Sunil Singhania Invests ₹59 Crore in Paramount Communications and Glass Wall Systems
The Sunil Singhania portfolio gained two new positions this year that did not appear in the usual quarterly shareholding filings straight away. Funds linked to the Abakkus Asset Manager founder invested ₹50 crore in Delhi-based cable maker Paramount Communications through a preferential allotment at ₹42 per share in July 2026, and about ₹9 crore in façade maker Glass Wall Systems at the ₹182 IPO anchor price in September. The source values the two holdings at about ₹66 crore and ₹13 crore as of the October 9, 2026 close.
Sunil Singhania Portfolio: The Two Entries
The table below summarises the two entries as reported. Both prices were fixed before ordinary buyers could trade at them.
| Company | Route | Amount | Entry price | Price on Oct 9 close |
|---|---|---|---|---|
| Paramount Communications | Preferential allotment, July 1, 2026 | ₹50 crore | ₹42 | ₹55.85 |
| Glass Wall Systems | IPO anchor allocation, September 7, 2026 | About ₹9 crore | ₹182 | ₹268 |
On the source's figures the two positions together were worth about ₹79 crore against ₹59 crore invested, a paper gain of about ₹20 crore in a little over three months. A paper gain is not a measure of valuation, and both companies carry risks.
Paramount Communications: Preferential Allotment After a Tariff Slump
Paramount Communications makes power cables, railway and telecom cables, building wires and specialised products such as solar and fire-survival cables, from plants in Rajasthan and Haryana. Its market cap was ₹1,828 crore. The company had built a US business, with exports at 43% of revenue in the first half of FY26.
US tariffs on Indian goods reached 50% in August 2025, and by the second half of FY26 exports had fallen to 16% of revenue. The stock slid from about ₹60 in July 2025 to roughly ₹31 by late March 2026. The US Supreme Court struck down the IEEPA tariffs on February 20, 2026, and exports recovered to ₹155 crore, about 29% of revenue, in the June 2026 quarter. Management expects ₹700 crore to ₹800 crore of exports in FY27.
Abakkus Diversified Alpha Fund and Abakkus Diversified Alpha Fund-2 were allotted 1,19,04,761 shares at ₹42, a 3.64% stake. The price follows SEBI's formula, which looks back at earlier weeks of trading and so largely captured the slump. The company last raised outside money in January 2024 at ₹66.50 a share, so ₹42 is about 37% lower. Promoters also took 72 lakh warrants at ₹42, worth ₹30.24 crore. Their stake fell to 45.88% only because the new shares diluted it.
| Indicator | Reading | Signal |
|---|---|---|
| Operating margin, FY26 | 3.5% | Down from 7.8% in FY25 |
| Other income, FY26 | ₹51 crore | Includes ₹13.91 crore one-time key-man insurance payout |
| June 2026 quarter sales | ₹529 crore | +17% |
| June 2026 quarter operating profit | About ₹35 crore | More than doubled; margin about 7% |
| Order book | ₹615 crore | - |
| Operating cash flow, FY26 | -₹38 crore | Negative |
| Borrowings | ₹123 crore | Up from ₹33 crore |
| PE | 30x | Industry median about 27x |
Part of the fresh capital goes into a ₹300 crore plant in Madhya Pradesh, due to start partly in the June 2027 quarter. The share price was around ₹12.45 in October 2021 and ₹55.85 on October 9, 2026, a gain of about 350%, but still about half of its January 2024 peak of about ₹112. Return on equity was 8%, and the company has paid no dividend in over a decade. The export recovery depends on US trade policy.
Glass Wall Systems: IPO Anchor Entry Below the 1% Line
Glass Wall Systems designs, makes and installs building façades for clients in India, the US and Australia, and had completed more than 158 projects by March 2026. It listed on September 16, 2026 with a market cap of ₹2,353 crore. The ₹428 crore IPO, mostly an offer for sale, was subscribed 81.65 times. Abakkus Growth Fund took 4,94,542 shares for about ₹9 crore on September 7. Bengal Finance & Investment took 5,31,852 shares for ₹9.68 crore.
Abakkus's holding is about 0.56% of the company, below the 1% level that triggers a named entry in shareholding filings, so the stake is unlikely to appear on most super investor trackers.
| Indicator | Reading | Signal |
|---|---|---|
| FY26 sales growth | +64% | After a dip in FY25 |
| Debt | ₹7 crore | Low |
| ROCE | 50% | High |
| Operating margin | Above 20% | - |
| First listed quarter revenue | ₹107 crore | +35% |
| First listed quarter net profit | ₹17 crore | Down from ₹19 crore |
| Operating margin in the quarter | 21% | Down from 27% |
| Order book at July 31 | ₹981 crore | About twice FY26 revenue |
| PE | 29x | Industry median about 19x |
Management guides for about 25% revenue growth in FY27 and a 23% to 25% operating margin, helped by an ₹80 crore glass processing unit partly funded by the IPO. The stock listed at ₹194, closed as high as about ₹309 on September 22, when the company told exchanges the move was market-driven, and ended at ₹268 on October 9, 47% above the anchor price. Early trading was speculative, with only 7% to 17% of daily volume going to delivery. Independent director Prakash Bagla resigned on September 18.
What to Watch
Half of Glass Wall's anchor shares left their 30-day lock-in in the second week of October, and the rest unlock in December. The source says the December quarter results should show whether Paramount's June margin repair holds as exports rebuild, and whether Glass Wall converts its order book into profit at the guided margins.
