Dolly Khanna Portfolio: Rain Industries Comeback and a Trimmed Chennai Petroleum Stake

The Dolly Khanna portfolio is watched closely each quarter because her disclosed stakes in small and mid-sized companies often draw buying interest once the shareholding pattern is filed. The September-quarter filings brought two changes that matter: a reported return to Rain Industries, a producer of calcined petroleum coke, coal tar pitch and cement, and a smaller position in the state-linked refiner CPCL.

This article on the Dolly Khanna portfolio sets out what is confirmed and what is not, how both stocks stand on price and valuation, what Rain Industries reported for the June quarter of 2026, and what to check before treating any disclosed stake as a signal. It is educational and not a recommendation to buy or sell any share.

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Dolly Khanna Portfolio: What Changed in the September Quarter

Dolly Khanna portfolio: stock	Reported change in the Dolly Khanna portfolio	Status of the data
Rain Industries	Reported as a return to the Dolly Khanna portfolio; the stake was 1.05% (35.36 lakh shares) in March 2026 and below the 1% disclosure level by June	Stake size for September not confirmed by me
Chennai Petroleum (CPCL)	Holding cut by 3.85 lakh shares to 15,13,689 shares (1.02%) from 18,98,724 shares at 30 Jun 2026	Reported by Business Today on 8 Oct 2026
CPCL earlier stake in the Dolly Khanna portfolio	About 1.3% in March 2026	Reported by Whalesbook on 4 May 2026
Value of the CPCL stake in the Dolly Khanna portfolio	About Rs 235 crore at the time of the report	Reported figure

A shareholding pattern only lists holders above 1% of a company, so a stake can fall below that level and vanish from the filing without the investor having sold everything. That is why a comeback in Rain Industries cannot be sized from the headline alone, and it is why the Dolly Khanna portfolio should be checked against the actual filing on the exchange website.

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Rain Industries Share Price and Business Check

Dolly Khanna portfolio: Rain Industries measure	Reading on 21 Oct 2026
Close of the Rain Industries share price	Rs 211.07, down 5.81% on the day
Rain Industries share price move in 2026	Up about 43.4% from Rs 146.72 (my calculation)
2026 range of the Rain Industries share price	Rs 102.50 to Rs 252.00
Dolly Khanna portfolio: market capitalisation	About Rs 7,538 crore
Trailing P/E and industry P/E	11.30 against 36.19
Price to book and return on equity	0.94 and 6.72%
Debt to equity and dividend yield	1.35 and 0.45%
14-day RSI and 50-day average	47.1 and Rs 211.43

Rain Industries reported results for the June quarter of 2026 on 7 Aug 2026, according to a DSIJ report. Revenue rose 17.4% to Rs 5,167.2 crore, adjusted EBITDA rose 60.9% to Rs 993.5 crore at an EBITDA margin of 19.2%, and adjusted profit after tax rose 540% to Rs 317.3 crore, with earnings per share of Rs 9.43. The board declared an interim dividend of Rs 1 per share, and net debt to EBITDA was 2.77 times with liquidity of $313 million. The jump in profit comes off a very low base, so the percentage gain says less than the absolute figures (my reading).

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Risk: Rain Industries fell 5.81% on the day of the headline, and its price to book of 0.94 sits beside net debt of 2.77 times EBITDA, so a low multiple here reflects both cyclical earnings and a heavy balance sheet.

CPCL Share Price After the Trim in the Dolly Khanna Portfolio

Dolly Khanna portfolio: CPCL measure	Reading on 21 Oct 2026
Close of the CPCL share price	Rs 1,438.40, up 0.42%
CPCL share price move in 2026	Up about 69.2% from Rs 846.55 (my calculation)
2026 range of the CPCL share price	Rs 765.50 to Rs 1,677.50, with the high on 11 Sep
Dolly Khanna portfolio: market capitalisation	About Rs 21,320 crore
Trailing P/E and industry P/E	5.11 against 15.41
Price to book and return on equity	1.92 and 27.93%
Dividend yield and debt to equity	4.33% and 0.18%
14-day RSI and 50-day average	49.7 and Rs 1,425.42

The trim in CPCL came after a gain of about 69% for the stock in 2026 (my calculation), so a part sale could simply be profit booking on a refinery that now trades near its 50-day average. The CPCL numbers look strong on trailing earnings, with a P/E of 5.11 and a return on equity of 27.93%, but refinery profits move with crude prices and product margins. I did not find a statement from the investor on why she sold, and none is expected, so any reason is a guess.

Risk: Refining earnings swing with margins, so a low P/E of 5.11 can reflect peak profits and not a bargain.

How to Read the Dolly Khanna Portfolio Without Copying It

Dolly Khanna portfolio: check	Why it matters
Filing date	Holdings are as of the quarter end, so the stock may have moved well before the news
The 1% threshold	Stakes below 1% do not appear, so absence is not proof of a full exit
Price move since the quarter end	A late buyer pays a different price from the investor
Business quality	Rain depends on petroleum coke and carbon markets; CPCL depends on refining margins
Your own risk limit	A disclosed stake is not advice and carries no guarantee

The Dolly Khanna portfolio is a record of past buying, not a forecast. By the time a filing is public the stock has often moved, as the 5.81% fall in Rain on the day of the headline shows. Use the stake as one input next to results, valuation and your own plan.

What to Watch Next for the Dolly Khanna Portfolio

1. The exact Rain Industries stake in the September-quarter shareholding pattern on the exchange website
2. Whether the Rain Industries share price holds near its 50-day average of Rs 211.43
3. Rain Industries results for the September quarter of 2026 and the margin trend
4. Whether CPCL holds its 50-day average near Rs 1,425.42 after the stake cut
5. The next quarterly filing for further changes in the Dolly Khanna portfolio

Conclusion

The Dolly Khanna portfolio shows a reported return to Rain Industries and a smaller CPCL stake of 1.02%, but the Rain stake is unconfirmed and a trim is not a verdict on a stock. Rain trades at 11.30 times earnings after a strong June quarter and a 5.81% fall, while CPCL trades at 5.11 times earnings after a 69% rise in 2026. Read the filings, check the balance sheets and size any position to your own risk.

Frequently Asked Questions

What changed in the Dolly Khanna portfolio on 21 Oct 2026?

Ans. The reports say she is back in Rain Industries and has trimmed Chennai Petroleum (CPCL). The CPCL cut is confirmed by an earlier report as 3.85 lakh shares, taking her holding to 15,13,689 shares or 1.02%. I could not read the source on Rain, so I cannot confirm the size of that stake.

How much of CPCL is in the Dolly Khanna portfolio now?

Ans. Business Today reported a holding of 15,13,689 shares, or 1.02% of CPCL, at the end of the September quarter. It was 18,98,724 shares at 30 Jun 2026, and about 1.3% in March 2026 per Whalesbook.

Is Dolly Khanna back in Rain Industries, and what does the Dolly Khanna portfolio show?

Ans. That is what the headline says, and the stake was 1.05% in March 2026 before dropping below the 1% disclosure level by June. I could not confirm the new stake size, so check the shareholding pattern on the exchange website before relying on it.

What did Rain Industries report for the June quarter of 2026 that matters for the Dolly Khanna portfolio?

Ans. Revenue rose 17.4% to Rs 5,167.2 crore, adjusted EBITDA rose 60.9% to Rs 993.5 crore and adjusted profit after tax rose 540% to Rs 317.3 crore. The board declared an interim dividend of Rs 1. The profit jump is off a low base, so it should be read with the absolute numbers.

Why did Rain Industries fall after the Dolly Khanna portfolio news on 21 Oct 2026?

Ans. The Rain Industries share price closed at Rs 211.07, down 5.81%. I found no company announcement or report that explains the fall, so I treat the reason as unconfirmed. The comeback news did not stop the decline on the day.

Is the CPCL share price expensive after the trim?

Ans. On trailing numbers it does not look expensive, with a P/E of 5.11 against an industry P/E of 15.41 and a dividend yield of 4.33%. But the CPCL share price is up about 69% in 2026 and refining earnings swing with margins, so a low P/E is not proof of value.

Should I copy the Dolly Khanna portfolio?

Ans. Copying a disclosed stake is risky because filings reflect holdings at quarter end and the price may have moved since. Her entry price and plan are not public, so use the data as research input only and decide on your own risk limit.

Is this article investment advice?

Ans. No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.