Not long ago, the Oracle of Omaha, Warren Buffett announced he will be retiring later this year. The news cycle almost went crazy. Investors across the globe were almost heartbroken at the news, but they knew Buffett had a strong plan in place. A definite succession plan, a will… All of it!
But of all the things Buffett will be leaving behind, material and otherwise, the one biggest asset is something the world will always benefit from. The Buffett Legacy. Something that has the key to how a young boy selling newspapers, went on to become the world’s most followed and respected investors. If one were to just make a note of that and follow it, success is almost guaranteed.
In India, there are some super investors, who mirror the Buffett way of investing taken from his legacy and have proved that it works. Be it the Buffet Filters of Value investing like Moat, Patience, Value over price and so on, they have mastered it all.
Here are 3 such Warren Buffetts of India, that every Buffett fan must know about and possibly follow.
The King of Retail & Resilience – Radhakishan Damani
First on the list is an inspiration in retail investing with a Buffett twist, Radhakishan Damani. He stands out as a prime example of someone who is not only following but also implementing the learnings of Buffet. Often dubbed the “Retail King” of India, Damani built his empire through sheer grit and a value-driven approach that echoes Buffett’s emphasis on long-term holdings and economic moats. His patience when it comes to the stocks he has invested in is unparalleled, to an extent that he is also called the “King of Resilience.”
Coming from humble beginnings in Mumbai, he jumped from stock trading to founding Avenue Supermarts, the parent company of DMart, which now boasts over 300 stores nationwide. It will be tough to find an Indian who isn’t aware of Dmart. Over the years, Damani’s strategy with Dmart has been simple. To focus on low-cost operations, owned properties to cut expenses, and passing savings to customers for unbeatable loyalty, a classic moat in action.
When it comes to his portfolio, Damani currently owns a diversified mix of 13 stocks worth Rs 212,380 cr, demonstrating resilience in sectors like retail, cement, and consumer goods. The biggest holding is of course his stake in Avenue Supermarts (DMart), where he holds controlling interest.
What makes Damani one of the Warren Buffetts of India is his contrarian bets. Like holding core positions for long periods, showing high levels of patience and his core value of “value over hype.” For instance, he has held most companies in his portfolio for around a decade now. Like 3M, Advani Hotels & Resorts, Aptech, Blue Dart Express, Trent Etc.
One of Damani’s most famous business quotes is, “Keep an eye on the long term. Small is big, Value your People. Buy Low. Sell Cheap. Avoid Credit. Go Local. Go Slow,” seems like a leaf taken out of Warren Buffett’s philosophy of investment and life.
The True-Blue Value Investor – Nemish Shah
Next up is someone we can call the true-blue Warren Buffett of India, Nemish Shah. Someone who embodies the quiet, disciplined pursuit of undervalued gems, just like the Oracle of Omaha. As co-founder of ENAM Holdings since 1984, Shah has built a reputation for spotting companies that have strong fundamentals, sustainable edges, and low debt much like Buffett’s hunt for “wonderful companies at fair prices.”
A commerce graduate from Mumbai University, Shah avoids being in the spotlight, letting his portfolio and returns do the heavy lifting, as he focuses on long-term holds in traditional sectors over the next big fad in technology. Remember what Buffett once said, “Beware the investment activity that produces applause; the great moves are usually greeted by yawns.”
Nemish Shah currently holds only 6 stocks in his portfolio worth Rs 3,173 cr as per Trendlyne. All of these stocks have been a part of Shah’s portfolio for atleast about a decade now. They have seen their share of ups and downs, but Shah has held them all the time while ignoring the market noise.
Dominated by industrial machinery and autos, his portfolio demonstrates one quality Warren Buffett lived by his life – Patience. Out of the 6 companies he holds, 3 are trading at a discount of over 30% from their all-time high prices. This would rattle an average investor, but not the Warren Buffett of India, who picks the best and stands by them. His holdings in textiles, compressors, and sugar highlights his attraction for structurally strong businesses with consistent growth. Another quality Warren Buffett always checked before making his picks.
Nemish Shah’s bottom-up research style, ethical management filter (Integrity, Intellect, Intent, Innovation, Implementation) before picking any company, and the famous contrarian edge, all add up to the reason behind his success. With ROCE often above 20% across holdings, his approach mirrors Buffett’s focus on capital efficiency and moats like brand strength or market dominance.
Nemish Shah once said, “In India, the only crucial difference in choosing investments from the rest of the world is that you need to look at the quality of the management very closely.” This is very close to the Four M’s ideology usually attributed to Buffett – meaning, moat, management, and margin of safety.
The Unicorn of Undervalued Picks – Sunil Singhania
Last on the list is the founder of Abakkus Asset Manager, Sunil Singhania. A super investor of India known for his penchant for picking underdogs while they are not on the radar of most investors due to reasons like fear probably. But as a follower of Buffett, Singhania probably believes in buying when others are fearful!
A CFA charterholder and the first Indian on the CFA Global Board, Singhania left Reliance Mutual Fund to launch Abakkus in 2018, managing over $1 Bn in equities. His knack for midcap and smallcap multibaggers perfectly aligns with Buffett’s early bets on overlooked opportunities, emphasizing diversification, ethical governance, and the MEETS framework (Management, Earnings, Events, Timing, Structure).
Currently, Singhania holds 20 stocks between his personal portfolio and his funds, worth Rs 2,465 cr, the biggest holding being Sarda Energy & Minerals worth Rs 305 cr, which he has been holding since March 2021. The overall portfolio is a mix of manufacturing, consumer durables, and infrastructure etc. The stocks that Singhania holds, throw light on his eye for growth plays, with sectoral splits showing heavy weights in sectors like textiles, utilities, and finance. And he too like any Warren Buffett fan, holds stocks for longer periods.
Singhania’s expertise lies in balancing risk. His midcap picks where he is looking for good upside, or his blue chips which he added for stability says a about his balancing skills.
Honourable Mention – Rakesh Jhunjhunwala
When we are talking about the Warren Buffetts of India, it is almost a criminal offence to not talk about the man who changed lives of investors across board, the late Rakesh Jhunjhunwala. The only one even international media calls “Warren Buffett of India”.
Between him and his wife Rekha Jhunjhunwala, they hold about 50 stocks worth over Rs 100,000 cr.
Around the Independence Day last week, as we observed the 3rd death anniversary of the Warren Buffett of India, we paid a tribute to Rakesh Jhunjhunwala, that you must read to know why he was called the Warren Buffett of India.
The Buffett Legacy, Carried On…
These Indian super investors, Damani, Shah, Singhania, and of course the legendary Jhunjhunwala have proven repeatedly how they are fans of Warren Buffetts. They have cemented the fact that Buffett’s wisdom and principles have no borders. By prioritizing moats, patience, and value, they’ve made big fortunes for themselves and a lot of money for investors who follow them.
All this while navigating India’s volatile markets and the uncountable new fads that come and go, eating up people’s holdings. So, they deserve all the following they have now and probably more. If it is too much for someone to follow Buffett owing to his vast career, they can always look up to these Warren Buffetts of India.
Disclaimer:
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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