Several women investors in India have been discreetly making their presence felt in the stock market, owing to their exceptional talent for identifying outsized-growth opportunities. Among such star investors is Vanaja Sunder Iyer, a highly regarded and widely monitored figure in the investing community. Presently, Ms. Iyer’s portfolio comprises a diverse set of 12 stocks valued at approximately Rs 695 cr. This piece aims to delve into the core holdings in her portfolio to discern any possible patterns in her stock selection strategy.
The cornerstone of Ms. Iyer’s portfolio is a company named Force Motors Ltd, the primary entity under the Abhay Firodia group’s umbrella. Founded in 1958, Force Motors distinguishes itself in the manufacture of small and light commercial vehicles, multi-utility vehicles, and agricultural tractors—an activity that propels its presence not only domestically but also in international markets throughout the Middle East, Asia, Latin America, and Africa.
Force Motors has amassed a market capitalization of Rs 13,961 cr, and significantly, it controls nearly 70% of the market in the light commercial vehicle segment for school buses and ambulances. The auto manufacturing giant has also established strategic alliances with several globally renowned automotive brands such as Daimler, BMW, Rolls-Royce, ZF, Bosch, and MAN.
It merits mention that Force Motors is a preferred producer of engines and axles for top-tier auto brands like Mercedes Benz India and BMW-India. Vanaja Iyer owns a significant 1.3% stake in Force Motors, a total of 175,000 shares valued at Rs 186 cr, which largely aligns with information provided in the documents for the quarter ending March 2025. This represents the largest investment in her portfolio.
It is interesting to note that Ms. Iyer has been a consistent stakeholder in Force Motors since at least December 2019, according to data from trendlyne.com. The automobile company’s sales have demonstrated a robust trend, escalating from Rs 3,081 cr in FY20 to Rs 8,072 cr in FY25. This translates to a compounded annual growth rate (CAGR) of 21% over five years.
Force Motors’ financial health is further evidenced by its EBITDA figures, which leaped from Rs 261 cr in FY20 to Rs 1,093 cr in FY25—a compounded annual growth rate of 33%. Moreover, Force Motors experienced a significant 47% compound increase in its net profits, which inflated from Rs 50 cr in FY20 to Rs 801 cr in FY25.
The market performance of Force Motors has been remarkable, with the share price appreciating from around Rs 805 in May 2020 to Rs 10,603 as of May 21, 2025. This signifies an extraordinary growth of 1,218% within a short span of five years. The company’s shares currently trade at a Price Earnings (PE) multiple of 26x, which is in line with the industry average.
We see that the median 10-year PE for Force Motors and the industry are both settled at similar levels of 26x. Furthermore, the current Return on Capital Employed (ROCE) is a robust 30% for Force Motors, standing ten percent points higher than its industry median. Such numbers imply that for every Rs 100 deployed as capital, the company reaps a profit of Rs 30. For FY 2024-25, the company has suggested a dividend payout of Rs 40 per share, with a face value of Rs 10 each.
Insolation Energy Ltd, established in 2015, is another notable inclusion in Ms. Iyer’s portfolio. Producers of high-efficiency solar panels and modules of varying dimensions, Insolation Energy, holds the position of the second-largest manufacturer in North India of solar panels, batteries, and inverters. The firm is based in Jaipur, Rajasthan.
Insolation Energy has garnered a market cap of Rs 5,495 cr. The shareholding of Vanaja Iyer in Insolation Energy amounts as 2.1% as of the quarter ending March 2025, which is 45,10,000 shares valued at Rs 113 cr. The final figures for the financial year ending on March 2025 are yet to be audited and released by the company.
However, the growth trajectory of Insolation Energy can be extrapolated from the trending sales figures. Transitioning from Rs 215 cr in FY22, the company managed to reach Rs 737 in FY24. The interim half-yearly figures till September 2024 have clocked in at Rs 612 cr, potentially indicating a strong financial year conclusion.
Insolation Energy has demonstrated impressive growth in its EBITDA, indicating a healthy underlying business, growing at a compound rate of 140% from Rs 14 cr in FY22 to Rs 81 cr in FY24. Furthermore, till September 2024, the EBITDA was already at Rs 80 Cr. Meanwhile, net profits ballooned from Rs 7 cr in FY22 at a compound growth rate of 180%, amounting to Rs 55 cr in FY24. As of September 2024, a profit of Rs 40 cr was already registered.
The exponential growth story of Insolation Energy is evident in its meteoric share price climb—from approximately Rs 10, being its listing price in October 2022, to a staggering Rs 249 as of May 21, 2025. This represents an astounding growth level of 2,390%. The company’s shares are trading at a PE multiple of 54x, slightly above the industry median of 44x.
Over a decade, the median PE for Insolation Energy was reported at 65x, which substantially exceeded the industry median of 33x. Furthermore, the company currently boasts a highly competitive ROCE of 48%, significantly outperforming the industry median of 21%. In multiple recent orders, Insolation Energy has secured work from Rajasthan Renewable Energy Corporation Limited (RREC) worth Rs 340 cr and Teerth Gopicon Limited worth Rs 32 cr.
Adding to its accolades and recognitions, Insolation Energy’s 100% subsidiary, Insolation Green Energy Private Ltd, accomplished its highest single sale order valued at Rs 733 cr for the supply of Solar PV Modules. Studying Ms. Iyer’s portfolio—featuring companies like Force Motors and Insolation Energy—it is apparent she identifies high-growth companies with solid fundamentals and strong market performance. Her successful investments underscore her remarkable ability to spot multibaggers and add significant value to her portfolio.
The post Vanaja Sunder Iyer: India’s Star Stock Investor with Visionary Portfolio Selection appeared first on Real News Now.
About Author
