Pawan K

Avid Reader | Portfolio Insights | Finding Alpha via Data & Probability in Equities | Fitness Freak | Curated for my Archive, Not SEBI Registered

[Pawan K @ItsPawan_Kumar]

Shilpa Medicare Ltd:

It has become one of the very few companies in India to offer fully integrated, end-to-end ADC Drug Substance development and manufacturing, monoclonal antibody production, ADC conjugation, and purification of GMP-scale Drug Substance.

The manufacture of ADC Drug Substance demands specialised cytotoxic payload containment, precise conjugation chemistry, and rigorous biologic purification — all within a GMPvalidated environment.

This positions Shilpa as a compelling, cost-competitive CDMO partner for global pharmaceutical and biotech companies seeking high-quality, integrated ADC Drug Substance solutions.

Remember as the smart money in US is moving from AI theme to Biotech sector, these CDMO and other CRDMO companies are kind a proxy winners to them.

[Pawan K @ItsPawan_Kumar]

Shilpa Medicare:

Planned launches as coming triggers

[Pawan K @ItsPawan_Kumar]

One thing many investors may not know about TrustMF Small Cap Fund...

The biggest differentiator isn't just the portfolio.

It's the person behind the portfolio.

Before TrustMF, Mihir Vora (@theMihirV ) spent years managing multi-billion-rupee insurance portfolios as CIO.

Insurance money demands a very different mindset:

• Patience over excitement
• Risk management over storytelling
• Valuation over momentum

That philosophy seems to reflect in TrustMF's approach—concentrated bets, reasonable valuations (GARV), and a focus on businesses with long runways instead of chasing every market fad.

Sometimes the biggest edge isn't finding the next multibagger.

It's having the discipline to ignore the wrong ones.

That's what I'm trying to understand by tracking every monthly disclosure.

[Pawan K @ItsPawan_Kumar]

TrustMF Small Cap Fund :

Recent Entry:

🟢 R R Kabel
🟢 Ather Energy
🟢 Aditya Infotech
🟢 Cemindia Projects
🟢 SEDEMAC Mechatronics
🟢 Sansera Engineering
🟢 Kirloskar Oil Engines
🟢 Laurus Labs

Current Top Holdings:

• Navin Fluorine
• MCX
• Acutaas Chemicals
• ITD Cementation
• Sai Life Sciences
• Data Patterns
• Sansera Engineering
• Godawari Power

The portfolio is concentrated in high-conviction ideas rather than holding hundreds of stocks.

Sectors:

⚙️ Manufacturing & Industrials
🚗 Auto Components & EV Ecosystem
🔌 Electronics & Electricals
🏗️ Infrastructure
💊 Pharmaceuticals

The portfolio continues to lean toward businesses benefiting from India's manufacturing and capex cycle rather than chasing momentum.

Since launch, TrustMF Small Cap Fund has comfortably outperformed its benchmark despite a volatile market.

Fund Manager: @theMihirV

That's why I track every monthly portfolio disclosure—it often reveals where smart money is moving before the narrative catches up.

#TrustMF #MutualFunds

[Pawan K @ItsPawan_Kumar]

HCL Tech:

Stock is down 36% in 2026, a 17% hit in Feb after reports Anthropic AI could automate ATM software modernisation.

But behind the selloff, HCL is making its biggest strategic pivot in years.

HCL splits the IT industry into "Three Worlds":

AI Disrupted (shrinking legacy work)

AI Augmented (specialized skills in demand)

AI Native (new AI-first business entirely), Where a company sits determines if AI is a threat or a tailwind.

Big bets —

Silicon:
JV with Foxconn to set up India Chip Pvt Ltd. HCL is going from pure services to owning hardware, betting value is shifting to chips — the actual "brain" of AI systems.

Sovereign AI:
HCL is lead investor in Sarvam (India's sovereign AI co), which just closed $234M in its first round.

Sarvam's Indian-language AI is already live — voice agents for 17M farmers, renewal calls for 45M insurance policyholders, and its 105B param model matches global benchmarks.

