India’s Warren Buffetts make big changes – stake cuts and selloffs
With the end of the first quarter of FY26, companies are making exchange filings and new insights into the portfolios of the Warren Buffetts of India are coming to light. Mind you these are super investors who have huge following and any move or change they make gathers a lot of curiosity and intrigue.
Two of such warren Buffets of India, Ashish Kacholia (Holds 48 stocks word Rs 2,745 cr) and Dolly Khanna (Holds 16 stocks worth Rs 445 cr) have made changes to their holdings and it has caused ripples in the investor circles. Kacholia has cut stake in one and Khanna has sold off a stock which was held since June 2022.
Let us try and find out if these were strategic moves or there are some hidden clues/warnings hidden for the average investor.
Jyoti Structures Ltd
Incorporated in 1974, Jyoti Structures Limited is engaged in Electricity, transmission, distribution and substation.
With a market cap of Rs 2,376 cr, Jyoti Structures has worked in 50+ countries, commissioned over 31,000 ckt Kms of Transmission Lines up to 765 kV, 1800 bay substations, and electrified over 37,000 villages.
Ace investor Ashish Kacholia held a 2% stake in the company up until the quarter ending March 2025, which has now been trimmed to 1.4% as per the filings made for the quarter ending June 2025.
What is surprising is that this stake trim cuts at a time when the company is seeing what can be termed as a turnaround.
The sales of the company grew at a compounded growth rate of a huge 98% from Rs 16 cr in FY20 to Rs 498 cr in FY25. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) which was a negative of Rs 812 cr, jumped to Rs 37 cr in FY25, which is a big turnaround.
The company had recorded losses of Rs 2,329 cr in FY20 and saw losses till FY23. However, made profits of Rs 29 cr in FY24 and Rs 34 cr in FY25, which once again is a turnaround.
The share price of Jyoti Structures Ltd was around Rs 2 in July 2020 and as of closing on 11th July 2025, the price was Rs 20. That’s a growth of 900% in 5 years. Rs 1 lac invested in the stock 5 years ago would have been Rs 10 lacs today.
The stock is trading at a PE of 67x, while the industry median is 59x. The 10-Year median PE of Jyoti Structures is 97x, and the industry median for the same period is 50x.
The company however seems to have difficulty maintaining cash flows. Its Debtor days were 1,573, Days payable were 293 and inventory days were 174. This accounts for a bigger cash conversion cycle of 1,454 days. In simple terms, it means that the company’s cash is tied up in its operations for an extremely long time, over four years.
It takes approximately 1,454 days for the company to convert the money it spends on inventory and operations back into cash from sales. This leads to severe working capital mismanagement and significant liquidity challenges, which could be a reason for Kacholia trimming his stake.
Chennai Petroleum Corporation Ltd
Incorporate din 1965 as Madras Refineries Limited, Chennai Petroleum Corporation Ltd is a part of IOCL (Indian Oil Corporation Ltd) and is in the business of refining crude oil to produce & supply various petroleum products and manufacture and sale of lubricating oil additives.
With a market cap of Rs 10,719 cr Chennai Petroleum deals LPG, Motor Spirit, Superior Kerosene, Aviation Turbine Fuel, High Speed Diesel, Naphtha, Fuel Oil, Lube Base Stocks and Bitumen. These products are marketed by parent company IOCL.
Dolly Khanna held a stake in the company since June 2022 as per trendlyne, which has dropped below 1% as per filings made for the quarter ending June 2025, which means a partial or complete selloff.
The sales of the company though a jump from FY20 numbers, is seeing a drop in the last couple of years.
| Fiscal Year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| Sales/Cr | 36,973 | 22,222 | 43,068 | 76,271 | 66,024 | 59,356 |
EBITDA has also seen a similar pattern.
| Fiscal Year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| EBITDA/Cr | -2,157 | 2,012 | 2,732 | 5,698 | 4,476 | 1,016 |
This definitely has a cascading effect on the net profits as well.
| Fiscal Year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| Profits/Cr | -2,056 | 257 | 1,352 | 3,532 | 2,745 | 214 |
The bottom line is that even after seeing a turnaround, the company has seen a fall in numbers in the last couple of years, which could be the reason behind Khanna’s exit.
The share price of Chennai Petroleum Corporation Ltd was around Rs 81 in July 2020 and as of closing on 11th July 2025, the price was Rs 719 , which is a jump of almost 790% in 5 years. Rs 1 lac invested in the company’s shares 5 years ago today would have been close to Rs 9 lacs.
The company’s stock is trading at a PE of 50x, while the industry median is 29x. The 10-year median PE for the company however 5x, while the industry median for the same period is 10x.
As per the company’s most recent concall in May 2025, the company has delivered resilient operational performance in FY25, maintaining high-capacity utilization and premium GRMs over benchmarks despite a challenging margin environment.
The company is executing on multiple value-added product initiatives, progressing on a major greenfield refinery JV, and maintaining a disciplined approach to capital allocation and governance. Management remains cautious on margin outlook due to crack volatility but is confident in the company’s ability to drive operational excellence and capture regional market opportunities.
To Sell or Not to Sell?
Ashish Kacholia and Dolly Khanna are known for bold moves which almost always pay off. So, when they make such changes like the stake trim in Jyoti Structures or sell off in Chennai Petroleum, investors take note. Because it raises some questions.
Is this a strategic action, or do the Warren Buffetts see some signals which has forced them to sell and save their investments while time permits. Kacholia’s trim in Jyoti Structures despite of a turnaround has many investors looking for answers. While Chennai Petroleum’s dwindling financials speak another story, which could have prompted Dolly Khanna’s sell off.
In the months to come, it will be interesting to see how these stocks do and what investors could make off them. But for now, keeping a very vigilant eye on these stocks, whether you hold them or not sounds like a good bet.
How these two stocks will do in the months and years to come will now be something to look at. A good idea will be to add them to your watchlist and keep a close eye on them.
Note: We have relied on data from www.Screener.in and www.trendlyne.com throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information.
The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only.
Suhel Khan has been a passionate follower of the markets for over a decade. During this period, He was an integral part of a leading Equity Research organisation based in Mumbai as the Head of Sales & Marketing. Presently, he is spending most of his time dissecting the investments and strategies of the Super Investors of India.
Disclosure: The writer and his dependents do not hold the stocks discussed in this article.
The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.