The last couple of quarters weren’t the best for the Indian stock markets, when it comes to foreign money staying with them. Between September 2024 and March 2025, FIIs moved their money out of Indian stocks like it was a flash sale. Now, moved out will however be putting it nicely, as it was an exodus if you will.

FIIs moved billions of dollars out leaving the markets bleeding behind, making this one of the biggest outflows in recent times. This outflow was comparable to the major outflows during major global disruptions like the 2008-09 financial sector massacre. Or like when the pandemic-related uncertainty in early 2020 triggered a huge $10.6 billion exodus in just about three months.

But amidst all this, FIIs recently invested in some stocks, which are also held by the Warren Buffetts of India. Is there a trend or an opportunity the average investor is missing out on? Let us try to find out…

Incorporated in 1985 as Vasu Preservatives Private Limited, Yasho Industries Ltd is a manufacturer of specialty chemicals, food antioxidants, aroma chemicals, rubber accelerators and lubricant additives. It has a wide geographical presence with exports to Europe, America, Middle East and Asia.

With a market cap of Rs 2,164 cr, Yasho Industries Ltd has an impressive clientele that includes Dabur, Continental, Hindustan Petroleum, Balmer Lawrie, Indian Oil, Apollo Tyres, CEAT, Adani Wilmar, Keva, Kemin, JK Tyre, MRF etc.

The FII holding of Yasho Industries went from 1.41% as of the quarter ending December 2024 to 7.24% as of the quarter ending March 2025. That’s a big jump in a single quarter.

On the other hand, one of India’s Warren Buffett, Ashish Kacholia has held a stake in the company from at least November 2021 as per trnedlyne.com. He currently holds 3.94% stake in the company worth Rs 85 cr.

The company’s sales have grown at a compound rate of 18% from Rs 297 cr in FY20 to Rs 673 cr in FY25.

The EBITDA (earnings before interest, taxes, depreciation, and amortization) for Yasho Industries has gone from Rs 40 cr in FY20 to Rs 108 cr in FY25, logging in a compound growth of about 22%.

The net profits however have taken a beating in the latest results.

The share price of Yasho Industries was around Rs 126 in May 2020 and as on 13^th May 2025, it is Rs 1,795 which is a 1,325% jump in just 5 years.

If one had invested just 1 lac in the company 5 years back, it would today be over Rs 14,00,000.

At the current price, the stock is trading at a discount of 26% from its all-time high price of Rs 2,427.

The company’s share is trading at a current PE of a huge 360x, while the industry median is 29x. The 10-year median PE for Yasho Industries is however 31x, while the industry median for the same period is 24x.

According to the latest investor presentation, the company expects to increase revenue by 40-50% in FY 26 based on increased capacity utilization of their Pakhajan facility. Plus, their US warehouse has become operational in March 2025 which will place them at a better position to service the US market.

Incorporated in 1988 as ‘Parmarth Financial Consultants Private Limited’, the Company’s name was changed to Tibrewal Global Finance Private Limited in 1995. Its status converted into a Public Limited Company and was renamed as M3 Global Finance Limited in and name changed to Niyogin Fintech Ltd in 2017.

With a market cap of Rs 574 cr, Niyogin Fintech Ltdis a fintech company and a registered NBFC. The Co. provides a digital platform that enables access to relevant services & products for MSMEs providing financial inclusion, credit, investments and SAAS services.

The FII holding of Niyogin Fintech grew from 14.08% as of the quarter ending December 2024 to 19.40% as of the quarter ending March 2025.

Another Warren Buffett of India, Madhusudan Kela has held a stake in the company from September 2023 as per trnedlyne.com. He currently holds 4.5% stake in the company worth Rs 25 cr.

As for the financials, the company’s sales have jumped from Rs 28 cr in FY20 to Rs 196 cr in FY24 which is a compound growth of 62% in 4 years.

EBITDA seems like an area of concern as the company hasn’t logged in any operating profit in the last few years.

FY	FY20	FY21	FY22	FY23	FY24
EBITDA (Rs Cr)	-20	-2	-5	-28	-15

he net profits also are on the same track as EBITDA, as the company is still to log in a profit.

FY	FY20	FY21	FY22	FY23	FY24
Net Profit (Rs Cr)	-25	-7	-8	-28	-25

Niyogin Fintech’s share price was around Rs 25 in May 2020 which has grown to its current price of Rs 52 (As on 13^th May 2025). This is a jump of around 108%.

At the current price the company’s share is trading at a discount of 70% from its all-time high price

The company is currently operating at a loss, resulting in a negative price-to-earnings (P/E) ratio. As a result, it is not available on Screener or Trendlyne. The current industry median is however 22x.

The company is strategically focusing on AI to grow them into monetizable AI assets with standalone revenue streams. It will implement AI in customer acquisition and on-boarding, compliance and risk assessment and customer servicing.

When investors like Ashish Kacholia and Madhusudan Kela are invested in any stock, investors keep a very vigilant eye on them to see if they too can cash in on the opportunity that these Warren Buffetts of India are seeing in them. So, when FIIs who are known for their thorough research and stringent checks also buy a stake in such stocks, it makes it an activity on the “To-Do” list to follow these stocks.

Although both the stocks we saw today are struggling when it comes to profits, their sales numbers are on the upward trend in the past 5 years. Add to the mix that FIIs and the Warren Buffetts of India are showing keen interest in them means there is probably some signals the average investor is missing.

Whether to buy or not is an individual decision, but to have these stocks in the watchlist sounds like an easier and possibly a profitable decision for the future.

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.