Saurabh Mukherjea Portfolio and Holdings as of 2025
Saurabh Mukherjea is a leading Indian investor and the founder of Marcellus Investment Managers, which manages over ₹12,000 cr in AUM (as of 2025). He is known for popularising the Coffee Can investing strategy, and has built a strong reputation for research-led wealth creation. His portfolios, such as Consistent Compounders and Kings of Capital, reflect his emphasis on clean accounting, high ROCE, and long-term compounding. This article examines Saurabh Mukherjea’s portfolio, investment philosophy, net worth trend, and top holdings.
List of Stocks in Saurabh Mukherjea Portfolio 2025
As of 2025, Saurabh Mukherjea’s flagship portfolio “Consistent Compounders” focuses on high-quality, large and mid-cap companies known for steady growth. The portfolio is concentrated, comprising dominant market leaders with strong fundamentals.
| Company Name | Holding % (approx) | Holding Value (approx) (in Rs cr.) |
|---|---|---|
| Asian Paints Ltd | 16% | 2,600 |
| HDFC Bank Ltd | 17% | 2,700 |
| Bajaj Finance Ltd | 7% | 1,100 |
| Pidilite Industries Ltd | 25% | 4,000 |
| HDFC Life Insurance Company Ltd | 17% | 2,700 |
| Titan Company Ltd | Key holding (10-12%) | 1,600 |
| Divi's Laboratories Ltd | Key holding (5-7%) | 900 |
| Eicher Motors Ltd | Key holding (5-7%) | 900 |
| SBI Life Insurance Company Ltd | Significant holding | 1,300 |
| LTIMindtree Ltd | Significant holding | 1,000 |
| Varun Beverages Ltd | Significant holding | 850 |
| Solar Industries India Ltd | Significant holding | 600 |
Note: The information provided in the table above is for educational and informational purposes only and does not constitute financial advice or a recommendation to buy or sell any securities. The portfolio holdings and percentages are approximate and based on publicly available data as of 2025, which may change over time.
Who is Saurabh Mukherjea?
Saurabh Mukherjea is the Founder and Chief Investment Officer of Marcellus Investment Managers, a firm managing assets over ₹16,000 cr, as of 2025. He is an alumnus of the London School of Economics with a distinguished track record in Indian equity markets. Mukherjea is renowned for his deep analytical approach, emphasis on consistent compounding companies, and his book “Coffee Can Investing,” which advocates a disciplined, long-term buy-and-hold strategy. His expertise and thought leadership have made him one of the most influential voices in Indian investing.
Overview of Saurabh Mukherjea Portfolio Holdings
- Asian Paints Ltd: Asian Paints Ltd, India’s largest paint manufacturer, has maintained strong market leadership with an over 50% share in the decorative paints market. Its consistent revenue growth, efficient distribution network, and focus on premium and home décor segments make it a key long-term holding in Mukherjea’s Coffee Can portfolio.
- HDFC Bank Ltd: HDFC Bank Ltd, India’s largest private sector bank, is recognised for its robust asset quality, stable margins, and consistent earnings growth. Its disciplined lending, low NPAs, and expanding digital ecosystem align well with Mukherjea’s focus on predictable compounding and high governance standards.
- Bajaj Finance Ltd: Bajaj Finance Ltd is a leading non-banking financial company (NBFC) specialising in consumer and SME lending. The company’s strong risk management, diversified loan book, and consistent profit growth exemplify Mukherjea’s preference for scalable, high-ROE businesses with clean accounting practices.
- Pidilite Industries Ltd: Pidilite Industries Ltd, the maker of Fevicol and other leading adhesives, dominates India’s speciality chemicals and consumer products space. Its brand strength, pricing power, and consistent double-digit earnings growth fit Mukherjea’s Coffee Can philosophy of owning resilient, cash-generating businesses.
- HDFC Life Insurance Company Ltd: HDFC Life Insurance Company Ltd is among India’s leading private insurers with a balanced product mix and steady growth in embedded value. Its focus on profitability, strong distribution partnerships, and prudent capital management align with Mukherjea’s approach to quality and long-term compounding.
Sector-Wise Saurabh Mukherjea Investments
Saurabh Mukherjea’s Consistent Compounders Portfolio reflects his Coffee Can investing philosophy—owning a concentrated basket of clean, high-ROCE companies with strong competitive moats. As of 2025, the portfolio shows a balanced allocation across financials, consumer, healthcare, and industrials, with an emphasis on predictable earnings and capital efficiency.
- Financial Services: Includes HDFC Bank, Bajaj Finance, HDFC Life Insurance, and SBI Life Insurance, representing Mukherjea’s conviction in well-governed lenders and insurers with scalable business models and steady compounding potential.
- Consumer and Retail: Stocks such as Asian Paints, Pidilite Industries, Titan Company, and Varun Beverages dominate this segment. These companies enjoy strong brand loyalty, pricing power, and sustained growth in India’s expanding consumption economy.
- Healthcare and Chemicals: Divi’s Laboratories represents exposure to the healthcare and speciality chemicals space, reflecting Mukherjea’s focus on R&D-driven, export-oriented companies with high return ratios.
