Ashish Dhawan, one of India’s most respected and intellectually driven investors, continues to be closely tracked by market watchers who look to his portfolio for signals about emerging opportunities in the Indian equity landscape. Known for his long-term thinking, deep research, and ability to identify scalable businesses early, Dhawan’s investment decisions often reflect a balance of conviction, caution, and strategic diversification.
The founder of ChrysCapital and a leading philanthropist, Dhawan has long been admired for his sharp understanding of business cycles and structural trends. His portfolio evolves steadily over time, shaped by a mix of high-conviction bets and tactical adjustments. The latest Trendlyne data shows several interesting movements—both in terms of new entries and stake changes—that provide insight into his current market outlook.
A Decline in Portfolio Value but Not in Confidence
One of the biggest highlights from the latest disclosure is a 16% decline in Dhawan’s portfolio value, which currently stands at approximately ₹2,799 crore. Markets over recent quarters have seen volatility across sectors like pharmaceuticals, financial services, and selected mid-cap segments, all of which form a meaningful part of Dhawan’s exposure.
However, seasoned investors like Dhawan often treat market dips as opportunities to consolidate their holdings or add new picks at attractive valuations. Therefore, while the headline figure may appear concerning, it is essential to understand that such temporary drawdowns are common in long-term portfolio strategies. More importantly, a later quarter shows his net worth rising again, proving the resilience of his holdings.
In fact, in Q2 2025, Dhawan’s portfolio rebounded by 8.2%, pushing his net worth back up to around ₹3,281.96 crore. This recovery reflects improved performance in some of his major stocks, better macroeconomic sentiment, and a bounce-back in mid-cap names.
Increasing Stake in Equitas Small Finance Bank
One of the notable moves in his latest activity is his decision to increase his stake in Equitas Small Finance Bank (SFB) by around 0.11%.
Equitas SFB has shown strong financial growth over the last few years, driven by expansion into microfinance, vehicle loans, and small businesses. The bank has improved its asset quality, widened its lending base, and increased deposit mobilisation. Dhawan’s increased investment indicates confidence in the bank’s future performance, especially at a time when India’s credit cycle is strengthening and small finance banks are widening their presence in underserved markets.
Investors like Dhawan typically increase stakes when valuations are attractive and the long-term growth trajectory appears promising. The incremental buy suggests that Equitas SFB remains a high-conviction financial sector pick for him.
Reducing Exposure to Glenmark Pharmaceuticals
While he added to Equitas SFB, Dhawan also trimmed his stake in Glenmark Pharmaceuticals, reducing his exposure by about 0.53%.
The pharmaceutical sector has faced challenges including pricing pressure in global markets, regulatory headwinds, and slower-than-expected recovery in the generics space. Glenmark, despite its strong research focus and product pipeline, has not been immune to these issues.
A reduction in stake does not necessarily imply that Dhawan has lost confidence in the company. Rather, it may reflect portfolio rebalancing, profit booking, or a shift of funds toward sectors with better near-term prospects. This approach aligns with Dhawan’s investing style—consistent monitoring and recalibration based on business conditions.
Four New Companies Added to His Portfolio
A major highlight of the June 2025 quarter was Dhawan’s addition of four new companies, signalling his interest in emerging opportunities across sectors. The new entries are:
- RPSG Ventures
- Northern ARC Capital
- Digitide Solutions
- Bluspring Enterprises
Together, these new holdings represent investments exceeding ₹400 crore—a sizeable addition and a clear indication of his strategic expansion.
RPSG Ventures reflects interest in diversified business models with exposure to fast-growing consumer and service segments.
Northern ARC Capital, focused on structured finance and lending to under-served segments, aligns with Dhawan’s keen understanding of financial inclusion and credit markets.
Digitide Solutions and Bluspring Enterprises are part of India’s rapidly evolving technology and digital transformation space.
By adding these companies, Dhawan is broadening his participation in both traditional and new-age business models. This move also highlights his willingness to explore high-potential early-stage listed opportunities—something he has successfully done throughout his career.
Increasing Stakes in Existing Favourites
Apart from new additions, Dhawan also increased his positions in some of his existing holdings, particularly in Religare Enterprises and Equitas SFB. The combined value of these increased stakes is estimated to be over ₹15 crore.
Religare Enterprises has been undergoing a multi-year turnaround, strengthening its financial services ecosystem and improving governance standards. With new management at the helm and improving performance in its health insurance and lending subsidiaries, the company appears to be on a revitalisation path. Dhawan’s increased investment signals continued belief in the company’s structural revival.
Meanwhile, adding more to Equitas SFB further consolidates his conviction in India’s financial inclusion story—one of the key long-term themes driving lending growth across rural and semi-urban regions.
Portfolio Outlook and Investment Philosophy
Despite quarterly fluctuations, Dhawan’s long-term investment philosophy remains clear and consistent. He typically follows a value-driven approach with a strong emphasis on management quality, scalability, and durability of growth. His interests span across sectors such as finance, pharmaceuticals, consumer services, technology, and industrials.
The latest updates show that Dhawan:
- remains committed to his high-conviction stocks,
- selectively trims positions where valuations may be stretched or near-term volatility is high,
- and continues exploring new opportunities in emerging companies with strong long-term potential.
This multi-pronged strategy helps balance risk while ensuring participation in India’s economic growth story.
Conclusion
Ashish Dhawan’s latest portfolio changes offer valuable insight into the mind of a seasoned investor who blends deep research with disciplined execution. Despite a temporary 16% decline in portfolio value, his holdings recovered strongly in the next quarter, proving the long-term strength of his choices. His recent activities—adding new companies, increasing stakes in financial firms, and trimming exposure in select stocks—highlight a portfolio that is both dynamic and strategically grounded.
With new bets in RPSG Ventures, Northern ARC Capital, Digitide Solutions, and Bluspring Enterprises, along with increased exposure to Equitas SFB and Religare Enterprises, Dhawan continues to position himself for future growth opportunities. His approach remains a masterclass in thoughtful, patient, and research-backed investing.
