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October 24, 2016

The MultiBagger Stocks Man : Ayush Mittal

Ayush Mittal is one of the best micro cap value investor of India . We can learn a lot from him . When I discussed BLUE CHIP TEX INDUSTRIES LTD ( http://value2wealth.blogspot.in/2016/07/micro-cap-value-pick-blue-chip-tex.html ) , I requested volunteers to calculate  portfolio/recommendation return of Ayush Mittal . I am very disappointed no one came forward . I was under the illusion that some blog follwers will come forward and give their valuable time to complete this easy but little time-consuming exercise for me. 
No one came forward.So, I did this exercise . But , fortunately, I got a lot of ready made information from dalal-street.in  website http://performance.dalal-street.in/ . However , It was 2 years 3 months old .

Note: Click on company link to see detail analysis .


S.No.Post DateCompanyPrice ThenHigh PriceCurrent PriceGainStatus
12 years, 3 months agoAnuh Pharma21536536067.44%Hold
22 years, 6 months agoFreshtrop Fruits266652100.00%Hold
32 years, 6 months agoTechnocraft Ind90213195116.67%Hold
42 years, 6 months agoPTC India Finance14.754443.5194.92%Hold
52 years, 9 months agoSelan Exploration300675650116.67%Exited
62 years, 10 months agoAPM Industries25.5333017.65%Hold
72 years, 10 months agoKitex Garments77345330328.57%Buy on declines
82 years, 10 months agoMuthoot Capital8017715897.50%Hold
92 years, 11 months agoAlembic Pharma191408385101.57%Hold
102 years, 12 months agoDynemic Products14.55145210.34%Hold
112 years, 12 months agoPremco Global3312598196.97%Buy on declines
122 years, 12 months agoShree Ajit Pulp & Paper38674621.05%Hold
132 years, 12 months agoGulshan Poly62140140125.81%Exited
142 years, 12 months agoBharat Agri8215011742.68%Buy on declines
152 years, 12 months agoAcrysil12224020063.93%Exited
162 years, 12 months agoAlicon Castaloy58163150158.62%Exited
173 years, 1 month agoShilpa170565515202.94%Hold
183 years, 3 months agoNoida Toll Bridge2222220%Exited
193 years, 3 months agoNMDC10011211010.00%Exited
203 years, 5 months agoVST Tillers33819901850447.34%Exited
213 years, 5 months agoAstra Zeneca8359208653.59%Exited
223 years, 5 months agoCan Fin Homes153485380148.37%Hold
233 years, 6 months agoKovai Medical16634033098.80%Hold
243 years, 6 months agoWimplast32040938018.75%Exited
253 years, 6 months agoK G Denim1518.514.5-3.33%Exited
263 years, 7 months agoAcceleya Kale Solutions36582565078.08%Buy on declines
273 years, 8 months agoOrbit Exports72249245240.28%Hold
283 years, 9 months agoPoddar Pigments51132128150.98%Hold
293 years, 9 months agoLumax Auto Tech15620018518.59%Hold
303 years, 9 months agoCaplin Point7098700%Exited
313 years, 10 months agoAjanta Pharma25717951600522.57%Hold
323 years, 10 months agoMPS Ltd111545515363.96%Hold
334 years agoMuthoot Capital (old)8213911034.15%Exited
344 years, 1 month agoSahyadri668761-7.58%Exited
354 years, 1 month agoWim Plast26239438045.04%Exited
364 years, 1 month agoKaveri Seeds84017201700102.38%Exited