- Industrials and Defence: Solar Industries India anchors this category, highlighting exposure to the defence and industrial explosives segment, a beneficiary of India’s manufacturing and infrastructure expansion.
- Automobile: Eicher Motors, through its Royal Enfield brand, adds exposure to the premium two-wheeler segment, backed by substantial margins and a global distribution presence.
- Information Technology: LTIMindtree provides diversification into India’s IT services sector, aligning with Mukherjea’s preference for cash-rich companies with consistent delivery and robust client retention.
Saurabh Mukherjea Net Worth Trend
While exact details of Saurabh Mukherjea’s personal net worth are not publicly disclosed, he oversees assets worth over ₹16,000 cr through Marcellus Investment Managers as of 2025. His leadership and investment philosophy have earned him a reputation for building long-term wealth for clients. His books and research have also contributed to his financial and intellectual capital.
Shares Purchased by Saurabh Mukherjea in 2025
In 2025, Saurabh Mukherjea made strategic additions to his portfolio by buying shares in promising companies. The approximate increase in holding percentages is:
- MAS Financial Services: 1.2% increase
- Grauer & Weil (India): 1.5% increase
- LT Foods: 1.0% increase
- Ultramarine & Pigments: 0.8% increase
These purchases reflect his focus on investing in high-quality mid-cap and small-cap companies with strong fundamentals and growth potential, aligning with his disciplined investment approach.
Saurabh Mukherjea’s Portfolio Analysis
- Focus on High-Quality Businesses: The portfolio includes companies such as Asian Paints, HDFC Bank, Titan, and Bajaj Finance, each recognised for strong governance, steady earnings, and transparent accounting. This focus on quality ensures resilience across market cycles.
- Sectoral Diversification: The holdings are spread across key sectors, including financial services, consumer and retail, automobiles, IT, healthcare, and industrial. This balance helps reduce risk while capturing long-term growth.
- Low Churn and High Conviction: Mukherjea follows a buy-and-hold approach with minimal portfolio turnover. Each stock is backed by deep research and long-term conviction, resulting in consistent compounding of returns.
- Earnings Visibility and Cash Flow Strength: The selected companies exhibit stable earnings growth and strong free cash flows, resulting in a sustainable compounding rate of approximately 18–20% annually.
- Defensive and Scalable Mix: The blend of defensive sectors, such as healthcare and consumer stocks, with scalable sectors like finance and IT ensures steady performance even during market downturns.
Saurabh Mukherjea’s Coffee Can Investment Strategy
- Origin of the Concept: Inspired by Robert Kirby’s “Coffee Can” idea, Mukherjea adapted the strategy for the Indian market to promote long-term wealth creation through discipline and patience.
- Long-Term Holding Period: The philosophy centres around buying high-quality companies and holding them for at least 10 years, allowing compounding to deliver exponential results.
- Stringent Stock Selection: Companies must show at least 10% annual revenue and profit growth over the past decade, high ROCE (above 15%), and low leverage to qualify for inclusion.
- Emphasis on Clean Accounting: Mukherjea prioritises transparency and governance, believing that clean financial practices are crucial for sustained performance and investor trust.
- No Market Timing: This approach avoids speculation and frequent rebalancing, instead focusing on business fundamentals and long-term consistency.
Learnings from Saurabh Mukherjea’s Portfolio
- Quality Outperforms Quantity: Concentrating on a few well-managed companies delivers better long-term results than diversifying across many average-quality stocks.
- Power of Compounding: Patience and long holding periods help investors benefit from compounding, where consistent returns build exponential wealth over time.
- Consistency Matters: Businesses with predictable earnings and steady growth provide stability, even during volatile market conditions.
- Governance is Non-Negotiable: Mukherjea’s success underscores the importance of integrity, ethical management, and transparent accounting in forming the backbone of sustainable investing.
- India’s Structural Growth Opportunity: His portfolio’s exposure to consumption, finance, and manufacturing sectors aligns with India’s long-term economic expansion story.
To Wrap It Up
Saurabh Mukherjea’s portfolio exemplifies the power of disciplined long-term investing in high-quality companies with proven track records. His focused approach on consistent compounders, along with his Coffee Can Investing philosophy, offers valuable lessons for investors seeking wealth preservation and growth. However, his portfolio should not be replicated blindly, and investors should conduct thorough research and/or consult a financial advisor before investing in any stock.
Frequently Asked Questions About the Saurabh Mukherjea Portfolio
Saurabh Mukherjea is the Founder and CIO of Marcellus Investment Managers, an expert in long-term wealth creation through high-quality stocks.
He invests in consistent compounders, companies with strong fundamentals, stable earnings growth, and durable competitive advantages.
Yes, Mukherjea and his research team at Marcellus Investment Managers oversee the Consistent Compounders and Kings of Capital portfolios with a disciplined, data-driven approach.
His personal net worth is undisclosed, but he manages assets worth over ₹16,000 cr through Marcellus as of 2025.
Unlike active trading or short-term investing, the Coffee Can approach eliminates market timing and relies on holding fundamentally strong businesses through market cycles.
It’s a buy-and-hold strategy of investing in high-quality companies for the long term, minimising trading to allow compounding to build wealth.
