Porinju’s Secret Small-Cap Gems

New Delhi, February 28, 2026: In the high-stakes world of Indian small-cap investing, few names carry as much weight as Porinju Veliyath. Known as the “Small-cap Czar,” the founder of Equity Intelligence India has built a reputation for identifying “multibagger” potential in companies that the broader market often overlooks.

As of February 2026, market data reveals that Porinju has been quietly consolidating his position in two specific small-cap stocks. While the broader market indices fluctuate, these two picks—Orient Bell Ltd and Apollo Sindoori Hotels Ltd—appear to be his high-conviction “secret bets.”

1. Orient Bell Ltd: The Turnaround Play in Building Materials

Orient Bell is a veteran in the ceramic and floor tile industry. While the sector has faced headwinds due to fluctuating raw material costs, Porinju’s recent activity suggests he sees a massive “coiled spring” effect here.

The Accumulation Strategy

Publicly available shareholding patterns show a steady, “silent” increase in Porinju’s stake through his firm, Equity Intelligence India.

• The Trend: His holding moved from approximately 3.71% in late 2024 to 4.92% by the end of December 2025.
• The Value: As of late February 2026, this stake is valued at roughly ₹22 crore.

Why is he hoarding it?

Porinju’s investment philosophy often centers on “value migration.” Orient Bell is currently trading at a significant discount—over 60% below its all-time high. For a value investor, this represents a massive margin of safety. With the Indian real estate sector witnessing a structural upturn, the demand for tiles and home improvement materials is expected to surge, potentially turning this “ignored” small-cap into a top performer.

2. Apollo Sindoori Hotels Ltd: The Niche Hospitality Bet

The second stock Porinju is reportedly “hoarding” is Apollo Sindoori Hotels, a company that operates in the specialized niche of institutional catering and hospitality management.

The Aggressive Re-entry

What makes this bet “secret” or intriguing is the tactical nature of his buying. After briefly dipping below the 1% reportable threshold in late 2024, Porinju aggressively scaled back into the stock in 2025.

• The Stake: He currently holds a 2.31% stake, valued at approximately ₹7.5 crore.
• Operating Margins: A key trigger for this accumulation appears to be the company’s improving Operating Profit Margins (OPM), which climbed from 3.5% to nearly 6% over the last few quarters.

The Investment Thesis

Apollo Sindoori is not a typical “luxury hotel” play. It focuses on high-margin management services for hospitals and corporate houses. Porinju’s interest likely stems from the company’s lean balance sheet and its ability to generate high returns on capital without the massive debt typically associated with the hospitality industry.

The Porinju Method: “Buy Cheap, Hold Bold”

These two bets perfectly encapsulate Porinju Veliyath’s signature style:

1. Contrarian Thinking: He buys when the sector is out of favor (Tiles/Hospitality Management).
2. Focus on Clean Management: He gravitates toward companies with transparent governance but undervalued stock prices.
3. The Long Game: He is not deterred by short-term price corrections, often using them as “buy on dip” opportunities to increase his percentage ownership.