Ashish Dhawan needs no introduction for those who follow Indian markets. An insightful investor and philanthropist who is skilled when it comes to picking stocks for his portfolio, he currently holds 14 stocks in his portfolio worth over Rs 3,351 cr.
Founder of ChrysCapital, Dhawan has made a name for himself by focusing on fast-growing areas with strong outcomes. He is also the brain behind Central Square Foundation, an organisation doing some great work in pushing for better schools in India. Dhawan’s visionary and strategic approach combines value and growth investing, which earns him high regard from market watchers and fellow investors. He specialises in medium and small-sized company stocks, that usually turn out to be multibaggers.
Two of his favourite stocks have seen a steep decline in stock prices and are trading at a discount of over 80% from their all-time high prices. Why has this not prompted Dhawan to sell off while he can? Let us try to find out.
Dish TV: A Decade of Patience Amidst a Sea of Red Ink
Incorporated in 1988, Dish TV India Ltd is in the business of providing Direct to Home television and Teleport services.
With a market cap of Rs 913 cr, the company provides direct-to-home (DTH) entertainment service through its DTH brands – DishTV, d2h, and Zing Super. It used to be a provider of Pay-TV service and is now a full-fledged entertainment provider.
India’s Warren Buffett Ashish Dhawan has been holding a stake in Dish TV since December 2016 (as per the data on Trendlyne.com). Currently he holds 1.6% stake in the company which is worth almost Rs 14.4 cr.
Now what makes this company interesting to look at is the fact that Dhawan has been invested in it for almost a decade. That too when the financials have been in the red for most of it.
The company’s sales have seen a steady decline in the last decade, with the take-over by smart tv’s that come with superior capabilities.
| Year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| Sales/Cr | 3,556 | 3,249 | 2,802 | 2,262 | 1,857 | 1,568 |
The EBITDA (earnings before interest, taxes, depreciation, and amortization) has also been on a downward spiral.
| Year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| EBITDA/Cr | 2,119 | 2,050 | 1,657 | 1,006 | 761 | 529 |
No wonder the net profits saw the effects of this and faced, with not seeing a profit in the last 8 years.
| Year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| Net Profit/Cr | -1,655 | -1,190 | -1,867 | -1,684 | -1,967 | -488 |
The share price of Dish TV India Ltd was around Rs 8 in August 2020, and as of closing on 14th August 2025, it was Rs 5, which is a drop of almost 38%.
At the current price of Rs 5, the stock is trading at 96% discount from its all-time high of Rs 144 and a discount of 69% from its 52-week high of Rs 16.
The company’s stock is currently trading at a negative PE due to the consistent losses it has seen in the last decade.
The company has however seen the losses going down in the last 5 years as we have seen. From losses of Rs 1,655 in FY20 to Rs 488 in FY25, is kind of a good development. Plus, the debt for Dish TV which was Rs 1,784 cr 5 years ago has also been reduced to just Rs 35 cr currently, signalling good management of capital.
In the company’s recently released annual report, Chairman and Executive Director Manoh Dobhal said. “Dish TV recognises that the media consumption landscape is undergoing a transformative shift, as audiences increasingly engage with content across both traditional and digital platforms. In response, our Company has embraced innovation and proactively adapted our strategies to connect with today’s discerning viewers. With the growing competition from DTH operators, streaming services, government backed platforms, telecom companies and cable providers, we are implementing bold and dynamic initiatives to retain our core user base while reaching new audiences.”
Palred Technologies: Can a Turnaround Justify a Star Investor’s Faith?
Incorporated in 1999, Palred Technologies Ltd does trading of mobiles, electronic products, fashion accessories and provides related services.
With a market cap of Rs 64.2 cr, the group’s main operating company, Palred Electronics Private Limited owns consumer electronics brand, pTron and offers mobile & digital lifestyle products.
Ashish Dhawan has held a stake in Palred since December 2015 as per data on Trendlyne.com. Currently he holds 5.5% stake in the company worth Rs 3.6 cr.
Palred has faced many challenges since FY21 because of high advertisement costs and competition from other big brands. It could not achieve the desired growth and continues to make losses.
The company’s sales saw a decline after seeing a good jump in FY22 and FY23.
| Year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| Sales/Cr | 46 | 117 | 128 | 148 | 116 | 86 |
EBITDA also improved for a period of couple or years, before starting to decline again.
| Year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| EBITDA/Cr | -4 | 5 | 1 | 3 | -1 | -6 |
Looking at net profits, the has profits only in FY21, apart from which it has logged in a series of losses in the last decade.
| Year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| Net Profit/Cr | -5 | 3 | -2 | -0 | -5 | -10 |
The share price of Palred Technologies was around Rs 18 in August 2020 and as of closing on 14th August 2025, it was Rs 53. That is a jump of 195%.
At the current price of Rs 53, the company’s share is trading at a discount of 85% from its all-time high of Rs 352 and at a discount of 63% from its 52-week high price of Rs 143.
Just like Dish TV, the share price for Palred is also trading at a negative PE due to consistent losses.
Palred has faced many challenges since FY21 because of high advertisement costs and competition from other big brands. It could not achieve the desired growth and continues to make losses.
In the recent annual report, Chairperson & Managing Director, Palem Supriya Reddy said, “We acknowledge that FY 2024–25, like the year before, did not meet our financial expectations. However, these years have been transformational in forcing us to rethink our execution models, sharpen our strategic priorities, and build greater internal discipline.”
The company’s focus in the coming year will be on driving profitability through tighter operational controls, reinvigorating underperforming categories with innovation-led offerings, scaling quick commerce & high-efficiency retail models, and enhancing customer experience and retention across platforms.
Pound Wise, Penny Foolish?
Both the stocks that we saw today currently fall in the category of “Penny Stocks,” a category that most investors avoid, and should rightfully avoid, due to the risk to total loss. With no profits for a good part of the last decade and most financials in the red, these companies would ideally scare the average investor away.
But Ashish Dhawan, one of the Warren Buffetts of India, was and is invested in them for almost a decade, giving air to a lot of rumours and questions, across the board. This potentially hints at his conviction in these stocks that most investors would avoid.
Why is he still interested in these companies is an answer that could only be found in Dhawan’s book of strategy, which only he has access to. But it surely does create intrigue in the investor circles. How these two penny stocks will fare in the coming years, is something that will be interesting to watch. Add it to your watchlist, may be?
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.
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/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.