Partnerships:
AI Innovation Zones with Google Cloud (agentic + "kinetic" AI), NVIDIA Cosmos (physical AI/video), and dedicated OpenAI/AWS teams — moving AI from chatbot gimmick to core enterprise infra.

The stock's pain reflects a lag between what AI can do and what enterprises have actually deployed — not a collapse of HCL's business model.

Bet is on a slower, steadier re-rating as chip/sovereign-AI/partnership plays mature.

#HCLTech

[Pawan K @ItsPawan_Kumar]

OYO’s parent company, PRISM, has filed for a ₹6,650 crore IPO

marking the third attempt by the hospitality company to go public amid multiple delays.

[Pawan K @ItsPawan_Kumar]

Nearly ₹19 lakh+ crore has been erased from the market value of India's top IT companies.

This isn't just because of weak earnings.

The market is repricing an industry facing a fundamental change in how software services are delivered.

AI is disrupting that equation.

Today, fewer engineers can deliver the same output, forcing clients to question traditional pricing models.

Revenue growth across large-cap IT has slowed to around 2–3% over the last three years.

Clients are no longer waiting for contracts to expire. Many are renegotiating deals much earlier, expecting AI-driven productivity gains to be shared.

It's the end of the old Indian IT model.

The winners will be companies that transition from:

✅ AI consulting
✅ Platform engineering
✅ Cybersecurity
✅ Cloud transformation
✅ AI-native products

Some companies are already adapting.

Persistent Systems' acquisition of Nagarro SE's business is an example of expanding digital engineering capabilities instead of relying solely on traditional outsourcing.

Technically, the sector is approaching an important long-term support zone.

These levels often become decision points—not guarantees.

Either earnings continue to disappoint and valuations compress further...

Or AI-led execution surprises the market, creating the next leadership cycle.

It's the time to identify which companies can reinvent themselves.

Every major technological shift creates new winners.

The next decade's leaders may not simply be the biggest companies—but the fastest adapters.

Which companies I like:
Delhivery
Cartrade
Bajaj finance
Rategain

Focussing on AI Native and enablers

which Indian IT company do you think is best positioned to lead the next wave—and why?

#IT

[Pawan K @ItsPawan_Kumar]

The real edge isn't just what TrustMF Small Cap Fund owns today.

It's when it buys and when it moves on.

Since inception (Nov 2024), the portfolio has evolved with conviction—not by chasing every trending stock, but by gradually increasing exposure to themes like manufacturing, capital goods, auto components, electronics and pharma while refreshing positions as the opportunity set changed.

That's what separates investing from stock collecting.

Monthly portfolio disclosures aren't just a list of holdings—they're a window into how an experienced fund manager reads market cycles.

So Track portfolio changes, not just portfolio snapshots. That's often where the biggest insights lie.

When you track a mutual fund, do you focus more on its current holdings or on the stocks it keeps adding and exiting every month? Or try to gauge their focus....

@theMihirV
#TrustMF
#Mutualfund

[Pawan K @ItsPawan_Kumar]

TrustMF Small Cap Fund :

Recent Entry:

🟢 R R Kabel
🟢 Ather Energy
🟢 Aditya Infotech
🟢 Cemindia Projects
🟢 SEDEMAC Mechatronics
🟢 Sansera Engineering
🟢 Kirloskar Oil Engines
🟢 Laurus Labs

Current Top Holdings:

• Navin Fluorine
• MCX
• Acutaas Chemicals
• ITD Cementation
• Sai Life Sciences
• Data Patterns
• Sansera Engineering
• Godawari Power

The portfolio is concentrated in high-conviction ideas rather than holding hundreds of stocks.

Sectors:

⚙️ Manufacturing & Industrials
🚗 Auto Components & EV Ecosystem
🔌 Electronics & Electricals
🏗️ Infrastructure
💊 Pharmaceuticals

The portfolio continues to lean toward businesses benefiting from India's manufacturing and capex cycle rather than chasing momentum.

Since launch, TrustMF Small Cap Fund has comfortably outperformed its benchmark despite a volatile market.

