The Indian stock market consists of multiple exciting stories and big names that have seen the financial market differently. One of such names is Nemish Shah. He is one of the most respected and quiet investors in our country. Many people want to see the Nemish Shah Stocks because his choices often turn into big winners over a long time.
Unlike some investors who like to buy and sell stocks very quickly, the Nemish Shah portfolio is built on the idea of staying patient. His approach is to research strong companies that make physical products. In this blog, we will study the latest portfolio changes made in 2026 and look about the strategy related to investing.
Who is Nemish Shah and Why do People Follow Him?
Nemish Shah is a co-founder and director of Enam Holdings. He started his career in 1984 when he helped build the Enam Group. This company began as a stockbroking firm and later became a leader in helping other companies go public through Initial Public Offerings or IPOs. Today, he is considered one of the smartest minds in the Indian market. People track his portfolio because he is a “value investor”. This means he looks for good companies that are being sold at a cheap price. He does not care about what is popular at the moment. Rather the focus is on traditional businesses and companies that have physical products, factories, and offices.
His reputation is built due to disciplined approach and opting for fundamentally strong companies. He looks for margin of safety so that even if things go a bit wrong, his money stays safe. Also he puts a lot of money into a few companies he trusts rather than spreading it too thin. Investors follow his moves because he focuses on the long term. He often keeps his stocks for ten years or even longer. This patience has helped him build a huge net worth.
Nemish Shah portfolio
The total value of the reported Nemish Shah portfolio in early 2026 is estimated to be around Rs.2,972 crore as per the latest data. This amount only shows the stocks where he owns more than a 1% stake, as these are the ones that must be told to the stock exchanges. As of early 2026, he has about 7 to 8 active stocks in his list. This is a very small number for such a large amount of money. It shows that he has very high confidence in each of these businesses.
In 2026, we can see a few main themes in his portfolio. The first theme is “Industrial Growth.” He is betting heavily on companies that make machines and parts for other industries. These companies are helping India become a global factory. The second theme is “Value Investing.” He continues to hold stocks that have strong profits but might be ignored by some younger investors. The third theme is “Budget Alignment.” Many of his top stocks are in sectors that the Indian government is supporting in the Union Budget 2026. These sectors include defense, electronics, and textiles.
Read Also: Best Free Stock Portfolio Tracker in India
Top Holdings in 2026
| Stock Name | Holding Value (approx Cr.) | Shares Held | % of Company held |
|---|---|---|---|
| Lakshmi Machine Works Ltd. | Rs.1,425 | 9,26,373 | 8.7% – 10.15% |
| Aashi India Glass Ltd. | Rs.1,410 | Rs.1,44,82,818 | 5.7% |
| Elgi Equipments Ltd | Rs.266 | Rs.53,60,000 | 1.7% |
| Bannari Amman Sugars Ltd. | Rs.117 | Rs.3,25,000 | 2.6% |
| Investment & Precision Castings | Rs.50 | Not Reported | 10.0% |
| Vascon Engineers Ltd. | Rs.28 | Not Reported | 3.84% |
| Zodiac Clothing Company Ltd. | Rs.3 | 4,05,124 | 1.6% |
Overview of Top Holdings (2026)
1. Lakshmi Machine Works Ltd (LMW
LMW is the biggest holding in the portfolio. As of early 2026, his stake is valued at more than Rs.1,452 crore. He owns about 8.7% to 10.15% of the company through different accounts. LMW is based in Coimbatore and is one of the top three companies in the world that makes machines for spinning textiles. They also make high-tech machine tools and parts for the aerospace and defense industries.
2. Asahi India Glass Ltd
3. Elgi Equipments Ltd
4. Bannari Amman Sugars Ltd.
Bannari Amman Sugars company produces sugar but is more than just a sugar producing company. It is a “green energy” company disguised as a sugar producer. The company is based in Coimbatore and is a master of efficiency.
The company takes the leftover fiber from sugarcane and generates electricity out of it and the molasses is used to make industrial alcohol. Shah holds about 2.6% of this company (valued at roughly Rs. 117 crore). It’s a classic “value” pick of a solid, diversified business that plays a huge role in South India.
