The Big Whale of the market and one of the most followed Warren Buffetts of India, Ashish Kacholia, is very well known for picking future multibaggers. With expertise in the midcap and smallcap stock space, he has made a name for himself that many look up to.
With a portfolio of 48 holdings worth over Rs 2,670 cr, Ashish Kacholia’s portfolio is a balanced mix of sectors like hospitality, education, and manufacturing. Widely known for his strategic and research backed buy/sell moves, Kacholia likes to keep a low profile, letting his returns do the talking.
So, when an investor like him picks stocks that become the biggest holdings in his portfolio, it deserves attention. What does he see in these companies that has made him bet big in them?
#1 Safari Industries: Dominating the Organised Luggage Segment
Started as a partnership firm in 1974 to manufacture plastic moulded luggage, Safari Industries (India) Limited became a private limited Company in 1980. It was then incorporated as a Public Limited Company in 1986.
With a market cap of Rs 10,819 cr, the company is in the business of manufacturing and trading of luggage and luggage accessories.
Ashish Kacholia has been holding a stake in the company since the quarter ending March 2020. And as of the quarter ending in September 2025, he holds 1.8% stake in the company which as of closing on 19th December 2025 is worth Rs 199 cr.
Let us look at the financials of the company to see what has held Kacholia’s interest in it for so long.
The company’s sales were at Rs 686 cr for FY20 which jumped to Rs 1,772 cr in FY25, logging a compound growth of 21%. And for H1FY26, the sales recorded were Rs 1,062 cr already.
The EBITDA (earnings before interest, taxes, depreciation, and amortization) for the company was Rs 72 cr in FY20 and saw compound growth of 26% as it jumped to Rs 225 cr in FY25. For H1FY26, the EBITDA recorded was Rs 153 cr.
As for net profits, Safari has recorded a compound growth of 35% from Rs 31 cr in FY20 to Rs 143 cr in FY25. And for H1FY26, profits of Rs 97 cr were recorded already.
The share price of Safari Industries (India) Ltd was around Rs 275 in December 2020 and as of closing on 19th December 2025 it was Rs 2,208, which is a jump of over 700%.
If one had invested just 1 Lakh in the company 5 years back, it would today be close to Rs 800,000 today.
The all-time high for the share price of Safari is Rs 2,837, which means at the current price of Rs 2,208 it is trading at a discount of over 20% from its all-time high.
The company’s share is trading at a current PE of 65x, while the current industry median which is around 40x, which means investors are willing to pay a premium to own a piece of the pie.
The 10-year median PE for Safari is 69x, and the industry median for the same period is 46x.
In the past 12 months, Safari Industries has declared an equity dividend amounting to Rs 3.5 per share.
According to the last annual report for FY25, Safari is the top brand in organised luggage. The report also said that the overall long-term outlook for the organised sector remains very robust with continued growth in travel and the company’s linear structure facilitates faster and better decision making which allows it to grab opportunities in time.
#2 Shaily Engineering: The Multi-Bagger Powering Precision Plastics
Established in 1987, Shaily Engineering Plastics Ltdis in the business of production and distribution of injection-molded precision plastic components and sub-assemblies, catering to the specific requirements of Original Equipment Manufacturers (OEMs).
With a market cap of Rs 10,882 cr, the company also offers secondary operations in plastics like vacuum metalizing, hot stamping, and ultrasonic welding. It has clientele that includes companies like Wockhardt, Sanofi, Natco, Zydus, Glenmark, Sun Pharma, Lupin, etc.
Kacholia has held a stake in the company since December 2015 (he might have bought it earlier, but this is the oldest data available on Trendlyne), Currently he holds 5.2% stake in the company which as of closing on 19th December 2025 is worth Rs 566 cr, making it the biggest holding in Kacholia’s portfolio.
As for the financials, the company’s sales grew from Rs 568 cr in FY22 to Rs 787 cr in FY25 which is a compound growth of 11%. And For H1FY26, sales of Rs 504 cr have been logged.
EBITDA also grew from Rs 82 cr in FY22 to Rs 177 cr in FY25, logging compound growth of 30%. For H1FY26, the EBITDA recorded is Rs 147 cr.
The net profit was Rs 35 cr in FY22 and it grew to Rs 93 cr in FY25, which is a compound growth of 38%. For H1FY26, the profits recorded are Rs 92 cr already, hinting at a strong financial year.
The share price of Shaily Engineering Plastics Ltd was around Rs 150 in December 2020 and as of closing on 19th December 2025 it was Rs 2,368 which is a jump of about 1,480%. Rs 1 Lakh invested in the company 5 years ago would have been close to Rs 16 Lakhs today.
The company’s share is trading at a current PE of 74x, while the industry median when compared to peers is 23x. The 10-year median PE for the company is 51x, and the industry median for the same period is 23x.
The company’s capacity utilization was at 45% in FY25 and it targets reaching 80% utilization in the next 2–3 years. Currently the company has GLP-1 scale-up as the focus. Its insulin pen volume is expected around 12 million to 15 million and not more at this point according to the latest investor presentation from November 2025, as it’s all a scale-up on GLP-1 which is a global pharme trend now.
Watchlist 2026: Valuation Realities and Future Outlook
Ashish Kacholia’s long term trust on the two stocks we saw today, Safari Industries and Shaily Engineering Plastics says a lot about his stock picking acumen. Not that there was any doubt in that, but these two are his biggest holdings and they have delivered astounding returns in the last 5 years.
Both companies have shown strong hold over their financials and have delivered consistent profits in the last few years, making investors and followers of Kacholia wonder if they have the fizz left to continue this growth trajectory in the 2026 and beyond.
Now whether they will, is something we will have to be patient to find out. For now, adding these stocks to a 2026 watchlist is highly recommended.
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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