Overview of Ashish Kacholia’s Investment Strategy
Who is Ashish Kacholia?
Ashish Kacholia is often referred to as the “Big Whale of Dalal Street” for a reason. He began in the early 1990s with Prime Securities, moved to Edelweiss, and later established his own broking and investment firm, Lucky Securities, in the mid-1990s. He co-founded Hungama Digital with Rakesh Jhunjhunwala in 1999, then slowly built a personal portfolio that turned early bets in names like Atul Auto, Eicher Motors, and Mayur Uniquoters into powerful wealth creators.
Investment Philosophy and Stock-Picking Approach
Kacholia focuses on businesses that sit slightly under the mainstream radar. He prefers small-cap and mid-cap companies with strong earnings potential and clean balance sheets.
Key Sectors in Focus
- Manufacturing and engineering
- Chemicals and specialty materials
- Pharma and healthcare
- Consumer goods and lifestyle brands
- Infrastructure and related services
Latest Portfolio Holdings (As of September 2025)
As per corporate shareholding disclosures and data available on platforms like Trendlyne and Smallcase, Ashish Kacholia Portfolio publicly holds about 48 listed stocks with an equity portfolio value in the ₹2,800–₹2,900 crore range in the second half of 2025.
Top 10 Stocks in Ashish Kacholia’s Portfolio
Based on holding value as of August 7, 2025, the largest positions held by Kacholia are:
- Shaily Engineering Plastics Ltd – Precision plastic components for global auto, electronics, and appliance brands; holding value around ₹398 crore.
- Beta Drugs Ltd – Oncology-focused pharma company with strong export profile; value above ₹210 crore.
- Safari Industries (India) Ltd – Luggage and travel accessories brand; holding value near ₹188 crore.
- Acutaas Chemicals Ltd – Specialty chemicals player for textiles, agri, and pharma use; value around ₹126 crore.
- Balu Forge Industries Ltd – Forged and machined components supplier for auto, aerospace, and industrial clients; value above ₹115 crore.
- Zaggle Prepaid Ocean Services Ltd – Fintech and spend-management platform; holding value around ₹113 crore.
- Xpro India Ltd – Advanced polymer films and packaging materials player; value above ₹105 crore.
- Yasho Industries Ltd – Specialty chemicals maker with exports; holding value near ₹86 crore.
- Carysil Ltd – Premium kitchen sinks and built-in appliances; value above ₹82 crore.
- Fineotex Chemical Ltd – Textile and specialty chemicals brand; value around ₹78 crore.
Recent Additions and Exits
- Stake increases in Aeroflex Industries, Tanfac Industries, and Agarwal Industrial Corporation, each by a small percentage, signaling higher conviction.
- Fresh allocation to Gujarat Apollo Industries in 2025, highlighted in news reports and portfolio trackers.
- Stake trims across names such as Shaily Engineering Plastics, Safari Industries, Acutaas Chemicals, Balu Forge, Zaggle, Yasho Industries, and Carysil, based on year-on-year holding comparisons on Smallcase.
Portfolio Allocation by Sector
Sector-wise view of Ashish Kacholia portfolio tilted toward:
- Manufacturing and engineering components
- Chemicals and specialty materials
- Pharma and healthcare names
- Consumer-facing brands in luggage, home products, and lifestyle
- Select services and infra-linked plays
This spread balances domestic demand stories with export-oriented businesses.
Small-Cap and Mid-Cap Bets
Most of these holdings sit in the small-cap and mid-cap segments by market cap. That provides more room for earnings growth.
Performance Analysis of Ashish Kacholia’s Portfolio
Year-on-Year Portfolio Growth
A comparative analysis by TradeBrains tracks Kacholia’s disclosed equity net worth over recent years:
- Around ₹394 crore in March 2020.
- Around ₹1,941 crore by December 2021 after a powerful small-cap rally.
- Around ₹1,657 crore in March 2023, during a softer phase for mid-caps.
- Around ₹3,499 crore by September 2024.
- Around ₹2,478 crore in March 2025, followed by a climb to roughly ₹2,855 crore by late 2025.
Comparison with Benchmark Indices (Nifty, Sensex)
His portfolio value grew multiple times between 2020 and 2024, while Nifty and Sensex delivered solid yet more moderate gains during the same period.
Notable Multi-Bagger Stocks from His Investments
Several names in his past and current book have delivered multi-bagger returns over three-year windows:
- Shaily Engineering Plastics – around 300 percent over three years.
- Beta Drugs – more than 120 percent over three years.
- Balu Forge Industries – more than 100 percent over three years.
- Older picks like Eicher Motors and Atul Auto gained cult status among early investors.
Changes in Shareholding Pattern (2024–2025)
Companies Where Stake Increased
Between mid-2024 and mid-2025, Smallcase data highlights a few steady bumps in stake:
- Aeroflex Industries Ltd – marginal increase in share percentage.
- Tanfac Industries Ltd – higher stake, reflecting confidence in specialty chemicals.