5. Investment & Precision Castings Ltd (IPCL)
If you look at a car engine or a high-tech defense tool, chances are a part of it came from a company like IPCL. They are essentially the “surgeons” of the metal world. They use a very old, high-precision technique called “lost-wax casting” to create metal parts that are so complex they can’t be made any other way.
With India pushing to make more defense and aerospace equipment at home, IPCL is sitting in a very sweet spot for long-term growth.
6. Vascon Engineers Ltd.
Vascon is a name you’ll see on construction sites for everything from fancy apartments to high-tech hospitals. The company does everything from design, building, and even managing the projects.
Nemish Shah has been a long-time believer in this Pune-based firm. Also the company has been winning big government contracts lately, like building massive super-specialty hospitals. In a world where urban India is constantly expanding, Vascon is one of the teams actually laying the bricks.
7. Zodiac Clothing Company Ltd.
You might have seen Zodiac stores in premium malls. While many investors chase “fast fashion,” Shah has stuck with this legacy brand. Zodiac is famous for its high-end shirts and ties. They don’t just sell in India; they are a massive exporter, sending high-quality garments all over the world.
It’s a bet on the “premium” consumer, the person who wants a shirt that lasts for years rather than a few months. It’s a stable, reputable brand in an industry that can often be very volatile. Shah holds a stake of roughly 1.48% (with additional holdings through Enam Investment & Services)
New Additions in 2026
In the period leading up to 2026, he added a new stock called Popular Foundations Ltd.. Popular Foundations is a company that works on the foundation and structural engineering of buildings. This fits into the theme of infrastructure and he is showing that he believes in the construction sector for the next few years.
Stocks Added
When a big investor increases his stake in a company they already own, it is a very strong signal. In the recent updates for 2026, there was a noticeable increase in his stake in Asahi India Glass Ltd.. He increased his holding in Asahi by about 1.38%.
Market conditions also played a role here. The Indian auto sector has been growing, and new rules about safety and fuel efficiency mean cars need better glass. Also, the “premiumization” trend in real estate means people want bigger and better windows for their homes. All these things create a “buy signal” for an investor who already knows the company inside out.
Read Also: Dolly Khanna Portfolio
Stocks Reduced or Sold
In the year leading into 2026, there was one major exit from his portfolio. He completely sold his shares in The Hi-Tech Gears Ltd.. Before this, he held a significant 7.17% stake in the company.
Hi-Tech Gears makes parts like transmission gears for automobiles. While it is a good business, he might have decided to sell because the stock price might have reached a level where it was no longer “cheap” or “undervalued.” Or he is planning to use this money and put it into other sectors like infrastructure (Popular Foundations) or increase his stake in glass (Asahi).
He also made very small reductions in two other companies. He reduced his stake in LMW by a tiny 0.04% and in Vascon Engineers by 0.04%. These are so small that they are probably just for “portfolio rebalancing.”
Sector Allocation Breakdown
| Sector Category | Major Companies in Portfolio | Allocation (%) |
|---|---|---|
| Industrial Goods & Machinery | LMV Ltd., Elgi Equipments | 52% – 57% |
| Auto Components | Asahi India Glass, IP Castings | 43% |
| Food & Beverages (Sugar) | Bannari Amman Sugars | 4% |
| Real Estate & Infrastructure | Vascon Engineers, Popular Foundations | 2% |
| Apparel & Consumer Goods | Zodiac Clothing | Minimal |
Small-cap vs Mid-cap vs Large-cap Allocation
In the Nemish Shah portfolio, we see a mix of these.
- Large and Mid-cap: Asahi India Glass and Elgi Equipments are quite large. Asahi has a market value of over Rs.20,000 crore. These stocks provide stability.
- Small-cap: Companies like Bannari Amman Sugars and Investment & Precision Castings are smaller. They have a market value of around Rs.4,500 crore or less. These are the ones that can grow their profits by many times if things go well.
