8 hrs ago
Khanna and Damani Increase Bets on Oil-Linked Stocks
Dolly Khanna increased her investment in Rain Industries, and Ramesh Damani added to his shares in Panama Petrochem.
Both companies make products connected to oil and its by-products.
Their profits jumped sharply in the quarter ending June 2026.
Higher prices helped, and Panama may also have benefited from selling products bought earlier at lower prices.
Rain has a lot of debt, which can make a business riskier.
Panama has little debt, but its recent profits may be unusually high.
Investors will need to see later results to know whether the strong quarter continues.
The article describes these shares as investments to watch, not as recommendations.
September 2026 filings show Dolly Khanna held 1.72% of Rain Industries, while Ramesh Damani raised his Panama Petrochem stake to 1.22%.
Rain Industries reported June-quarter revenue growth of 17.4% and net profit of Rs 341 crore, about four times its year-earlier result.
Panama Petrochem reported June-quarter revenue of Rs 1,735 crore and net profit of Rs 309 crore, up from Rs 693 crore and Rs 43 crore a year earlier.
The article links Panama Petrochem’s exceptional quarter partly to higher petroleum-product prices and inventory timing gains during disruption to Gulf cargo flows.
Rain faces substantial debt and potentially cyclical margins; Panama has low borrowings but faces the risk that unusually high earnings and margins may not last.
- Who
- Investors Dolly Khanna and Ramesh Damani, and the companies Rain Industries and Panama Petrochem.
- What
- September 2026 filings showed Khanna holding 1.72% of Rain Industries and Damani holding 1.22% of Panama Petrochem; both companies had strong June-quarter results.
- Where
- India, with shareholding information filed on the BSE.
- When
- The shareholding filings were for the quarter ended September 2026; the earnings discussed were for the quarter ended June 2026.
- Why
- The article connects the investors’ increased holdings with strong recent results at companies exposed to petroleum-linked products, while noting that the investors’ motives are not stated.
Reasons for optimism
Risks and cautions
Recent earnings
Reasons for optimism
Both companies reported sharp June-quarter profit increases, and their investors increased or maintained significant holdings.
Risks and cautions
The article cautions that one strong quarter does not establish a lasting recovery; Panama’s results may include temporary inventory timing gains.
Rain Industries
Reasons for optimism
Rain’s carbon and advanced materials businesses grew, and the article says its valuation has moved closer to the industry median as profits recovered.
Risks and cautions
Rain had about US$892 million in net debt, and its management cited geopolitical tension, shipping problems and costly raw materials.
Panama Petrochem
Reasons for optimism
Panama had low borrowings and a return on capital of about 20%; its shares traded below the current industry median on trailing earnings.
Risks and cautions
That low trailing valuation depends on whether the exceptional quarter’s earnings persist; margins could normalize, and falling input prices could reverse inventory benefits.
Key facts
- Rain Industries stake
- Dolly Khanna held 1.72%, close to 58 lakh shares, in the September 2026 filing.
- Panama Petrochem stake
- Ramesh Damani held 1.22% in the September 2026 filing, up from 1.12% in March 2026.
- Rain June-quarter profit
- Rs 341 crore, compared with Rs 83 crore a year earlier.
- Panama June-quarter profit
- Rs 309 crore, compared with Rs 43 crore a year earlier.
- Rain debt
- Net debt was about US$892 million at the end of June 2026.
- Panama borrowings
- Borrowings were Rs 33 crore at the end of FY25.
- Article's stated risks
- Rain’s debt and cyclical margins; Panama’s exceptional earnings, working-capital needs and potential reversal of inventory gains.
Sources
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