Ashiah Dhawan is one of the most prominent players in the Indian stock market who is respected by many. Unlike most day traders that buy, then sell shares daily for short-term profit, Mr. Dhawan has a different approach. He has a long-term view and makes large investments into individual company stocks and will typically hold onto those stocks for several years. In the year 2025, his portfolio has been in the news for making some bold moves. He has bought new stocks, sold some old winners, and held onto companies that are going through big changes.
In this blog, you will get to know his investment style, top holdings, and the simple lessons that can be learnt from his portfolio.
About Ashish Dhawan
A Strong Foundation
Ashish Dhawan has always focused on excellence. He studied at Harvard and Yale Business School in the USA, the 2 best universities in the world. After his studies, he worked on Wall Street, learning how the world of global finance works.
The ChrysCapital Success
In 1999, he returned to India and cofounded a company called ChrysCapital. It was a Private Equity firm and under his leadership, ChrysCapital emerged as one of the most successful firms in India, investing in big names like Spectramind and Suzlon.
A Shift to Philanthropy
In 2012, he quit the corporate world to focus on social work. He set up the Central Square Foundation to improve school education in India and assisted with building Ashoka University. Today, he invests his own money to fund these charitable causes. This means he invests to create long-term wealth that can help society, not just to make a quick buck.
Investment Journey fo Ashish Dhawan
Most people in the stock market panic when the stock price falls. That is different from Ashish Dhawan, who comes from a background of Private Equity.
You cannot sell your shares just because the market is down when you run a firm in private equity. You are “locked in” for years which then forces you to be patient. You focus on the business, not the stock price. Even though Ashish Dhawan now buys stocks in the public market – where he can sell any time, he still acts like he is locked in.
He looks for companies undergoing some kind of “transformation.” An example could be a bank cleaning up its bad loans or a company breaking itself up into smaller parts. These changes often take 3 to 5 years. He is willing to wait while other investors get bored and leave. This patience is his “secret weapon.
Ashish Dhawan Investment Strategy
The “Barbell” Strategy
Dhawan balances his portfolio,he buys stable companies that grow slowly but surely, such as Greenlam Industries, which makes laminates for homes. He buys riskier companies that can grow very fast, such as IDFC First Bank. This balance ensures that even if one risky bet fails, the safe bets keep his portfolio steady.
Focus on “Mid-Cap” Companies
He rarely buys giant companies like Reliance or TCS as these are the most prominent companies of the market. Instead, he looks for “Mid-Cap” companies medium-sized businesses (worth Rs.2,000 to Rs.20,000 Crores). These companies are big enough to be safe but small enough to still double or triple in size.
Concentration: Bet Big
He does not scatter his money across 50 different stocks. He usually holds only 12 to 15 stocks. He believes that if you have done your homework and found a great company, you should invest a meaningful amount of money in it.
Read Also: 10 Top Investors In India And Their Portfolios
Top Holdings of Ashish Dhawan
| Stock Name | Holding (%) | Value (Cr) | 3M Returns (%) |
|---|---|---|---|
| IDFC First Bank | 1.3% | 788.9 | 22.03% |
| M&M Financial | 1.1% | 586.1 | 9.95% |
| Religare Ent. | 4.1% | 340.6 | -0.91% |
| Equites Small Finance bank | 4.0% | 283.2 | 8.93% |
| AGI Greenpac | 4.8% | 233.2 | -10.83% |
| Greenlam Industries | 3.8% | 232.1 | -0.09% |
| Quess Corp. | 4.1% | 126.2 | -18.87% |
| RPSG Ventures | 3.7% | 92.3 | -11.56% |
1. IDFC First Bank Ltd.
IDFC First Bank Ltd. has been changing from a corporate bank (lending to big factories) to a retail bank (lending to common people). This takes a lot of time and money. While the stock price has been up and down, Dhawan increased his stake in late 2025. This shows he is confident the bank is now ready to make good profits.
2. Mahindra & Mahindra Financial Services Ltd.
Ashish Dhawan holds a meaningful stake in Mahindra & Mahindra Financial Services Ltd., a rural-focused NBFC aligned with the Mahindra ecosystem. The company caters to underserved borrowers, especially in tractors and utility vehicles. Despite cyclical stress, Dhawan’s continued holding reflects confidence in long-term rural recovery, asset-quality improvement, and steady compounding potential.
3. Religare Enterprises Ltd.
Religare Enterprises this company owns Care Health Insurance, which is a very strong business. Religare had some trouble with its old owners years ago, but the new management has transformed the business. Dhawan is waiting for the market to realize the true value of the health insurance business hidden inside this company.
