Nemish Shah's Five Firms: Mixed Fortunes Revealed

Nemish Shah's investment portfolio, comprising five distinct companies, reveals a mixed bag of financial performances as of June 2026 filings. While Shah has maintained his holdings, likely since at least 2015, the underlying businesses show varied trajectories. LMW, a textile machinery maker, experienced a significant profit decline, yet its share price has compounded at 17% annually over the last decade, trading at a high PE ratio without clear earnings justification.

Asahi India Glass, a major glass manufacturer, reported its best operating margin on record in the June 2026 quarter after significant capacity expansion, despite a recent dip in net profit due to increased depreciation and interest costs. Elgi Equipments, an air compressor manufacturer, stands out with strong financial health, consistently high operating margins, and robust free cash flow generation.

Conversely, Bannari Amman Sugars faces operational struggles despite a pristine balance sheet, reporting an operating loss for the June 2026 quarter. Zodiac Clothing, a garment brand, continues its decade-long downturn with shrinking sales and negative returns, trading near its net asset value. This diverse performance underscores the challenges and opportunities within Shah's long-term investment approach.