares (1.29% of total AUM) in June 2025. Shareholding percentage is not available.
From a valuation perspective, it is trading at a price-to-earnings multiple of 102x, in line with Avenue Supermarts (103x). Historical valuations are challenging due to limited trading history.
#2 Niva Bupa Health Care
Niva Bupa is the third-largest private health insurance company in India. The company serves customers through 212 branches, 1.8 lakh agents, 103 banks and other corporate agency partners, and 540 brokers. It has 10,421 network hospitals.
Its channel mix is diverse, with 30% of funds coming from individual agents, 20% from banks, 7.5% from other corporate agents, 31% from brokers, and the rest directly. Niva commands a 9.4% market share in retail health and holds 92.4% claim settlement ratio.
Retail Health Drives Premium Growth and Market Share
The company’s product mix is heavily oriented towards retail health, which accounts for 65.5% of gross written premiums (Rs 74 billion). This is followed by group health (32.3%), and the rest is personal accident and travel insurance. As of FY25, it has 20.8 million active lives insured, with an average ticket size of 30,252.
Niva gross written premium (GWP) grew 20.6% to Rs 67.6 billion in FY25, while net written premium (NWP) grew 21% to Rs 53.7 billion. Its net earned premium also rose 28% to Rs 48.9 billion. Overall, revenue grew 28% to Rs 53.7 billion, while net profit grew 61% to Rs 2.1 billion.
Higher Claims, Lower Expense Ratio
The company’s claims revenue, which measures the ratio of premiums used in paying claims, has grown steadily from 54.1% (FY23) to 61.2% in FY25. This is not just limited to Niva but is a trend across the sector due to rising diseases post the pandemic.
On the other hand, the expense ratio, i.e. the ratio of premiums used to cover operating expenses, has declined from 43.2% to 40%. As a result, the combined ratio (expense + claims ratio) has also increased from 97.2% to 101.2%. A ratio above 100% indicates underwriting losses, meaning it’s paying out more in premiums than it earns.
To cover underwriting losses, insurance companies also invest the premiums collected. Niva’s assets under management (AUM) grew by 50% to Rs 81.8 billion. It earns a return of 7.2% on this AUM. Its solvency ratio stands at 3.03x, above the regulatory minimum of 1.5x, indicating strong capital adequacy to meet future claim obligations.
As per Trendlyn, Helios Flexi Cap Fund made a fresh entry, adding 2.9 million shares (0.68% of total AUM) in June 2025. Shareholding percentage is not available.
The company trades at a P/E of 74x, which is higher than peer Star Health (45x) and ICICI Lombard (36x). Historical valuations are challenging due to limited trading history.
#3 Siemens Energy
Siemens Energy, a leading energy technology company, is a recently listed entity following demerger from Siemens, a group company of the global Siemens Energy AG. Its business spans decarbonisation, power generation, power evacuation, and clean energy.
Decarbonisation is a key focus for Siemens, benefiting from India’s decarbonization efforts. The company provides solutions to help customers achieve energy transition goals and reach decarbonization and net-zero targets.
In the power generation sector, it provides products such as large gas and steam turbines, as well as large generators, to customers. Its customers include electric utilities and industrial customers. It provides grid automation and EPC services in power evacuation. EPC stands for engineering, procurement, and construction services.
The company holds exclusive rights for the parent Siemens Energy products, solutions, and services portion in several South Asian countries, specifically India, Bhutan, Nepal, Sri Lanka, and the Maldives. Siemens’ financial year ends in September every year.
Its revenue grew 4.3% from Rs 60.8 billion in FY23 to Rs 63.4 billion in FY24. Further, in the half year ended March 2025, revenue rose 84% from the same period last year to Rs 33.9 billion. Its margin is around 16%. Net profit grew 36% to Rs 8.8 billion in FY24. In the first half of FY25, profit rose 66% to Rs 4.8 billion.
Siemens Energy’s order backlog stands at Rs 150 billion, which is 2.1 times its FY25E revenue. This provides strong revenue visibility for about 2 years. The company, with global expertise, is expected to benefit from $100 billion transmission capex pipeline.
Helios Flexi Cap made a fresh entry, adding 1.8 million shares (1.56% of total AUM) in June 2025. Shareholding percentage is not available. Siemens Energy trades at a P/E of 281x, significantly higher than Hitachi Energy (184x) and ABB (62x).
Conclusion
The addition by Helios Capital reflects a diversified strategy with big bets on emerging sectors with huge potential. Vishal Mega Mart is one of the leading companies appealing to India’s middle class and is one of the fastest-growing value retailers. On the other hand, Niva is the fastest-growing health insurance company. Note that the health insurance sector in India has low penetration. Siemens Energy is play on the growing demand for decarbonisation and a shift to clean energy.
Disclaimer
Note: Throughout this article, we have relied on data from http://www.Screener.in and the company’s investor presentation. 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 educational purposes only.
About the Author: Madhvendra has been deeply immersed in the equity markets for over seven years, combining his passion for investing with his expertise in financial writing. With a knack for simplifying complex concepts, he enjoys sharing his honest perspectives on startups, listed Indian companies, and macroeconomic trends.
A dedicated reader and storyteller, Madhvendra thrives on uncovering insights that inspire his audience to deepen their understanding of the financial world.
Disclosure: The writer and his dependents do not hold the stocks discussed in this article.
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