Ashish Kacholia’s Portfolio: A Detailed 1100-Word Human-Written Analysis

Ashish Kacholia, often referred to as the “Big Whale of Midcaps,” has long held a reputation for identifying high-potential companies before they catch mainstream attention. Known for finding multibaggers in niche sectors—ranging from manufacturing and chemicals to engineering and speciality businesses—Kacholia’s portfolio is followed closely by retail investors, analysts, and fund managers. His ability to consistently spot under-the-radar opportunities makes each quarterly portfolio change worth studying.

The latest disclosures from Trendlyne and financial research platforms highlight several important updates: new additions, stake increases, strategic reductions, and changes driven by market conditions. Together, these moves offer valuable insights into Kacholia’s current priorities and market outlook.

Portfolio Value Rises Despite Market Volatility

In the most recent update, Kacholia’s disclosed portfolio witnessed a 4.7% increase in value, bringing his net worth to nearly ₹2,854.64 crore. This rise comes during a period marked by uneven performance in mid-cap and small-cap stocks—segments Kacholia is heavily invested in.

A portfolio uptick in such conditions points to strong selection within his holdings. Many of his companies operate in sectors with improving fundamentals or in industries benefiting from long-term structural growth such as manufacturing, infrastructure, defence engineering, and speciality chemicals. This resilience reflects Kacholia’s trademark approach: backing fundamentally strong businesses capable of growing through market cycles.

Fresh Buy: Significant Increase in Man Industries

One of the key highlights this quarter is his fresh and sizeable increase in Man Industries, where he raised his stake by 1.01%. Man Industries operates in the steel pipe manufacturing space and supplies to sectors like oil & gas, water infrastructure, and utilities.

The company has seen steady order inflows and improving business visibility, especially with the government focusing on expanding pipeline networks and strengthening national infrastructure. By increasing his position, Kacholia appears to be betting on rising demand for steel pipes, long-term infrastructure spending, and the company’s improving margins.

Such a decisive purchase suggests he sees significant value ahead. Kacholia often makes large moves when he identifies strong earnings visibility or a sectoral tailwind—this addition mirrors that pattern.

Trimming Exposure in Dhabriya Polywood

On the sell side, Kacholia trimmed his holdings in Dhabriya Polywood Ltd., cutting his position by about 0.88%. Dhabriya Polywood, which manufactures PVC and WPC-based building materials, has witnessed volatility due to fluctuating raw material prices and demand pressures in the real estate supply chain.

The reduction appears strategic rather than a complete shift away from the company. Kacholia typically trims positions to rebalance weightages, control risk, or redirect capital toward higher-conviction opportunities. Given that he has not exited the company entirely, it suggests he still sees potential but prefers a reduced exposure given market conditions.

Aggressive Buying During the March Quarter Selloff

A standout aspect of his recent behaviour is his willingness to buy aggressively during market corrections. During the March-quarter selloff—a period when broader markets dipped and small caps faced pressure—Ashish Kacholia added nine new companies to his portfolio.

The new additions included:

• DU Digital Global
• Infinium Pharmachem
• C2C Advanced Systems
• BEW Engineering
• and several others across manufacturing, technology, and industrial services.

This aggressive buying reflects a classic Kacholia trait: using periods of panic to accumulate fundamentally solid companies at favourable valuations. Unlike investors who wait for clearer trends, Kacholia often steps in early when prices are depressed but business fundamentals remain strong.

His selection during the selloff also shows his preference for smaller companies with scalable business models. Most of these names operate in industries benefiting from long-term structural growth such as digital services, pharmaceutical intermediates, and precision engineering.

Increasing Stakes in Existing High-Conviction Stocks

Along with nine fresh additions, Kacholia also increased his holdings in five of his existing companies during the same downturn. This signals two key aspects of his strategy:

1. High conviction during volatility — He does not hesitate to add more to quality companies even when markets are falling.
2. Long-term focus — Temporary declines do not deter him from strengthening positions in fundamentally strong businesses.

For Kacholia, market dips are not periods of fear but opportunities to deepen exposure to his best ideas. This is a hallmark of many successful investors.

Portfolio Reshuffle in the September 2025 Quarter

In another important update, Kacholia reshuffled his ₹2,675 crore portfolio during the September 2025 quarter. This reshuffle included both new entries and stake reductions.

He added four new companies, signalling new strategic bets:

• V-Marc India
• Pratham EPC Projects
• Jain Resource Recycling
• Vasa Denticity

These companies operate in diverse sectors such as electrical cables, EPC contracting, recycling solutions, and dental consumables. The combination shows Kacholia’s ability to diversify across industries while still maintaining a focus on niche, rapidly expanding business models.

At the same time, he trimmed his stakes in:

• Xpro India
• Brand Concepts
• Dhabriya Polywood

The reductions suggest careful rebalancing and profit booking after significant past gains, especially in companies that saw rapid appreciation. Kacholia often fine-tunes his portfolio to maintain an optimal mix between growth potential and valuation comfort.

What the Latest Moves Reveal About His Strategy

When viewed together, Kacholia’s recent activities reveal several important aspects of his investment philosophy:

1. Continued preference for mid-caps and small caps
He remains focused on companies that have large addressable markets and room for multi-year compounding.

2. Aggressive buying during corrections
Market panic does not deter him; he uses downturns to accumulate promising stocks cheaply.

3. Strategic trimming but not abrupt exits
Reductions in holdings like Dhabriya Polywood are calculated and based on valuation or rotation needs rather than sudden loss of conviction.

4. Sectoral diversification
New additions span manufacturing, engineering, recycling, digital, financial services, and speciality chemicals.

5. Focus on long-term structural themes
Most additions are aligned with India’s broader growth story—manufacturing expansion, digital adoption, infrastructure spending, and supply-chain modernisation.

Conclusion

Ashish Kacholia’s latest portfolio activities reflect his dynamic and research-driven style. Whether it’s adding high-potential new companies, increasing stakes in existing winners, or trimming overvalued positions, each move is methodical and conviction-led. His portfolio’s rise to nearly ₹2,854 crore demonstrates not just market recovery but the strength of his carefully chosen holdings.

By adding companies across multiple sectors, boosting exposure during downturns, and resetting weights where required, Kacholia showcases a disciplined approach to long-term investing. His portfolio remains a masterclass in identifying niche opportunities poised for growth in the Indian economy.