2 Ashish Kacholia multibagger stocks to watch out for in 2025 – Stock Insights News

Ashish Kacholia, called the Big Whale of the Indian stock markets, is not an unknown name. Kacholia started out with Prime Securities and later joined Edelweiss before incorporating his own broking firm, Lucky Securities in 1995. He also co-founded Hungama Digital with Rakesh Jhunjhunwala in 1999 and started building his own portfolio from 2003. 

Known and followed widely for his expertise in finding multibaggers in their early stages, Kacholia holds 49 stocks in his portfolio worth almost Rs 2,760 cr. Given the performance and record of the stocks he has bought and held, no wonder he is also known as one of India’s Warren Buffetts.

Currently two of his picks, which have demonstrated capability to be the next possible multibaggers, have hit a bump in the profits. Now, is this a temporary set back thereby potentially creating an opening to get in? Or is it a turn for the worse?

Like Warren Buffett says, “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price”. Will these two Kacholia holdings be the “Wonderful” companies Buffett speaks about?

Putting a Smile on India – Vasa Denticity Ltd

Incorporated in 2016, Vasa Denticity Limited is in the business of marketing and distribution of a comprehensive portfolio of Dental Products.

With a market cap of Rs 1,039 cr, the company has 30+ owned brands manufactured by third parties based on specifications from their research and development team. Their portfolio also includes international brands such as Mani, 3M, Dentsply, Ivoclar, Woodpecker, etc., and non-branded products.

Ashish Kacholia, has held a stake in the company since the filing for the quarter ending September 2023. He currently holds 3.7% stake in the company worth Rs 38 cr. Apart from Kacholia, ace investor Mukul Agarwal also holds a 2.5% stake in the company.

The company’s sales have seen a compounded growth of 52% in the last 5 years from Rs 30 cr in FY20 to Rs 249 cr in FY25.

The EBITDA (earnings before interest, taxes, depreciation, and amortization) is a turnaround for the company as it wasn’t making any operating profits till FY21 and for FY25, it logged operating profits of 23 cr.

Coming to the net profit, the compounded growth in the last 5 years is a commendable 186%, as it jumped from about 0 in FY20 to Rs 17 cr in FY25.

However, for the quarter ending March 2025, the profits were Rs 4.3 cr which was lower as compared to the same period prior year when the company logged in Rs 6.4 cr in profits. For the quarter ending June 2025, the net profits were Rs 2.9 cr, again lower as compared to the same period prior year (Rs 3.4cr).

The share price of Vasa Denticity Ltd was around Rs 221 when it was listed in June 2023 and as of 29^th August 2025, it was Rs 625, which is a jump of about 183%.

Vasa Denticity Ltd Price Chart

At the current price of Rs 625, the stock is trading at a discount of over 25% from its all-time high price of Rs 840. Although the drop is not much, if the recent drop in profits continues to the next and future quarters, the prices might take a hit, creating a get-in opportunity as attractive valuation.

The company’s shares are trading at a PE of 63x which is higher than the current industry median of 42x.

The current, ROCE (Return on Capital Employed) of the company is however a good 23% while the industry median is 19%. Which means for every Rs 100 the company spends as capital, it makes a profit of Rs 23 on it while the industry is around Rs 19.

Vasa Denticity is acquiring a 51% stake in IDS Denmed, a leader in premium dental equipment and solutions. This is a strategic milestone aimed at creating India’s largest and most comprehensive dental supply network, strengthening Dentalkart’s leadership in consumables and high-end equipment. This acquisition combines Dentalkart’s online platform with IDS Denmed’s offline dealer, institutional, and government penetration, expanding product range, distribution, and customer support. The deal was subject to shareholder approval at the time of the company’s latest presentation.

Beautifying India Since 1994 – Z-Tech (India) Ltd

Incorporated in 1994, Z-Tech (India) Ltd is in the business of design, development, and operations of theme-based city parks, industrial wastewater management, and specialized geotechnical solutions.

With a market cap of Rs 741 cr, the company has presence in over 20 states and has a client base across Indian Theme Park Industry, Geotechnical Service Industry, Agro Chemicals and Speciality Chemicals Industry. Its prominent clients are BIPL, Dilip Buildcon, GMR, Punj Lloyd, NCC, MEP, HCC, Gammon, Tata Projects, Madhucon, GVR Infra, Ircon International, etc.

Kacholia bought a 3.5% stake in the company as per the filings for the quarter ending March 2024, which he continues to hold.

Let’s look at the financials.

But before that, please note that the numbers below are for the year FY21 as a base, as screener.in has data beginning from then. And FY21 was the year when Covid struck, which definitely influenced the numbers.

The company sales have seen a compounded growth of 42% from Rs 23 cr in FY21 to Rs 94 cr in FY25.

The EBITDA grew from Rs 1 cr in FY21 to Rs 28 cr in FY25, logging in a compound growth of 130%.

The net profits for Z-Tech India also went from Rs 1 cr in FY21 to Rs 20 cr in FY25, which is a compounded growth of 112%.

As per the latest filing for the quarter ending June 2025 saw a further growth in profits YoY. From Rs 2.4 cr in the previous year, to 3.0 cr. However, as compared to the quarter ended March 2025, the company reported sharply lower profits.

The share price of Z-Tech (India) Ltd climbed from its June 2024 listing price of around Rs 115 to its current price of Rs 517 as of 29^th of August 2025, which is a jump of 350%.

Z-Tech (India) Ltd Price Chart

At the current price of Rs 517, the company’s share is trading at a discount of almost 30% from its all-time high price of Rs 731.

The company’s share is trading at a PE of 37x which is higher than the current industry median of 24x. The current ROCE of the company is also a good 29%, while the industry median is 19%.

According to the company’s latest investor presentations, it is positioned as a unique, asset-light urban infrastructure platform with a strong order book, robust pipeline, and clear visibility on both EPC and recurring revenue streams. Management is confident about both growth and margin trajectory, with significant optionality from new business models, geographic expansion, and potential inorganic moves. While seasonality and government-related execution risks remain, the company’s strategic initiatives and first-mover advantage underpin a strong multi-year growth outlook.

Big Buying Opportunity Around The Corner?

We dug into two of Ashish Kacholia’s holdings today, which have logged in some very strong figures in the last few years. Triple-digit compounded profit growth is not something easily achievable. The fundamentals for both companies seem to be rock solid, something anyone who follows Warren Buffett will be interested in.

While Vasa Denticity has big expansion plans with the latest acquisition of IDS Denmed and the growth plans of Z-Tech India seem to be something that could build investor confidence. Strong fundamentals is common amongst both the companies, make them worth looking into.

It would be really interesting to see how these two companies and their plans take shape, and if the profit drops were temporary setbacks or signs of something bigger. If the drop spills and continues in the months and quarters to come, it could affect the valuation and in turn pricing, creating a great buy-in opportunity. For now, adding these stocks to a watchlist and watching them closely seems like the way to go.

Note: We have relied on data from www.Screener.in and www.trendlyne.com throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information. 

The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only. 

Suhel Khan has been a passionate follower of the markets for over a decade. During this period, He was an integral part of a leading Equity Research organisation based in Mumbai as the Head of Sales & Marketing. Presently, he is spending most of his time dissecting the investments and strategies of the Super Investors of India.

Disclosure: The writer and his dependents do not hold the stocks discussed in this article. 

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