In Conversation with Saurabh Mukharjea

Nemish S. Shah is one of the most respected investors in India’s investment world. He helped start a company called ENAM Holdings and has built a reputation for patience, smart choices, and a strong understanding of how businesses operate.

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Over many years, Mr. Shah has become known as a careful investor. He doesn’t take wild guesses or chase quick money. Instead, he looks for companies with real value that can grow over time. His story shows that staying calm, believing in your plan, and thinking long-term can be more effective than trying to make quick profits.

Mr. Shah’s investment choices show how he thinks — with logic, care for the future, and a love for good-quality businesses instead of just many of them.

List of Top Holdings

*As of 06 Oct 2025

About Nemish S. Shah

Nemish S. Shah began his investing journey in 1984 when he helped start ENAM Holdings, a company that became one of India’s most trusted names in investing and advice. From the beginning, he wanted to bring smart thinking and careful study to the Indian stock market, which was still growing and learning.

Over the years, Mr Shah has consistently followed a value-based investment approach. He believes in finding well-run companies that can generate steady profits over the long term. He studies numbers, checks the strength of the company’s leaders, and looks at how much the business can grow in the future.

Because he focuses on facts rather than quick trends, Mr. Shah has become known as a calm and steady investor, even when the market keeps changing.

Investment Philosophy

At the heart of Mr. Shah’s investing style is a simple idea: choose quality and think long term. He looks for companies that deliver good returns — at least 9% or more — and are led by honest, capable people with a clear plan for growth. He is cautiious about the price he pays, making sure it’s worth it and not just exciting.

Mr. Shah stays away from businesses he doesn’t understand and avoids risky bets. Instead, he focuses on clear facts like profits, honest management, and the business's future safety. His rule can be summed up as “buy right and hold tight,” meaning choose wisely and be patient while your money grows.

This smart, steady approach to investing has helped him stay strong through market ups and downs. Even when things get uncertain, his belief in clarity and discipline guides every choice he makes.

Portfolio Characteristics and Key Investments

When you look at Nemish S. Shah’s investments, you can see that he likes companies that make real things — like machines, glass, and buildings. These are strong industries that grow along with India’s progress.

He has invested in Lakshmi Machine Works (LMW) and Asahi India Glass Ltd, both of which are steady, well-managed businesses. LMW is one of his biggest investments because it has grown slowly and steadily over time. Asahi India Glass shows its trust in India’s growing car and construction sectors.

He also owns shares in Elgi Equipments Ltd and Vascon Engineers Ltd, known for their good products and capable management teams. Smaller investments, like Investment & Precision Castings Ltd and Zodiac Clothing Company Ltd, show his interest in small but reliable businesses with steady demand.

Mr. Shah’s portfolio shows a mix of focus and balance. Instead of buying too many different stocks, he prefers to own a few strong companies that he understands well and believes in for the long term.

Approach and Distinct Traits

Mr. Shah’s approach of investing is calm and thoughtful. He doesn’t worry about daily market ups and downs or short-term changes. Instead, he checks his investments from time to time to make sure the companies are still performing well.

He believes that good management is the heart of a good company. So, he looks for businesses that are honest, transparent, and run by capable people. If the company continues to do the right things, he will stay invested for many years.|

Another key part of his style is patience. Mr. Shah keeps his investments for a long time — sometimes for decades — so that they can grow naturally. This helps him benefit from compounding, where money grows faster over time when profits are reinvested.

Because of his patience, discipline, and belief in strong businesses, Nemish S. Shah is known as one of India’s most respected long-term investors.

Notable Achievements and Influence

Beyond his portfolio, Shah’s influence extends through ENAM Holdings' legacy. The firm has advised several major Indian corporations on strategic investments, mergers, and public offerings. It played a pivotal role in professionalising investment banking and research in India.

Shah’s personal investment record mirrors this professionalism. His estimated net worth of over ₹3,326 crore reflects consistent returns rather than aggressive speculation. He has remained largely private, letting his results and philosophy speak for themselves.

His approach has influenced a generation of investors who value research, discipline, and integrity. Many consider him a model for responsible investing — an approach that balances growth with caution.

Conclusion

The Nemish S. Shah investment portfolio offers more than just a list of companies. It represents a way of thinking — one that values patience, logic, and belief in quality enterprises.

In an age dominated by high-speed trading and rapid speculation, Shah’s steady and methodical style stands apart. He demonstrates that lasting wealth is built through time-tested principles, not short-term excitement.

His journey underscores an important truth: markets may change, but the fundamentals of good investing remain the same. For investors seeking to learn from experience, Nemish S. Shah’s example serves as a reminder that clarity and discipline often lead to enduring success.