Inside Ramesh Damani's Portfolio: A Glimpse into Value Investing in 2026

Ramesh Damani is one of the most respected & influential veteran investor-fondly called the "Nawab of Dalal Street"-known for his disciplined, long-term value investing approach, inspired by legends like Warren Buffett and Charlie Munger. Damani is a member of BSE since 1989 and MD of Ramesh S. Damani Finance (P) Ltd. Born & bought up in a well-to-do family in Mumbai (with roots linked to Hyderabad)-Damani was influenced by his father, who was also an active investor & trader in the Indian stock markets from the late 1950s to the 1970s. 

Damani completed his graduation in Commerce & Economics from Mumbai and moved to the US in the late 1970s to earn an MBA, and also worked briefly as a coder (programmer) there in the early 1980s. He came back to India in the late 1980s and utilised his US education & experience in navigating the transformation period of the Indian economy and infra boom-led by cements, an early investor in ACC. He was then called a ‘freshman’ during the early 1990s. Later, he also invested ₹10 lakh in INFY and CMC (from his US tech experience), which multiplied over 100 times, catapulting his reputation. 

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Like almost all other legendary investors & traders, Damani also lost $10000 in the US market during the early 1980s, which taught him some valuable long-term investing lesson-spotting quality business models at reasonable prices and holding for 20–30 years, ignoring cyclical noises. Damani focuses on solid research, a bottom-up investing approach, independent thinking, and holding high-conviction stocks through market cycles, even enduring short-term pain for long-term gain.

As of December’25 regulatory filings, Damani’s publicly disclosed investment portfolio (listed securities), having a cumulative stake of a minimum 1%, mainly consists of four major stocks with a combined market value of around ₹52 crore. His concentrated portfolio undermines his investment philosophy of focusing on limited undervalued opportunities rather than too much diversification for its own sake; i.e. he prefers quality over quantity.

Damani’s public holdings span diverse sectors, including digital governance, speciality petroleum products, plastic moulded goods, and speciality chemicals—sectors poised to benefit from India's structural growth story, such as digitisation, industrial demand, and consumer durability. Damani made a bulk purchase of 27,500 shares in John Cockerill India (an engineering firm specialising in industrial equipment) in late December 2025- marking a potential new theme addition to his convictions, though it may not yet reflect in quarterly filings. 

Key Portfolio Updates of Ramesh Damani 

• Recent Entry: Damani acquired John Cockerill India shares in December 2025, marking a fresh bet in the high-value engineering and technology space. Further, he acquired shares of Wim Plast as per latest update of December 2025. Wim Plast is known for its brand CELLO , a prominent plastic consumer brand.
• Stake Increases: Damani recently increased his stake in Panama Petrochem by 0.12%.

Damani's publicly listed portfolio is notably concentrated, with stakes typically around 1-1.5% in small- to mid-cap companies, mainly techs, petchem, speciality plastics & chemicals.

1) Protean eGov Technologies Ltd (PETL): Stake 1.10%; market value ~INR 26.3 crore 

PETL was established in 1995 as NSDL e-Governance Infrastructure Ltd (listed in 2023) –a pioneer in India’s e-governance space. PETL conceptualises, develops, and executes large-scale digital public infrastructure projects in collaboration with the government. Core offerings include citizen-centric services like PAN/TAN processing, Aadhaar (UID) authentication, eKYC/eSign, National Pension System (NPS), and GST-related solutions. The company also provides system integration, IT consulting, cloud services, and data centre co-location. Revenue primarily comes from government contracts and transactional fees from high-volume platforms.  PETL’s strongest moat is its duopoly position in national-critical infrastructure—handling population-scale projects that require deep regulatory trust, technical expertise, and scalability. Its early-mover advantage in DPI (e.g., PAN ecosystem) creates network effects, with recurring revenue from transaction volumes. Recent initiatives in AI and global expansion (e.g., the Ethiopia project) add growth layers. 

2) Panama Petrochem Ltd (PPL): Stake 1.10%; market value ~₹20.5 crore 

PPL, incorporated in 1975 and headquartered in Mumbai, is an integrated manufacturer and exporter of speciality petroleum products (SPPs). PPL produces a diverse range, including white/liquid paraffin oil, petroleum jelly, transformer oil, rubber process oil, textile oils, industrial oils and greases, automotive lubricants, drilling fluids, and paraffin/micro waxes. These products are used in various ancillary industries such as printing inks, textiles, rubber, pharmaceuticals, cosmetics, power (transformer oils), cables, and other industrial applications. Revenue model relies on the B2B segment, both local & global, and long-term client relationships in premium segments. It operates four plants in Gujarat, Daman, and Maharashtra, producing over 80 variants of SPPs. The business model focuses on quality consistency, customisation, and exports to regions like the Middle East, Europe, and Africa. In a growing speciality chemicals industry, Panama's scale and quality positioning help capture import substitution and global export, in line with the government’s ‘vocal for local’ strategy.

3) Wim Plast Ltd: Stake 1.0%; market value ~₹5.2 crore,  New Entry-Dec 2025

Established in 1988, Wim Plast manufactures & markets plastic moulded and extruded products under the well-known brand name "Cello" and is a part of the Cello Group in India. It produces household furniture (chairs, tables, and storage), air coolers, dustbins, industrial pallets/crates, and engineering moulds. With multiple manufacturing units across India, the company targets household, commercial (HoReCa), and industrial segments via organised retail and distribution networks (both B2B and B2C segments). The Company is a great beneficiary of its brand ‘cello ’-which is a key competitive moat, synonymous with affordability, durability, and plastic household goods/furniture in India. The company also offers premium pricing along with customer loyalty. And the vertical integration (in-house moulding) is ensuring both cost & quality control. The urban housing boom, coupled with resilient distribution and brand recall, is also safeguarding against unorganised players.

4) Vadivarhe Speciality Chemicals Ltd (VSCL): Stake around 1.5%

Founded in 2009, Vadivarhe Speciality Chemicals is a smaller player involved in manufacturing organic/inorganic speciality chemicals, intermediates, and active pharmaceutical ingredients (APIs). These products serve pharma, personal care, and industrial applications, with a core focus on custom synthesis and premium intermediates. The technical expertise, R&D, innovation in complex molecules, and ensuring stiff regulatory compliance for pharma-grade outputs are a big competitive moat of the VSCL. The speciality chemicals industry is now a bright spot in India due to global demand amid the China +1 diversification theme. VSCL’s focus on premium (niche) intermediates ensures a resilient position in this segment.

Conclusion

Damani’s public portfolio is an illustration of his timeless investing philosophy- invest in a quality business model with sustainable competitive moats in an early stage and hold patiently, ignoring cyclical market noises. His investing themes align with India’s structural tailwinds like digitisation, vocal for local in the strategic sector like speciality chemicals. It’s like the new ‘cement’ of the 1980s in India.