Sunil Singhania’s latest bets: Rs 59 cr into 2 stocks, one below the radar

In September, his Abakkus Growth Fund took Rs 9 cr of a façade maker at the IPO price of Rs 182. As of closing on 9th October 2026, those positions were worth about Rs 66 cr and Rs 13 cr. A Rs 59 cr outlay is up roughly Rs 21 cr in a little over three months. One company wraps office towers in glass. The other makes the cables that power them. But a paper gain is not a cheap stock, and both carry flaws a headline will not show.

Let us dive in. FE Stock Insights on WhatsApPGet instant alerts on high-conviction investment themes and fundamental deep dives—direct from Financial Express.Join now #1 Paramount Communications: Buying a Tariff Casualty Near the Bottom Incorporated in 1994, Paramount Communications makes power cables, railway and telecom cables, building wires and specialised products such as solar and fire-survival cables, from plants in Rajasthan and Haryana.

With a market cap of Rs 1,828 cr, it is a minnow next to Polycab, but unlike many cable stocks it had built a real US business. That is where the trouble started. Exports were 43% of revenue in the first half of FY26. Then US tariffs on Indian goods hit 50% in August 2025. By the second half, exports had shrunk to 16% of revenue, and the stock slid from about Rs 60 in July 2025 to roughly Rs 31 by late March 2026.

Preferential Allotment Math: Buying Paramount at a 37% Discount to 2024 Singhania's two funds, Abakkus Diversified Alpha Fund and Abakkus Diversified Alpha Fund-2, were allotted 1,19,04,761 shares at Rs 42 on 1st July 2026, according to the allotment notice filed on BSE. That is a 3.64% stake, with the price determined by SEBI's formula, which looks back at earlier weeks of trading, so it largely captured the slump.

When Paramount last raised outside money, in January 2024, it charged Rs 66.50 a share. Singhania paid 37% less. And the promoters took 72 lakh warrants at the same Rs 42, worth Rs 30.24 cr. Their stake dipped to 45.88% only because the new shares diluted it, so this is not promoter selling. The US Supreme Court struck down the IEEPA tariffs on 20th February 2026. In the June 2026 quarter, exports bounced back to Rs 155 cr, about 29% of revenue, and management expects Rs 700 cr to Rs 800 cr of exports in FY27.

How a ₹51 Cr Other Income Boost Masked Paramount’s FY26 Margin Drop Let us look at the 5-Year Financials for Paramount Communications (Consolidated). Financial YearFY21FY22FY23FY24FY25FY265Y CAGRSales (Rs cr)5185807941,0681,5741,91130%EBITDA (Rs cr)172048891236732%Net Profit (Rs cr)3848868760NMSource: Screener.in EBITDA is operating profit before other income. NM: not meaningful. The profit CAGR is marked NM because FY21 profit of Rs 3 cr is too small a base.

FY26 profit included other income of Rs 51 cr, of which Rs 13.91 cr was a one-time key-man insurance payout. Operating margin fell to 3.5% in FY26 from 7.8% in FY25. That is the tariff damage in one number. The June quarter points to repair. Sales rose 17% to Rs 529 cr and operating profit more than doubled to Rs 35 cr, lifting the margin to about 7%. The order book stood at Rs 615 cr. Part of the fresh money goes into a Rs 300 cr plant in Madhya Pradesh, due to start partly in the June 2027 quarter.

45 in October 2021 and as of closing on 9th October 2026 it was Rs 55.85, a jump of about 350% in five years. That is still half its January 2024 peak of about Rs 112. The stock trades at a PE of 30x compared to the current industry median of about 27x. The 10-year median PE for the company is 22x which is the same as the industry median for the same period. Cash from operations was a negative Rs 38 cr in FY26, and borrowings rose to Rs 123 cr from Rs 33 cr.

Return on equity was 8%. The company has paid no dividend in over a decade. And the export recovery rests on US trade policy, which has swung sharply more than once since April 2025. #2 Glass Wall Systems: The Invisible 1% Threshold Incorporated in 2010, Glass Wall Systems designs, makes and installs building façades, the glass skins on office towers, hospitals and airports, for clients in India, the US and Australia.

It had finished more than 158 projects by March 2026, as per its offer document. With a market cap of Rs 2,353 cr, it listed on 16th September 2026. The Rs 428 cr IPO, mostly an offer for sale by existing holders, was subscribed 81.65 times. On 7th September, Abakkus Growth Fund took 4,94,542 shares for Rs 9 cr. Bengal Finance & Investment, the vehicle associated with Ashish Kacholia, took 5,31,852 shares for Rs 9.68 cr.

Here is the catch. Singhania's holding is about 0.56% of the company, below the 1% line that triggers a named entry in shareholding filings. This bet is unlikely to show up on most super investor trackers. Inside Glass Wall Systems’ 50% ROCE and ₹981 Cr Order Book Financial YearFY24FY25FY262Y CAGRSales (Rs cr)30427845723%EBITDA (Rs cr)557310538%Net Profit (Rs cr)205884NMSource: Screener.in EBITDA is operating profit before other income.

Only three years of consolidated data are available. NM: not meaningful. Profit growth is marked NM because a one-time loss dented FY24. Sales dipped in FY25, then rose 64% in FY26. Margins sit above 20%, debt is just Rs 7 cr and return on capital employed is 50%. The first listed quarter was mixed. Revenue rose 35% to Rs 107 cr on a 93% jump in domestic façade work, but net profit slipped to Rs 17 cr from Rs 19 cr as operating margin fell to 21% from 27%.

The order book was Rs 981 cr at 31st July, about twice FY26 revenue. Management guides for about 25% revenue growth in FY27 and a 23% to 25% operating margin, helped by a Rs 80 cr glass processing unit partly funded by the IPO. Why Anchor Lock-In Expiries and 7% Delivery Volume Signal Volatility The stock listed at Rs 194, closed as high as about Rs 309 on 22nd September, when the company told exchanges the move was market-driven, and ended at Rs 268 on 9th October, 47% above the anchor price.

With barely a month of trading history, there is no 10-year median PE to compare. The Glass Wall Systems share price currently values the company at a PE of 29x against an industry median of about 19x. Watch the calendar. Half the anchor shares left their 30-day lock-in in the second week of October, and the rest unlock in December. Early trading was speculative, with only 7% to 17% of daily volume ending in delivery.

An independent director, Prakash Bagla, resigned on 18th September. And façade work is lumpy. Two Side Doors, One Lesson for Retail Investors What ties these trades together is the entry price. Singhania bought Paramount at Rs 42 with the stock near multi-year lows, and Glass Wall at the issue price before the listing pop. A buyer today pays about Rs 56 and Rs 268. That gap is his cushion, and newcomers do not get it.

These 2 rivals trade at up to a 52% discount Paramount must show that June's margin repair holds as exports rebuild. Glass Wall must turn its order book into profit at promised margins, just as anchor shares come loose. The December quarter results should settle a lot. A sensible move would be to add these stocks to a watchlist and track the next two results. Disclaimer: Note: We have relied on data from www.Screener.in and www.trendlyne.com throughout this article.

Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information, including filings made available on the BSE website. The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor.

This article is strictly for educative purposes only. Suhel Khan has been a passionate follower of the markets for over a decade. During this period, He was an integral part of a leading Equity Research organisation based in Mumbai as the Head of Sales & Marketing. Presently, he is spending most of his time dissecting the investments and strategies of the Super Investors of India. Disclosure: The writer and his dependents do not hold the stocks discussed in this article.

The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers