Ashish Kacholia Portfolio and Shareholding 2026

Ashish Kacholia is a low-profile but the ‘Silent Big Whale’ of Mumbai’s iconic ‘Juhu Beach-Arabian Sea’ (stock market). He started his Dalal Street journey as a trader and research analyst in the 1990s at Prime Securities. Later, he joined Edelweiss Securities and then founded his own broking firm, Lucky Securities, in 1995. Then he established Hungama Digital Media in 1999 along with his mentor, Late Rakesh Jhunjhunwala, for content related to the financial market & insight, a venture that thrived later in the mobile boom.

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Later, Kacholia transformed himself to value investing since 2003. He personally focused mostly on ‘hidden gems’ -small and mid-caps. He is also fondly called the ‘Whiz Kid’ of Dalal Street for his high conviction small & mid-caps hunting quietly (low profile)-often being spotted before the institutional scanner. He generally tries to combine both Fundamental & Technical analysis in his investment approach, on when to enter and when to enter. Kacholia’s personal portfolio was worth over ₹3000 crore as of late 2024. Kacholia is a media-shy, but highly watched, influential investor-prefer the performance of his portfolio to speak in real time rather than any ‘reality show’.

Kacholia focuses on extensive due diligence as a part of his stock hunting process. He ensures in-depth research of financials, management integrity, growth potential & and overall sustainability. He maintains a well-diversified portfolio with 15-45 high conviction stocks like Organic Industries, Safari Industries, and Shaily Engineering Plastics. His influential entries into any potential future ‘multibagger’ usually cause instant re-rating of that ‘unknown jewel stock’.

Kacholia's strategy emphasises early-stage investments in companies with strong fundamentals, scalable business models, and potential for multibagger returns. His holdings often reflect potential benefit from India's infrastructure push, industrial revival, and consumer-driven growth. Recent investment activity in Q4CY25 disclosure included fresh stakes in digital and engineering plays like Adcounty Media (2.89% stake) and TechEra Engineering (around 4.98%), alongside increases in Gujarat Apollo Industries (to 2.3%) and Knowledge Marine & Engineering Works (to 2.9%), while trimming positions such as Walchandnagar Industries.

As per the latest SEBI regulatory disclosure shareholdings filed, Kacholia publicly holds 81 stocks. But till Dec’25 QTR, only 49 stocks have breached the 1% stake limit, amounting to ~ ₹2400 crore. This reflects a diversified approach, with notable exposure to manufacturing, engineering, chemicals, industrials, and niche growth sectors.

Overview of Selected Stocks from Kacholia's Portfolio

Shaily Engineering Plastics Ltd: ~5.2% stake; current value ~₹470 crore (largest holding now)

• Shaily is a leading Indian manufacturer of high-precision injection-moulded plastic components, serving both local & global clients in healthcare, consumer goods, FMCG and industrial sectors. 
• Established in 1982, the company has grown into one of the world's notable players in complex moulding for MNC brands.
• Shaily’s business model involves Contract Development & Manufacturing (CDM-B2B) strategy, focusing on long-term OEM partnerships with big brands such as P&G, IKEA, GE Appliances, and Schaeffler.
• The overall business model revolves around long-term contracts with global MNCs and requires high entry barriers due to complex tooling and quality certifications (high regulations & hi-techs limiting competition)
• Strong export orientation and a focus on value-added products have driven consistent revenue growth, coupled with targeted capacity expansions to capture rising demand for specialised packaging and medical devices.
• Strong export orientation and a focus on value-added products have driven consistent revenue growth.

Beta Drugs Ltd: ~12.5% stake-valued around ~₹190 crore

• Beta Drugs Ltd. is a Himachal Pradesh-based pharmaceutical company specialising in oncology and critical care formulations. 
• It focuses more on exports of affordable generics for chronic therapies, with growing sales on the local/domestic market. 
• The business model involves in-house development of APIs and formulations, manufacturing a wide range of anti-cancer drugs (tablets, capsules, injections)
• It has diversified revenue streams from branded generics, contract manufacturing, institutional supplies, and exports.
• The emphasis is on cost efficiency through backward integration and R&D for patient-friendly products (e.g., dose flexibility, easier administration); supports accessibility in emerging markets.
• It has a unique focus on oncology generics, where regulatory approvals and quality standards create barriers for new entrants-limits fresh competition
• Beta Drugs gains cost advantages from in-house API production and low-cost manufacturing in India, enabling competitive pricing for exports.
• The company has a dedicated R&D team driving product innovation and faster market entry for complex generics.
• It has diversified channels (branded, institutional, exports)- reduces dependency on single markets and provides resilience.

