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Catamaran's Manufacturing Bet: From Software to Steel
25 Sep
Summary
- Catamaran holds over 1% in seven listed companies worth Rs 1,421 crore.
- The portfolio features a supply chain focus on engineering and manufacturing.
- Investments include early-stage private entries and post-rally public buys.
Catamaran, the investment firm associated with N.R. Narayana Murthy, has substantially increased its holdings in manufacturing and engineering companies. As of September 23, 2026, its investments now exceed 1% in seven listed entities, with a total value close to Rs 1,421 crore. This portfolio reflects a strategic shift, moving away from software towards a supply chain model in the industrial sector.
The investments span critical areas such as alloy steel production, precision forging for automotive and aerospace, electronic control units, and power generation equipment. Notable holdings include Sansera Engineering, Aequs, and TD Power Systems, which collectively represent a significant portion of the total investment.
Catamaran's investment approach has varied. It involved early-stage private investments in companies like Aequs and SEDEMAC Mechatronics before their public listings. In other cases, such as Sansera Engineering and TD Power Systems, investments were made after substantial price rallies, suggesting a strategy that follows established growth rather than solely anticipating it.
While the portfolio shows a strong focus on manufacturing, it's not without risks. Aequs continues to report losses, M M Forgings faces high debt levels, and SEDEMAC Mechatronics trades at a very high earnings multiple. IRIS RegTech, the sole software company, has also shown weakness in recent quarters, highlighting the diverse performance within the portfolio.