Fund Manager: @theMihirV

That's why I track every monthly portfolio disclosure—it often reveals where smart money is moving before the narrative catches up.

#TrustMF #MutualFunds

[Pawan K @ItsPawan_Kumar]

@AnanyaY58678407 Direct is largely better if ur starter or new one

If corpus size goes quite large enough and not enough time to manage then mfd plays helpful

[Pawan K @ItsPawan_Kumar]

TrustMF Small Cap Fund :

Recent Entry:

🟢 R R Kabel
🟢 Ather Energy
🟢 Aditya Infotech
🟢 Cemindia Projects
🟢 SEDEMAC Mechatronics
🟢 Sansera Engineering
🟢 Kirloskar Oil Engines
🟢 Laurus Labs

Current Top Holdings:

• Navin Fluorine
• MCX
• Acutaas Chemicals
• ITD Cementation
• Sai Life Sciences
• Data Patterns
• Sansera Engineering
• Godawari Power

The portfolio is concentrated in high-conviction ideas rather than holding hundreds of stocks.

Sectors:

⚙️ Manufacturing & Industrials
🚗 Auto Components & EV Ecosystem
🔌 Electronics & Electricals
🏗️ Infrastructure
💊 Pharmaceuticals

The portfolio continues to lean toward businesses benefiting from India's manufacturing and capex cycle rather than chasing momentum.

Since launch, TrustMF Small Cap Fund has comfortably outperformed its benchmark despite a volatile market.

Fund Manager: @theMihirV

That's why I track every monthly portfolio disclosure—it often reveals where smart money is moving before the narrative catches up.

#TrustMF #MutualFunds

[Pawan K @ItsPawan_Kumar]

@Chartguruji1 It's already there from last few months after March

Still good to go

[Pawan K @ItsPawan_Kumar]

@FamyRasheed Yes indeed

[Pawan K @ItsPawan_Kumar]

@FamyRasheed

Thanks for the follow, Famy!

⚡ One more reason to keep my investing takes well researched.

Looking forward to learn together! 🤝

[Pawan K @ItsPawan_Kumar]

TrustMF Small Cap Fund :

Recent Entry:

🟢 R R Kabel
🟢 Ather Energy
🟢 Aditya Infotech
🟢 Cemindia Projects
🟢 SEDEMAC Mechatronics
🟢 Sansera Engineering
🟢 Kirloskar Oil Engines
🟢 Laurus Labs

Current Top Holdings:

• Navin Fluorine
• MCX
• Acutaas Chemicals
• ITD Cementation
• Sai Life Sciences
• Data Patterns
• Sansera Engineering
• Godawari Power

The portfolio is concentrated in high-conviction ideas rather than holding hundreds of stocks.

Sectors:

⚙️ Manufacturing & Industrials
🚗 Auto Components & EV Ecosystem
🔌 Electronics & Electricals
🏗️ Infrastructure
💊 Pharmaceuticals

The portfolio continues to lean toward businesses benefiting from India's manufacturing and capex cycle rather than chasing momentum.

Since launch, TrustMF Small Cap Fund has comfortably outperformed its benchmark despite a volatile market.

Fund Manager: @theMihirV

That's why I track every monthly portfolio disclosure—it often reveals where smart money is moving before the narrative catches up.

#TrustMF #MutualFunds

[Pawan K @ItsPawan_Kumar]

Angel One:

what I like most as its valuation edge is real

Angel One (~₹28–30k cr market cap, ~31–35x P/E) vs Groww (~₹1.25 lakh cr, ~60x P/E)

Despite Angel One having higher FY26 revenue (₹5,152cr vs ₹4,645cr).

Groww's premium is partly earned (2.3x the profit, better margins, bigger/younger client base, cleaner balance sheet) — but still the gap looks quite stretched

Some of the Reasons:

FY26 PAT was artificially depressed (-22% YoY) by one-off SEBI F&O curbs + a discretionary IPL brand-spend cycle, not structural decay (Q4 already snapped back +83.5% YoY).

