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The Big Whale of the Indian stock markets just made some big new addition to his portfolio. Ace investor and one of the Warren Buffetts of India, Ashish 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.
According to trendlyne.com, he currently owns 48 stocks in his portfolio, with a net worth of over Rs 2,452 cr. He holds shares across diverse sectors like hospitality, education, infrastructure and manufacturing etc.
The talk of the town however are the 8 new stocks that he has added to his portfolio recently. Which are these stocks and what is it that caught his attention? Let us see if we can find a pattern
Naman In-Store (India) Ltd
Established in 2010, Naman In-Store (India) Limited is a retail furniture and fittings company providing retail solutions to various industries and retail outlets.
With a market cap of Rs 112 cr, Naman In-Store manufactures modular furniture for offices, beauty salons, kitchens with limited space, educational institutions, and shelving solutions for supermarkets.
Ashish Kacholia has just bought an 8.3% stake in Naman In-Store (India) Ltd, which is over 10,79,000 shares worth Rs 9.3 cr.
The company has in the recent past seen a big drop in the promoter holding from 73% as on quarter ending September 2024 to 58.93% for the quarter ending March 2025.
The FII (Foreign Institutional Investors) holding saw a jump from 0.96% to 1.27% between October 2024 and March 2025.
Let us look at the company financials to see if we can find out what is it that Ashish sees in Naman In-Store.
The company reports half yearly results, according to which sales have seen a compounded growth of 121% in the last 3 financial years between FY22 and FY25. Up until September 2024, the company had already recorded about Rs 66 cr in sales.
The EBITDA (earnings before interest, taxes, depreciation, and amortization) for Naman In-Store was Rs 1 cr in FY21 which jumped to Rs 21 cr in FY24, which is a compound growth of 175%. As for the quarter ending September 2024, Naman In-Store had logged in Rs 10 cr in EBITDA already.
The net profits saw a compound jump of 525% between FY21 and FY24 from zero to Rs 9 cr. And for the quarter ending September 2024, the profits were Rs 5 cr already.
The share price of Naman In-Store when it was listed in April 2024 was around Rs 118, which has now fallen to Rs 86 as on closing for 2nd May 2025.
One factor that could have caught Kacholia’s attention is the company’s current ROCE, which is 31%, which is higher than the industry median of 15%. ROCE (Return on Capital Employed) means the money the company makes on the capital it employs for the business. In this case, Naman In-Store makes about Rs 31 on every Rs 100 it spends as capital.
Naman In-Store’s share is trading at a current PE of around 14x, while the industry median is around 31x. It would be too soon to find a 10-year median PE for Naman In-Store, but the industry median is 25x.
The company recently expanded its market by penetrating the export market. It has also forayed into the Airport segment through the development of 18+ smoking lounges. It is also exploring beauty shops at the airport.
Infinium Pharmachem Ltd
Incorporated in 2003, Infinium Pharmachem Ltd manufactures and sells Iodian based Pharmaceutical Intermediates
With a market cap of Rs 474 cr, Infinium is a DA Approved and ISO 9001-2015 certified company which does development, manufacturing, and export of Iodine Derivatives & API.
Ashish Kacholia has just bought a 4.6% stake in the company, which is 720,000 shares worth Rs 22 cr.
Infinium’s sales have seen a compound growth of 24% from Rs 39 cr in FY21 to Rs 136 cr in FY24. The company reports half yearly numbers and according to the numbers for the quarter ending September 2024, the sales were at Rs 83 cr already.
EBITDA went from Rs 33 5 in FY21 to Rs 19 cr in FY24. And for the period of up to September 2024, the company’s EBITDA was Rs 8 cr.
The net profit saw a compound jump of 61% in last 3 financial years, from Rs 3 cr in FY21 to Rs 12 cr in FY24. For the quarter ending September 2024, the profits were at Rs 5 cr.
The company was listed in April 2023 at a price of about Rs 90, which has jumped to Rs 304 as on 2nd May 2025. That is a jump of almost 240% since listing.
Infinium’s share price is trading at a current PE of 50x, while the industry median is 28x.
Here is a list of the other 6 holdings that Kacholia just added to this portfolio
Thomas Scott India Ltd
Kacholia has bought a 2.4% stake in Thomas Scott India Ltd, which is about 307,539 shares worth Rs 10 cr.
Concord Control Systems Ltd
A 1.2% stake in Concord Control Systems Ltd is also new addition to Kacholia’s Portfolio, which is about 74,433 shares worth Rs 10 cr.
Qualitek Labs Ltd
Kacholia has also bought a 5.1% stake in Qualitek Labs Ltd which is about 506,500 shares worth Rs 16 cr.
Z-Tech (India) Ltd
Another of Ashish Kacholia’s fresh buy is his latest stake of 3.5% in Z-Tech (India) Ltd which is about 500,000 shares worth Rs 31 cr.
C2C Advanced Systems Ltd
A 2.6% stake in C2C Advanced Systems Ltd was also bought by Kacholia, which is about 431,000 shares worth Rs 18 cr.
Quadrant Future Tek Ltd
Last in the list is Quadrant Future Tek Ltd, where Kacholia bought a 1.9% stake which is about 765,000 shares worth Rs 35.3 cr.
Join The Big Whale’s Big Party?
For an investor like Ashish Kacholia, even small changes can send the market into a state of chaos. So, when he adds 8 new stocks to his portfolio, it is well worth an investors time to take notes.
What is it in these 8 stocks that has caught the fancy of an investor of Kacholia’s calibre. Is it their financials or there is something hidden in plain sight that only he can see?
Whatever it may be, one thing is sure. That these big changes give us a chance to get a driver’s seat view of how Kacholia balances risks and opportunities. How will these stocks do in the near and long-term future? Something only time will tell. May be add these stocks to watchlist and keep a close eye on them?
Disclaimer
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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