Chennai-based ace investor Dolly Khanna, known for spotting hidden gems in the midcap and smallcap space, has once again reshuffled her portfolio in the September 2025 quarter. The latest shareholding disclosures show that she raised stakes in five companies, largely concentrated in the fertilizer, chemical, and industrial segments, signaling a renewed conviction in India’s manufacturing and cyclical growth story.
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Sectoral Tilt: Old-Economy Revival in Focus
Dolly Khanna’s latest portfolio moves underline a clear trend — she is leaning toward old-economy and value-oriented sectors that stand to benefit from the government’s infrastructure and agri-input push. Fertilizers, chemicals, and manufacturing-linked companies dominate her recent additions, reflecting optimism around industrial recovery and rising rural demand.
Dolly Khanna Portfolio Update
Mangalore Chemicals and Fertilizers
Dolly Khanna’s largest investment among the five is in Mangalore Chemicals, where the holding value now stands at INR 145 crore. The veteran investor upped her stake from 3.3% to 4.0% in the September quarter — continuing a steady accumulation trend since 2023.
Part of the UB Group, Mangalore Chemicals has benefited from strong fertilizer demand, capacity utilization, and working capital improvements. The company’s consistent performance and improving balance sheet appear to have caught Khanna’s attention.
Prakash Industries
In the metals space, Khanna increased her exposure to Prakash Industries, raising her stake from 2.3% to 2.9%, with a holding value of INR 86 crore.
The steel manufacturer has gained from firm domestic demand and stable prices. Her accumulation here signals confidence in the ongoing industrial and infrastructure upcycle, where steel remains a key beneficiary.
GHCL
Khanna also modestly raised her stake in GHCL — from 1.1% to 1.2%, with a holding value of INR 73 crore. The company operates in soda ash and textiles, both of which are benefiting from improving industrial demand and stable export trends.
GHCL’s strong balance sheet and steady dividends make it a defensive industrial play, aligning with Khanna’s preference for businesses with cash flow visibility.
Southern Petrochemical Industries (SPIC)
Dolly Khanna lifted her stake in Southern Petrochemical Industries from 1.7% to 3.0%, taking the holding value to about INR 50 crore. SPIC, a Chennai-based fertilizer manufacturer, has seen improved margins thanks to better gas availability and subsidy clearances.
The increase suggests that Khanna expects the fertilizer demand cycle to stay strong, backed by healthy monsoons and continued government support for urea producers.
Coffee Day Enterprises
Perhaps the most intriguing move is Khanna’s increased position in Coffee Day Enterprises, where her holding has risen to 2.2% from 1.6%, valued at around INR 19.6 crore.
The company, once mired in debt and governance challenges, has seen steady progress in debt resolution and operational stabilization. This could be Khanna’s turnaround bet — a high-risk, high-reward play on the brand’s revival potential.
Trend Over Time: A Gradual Accumulation Pattern
A look at Dolly Khanna’s portfolio over the past few quarters shows a consistent shift toward industrials, fertilizers, and manufacturing-linked themes. From December 2023 to September 2025, her exposure to these sectors has gradually increased, while allocations to consumer and niche plays have moderated.
This reflects a value-oriented stance — buying into cyclical upturns early, a hallmark of her investing style that has previously paid off in names like Rain Industries, NOCIL, and Nilkamal.
Analysts’ Take
Market watchers note that Khanna’s latest moves fit the broader market narrative.
“Her increased exposure to fertilizers and manufacturing names indicates a strong conviction in India’s capex and agri recovery theme,” says a Mumbai-based fund manager.
“Retail investors often track her portfolio, but it’s worth remembering that Khanna typically holds a medium- to long-term view and prefers value over momentum.”
The Bottom Line
Dolly Khanna’s September-quarter portfolio rejig highlights her continued faith in India’s industrial revival and rural demand story. With fresh bets across fertilizers, chemicals, and cyclicals, the veteran investor seems to be positioning for a broader economic upturn.
However, experts caution that while her portfolio moves attract headlines, retail investors should do their own research before following her trades, as small- and mid-cap bets can be volatile. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.