The market is pricing Angel One's diversification businesses at ~zero (IMO)

Ionic Wealth (₹100bn+ AUM, +23% QoQ), the AMC, Angel Fincap credit book, and the new insurance JV get almost no standalone credit once you back out the core broking earnings power.

Operating leverage — Q4 EBDAT margin hit 41%, an 8-quarter high, on volume recovery alone.

Balance sheet optionality — AA- rating + fresh ₹20,000cr borrowing headroom lets Angel One fund growth via debt just as bank-channel MTF funding tightens under new RBI norms

~2% dividend yield + multi-year payout history while Groww pays nothing.

#Angelone

[Pawan K @ItsPawan_Kumar]

Helios Small Cap Fund :

Built on a philosophy that great investing is often about avoiding mistakes rather than making heroic predictions.

The fund blends quality businesses with sensible valuations and strong cash-flow characteristics.

Managed with a long-term mindset, aiming to benefit from India's structural growth story.

Top Holdings
💎 MCX
💎 HPCL
💎 GMR Airports
💎 IDFC First Bank
💎 Phoenix Mills

@Iamsamirarora

#Investing #MutualFunds

[Pawan K @ItsPawan_Kumar]

Sansera Engg:

Here are the less-discussed triggers where future belongs:

Nichidai Sansera JV : This is a Japanese partnership specifically targeting semiconductor fabrication equipment components, a far more technical, higher-barrier niche than the ADS. A potential surprise lever if it scales faster than expected.

Semiconductor chamber manufacturing : Sansera has developed capabilities to produce complex semiconductor chambers for fabrication equipment, and separately international operations saw international business hit highest-ever quarterly revenues mainly due to its semiconductor operations, with exports nearly doubling in Q4FY26.

This semiconductor-equipment sub-segment is usually lumped into "ADS" in headline commentary, so its standalone growth rate and margin profile aren't broken out publicly

Shift from structural to rotary/engine aerospace components : Management indicated a strategic shift from stationary and structural aerospace components to rotary and engine components over the medium term. Rotary/engine aerospace parts typically carry tighter tolerances, longer qualification cycles, and stickier customer relationships than structural brackets

ICU transport module assembly : Sansera has developed capabilities to assemble intensive care transport modules, with about 60 per cent value addition in-house.

Second aerospace hangar : The second hangar, with peak annual revenue potential of ₹600 crore, is expected to commence commercial production in the second half of FY27.

Customer mix shift toward North American xEV/tech: Sansera planned a full-year ramp-up of xEV and Tech-Agnostic orders from North American clients.

#IndianStockMarket #sansera

[Pawan K @ItsPawan_Kumar]

@goswamimanish30 @grok Manny, hi it's verified 🙂

[Pawan K @ItsPawan_Kumar]

Balaji Vaidyanath, Co-founder and CIO of NAFA Asset Managers, who discusses his 2x2 stock picking framework and strategies for generating wealth (19-20% CAGR over 10 years).

Key Takeaways:

Global Research Edge: tracking 100-150 international companies and their earnings calls to gain insights into Indian subsidiaries

Investing Framework and
Market Dynamics:
Nifty 50 might face structural headwinds, noting that 35% is weighted towards financials, and suggests that investors should look beyond large-cap indices for better growth

Politicians' Wealth: He highlights a study showing that Indian politicians hold 99% of their declared wealth in real estate, with only 1% in equities

Advice for Investors: He stresses the importance of long-form reading over social media consumption for young investors and staying disciplined with research

@nbalajiv
@kushallodha548

Link: https://t.co/J4djLZ6bZp

[Pawan K @ItsPawan_Kumar]

Suddenly from all sides the voices are getting strong for ending of AI rally

In our Market also the proxy winners which were favourite from last 3-6 months, has stopped.

Already discussed just few weeks back that valuation have reached or digesting their future growth and better to shift reasonable valuation names where things are changing

All names at my timeline

Let's see how it plays out

[Pawan K @ItsPawan_Kumar]

Prof G Markets on the current state of the AI bubble :

Meta plans to launch a cloud business to sell its excess AI compute capacity.

