Such investments can provide valuable insights and potential for outperformance, but they carry risks such as market timing, volatility, and misalignment with personal goals. Investors should critically evaluate guru strategies, stay well-informed, and diversify rather than blindly copying their portfolios.
Even seasoned investors like Dolly Khanna aren’t immune to market swings. A handful of her portfolio stocks are down year-to-date, but that doesn’t necessarily mean the investment thesis has gone wrong.
Markets can be irrational at times, driven by sentimental shifts or sector-specific worries.
Who is Dolly Khanna?
Dolly Khanna is a Chennai-based investor who is known for picking lesser-known midcap and smallcap stocks. She has beeninvesting in stocks since 1996.
Her portfolio, which is managed by her husband, Rajiv Khanna, is usually inclined towards more conventional stocks in manufacturing, textile, chemical, and sugar stocks.
Which Dolly Khanna Stocks Have Fallen Most in 2025?
#1 Prakash Pipes
Prakash Pipes specialises in the manufacturing of PVC pipes and fittings. The company’s product range includes agri pipes, column pipes, plumbing pipes, casing pipes, SWR Pipes, garden pipes, and related fittings. These products are widely used in irrigation, drainage, housing, and sanitation.
Dolly Khanna hiked her stake in Prakash Pipes during the quarter ending March 2025, but she again sold a stake in the quarter ending June 2025. Her holding in Prakash Pipes now stands at 3.2%, which is down from 4.1% in the March 2025 quarter.
Since 1 January 2025, the stock has lost 34%, dropping from levels of ₹503.85 to ₹334.10.
Prakash Pipes stock touched its 52-week high of ₹667.9 on 5 September 2024 and its 52-week low of ₹299.55 on 18 August 2025.
On the financial front, Prakash Pipes reported subdued numbers for Q1 FY26. Net sales saw a marginal dip to ₹203.4 crore in Q1 FY26 from ₹204.2 crore in the corresponding period of the previous year. Net profit saw a sharp 59% decline to ₹10.3 crore.
During the quarter, the PVC Pipes division achieved sales volume of 14,115 MT against 12,704 MT in the corresponding quarter of the last financial year. PVC prices remained subdued, which affected profitability during the quarter.
Moving ahead, the management said that good monsoon this year augurs well for the industry. Further, with the government’s thrust on infrastructure spending, the company expects good demand from housing, infrastructure, and irrigation sectors in the ensuing quarters.
Meanwhile, the flexible packaging division is driving growth by diversifying its product range and offering customised solutions to its customers. The division is continuing to focus on exports to maintain its sales volume and margins in the ensuing quarters.
The company’s focus remains on expanding its plastic pipes and fittings business, improving product quality, and expanding capacity to meet increasing demand from the infrastructure and construction sectors.
#2 Rajshree Sugars & Chemicals
Rajshree Sugars & Chemicals is a sugar company in South India, but also operates in the distillery, power, and biotechnology sectors.
The company’s distillery uses molasses (a by-product of sugar production) to produce potable alcohol and ethanol for fuel blending.
Rajshree Sugars & Chemicals generates sustainable green power by using bagasse (fibre residue from sugarcane processing) in cogeneration plants. Surplus power is exported to the regional electricity grid.
Dolly Khanna’s stake in Rajshree Sugars & Chemicals is currently 1.3% as of the end of the June 2025 quarter. Her holding in Rajshree Sugars & Chemicals is up 0.2% from the March 2025 quarter.
Since 1 January 2025, the stock has lost 34%, dropping from levels of ₹58.62 to ₹39.47. The stock touched its 52-week high of ₹80.02 on 30 August 2024 and its 52-week low of ₹32.7 on 4 March 2025.
The company reported net sales of ₹140.9 crore for Q1 FY26, as against ₹240.1 crore in the corresponding period of last year. The company reported losses of ₹14.1 crore for Q1 FY26, as against a net profit of ₹5.9 crore in the corresponding period of last year.
Moving forward, the company is enhancing operational efficiency and sustainability in its existing sugarcane-based integrated complexes.
The company will also innovate in distillery products, including potable alcohol and ethanol for fuel blending, aligning with growing market demand for biofuels.
Overall, Rajshree Sugars aims to maintain its integrated business model while adapting to market trends, improving efficiency, and fulfilling sustainability goals to secure long-term growth and competitiveness.
However, recovery in domestic sugar demand and sugar prices will be key to the company’s performance going forward.
#3 GHCL
The company is primarily known for being the largest manufacturer of soda ash at a single location in India, with a major manufacturing plant at Sutrapada in Gujarat.
GHCL produces soda ash in two grades—light and dense—which are essential raw materials for detergents, glass, ceramics industries, solar glass, and lithium-ion batteries.
The company also manufactures sodium bicarbonate, widely used in bakery, pharmaceutical, fire extinguisher manufacturing, and cleaning agents.
Dolly Khanna’s stake in GHCL is currently 1.1% as at the end of the June 2025 quarter. Her holding in GHCL is up 0.1% from the March 2025 quarter. There was no stake in the company prior to the March 2025 quarter.
Since 1 January 2025 the stock has lost 21%, dropping from levels of ₹739.1 to ₹584. GHCL stock touched its 52-week high of ₹779.3 on 31 January 2025 and its 52-week low of ₹529.2 on 7 April 2025.
On the financial front, GHCL reported flattish numbers for Q1 FY26. Net sales at the company were ₹795.9 crore, as against ₹830.5 crore in the corresponding period of last year.
The net profit for Q1F2Y6 was ₹144.1 crore, a drop of 4%.
Global uncertainty and an abundant supply of soda ash due to weak demand impacted the company’s realisations in the quarter.
The Indian industry was also impacted with increased imports. This adversely impacted the revenues of the company for the quarter.
However, for GHCL better operating leverage combined with operational excellence has helped to maintain healthy EBITDA margins in Q1 FY26.
Moving forward, the minimum import price (MIP) for soda ash, which was initially imposed until 30 June 2025, has now been extended until 31 December 2025. This indicates the government’s continued focus on protecting the domestic industry, which should help GHCL.
The company’s proposed bromine plant construction is progressing rapidly. The same is to be commissioned by H2 FY26. GHCL’s vacuum salt project is also set to come alongside the bromine plant, which should help cater to large FMCG customers. The new salt field in Kutch, going forward, will be the cornerstone for salt production at GHCL. Along with captive consumption for soda ash, this will be used to produce bromine.
Apart from this, the company said that relentless focus on cost optimisation and best-in-class productivity will help solidify its leadership position.
However, the key point for financial performance would remain demand and price recovery in soda ash.
Conclusion
Even renowned investment experts can make mistakes or have strategies that do not work for everyone. Markets are unpredictable, and no one can accurately forecast all outcomes.
Investment gurus can provide useful insights and education, but treat their advice as one factor among many.
It’s essential to maintain your own critical thinking, tailor strategies to your needs, and be aware of the potential risks of following investment advice.
To know what’s moving the Indian stock markets today, check out the most recent share market updates here.
Investors should evaluate the company’s fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.
Happy Investing.
Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such.
This article is syndicated from Equitymaster.com
