Dolly Khanna Diversifies Her Portfolio into Refining, Agrochem, and Commodities with 3 New Stocks

Synopsis: A veteran investor has quietly added three new bets to her portfolio, placing big chips on refining, agrochemicals, and commodities – a trio that reads like a macro thesis in the making.

One of India’s most-watched retail investors has made a decisive move, entering three distinct sectors in a single portfolio update. The picks span an oil refinery play, an agrochemical exporter, and a commodity-linked business – together signalling a calculated shift in focus toward cyclical and export-driven opportunities.

A Refinery Bet That Stands Out

The largest allocation of the three goes to Chennai Petroleum Corporation Ltd, where Dolly Khanna has picked up a 1.3% stake worth ₹208 crore. CPCL is a public sector oil refiner based in Tamil Nadu with a refining capacity of about 10.5 million metric tonnes per annum. The company operates under the parentage of Indian Oil Corporation, giving it strategic backing and access to crude supply arrangements that smaller independent refiners cannot match.

The bet comes at a time when domestic refining margins have been under pressure, suggesting Khanna may be positioning early for a recovery cycle. CPCL also has ongoing capacity expansion plans in the pipeline, which could re-rate the stock once execution visibility improves. For retail investors tracking this development, this is clearly the heaviest conviction call in the latest portfolio update – nearly double the rupee value of either of the other two additions.

Agrochemical Exports in the Crosshairs

Khanna’s second addition is Sharda Cropchem Ltd, with a 1.1% stake worth ₹110.2crore. Sharda is a specialty agrochemical company that sells generic crop protection products across regulated markets in Europe, North America, and Latin America. What sets it apart from most Indian agrochem peers is its asset-light model – the company outsources manufacturing entirely and focuses its energy on securing product registrations in high-value export markets, a process that takes years but creates strong entry barriers once complete.

This model generates high operating leverage when global agrochemical demand recovers. The global agrochem cycle has been through a prolonged destocking phase over the past two years, with distributors across key markets running down inventory rather than placing fresh orders. With early signs of restocking now emerging, Khanna’s entry into Sharda appears timed to capture the demand upcycle before it fully reflects in earnings.

Rain Industries and the Commodity Angle

The third pick is Rain Industries Ltd, where a 1.1% stake worth ₹50.7 crore has been accumulated. Rain operates across three business segments – Carbon, Advanced Materials, and Cement. Its Carbon segment converts by-products of oil refining and steel production into high-value carbon-based materials that serve as critical inputs for the aluminium, graphite, and carbon black industries. The company has a diversified global footprint with long-standing relationships across both raw material suppliers and end customers.

Rain’s business has been on a recovery path, with revenue and adjusted EBITDA improving sharply on a year-on-year basis in the most recent quarter, and the company returning to profitability after losses in the prior year. The global aluminium market continues to expand with low inventories – a direct tailwind for Rain’s core Carbon segment. With no major debt maturities until October 2028, the company has a stable runway ahead.

Three Sectors, One Macro Theme

Taken together, the three additions reveal a clear thread: cyclical businesses that have underperformed during a down-cycle and now sit at valuations a patient investor finds attractive. Refining, agrochem exports, and carbon commodities are all sensitive to global demand, raw material costs, and trade flows – and all three have seen muted investor interest in recent quarters. Khanna’s move across this trio in a single portfolio cycle suggests a deliberate macro rotation, not opportunistic stock-picking.

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