47 mins ago
Narayana Murthy’s Family Office Builds Seven-Stock Manufacturing Portfolio
Narayana Murthy’s investment company, Catamaran Ventures, owns parts of seven public companies.
These companies mostly make physical products rather than software.
They produce steel, vehicle components, aircraft parts, generators and electronic controls.
The largest holding is Sansera Engineering.
Aequs and SEDEMAC were bought before they became public companies.
Some of the shares have risen sharply since their stock-market listings.
However, some companies are losing money, carrying heavy debt or trading at expensive prices.
IRIS RegTech is the only software company and has performed poorly recently.
The article says investors should study the companies carefully instead of copying Murthy’s purchases.
Catamaran Ventures held more than 1% in seven listed companies by the quarter ended June 2026, valued at nearly Rs 1,421 crore on 23 September 2026.
Sansera Engineering, Aequs and TD Power Systems represented about 82% of the portfolio’s value.
Six holdings are linked to manufacturing, engineering, aerospace, power generation or industrial electronics; IRIS RegTech Solutions is the only software company.
Aequs and M M Forgings face losses or debt concerns, while Sansera, TD Power Systems and SEDEMAC trade at high valuation multiples.
Catamaran entered Aequs and SEDEMAC before their IPOs but bought Sansera and TD Power Systems after substantial share-price gains.
- Who
- Narayana Murthy’s family office, Catamaran Ventures, and the seven companies in which it holds stakes.
- What
- Catamaran expanded its disclosed portfolio to seven listed companies worth nearly Rs 1,421 crore.
- Where
- The companies are primarily based in India, including businesses in Bengaluru, Pune and Karnataka’s Belagavi region.
- When
- The holdings were reported for the quarter ended June 2026 and valued using prices on 23 September 2026.
- Why
- The portfolio reflects investments in engineering, manufacturing, aerospace, power equipment and industrial electronics, with only one software holding.
Portfolio strengths
Investment risks
Manufacturing strategy
Portfolio strengths
The portfolio is concentrated in engineering and industrial businesses linked to vehicles, aerospace, power generation, steel and electronics, rather than being limited to software.
Investment risks
The concentration means the portfolio is exposed to the performance and valuations of cyclical manufacturing and industrial companies.
Business performance
Portfolio strengths
Sansera Engineering, TD Power Systems and SEDEMAC reported strong recent sales and profit growth, while Vardhman Special Steels reported its best operating margin in 13 quarters.
Investment risks
Aequs remained loss-making, M M Forgings’ profit declined from FY24 to FY26, and IRIS RegTech’s FY26 profit was boosted by a one-time gain from selling its TaxTech business.
Entry valuations
Portfolio strengths
Catamaran invested in Aequs and SEDEMAC before their IPOs, allowing it to participate in gains after listing.
Investment risks
The later purchases of Sansera Engineering and TD Power Systems followed sharp rallies, while several holdings traded at high price-to-earnings or price-to-book multiples.
Key facts
- Portfolio size
- Seven companies with stakes above 1%, valued at nearly Rs 1,421 crore on 23 September 2026.
- Largest holding
- Sansera Engineering: 1.68% stake worth more than Rs 490 crore.
- Second-largest holding
- Aequs: 2.8% stake worth more than Rs 460 crore.
- Third-largest holding
- TD Power Systems: approximately 1.46% originally bought, worth close to Rs 345 crore after its share split.
- Manufacturing focus
- Sansera Engineering, Aequs and TD Power Systems account for about 82% of the portfolio’s value.
- Only technology holding
- IRIS RegTech Solutions, with a 1.47% stake worth about Rs 7 crore.
- Notable risks
- Aequs reported a net loss in FY26, M M Forgings had borrowings above net worth, and SEDEMAC traded at a reported PE of 114 times.
Sources
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