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Porinju Bets on Assets, Not Earnings
15 Oct
Summary
- Porinju Veliyath acquired stakes in TTK Healthcare and Ansal Buildwell.
- TTK Healthcare recently sold brands for Rs 256 crore cash.
- Ansal Buildwell trades at less than half of its book value.
Investor Porinju Veliyath, known for his focus on overlooked companies, has recently acquired stakes in TTK Healthcare and Ansal Buildwell, moves aligning with his investment philosophy. His filings as of September 2026 reveal these new positions.
At TTK Healthcare, Veliyath's Equity Intelligence India now holds a 1.01% stake. This move follows the company's recent sale of its EVA and Good Home brands to Wipro Enterprises for Rs 256 crore, a significant cash infusion received on September 4, 2026. The company's financial health shows substantial 'other income' of Rs 67 crore in the twelve months to June 2026, exceeding its operating profit.
Veliyath has also returned to Ansal Buildwell, a Delhi-based developer, acquiring a 3.18% stake. This micro-cap company, valued at approximately Rs 64 crore, is notably trading at a price-to-book ratio of 0.48, with its net worth around Rs 130 crore. A key factor is a subsidiary, Ansal Crown Infrabuild, which is undergoing insolvency proceedings. A resolution plan for Rs 321.33 crore was approved on July 17, 2026, though the parent's recovery is still uncertain.
Both investments suggest Veliyath is prioritizing assets over earnings. In TTK Healthcare, the asset is immediate cash, though the remaining business is lean. For Ansal Buildwell, the value lies in its land and project inventory, alongside a potential recovery from the subsidiary, but this is viewed with market skepticism. Investors are advised to monitor TTK Healthcare's September quarter results and Ansal Buildwell's filings related to the tribunal order.