4. Equitas Small Finance Bank Ltd.
Equitas Small Finance Bank lends money to small shop owners, truck drivers, and micro-entrepreneurs. These are big banks that are usually ignored by the people. It is a risky business, but it earns high interest. In late 2025, Dhawan bought more shares of Equitas, showing he thinks the stock is currently available at a cheap price.
5. AGI Greenpac Ltd.
The world is moving away from plastic bottles so AGI Greenpac made glass bottles for medicines, food, and drinks. Dhawan is betting that as plastic gets banned, demand for glass will shoot up, resulting in a better future for the company.
6. Greenlam Industries Ltd.
Ashish Dhawan holds a stake in Greenlam Industries Ltd., a leading player in laminates and surface solutions. The company benefits from housing upgrades, premiumisation, and export demand. Dhawan’s holding reflects confidence in Greenlam’s strong brand, improving margins, and long-term growth from construction and interior trends.
7. The Quess Corp Split (The “Hidden” Value)
In 2025, Quess Corp split into three separate companies to unlock value. Handles technology and business processing and also handles facility management (like security guards and housekeeping services). If you look at the stock price of just Quess Corp, it looks like it crashed. But it didn’t, the value just moved into Digitide and Bluspring. Dhawan held his shares through this split because he believes these businesses run better separately.
8. RPSG Ventures Ltd.
Ashish Dhawan holds a stake in RPSG Ventures Ltd., a company incubating and scaling consumer, technology, and lifestyle businesses. While near-term volatility exists, Dhawan’s investment reflects confidence in value unlocking through demergers, brand-building, and long-term growth across emerging segments.
What Changed in Portfolio?
He had invested in Glenmark Pharmaceuticals way back in 2019 but he sold Glenmark Pharma in 2025. For years, it did nothing, but in 2024-25, the price started to shoot up which was seen as an opportunity. Dhawan sold most of his shares, reducing his stake below 1% to book his profits. He followed the rule of buying at low and selling at high price.
In late 2025, when the market was worried about banks, he bought more shares of IDFC First and Equitas. He is not scared by any short-term adverse news.
One of the changes he supported is splitting Quess Corp. He prefers simple and focussed companies over complicated giants doing too many things.
Key Takeaways
- Patience Pays: Patience is the biggest lesson that we can learn from Dhawan. He held stocks like Glenmark and IDFC First Bank for 5 or 6 years. In the stock market, money moves from the impatient to the patient so one should not expect to get rich in a month.
- Understand What You Buy: Dhawan invests heavily in Banks and Financial companies because he understands them well. He does not chase every new trend like AI or crypto if he doesn’t understand it so stick to what you know.
- Don’t Panic Over Headlines: Misleading Headline – For example, news reports stated “Quess Corp Crashes,” when it actually was only splitting into three separate companies. Therefore, you should always dig deeper and be sure to do your due diligence before selling off any stock during panic.
- Invest in “Boring” Companies: The Laminates Business is a “boring” business, and Glass Bottles are also boring. The same is for the staffing companies; they are all “boring.” However, “boring” can be a profitable way to do business, and as such, Greenlam Industries (laminates) is still one of the more consistent stocks in my portfolio.
Read Also: Big Bulls of Indian Stock Market: The Complete List
Conclusion
Ashish Dhawan’s portfolio is a bet on the future of India. He thinks more Indians will take loans (Banking), more Indians will improve their homes (Greenlam), and more Indians will get formal jobs (Quess).
He doesn’t play the game of daily trading. He is planting seeds and some of those seeds grow up into trees and he takes the fruit, like Glenmark. Other seeds are growing, like Equitas and IDFC.
Frequently Asked Questions (FAQs)
What is the value of Ashish Dhawan’s portfolio?
As of late 2025, the value of his public stock portfolio is estimated to be between Rs.2,800 Crore and Rs.3,500 Crore. This value changes daily as stock prices move up and down.
Why did Ashish Dhawan’s investment in Quess Corp seem to drop?
It was not a loss as Quess Corp split into three separate companies (Quess, Digitide, and Bluspring). Dhawan still owns shares in all three. The value just got divided across three different stocks instead of one.
Did Ashish Dhawan sell Glenmark Pharmaceuticals?
In the late 2025 he sold a large part of his holding. He reduced his stake below 1%. This was likely to book profits after the share price surged significantly.
What new stock did he buy in 2025?
His major new purchase was Northern ARC Capital, a financial services company and bought a stake of around 2.17%.
Which sector is his favorite?
The most preferred sector was the Financial Sector. A large part of his money is invested in banks and finance companies like IDFC First Bank, Equitas Small Finance Bank, Religare, and M&M Finance.