The move suggests a lack of sufficient internal demand for the massive infrastructure Meta has built, challenging the narrative of a supply-constrained AI market.

compute demand is largely driven by a few unprofitable companies (OpenAI and Anthropic) and warns that the current infrastructure build-out, if not supported by real-world use cases, could lead to a significant financial disaster.

OpenAI has delayed its IPO, suggesting that recent scrutiny of their financials and a failure to reach desired valuation targets may be responsible.

#AI

[Pawan K @ItsPawan_Kumar]

Prof G Markets on the current state of the AI bubble :

Meta plans to launch a cloud business to sell its excess AI compute capacity.

The move suggests a lack of sufficient internal demand for the massive infrastructure Meta has built, challenging the narrative of a supply-constrained AI market.

compute demand is largely driven by a few unprofitable companies (OpenAI and Anthropic) and warns that the current infrastructure build-out, if not supported by real-world use cases, could lead to a significant financial disaster.

OpenAI has delayed its IPO, suggesting that recent scrutiny of their financials and a failure to reach desired valuation targets may be responsible.

#AI

[Pawan K @ItsPawan_Kumar]

Zydus wellness:

One of the biggest weekly gainer and at ATH

Let's see the mutual fund exposure to Zydus Wellness:

Quant ESG Equity Fund — 7.20%

Quant Consumption Fund — 7.08%

Quant Healthcare Fund — 5.72%

Quant Business Cycle Fund — 2.22%

Nippon India Consumption Fund — 2.08%

#Quant
#Mutualfund

[Pawan K @ItsPawan_Kumar]

Built one of India's most respected investment firms.

One of India's most reclusive wealth creators.

Started with a small stockbroking business.

Built ENAM into one of India's most influential investment banks, advising on some of India's biggest IPOs, mergers and fundraising deals.

In 2010, ENAM's investment banking business was acquired by Axis Bank in a landmark transaction.

But that's not what makes his story remarkable.

He never chased headlines.

Never built a personal brand.

Never tried to become a market celebrity.

His philosophy was simple:

"Protect capital first. Returns will follow."

He believed the biggest edge in investing wasn't predicting the next multibagger.

It was staying rational when everyone else was emotional.

Today, he continues to invest quietly through family offices and long-term holdings.

No podcasts.

No viral reels.

No daily market predictions.

Just decades of discipline, patience and compounding.

🧡

The market rewards those who seek attention.

It creates extraordinary wealth for those who don't.

Nimesh Shah

[Pawan K @ItsPawan_Kumar]

Government of India's e-truck policy push:

Here are the possible beneficiaries:

e-truck OEMs:

Tata Motors (CV division) — Largest CV maker in India with an existing electric truck pipeline

PM E-DRIVE scheme subsidies for eTrucks (N2/N3 categories) directly reduce upfront cost gap vs ICE trucks

scrappage-linked CD-based purchase incentives create a structured demand funnel once the government's proposed third-party CD financing materializes.

Ashok Leyland — Strong presence in the ICE truck segment being targeted for conversion

sector-specific rollout (mining, ports) plays to its existing heavy-CV customer base

company has an EV subsidiary (Switch Mobility) positioned to capture early e-truck orders.

Eicher Motors (VE Commercial Vehicles/Volvo Eicher) — JV has CV manufacturing scale relevant to N2/N3 categories

benefits from any nationwide highway-linked charging infrastructure push that de-risks fleet electrification for commercial operators.

Battery / charging infrastructure:

Exide Industries and Amara Raja Energy & Mobility — Direct beneficiaries of "domestic critical EV component manufacturing" push Kapoor referenced

a scrappage-linked CD scheme for batteries would create incremental replacement demand as truck fleets electrify.

Tata Power — Positioned for the government's plan to select ~60 highways for concentrated fast-charger and "good-quality charger" rollout

highway-corridor charging is a distinct revenue line from urban charging already being built out.

NBFC / financing plays:

Cholamandalam Investment & Finance / Shriram Finance — Both have deep CV financing books

the government's proposed "third-party CD" financing model to fund battery/asset cost is a new financing product opportunity.

#Auto