Ashish Kacholia, also known as the “Big Whale” of India’s stock market, has carved a niche as a master in picking future multibaggers when it comes to midcap and smallcap stocks. With a portfolio of 41 holdings worth over Rs 3,136 cr, his picks are placed across sectors like hospitality, education, and manufacturing. Despite his big success, Kacholia prefers to keep a low profile, letting his sharp investment choices do all the talking.
He started out at Prime Securities and Edelweiss, he later launched Lucky Securities in 1995, laying the groundwork for his financial journey. By 1999, he teamed up with ace investor Rakesh Jhunjhunwala to co-found Hungama Digital, proving his knack for spotting trends early. Since 2003, Kacholia’s focus on emerging industries and a disciplined, fundamentals-driven strategy has cemented his reputation as a quiet powerhouse in the market.
So, when he holds any company for as long as a decade, it deserves a bit of digging for investors. What does he see in these companies that stop him from selling them across market cycles for as long as a decade. Let’s look at these stocks to see if we can find the answers.
Carysil Ltd
Carysil Limited was incorporated in 1987 and is in the business of manufacturing and trading of Quartz Kitchen Sinks, Stainless Steel Kitchen Sinks, Bath Products, Tiles, Kitchen Appliances and Accessories.
With a market cap of Rs 1,827 cr, Carysil is in a strategic partnership with IKEA Supply AG (Switzerland) for manufacturing and supply of composite quartz kitchen sinks for their global requirement.
The Big Whale, Ashish Kacholia has been holding a stake in the company since December 2015 (since records were available), per Trendlyne.com. As of the quarter ending in December 2024, he holds 3.52% stake in Carysil Ltd.
So, what has kept Kacholia’s interest sustained for all these years. Let’s look at the financials to see if we can find any pattern.
The company’s sales were at Rs 252 cr for FY19 and it jumped to Rs 684 cr for FY24, which is a compounded growth of 22% in 5 years.
In the 3 quarters between April 2024 and December 2024, the company has already recorded sales of Rs 611 cr, making it simpler for them to have a good fiscal year at the end of March 2024.
The EBITDA (earnings before interest, taxes, depreciation, and amortization) for Carysil was Rs 42 cr in FY19 and saw compound growth of 25% as it went to Rs 131 cr in FY24. And between April and December 2024, it is already at Rs 102 cr.
As for net profits, Carysil has seen a compound growth of 27% in the last 5 fiscal years. Profits when from Rs 17cr in FY19 to Rs 58 cr in FY24. Between April and December 2024, Carysil had already logged in profits of Rs 46 cr.
So, the sales, operating profits and net profits have all shown some big jumps just in last 5 years alone.
The share price of Carysil has seen a jump of about 820% from Rs 70 in March 2020 to its price as on closing on 20th March 2025, which is Rs 643.
If one had invested just 1 lac in the company 5 years back, it would today be over Rs 900,000 today.
The all time high for the share price of Carysil is Rs 1,151, which means at the current price of Rs 643 it is trading at a discount of over 44% on its all-time high.
The company’s share is trading at a current PE of 30x, which is close to the industry median which is also close to 30X. The 10-year median PE for Carysil is also close to 30x.
The company wants to expand to 70+ countries in next few years by exploring the uncatered geographies.
Recently, Carysil entered in an agreement with Karran USA, a leading manufacturer in kitchen and bathroom sinks, to supply Quartz kitchen sinks, committing to a production capacity of 150,000 sinks annually from May 2025.
Shaily Engineering Plastics Ltd (SEPL)
SEPL specializes in the production and distribution of injection-molded precision plastic components and sub-assemblies, catering to the specific requirements of Original Equipment Manufacturers (OEMs).
In addition to its core manufacturing capabilities, the company provides value-added secondary operations, including vacuum metalizing, hot stamping, and ultrasonic welding, thereby offering a comprehensive suite of services
With a market cap of Rs 8,235 cr, SEPL has clientele that includes companies like Wockhardt, Sanofi, Natco, Zydus, Glenmark, Sun Pharma, Lupin, etc.
Kacholia has held a stake in SEPL at least since December 2015 (since records were available), per Trendlyne.com. Currently he holds 3.22% stake in SEPL as per data on screener.in.
As for the financials, the company’s sales grew from Rs 568 cr in FY22 to Rs 644 cr in FY24 which is a compounded growth of 6.5%. And between April and December 2024, the company logged in sales of Rs 569 cr already.
EBITDA also grew from Rs 82 cr in FY22 to Rs 118 cr in FY24. And for the period of the 3 quarters between April and December 2024, it has already recorded Rs 121 cr in EBITDA.
The net profit was Rs 35 cr in FY22 and it grew to Rs 57 cr in FY24, which is a compound growth of 27%.
SEPL’s share price was Rs 42 in March 2020 and has grown by 4,166% to its current price of Rs 1,792 (as of closing on 20th March 2025).
If one had invested Rs 100,000 back in March 2020, it would have grown to over Rs 42 lacs today.
The company’s share is trading at a current PE of 98x while the industry median when compared to peers is 26x. Which means that investors are willing to pay a premium to own shares of SEPL.
The 10-year median PE for the company is 47x and the industry median for the same period is 28x.
Company has spent capex of Rs. 150cr to set up the Healthcare business, expansion of new SKUs for Homes Furnishing major, and carbon steel business from internal cash flows and Debt.
Enduring Value?
Ashish Kacholia’s decade long trust on Carysil and Shaily Engineering Plastics raises a fundamental question for any investor: what constitutes true, enduring value? It is not simply about quarterly gains, but perhaps about recognizing the potential for sustained growth and operational excellence over the long haul.
These two companies, each with its own distinct trajectory, seem to perfect examples. Their financials do present a good picture, yet the true test lies in their ability to survive the volatile Indian markets
And ultimately, the decision to act on these stocks or not depends on the investor. But what is clear is that a decade of conviction speaks volumes, demanding a look beyond the market noise.
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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