Safari Industries (India) Ltd: ~1.80% stake-valued around ~₹178 crore

• Flagship ‘Safari’ brand is synonymous with the Indian travel & tourism sector.
• Safari Industries is involved in the manufacturing & trading of travel luggage & accessories in two broad categories: hard (PP/PC-in-house) & soft (fabrics-imported).
• After temporary travel disruption during COVID, Safari has now recovered and is a big beneficiary of rising domestic & international travel.
• Apart from strong brand equity in the mid-premium segment, Safari also has an extensive, robust distribution network across India, both offline/physical and online.
• It benefits from cost control from backward integration, continuous product innovation (R&D)-ensuring value/quality for reasonable pricing (affordability) and steady gain of market share.
• Over the years, Safari has established brand equity and customer loyalty in a fragmented market, often disrupted by the cheap unorganized sector.
• Its integrated operations (design to distribution) are enabling better margins and faster response to underlying changes in trends. 
• The wide distribution network and e-commerce presence are creating scale advantages over smaller unorganised players.  

Jain Resource Recycling Ltd: ~1.10% stake-valued around ~₹147 crore (relatively recent addition)

• Jain Resource Recycling (JRR) is a mid-size player in industrial non-ferrous metal scrap recycling to produce copper, aluminium, lead and other materials.
• JRR also trades in non-ferrous metals & commodities; its lead ingots are LME registered-ensuring global quality standards.
• The JRR has a robust business model that involves collection networks, processing facilities, and value-added refining to supply industries like cables, automotive, and electronics. 
• JRR benefits from India's circular economy push and raw material security (strategic) needs.
• The established supply chain and collection infrastructure are creating network effects and scale barriers for competitors.
• It has expertise in processing and refining, yielding higher recovery rates and quality consistency.
• It has alignment with ESG regulations and government incentives for recycling, deterring casual entrants; i.e. higher regulations & quality benchmark is limiting potential future competition in a meaningful way.
• It has robust domestic market demand, and coupled with that, value addition is ensuring balancing global volatility with local stability.

Knowledge Marine & Engineering Works Ltd-KMEWL: ~2.90% stake-valued around ~₹112 crore (added 0.10% stake in Q4CY25)

• KMEWL provides specialised marine services-like dredging, hydrographic surveys, and vessel operations (e.g., pilot boats, patrol vessels). 
• The Company also owns & operates marine crafts.
• It also engages in repairing, maintaining and refitting marine crafts & marine infra.
• KMEWL caters primarily to ports, government projects, and coastal infrastructure.
• The business model is project-based with long-term public & private contracts, high asset utilisation of specialised equipment, and expertise-driven execution under GOVERNMENT initiatives like Sagarmala.
• High capital and technical barriers (specialised vessels, dredging tech)-limiting potential competition
• Long-term government and port contracts are providing revenue visibility and incumbency advantages (established player)
• It has operational expertise in niche marine engineering, further limiting competition.
• KEEWL’s strategic alignment with India's port modernisation and coastal development is providing tailwinds.

Conclusion

These selections highlight Kacholia's preference for companies with durable competitive advantages, earnings compounding potential, and alignment with macro themes like industrialisation and sustainability. Kacholia’s small/midcaps portfolio reflects competitive moats, led by various structural domestic tailwinds despite cyclical global headwinds like Chaotic Trump/US policies. After a subdued 2025, India’s stock market is expected to regain its past glory in 2026, led by hopes of earnings recovery, lower borrowing costs, tax cuts, predictable trade & tariff policies (both global & local) and the recovery of rural demand, while the urban economy is also showing some signs of green shoots.

Kacholia’s portfolio is heavy in industrials and specialty chemicals, both of which are expected to benefit from ‘Make In India’, PLI and global diversification efforts under the China+1 strategy. Overall, while broader market volatility persists due to global factors, domestic small-caps with niche moats and earnings visibility could outperform, provided earnings growth sustains amid moderating inflation and lower borrowing costs.