Gymkhana Partners

• Q3 2026 Update ↗ Gymkhana trimmed Panama Petrochem, Alivus Life Sciences and Gala Precision after price rallies outstripped fundamentals, and exited several lower-conviction positions. It added Medi Assist, Supriya Lifescience, Ultramarine and discounted holding companies. The firm argues that small-cap research and governance diligence identify faster-growing businesses at lower valuations than India’s benchmarks. Q3 2026 —
• Q2 2026 Update ↗ Gymkhana exited RPSG Ventures, trimmed several stocks after rallies outpaced fundamentals, and redirected proceeds toward Indegene, Medi Assist Healthcare Services, Finolex Industries, Ultramarine and Pigments, and new position Elgi Equipments. The firm remains fully invested, arguing that Indian portfolio companies combine discounted valuations with faster earnings growth and stand to benefit from India’s reforms and AI adoption. Q2 2026 —

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