374 years, 2 months agoNarmada Gelatine133323298124.06%Hold
384 years, 4 months agoTechnofab Eng1301551300%Exited
394 years, 4 months agoKakatiya Cement8096867.50%Exited
404 years, 4 months agoSree Rayalseema Hypo4566450%Buy on declines
414 years, 4 months agoMazda9216816073.91%Exited
424 years, 4 months agoAshiana Housing34187151344.12%Buy on declines
434 years, 5 months agoManali Petro11.51410-13.04%Exited
444 years, 6 months agoAnsal Properties3243359.38%Hold
454 years, 7 months agoLiberty Phosphate64160150134.38%Exited
464 years, 8 months agoMayur Uniquoters52485420707.69%Hold
474 years, 11 months agoNesco56013501280128.57%Hold
484 years, 11 months agoAtul Auto71740692874.65%Hold
494 years, 11 months agoGIPCL828677-6.10%Exited
505 years agoOriental Carbon120300275129.17%Buy on declines
515 years agoApcotex16330026059.51%Exited
525 years, 2 months agoIndag Rubber110375350218.18%Exited
535 years, 2 months agoIFB Agro10523720595.24%Exited
545 years, 3 months agoEverest Ind165175157-4.85%Exited
555 years, 4 months agoPiccadily Agro465536-21.74%Buy on declines
565 years, 6 months agoSmruthi Organics13527465-51.85%Hold
575 years, 6 months agoAstral Poly498308251583.67%Hold
585 years, 7 months agoNitin Spinners11.5137.2-37.39%Exited
595 years, 7 months agoAvanti Feeds33129812453672.73%Hold
605 years, 7 months agoPratibha Ind5470551.85%Exited
615 years, 7 months agoIspat Ind - Arbitrage0000%Exited
625 years, 9 months agoSree Sakthi Paper25.53421.5-15.69%Exited
635 years, 9 months agoMangalore Chemicals374335-5.41%Exited
645 years, 11 months agoFacor Alloys78.73.25-53.57%Exited
655 years, 11 months agoBalaji Amines4857.636-25.00%Exited
666 years, 1 month agoABC Bearing155180.7150-3.23%Exited
676 years, 1 month agoPondy Oxide3072.425-16.67%Exited
686 years, 2 months agoHarrison Malayalam90120.4862-31.11%Hold
696 years, 2 months agoRiddhi Siddhi285518.236026.32%Exited
706 years, 3 months agoCamphor Allied101274210107.92%Exited
716 years, 4 months agoShakti Met Dor215304.752150%Exited
726 years, 4 months agoWelspun Syntex15271820.00%Exited
736 years, 5 months agoGRP8752020127545.71%Hold
746 years, 6 months agoJocil2654352857.55%Exited
756 years, 6 months agoSunflag Iron3134.529-6.45%Exited
766 years, 7 months agoPoly Medicure50515475850.00%Hold
776 years, 7 months agoBNK Capital33.661.626-22.62%Buy on declines
786 years, 8 months agoBalkrishna Ind118310300154.24%Exited
796 years, 10 months agoAsian Hotels42060060042.86%Exited
806 years, 10 months agoManjushree Technopack32.5109.880146.15%Exited
816 years, 11 months agoIST Ltd100280260160.00%Exited
826 years, 11 months agoSuprajit Eng8.526.523170.59%Exited
836 years, 11 months agoMajestic Auto66165140112.12%Exited
847 years agoFreseniuous Kabi78193.7514585.90%Exited
857 years agoAhlcon Parentals37132.9594154.05%Exited
867 years agoSiemens Healthcare10501799132526.19%Exited
877 years, 1 month agoAlbert David7517713276.00%Exited
887 years, 2 months agoJaihind Projects95315200110.53%Exited
897 years, 2 months agoShilpa Medicare93379220136.56%Exited
907 years, 5 months agoCHI Investments27685085.19%Exited


