Archive · 23 Jan 2026
Ashish Dhawan Trims IDFC Bank, Bets on Bluspring
Ashish Dhawan, a well-known investor in India, recently made two big changes to his investment portfolio.
He decided to buy more shares of a company called Bluspring Enterprises, which provides infrastructure services.
At the same time, he reduced his investment in IDFC First Bank.
Bluspring has been growing its sales quickly, but it has also had some losses recently.
However, it seems to be turning around and could become very successful.
On the other hand, IDFC First Bank has been doing well, but its stock price has gone up a lot, making it more expensive compared to other banks.
Dhawan thinks Bluspring is a better deal right now, so he is moving his money there.
This shows that he is looking for good value in the market, even if it means leaving a successful investment like IDFC First Bank.
Ashish Dhawan increased his stake in Bluspring Enterprises to 5%, worth Rs 48 cr, seeing potential in its infrastructure services and turnaround prospects.
Bluspring's sales grew 30% from FY24 to FY25, but EBITDA growth was only 6.4%, with recent losses turning to small profits in Q2 2025.
Dhawan reduced his stake in IDFC First Bank below 1%, likely due to its high valuation (PE of 50x) and margin pressure in the microfinance segment.
IDFC First Bank's revenues grew 18% from FY20 to FY25, but net profits declined 50% in FY25 due to write-offs in the microfinance book.
Dhawan's moves reflect a strategic shift from high-growth banking to undervalued infrastructure opportunities, focusing on portfolio hygiene and value investing.
- Who
- Ashish Dhawan, a prominent Indian investor
- What
- Portfolio changes: increased stake in Bluspring, reduced stake in IDFC First Bank
- When
- Recent quarter ending December 2025
- Where
- Indian stock market
- Why
- Strategic shift from high-growth banking to undervalued infrastructure opportunities
- Ashish Dhawan's Portfolio Value
- Rs 2,045 cr
- Bluspring Enterprises Market Cap
- Rs 957 cr
- Bluspring Sales Growth (FY24-FY25)
- 30%
- Bluspring EBITDA Growth (FY24-FY25)
- 6.4%
- Bluspring Share Price Drop (June 2025-Jan 2026)
- 24%
- IDFC First Bank Market Cap
- Rs 71,791 cr
- IDFC Bank Revenue Growth (FY20-FY25)
- 18%
- IDFC Bank PE Ratio
- 50x (vs. industry median 15x)