- Micro-cap: A stock like Zodiac Clothing is very small. This is a tiny part of his portfolio and shows he is willing to take small risks on micro-sized businesses if the price is very low.
Key Investment Themes in 2026 Comparison with 2025
If we compare the portfolio of 2026 with 2025, the main idea has stayed the same. He still loves traditional manufacturing. However, there are a few subtle changes in the “themes.”
In 2025, the theme was mostly about “recovery.” Many companies were coming back after the difficult years of the pandemic. He held his positions and waited for them to grow. By 2026, the theme has shifted to “Scale and Technology”. For example, LMW is scaling up in aerospace and defense parts. Elgi is building advanced vacuum pumps.
Another change is the impact of government policy. In 2025, the “Make in India” plan was growing. By 2026, the Union Budget has brought even more focus to things like electronic chips and defense exports. Nemish Shah’s stocks like LMW and Elgi are right in the middle of this trend.
Risk Factors in the Portfolio
- Concentration Risk: The portfolio is concentrated in only 7 to 8 stocks, if one company performs very poorly, it will hurt his whole portfolio.
- Cyclical Industry Risk: Most of these companies work in cycles for example the sugar industry works according to the weather cycle and government policies.
- Industrial Slowdown: If the economy starts to decline and factories start to produce less products & invest less in machines overall growth of the company will decline.
- Key Man Dependency: The success depends upon the top management of these companies. If the CEO resigns the company might struggle instantly and it would be difficult to maintain its high ROCE.
- Global Export Risks: During a global trade war or recession a company that functions globally will be affected in its exports and revenue.
Read Also: Madhusudan Kela Portfolio
Lessons for Retail Investors
- Have a Filter: One should always use the 9% ROCE rule and do not rely on rumours or information that came from the internet or friends. Check the company’s fundamentals and look how well the profit is being made.
- Patience is Key: Investing is a game of patience and the best returns are generated over a long time. Most of the investments done in the portfolio are based on long term outcomes.
- Know Your Business: The investments done by him are only in companies that are making real products, so always choose a company whose functioning and revenue stream are clear.
- Watch the Management: An excellent management can make a small company reach greater heights. The companies opted by Nemish Shah generally have an excellent top management as these are the real game changers.
- Don’t Over-Diversify: You don’t need to diversify or look for 50 different stocks. Rather you can look for 5-10 companies that might give you a real return. One shall do an in depth study related to a few companies rather than researching multiple companies.
Conclusion
The Nemish Shah portfolio changes in 2026 tells us about how disciplined and simple works. He is focusing on the industrial growth of India by investing in manufacturing companies like LMW, Aashi India and Elgi. He does not diversify and look for catchy new technology or even quick market trends. Rather the focus is mainly on high value, high ROCE and honest management.
The portfolio dominance shows us the confidence in the developing Indian economy and increasing manufacturing capacity of India. Although risk is persistent in the financial market, long term investments can lower your risks.
For more market news and insights, download Pocketful – offering users zero brokerage on delivery trades and an easy to use platform designed for both beginners and experienced investors.
Frequently Asked Questions (FAQs)
Who is Nemish Shah?
Nemish Shah is a veteran Indian investor and the co-founder of Enam Holdings. He is famous for his value investing style and for identifying great companies long before they become popular.
What are the highest bought shares in Nemish Shah’s portfolio?
Most of the investment is done in Lakshmi Machine Works (LMW) and Asahi India Glass. Other important stocks include Elgi Equipments and Bannari Amman Sugars.
New stocks added to the portfolio in 2026?
In the year 2026, Popular Foundations Ltd. was added to his portfolio. This company is involved in the foundation and engineering part of the construction industry.
What is his investment Strategy?
He looks for companies with a Return on Capital Employed (ROCE) of more than 9%. He also wants strong management, clear growth plans, and a fair stock price. He usually keeps a small, concentrated portfolio and holds his shares for the long term.
How has the Union Budget 2026 helped his stocks?
In the budget 2026, the main focus was on companies related to defense equipment, electronics manufacturing, and infrastructure.