It is a huge list of 90 stocks in around 7.5 years . So , I removed stocks which he had already exited . The website had already corporate action adjusted price (bonus , split) . But , If any action taken placed in last 27 months were not considered in adjusted price since that calculation is 27 months old . I kept few original columns and added few more columns . Ignored Dividend .



S.No.CompanyMonthsPrice ThenStatus(27 months ago)Adjusted Buy Price Comments on Adjusted Price Oct 2016 PriceReturnCAGR
1Anuh Pharma27215Hold143.00Bonus:2:123866.4325.41
2Freshtrop Fruits3026Hold17.33Bonus:2:188407.6991.53
3Technocraft Ind3090Hold90.00
385327.7878.85
4PTC India Finance3014.75Hold14.75
39164.4147.54
6APM Industries3425.5Hold25.50
68166.6741.37
7Kitex Garments3477Buy on declines77.00
492.5539.6192.50
8Muthoot Capital3480Hold80.00
232190.0045.61
9Alembic Pharma35191Hold191.00
675253.4054.16
10Dynemic Products3614.5Hold14.50
80451.7276.70
11Premco Global3633Buy on declines33.00
5611,600.00157.13
12Shree Ajit Pulp & Paper3638Hold38.00
228500.0081.71
14Bharat Agri3682Buy on declines82.00
820.000.00
17Shilpa37170Hold113.33split 2:1576408.2469.43
22Can Fin Homes41153Hold153.00Ignored Rights issues18301,096.08106.75
23Kovai Medical42166Hold166.00
820393.9857.83
26Acceleya Kale Solutions43365Buy on declines365.00
1382278.6345.00
27Orbit Exports4472Hold72.00Ignored Bonus 9 July 2012268272.2243.11
28Poddar Pigments4551Hold51.00
232354.9049.78
29Lumax Auto Tech45156Hold156.00
508225.6437.00
31Ajanta Pharma46257Hold102.8020/03/2015 Stock Split From Rs.5/- to Rs.2/-19561,802.72115.65
32MPS Ltd46111Hold111.00
678510.8160.33
37Narmada Gelatine50133Hold87.33Bonus 1:213756.8711.41
40Sree Rayalseema Hypo5245Buy on declines45.00
132193.3328.19
42Ashiana Housing5234Buy on declines34.00Spilt was already considered (oct 2013)147332.3540.19
44Ansal Properties5432Hold32.00
19.35-39.53-10.58
46Mayur Uniquoters5652Hold52.00Ignored Bonus March 2014436738.4657.72
47Nesco59560Hold560.00
1916242.1428.43
48Atul Auto5971Hold35.50Split Sep 144821,257.7569.98
50Oriental Carbon60120Buy on declines120.00
716496.6742.94
55Piccadily Agro6446Buy on declines11.50Twice 1:1 Bonus124.350.80
56Smruthi Organics66135Hold135.00
125-7.41-1.39
57Astral Poly6649Hold24.5025/09/2014 Split 2 to 14381,687.7668.92
59Avanti Feeds6733Hold6.6026/11/2015 Stock Split From Rs.10/- to Rs.2/-6039,036.36124.48
68Harrison Malayalam7490Hold90.00
75-16.67-2.91
73GRP77875Hold875.00
151573.148.93
76Poly Medicure7950Hold25.0002/02/2015 Stock Split From Rs.10/- to Rs.5/-3831,432.0051.37
77BNK Capital7933.6Buy on declines33.60
3813.101.89






Avg X times return6.90






Avg CAGR51.29


One can observe that he has also evolved over the time like other great investors.He also has a mixed portfolio . Some of the stocks have very high quality while some are avg quality stocks and even some mediocre companies( to just prove , he is also human being :) ) . That is all indication of evaluation as good investor over the time .Notably  , he hadn't stocks from the following list . When , the whole world was crazy for buying the following stocks , he might be busy in buying Avanti Feed (90 bagger ) and Astral Poly .



Source : https://kiraninvestsandlearns.wordpress.com/2015/10/11/learnings-from-recent-history/  (Image used without permission :) , I regularly visit this page to be just on my toes )

If one has followed him from last 7.5 years then one might have converted Rs 100 into 700 (6.9x ). It doesn't look extraordinary for the man of his caliber . But this ratio is again deceptive .  It doesn't cover sequential multibagger which is less talked term and as per me It is 1 st wonder of investing world . Let me explain you . If he made 5x from 1 stock in 3 years and reinvested that 5x into another stock for 3 years and it also gives 5x return then the whole amount at portfolio become 25x in 6 years but our calculation will indicate avg 5x (both entries avg). The churning of the portfolio is good if you are able to find sequential multibaggers .While ,big single stock return catches the eye , sequential multibaggers don't catch one's eye but they have very good impact on the overall portfolio and wealth creation .

Ayush's overall average CAGR comes around 51.29 , which is a true indication of stock picking skill . I like to evaluate an individual stock based on cycles, if brought on mid phase of bull/bear phase then return should be calculated on mid phase of next bull/bear phase if it is really long term stock .But , since the portfolio is built on the regular basis we can evaluate based on CAGR of holding period .Even if we give discount considering an all time high small and mid-cap indices , still , it is very much impressive . 


Must Read : https://microcapclub.com/2016/10/the-maturation-of-an-investor/
Must Watch : http://stalwartvalue.com/video-talk-delivered-at-fil-alumni-meet-pune/ 







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