Narayana Murthy’s family office Catamaran Ventures now holds seven listed stocks together worth about ₹1421 crore. Six of these investments are in manufacturing and engineering while only one belongs to technology. This shows a clear move away from Murthy’s traditional IT roots towards industrial supply chains.
Sansera Engineering is the largest holding valued at ₹490 crore. Aequs, an aerospace company in Belagavi, comes next with ₹460 crore though it is still making losses. TD Power Systems is another major stake worth ₹345 crore and has reported profit growth of 40%. SEDEMAC Mechatronics, which makes engine electronics, is valued at ₹210 crore but trades at very high multiples. Smaller positions include Vardhman Special Steels at ₹40 crore and M M Forgings at ₹30 crore. The only technology exposure is IRIS RegTech with a stake of ₹7 crore which has fallen 27% in one year.
Nearly 82% of the portfolio value is concentrated in Sansera, Aequs and TD Power Systems. Murthy entered Aequs and SEDEMAC early while Sansera and TD Power were bought after their rallies. Risks remain as Aequs continues to post losses, M M Forgings carries heavy debt, SEDEMAC trades at over 100 times earnings and IRIS RegTech shows weak fundamentals.
