Nemish Shah Latest Portfolio Update 2026

Recent portfolio disclosures show Nemish Shah kept his stakes in most of his holdings intact.

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Investor Profile & History of Nemish Shah

Nemish Shah is a director and co-founder of Enam Holdings, a portfolio management firm. He believes in taking contrarian exposure with a long-term view in companies with a margin of safety. Enam Holdings manages assets worth Rs ₹43,879 crore as of December 31, 2025.

He favors traditional companies with credible management over new-age firms. As of January 23, 2026, Nemish Shah's net worth was down 3.2% from the December 2025 level of Rs ₹3,332,5 crore to ₹3,130 crore.

Latest Update of Nemish Shah's Portfolio 

Nemish Shah didn't add new positions during the quarter, indicating a buy-and-hold strategy. Stocks in his portfolio include Asahi Glass, Lakshmi Machine Works, Elgi Equipment, Bannari Amman Sugars, and Zodiac Clothing.

Asahi Glass

Nemish Shah's stake in Asahi Glass stood at 5.7% as of the December quarter 2025. Maruti Suzuki India is the co-promoter of Asahi Glass and holds a 10.59% shareholding. Ashai is the market leader in the Indian passenger vehicle glass segment, with a 75% share, and in the float glass segment, with a 16% share.
In the global market, it holds 12% market share in the float glass segment and 30% share in the auto glass segment. Asahi Glass supplies auto glass to all original equipment manufacturers in India, including Maruti Suzuki, Hyundai Motors India, Kia, MG, Honda, Tata Motors, and M&M.

Lakshmi Machine

In Lakshmi Machine, Nemish Shah held 5.7% stake as of the December 2025 quarter. It is an engineering company with a global presence in textile machinery manufacturing, machine tools, precision castings, and aerospace components. Lakshmi Machine serves both the Indian and international textile sectors, supplying authentic spare parts. 

The company's machine tool division pioneered the manufacturing of CNC machines in India. The Foundry Division manufactures precision metal casting for industries across automotive and railway. It also focuses on precision engineering for the aerospace and defence industry. It designs and manufactures high-quality metallic and composite components and sub-assemblies for global aircraft manufacturers and Tier 1 suppliers.

Elgi Equipments

Nemish Shah owned 1.7% of Elgi Equipment. The company makes garage equipment for cars and air compressors. It serves the global market, exporting products to over 100 countries. However, it remains concentrated in the Indian market.

Beyond the existing segment, Elgi is entering a new segment. It launched dry and oil-lube rotary vane vacuum pumps in partnership with D.V.P. Vacuum Technology S.p.A., Italy.
It is also expanding. The company is setting up a new portable compressors line and a global support center at the Kinathukadavu location. It has recently expanded motor plant capacity by 50% to reduce reliance on imported raw materials.

Bannari Amman Sugars

As of December 2025, Nemish Shah owned 2.6% of Bannari Amman Sugars. The business works in a number of sector, such as sugar, power generation, distilling, and processing granite. Bannari sells power to Tamil Nadu Generation and Distribution Corporation and in the open market.

Bannari exports all of the granite that it produces. It operates five sugar units with a combined capacity of 23,700 Tons of Cane per day (TCD) and plans to expand capacity to 26,200 TCD by FY27. Bannari operates in a highly cyclical sector, which exposes it to seasonal fluctuations in business.

Beyond the above four companies, Nemish shah exposure in Zodiac Clothing was 1.6%. However, the exposure remains minimal in terms of amount.

Conclusion

The latest portfolio disclosures confirm Nemish Shah's firm conviction in his long-term, 'brick-and-mortar' philosophy. The holdings show that the strategy is to "buy and hold" without adding or selling anything new. Also, the current mix clearly favors core industrial and manufacturing themes, which suggests that he thinks the economy's ongoing cycle of capital spending will continue to favor established, high-quality companies in this area. This position is a master class in investing with patience and focus.