Narayana Murthy’s family office Catamaran Ventures has placed fresh bets worth ₹310 crore on two manufacturing companies during the September quarter. The investments were made in Kirloskar Oil Engines and Ador Welding, both trading nearly 30 percent below their one year highs. The move signals confidence in India’s capital expenditure cycle despite rising input costs.
Catamaran acquired a 1.06 percent stake in Kirloskar Oil Engines valued at ₹289 crore. The company supplies backup power solutions to data centres and recently secured a 192 megawatt order from HyperNext. It commands about 28 percent of the domestic genset market and has delivered strong growth with 18 percent sales CAGR and 30 percent EBITDA CAGR between FY21 and FY26. However, margins slipped to 11.2 percent in the first quarter of FY27 due to higher costs. The stock trades at 46 times earnings, above the industry median of 38 times.
Ador Welding, established in 1951, makes electrodes, wires and welding machines. Catamaran bought a 1.05 percent stake worth ₹23 crore. The company reported 15 percent sales CAGR and 19 percent EBITDA CAGR between FY22 and FY26. In the second quarter of FY27, sales rose 23 percent to ₹344 crore but margins weakened due to expensive steel. The stock trades at 18 times earnings, cheaper than rival ESAB India at 39 times. Ador also announced a special dividend of ₹7.50 per share to mark its 75th year.
Murthy’s office now holds a manufacturing heavy portfolio, showing faith in India’s infrastructure boom while accepting short term margin pressures.