- Agarwal Industrial Corporation Ltd – incremental addition tied to bitumen and infra spending themes.
- Addition of Gujarat Apollo Industries, an equipment and road-construction play.
Companies Where Stake Reduced or Exited
The same period shows stake reductions in:
- Shaily Engineering Plastics
- Safari Industries (India)
- Acutaas Chemicals
- Balu Forge Industries
- Zaggle Prepaid Ocean Services
- Yasho Industries
- Carysil, Fineotex, Awfis Space Solutions, Man Industries, NIIT Learning Systems, Vasa Denticity, Stove Kraft, and Walchandnagar Industries
Insider Activity and Market Impact
Every move in Kacholia’s holdings tends to attract trader interest, especially in thinly traded small-caps. Coverage in Economic Times, Mint, and other outlets regularly tracks quarterly stake changes and links them with sharp price action in stocks like Jain Resource Recycling and Gujarat Apollo.
Sector-Wise Exposure and Themes
Manufacturing and Engineering Stocks
Manufacturing sits at the core of his portfolio. Names like Balu Forge Industries, Shaily Engineering Plastics, Xpro India, and Agarwal Industrial Corporation showcase this tilt toward India’s engineering and industrial story.
Technology and Digital Businesses
Alongside industrials, he holds positions in tech-linked and digital-first platforms such as Zaggle Prepaid Ocean Services, Awfis Space Solutions, and NIIT Learning Systems.
Healthcare and Pharma Holdings
On the healthcare side, Beta Drugs, Infinium Pharmachem, Bharat Parenterals, and other pharma-related names show his confidence with niche healthcare plays that scale quietly.
How to Track Ashish Kacholia’s Portfolio Updates
Sources for Portfolio Data (BSE, NSE Filings, Trendlyne, etc.)
For any investor who wants to follow Kacholia’s moves, a few reliable sources stand out:
- BSE and NSE bulk/block deal and shareholding pattern disclosures for official numbers.
- Trendlyne for quarter-wise portfolio value, holding count, and net-worth charts.
- Smallcase, 5paisa, Bajaj Finserv, and similar research platforms for curated tables and top-holding views.
Quarterly Shareholding Pattern Reports
Listed companies publish:
- Shareholding pattern every quarter (usually under “Investor Relations” and on stock exchange websites).
- Bulk and block deal disclosures whenever share movements cross reporting thresholds.
Tools for Portfolio Analysis
Investors who want to study his style in detail often:
- Export holdings from platforms like Smallcase or Trendlyne into spreadsheets.
- Map each stock to sector, market cap band, and revenue source.
- Track multi-year price charts to see how early he entered each sector.
Key Learnings from Ashish Kacholia’s Investment Style
Long-Term Vision and Patience
His portfolio history sends one clear message: Serious gains come when capital stays put through full business cycles.
Focus on High-Growth Businesses
Across chemicals, manufacturing, healthcare, and specialty services, his preference stays anchored on high-growth businesses with:
- Strong margin profiles
- Capacity expansion plans
- Leadership in niche categories
Diversification and Risk Management
Even though the portfolio leans toward small- and mid-cap names, it stays diversified across sectors and business models.
That gives:
- Reduced exposure to any single industry shock
- Multiple independent growth engines inside the same portfolio
Conclusion: What Investors Can Learn from Ashish Kacholia’s Portfolio
Ashish Kacholia portfolio paints a clear picture of how a disciplined, research-heavy approach can scale over decades. Public data shows around 48 holdings across manufacturing, chemicals, healthcare, consumer, and digital businesses, with portfolio value in the mid-₹2,000-crore range by late 2025.
FAQs on Ashish Kacholia Portfolio and Shareholding
Q. Who is Ashish Kacholia, and why is his portfolio tracked?
Ashish Kacholia is a Mumbai-based investor and founder of Lucky Securities. He is often referred to as the “Big Whale of Dalal Street” for his successful small- and mid-cap bets.
Q. How often is Ashish Kacholia’s portfolio updated?
Exchange shareholding data updates every quarter, and platforms such as Trendlyne and Smallcase refresh their dashboards soon after new filings go live.
Q. What are some of the top-performing stocks in his portfolio?
Names such as Shaily Engineering Plastics, Beta Drugs, Balu Forge Industries, Goldiam International, and D-Link (India) have delivered returns of more than 100 percent over three-year periods.
Q. Does Ashish Kacholia invest only in small and mid-cap stocks?
Ashish Kacholia portfolio tilts heavily toward small- and mid-cap companies, yet it also includes select larger names in chemicals, consumer, and utilities sectors where he sees strong growth potential.
Q. Where can I find the latest shareholding data of Ashish Kacholia?
Investors can check the BSE and NSE shareholding pattern sections, as well as curated views on platforms like Trendlyne, Smallcase, 5paisa, and Bajaj Finserv, for the most recent public holdings.
Q. Has his investment strategy changed in recent years?
Recent years show the same core playbook: small- and mid-cap focus, sector diversification, and a hunt for under-researched growth businesses.
