Table of Contents
- A Demerger, Mounting Losses and a Bigger Stake
- A Second Bet: Profitability Amid Turbulence
A Demerger, Mounting Losses and a Bigger Stake
When a veteran investor adds to a position in a stock hovering near its lowest levels, markets tend to take notice.
Ashish Dhawan, co-founder of ChrysCapital, has increased his holding in Bluspring Enterprises Ltd to 5 percent from 4.1 percent in the previous quarter, even as the infrastructure services company trades close to its post-listing lows. The move signals a high-conviction, contrarian wager at a time when sentiment toward the sector remains fragile.
Bluspring, created in 2025 following a demerger from Quess Corp, operates across integrated facility management, engineering services, telecom support, security and technology-enabled services. With a market capitalization of roughly Rs 826 crore, it is a modest player in what management describes as a Rs 1.7 lakh crore addressable market.
Financially, the picture is mixed. Revenue rose sharply from Rs 2,682 crore in fiscal 2024 to Rs 3,484 crore in fiscal 2025, a 30 percent increase. But profitability has lagged. Net losses widened from Rs 149 crore to Rs 173 crore over the same period, and the company has yet to post sustained bottom-line gains. For the nine months ended December 2025, losses continued, though at a narrower pace.
The stock’s trajectory has reflected that strain. Since listing at around Rs 85 after the demerger, shares have fallen to roughly Rs 55, a decline of more than 45 percent from their peak. With persistent losses, the company trades at a negative price-to-earnings ratio, in contrast to an industry median of about 21 times earnings.
Management has pledged a turnaround. On a recent earnings call, executives projected double-digit revenue growth and an expansion in operating margins, targeting 4 percent in the near term and 6 percent by fiscal 2030. Growth in telecom and industrial verticals is expected to remain steady, and any acquisitions, executives say, will prioritize improvements in return on equity and capital efficiency.
Dhawan’s increased stake now valued at about Rs 41 crore suggests confidence that operational stabilization and scale could eventually unlock value. But the bet comes with risks typical of post-demerger transitions: integration challenges, margin pressures and execution uncertainty.
A Second Bet: Profitability Amid Turbulence
Bluspring is not the only company near cyclical lows in Dhawan’s portfolio. He also continues to hold a 4.8 percent stake in AGI Greenpac Ltd, a glass and packaging manufacturer with a market capitalization of about Rs 3,558 crore.
Founded in 1960, AGI Greenpac produces container glass, PET bottles and security closures, and holds an estimated 17 to 20 percent share of India’s organized glass packaging market. Unlike Bluspring, it has delivered consistent profitability and strong capital efficiency. Its return on capital employed stands near 20 percent, well above the industry median of roughly 12 percent.
Over five years, net profit has expanded sharply, rising from Rs 48 crore in fiscal 2020 to Rs 322 crore in fiscal 2025. Yet the stock has not been immune to volatility. After climbing more than 200 percent between 2021 and its peak in 2025, shares have corrected about 40 percent in the past six months.
Part of that decline followed a setback in the Supreme Court, which rejected the company’s resolution plan for Hindusthan National Glass, forcing a restart of the bidding process and clouding expansion prospects. The stock now trades at about 11 times earnings, below the industry median of 19 times, leaving open the possibility of a valuation re-rating if growth stabilizes.
Taken together, Dhawan’s positions reflect a broader investing philosophy: patience in periods of market pessimism and a willingness to absorb near-term uncertainty in pursuit of longer-term gains. One company represents a turnaround narrative still in formation; the other, an operationally solid business navigating legal and cyclical headwinds.
Whether these bets prove prescient will depend on execution, governance and broader economic conditions. For now, they offer a glimpse into how seasoned investors approach volatility not as a signal to retreat, but as a potential entry point.
EDITED BY – Swasti Jain
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