Ashish Kacholia and Ramesh Damani are two names that always come up in discussion around the super investors of India. Kacholia is fondly called the Big Whale by investors
Damani has been a broker since 1989 and founder of Ramesh Damani Finance Pvt Ltd.
As per reported numbers, Damani holds only 4 stocks in this portfolio worth Rs 53 cr and Kacholia holds 49 stocks worth Rs 2,409 cr. Note, this is based on only those holdings where the stake in the company exceeds 1%. These super investors probably have other holdings as well, for which the data is not publicly available.
While the gap is huge in holding numbers, what makes them stand apart is their value investing mindset and love for deep research.
And when investors of their calibre pick microcaps as one of their first bets for the new year, it does get the investor circles worked up. Let us look at the two stocks in question.
Wim Plast Ltd: A ‘bargain brand’ bet
Incorporated in 1988, Wim Plast Ltd manufactures various plastic products like moulded furniture and extrusion sheets.
With a market cap of Rs 517 cr, the company is the owner of CELLO, a prominent plastic consumer brand whose products include Seating System, School Furniture, Horeca, Cabinets, Kid’s furniture etc.
Ace investor Ramesh Damani just bought a 1% stake in the company worth Rs 5.2 cr as per the December 2025 exchange filings.
Analysis of Wim Plast’s financials reveals a potential value play that could have caught Damani’s attention.
The sales of the company have seen only a 3% CAGR from Rs 322 cr in FY20 to Rs 367 cr in FY25. And for H1FY26, sales of Rs 174 cr have been logged by the company.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) has seen a rocky stretch but has seen a small jump in FY25.
| Year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| EBITDA/Cr | 67 | 53 | 52 | 59 | 61 | 64 |
And for H1FY26, the EBITDA logged is Rs 28 cr
The company recorded a 5% compound growth in net profits between FY20 and FY25
| Year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| Profit/Cr | 45 | 32 | 35 | 42 | 56 | 57 |
For H1FY26, the profits recorded are Rs 30 cr.
The share price of Wim Plast Ltd was around Rs 360 in January 2021 and as on 22nd January 2026 it was Rs 428, which is a 19% jump in 5 years.
At the current price of Rs 428, the stock is trading at a discount of 75% from its all-time high of Rs 1,690, creating a possible entry point for investors who missed the last rally.
The company’s stock is trading at a PE of 9x, while the industry median is 29x. The 10-year industry median PE for the company is 15x and the industry median for the same period is 31x.
For Ramesh Damani, Wim Plast represents a classic brand-at-a-bargain bet that the broader market has probably ignored. By acquiring the ‘Cello’ name at single-digit earnings multiple, a fraction of the lofty valuations afforded to peers like Safari, Damani is exploiting a glaring disconnect between price and prestige.
The company’s financial performance is enviable with a debt-free balance sheet and a share price still languishing at a 75% discount from its historical high, offering a margin of safety that is rare.
Techera Engineering India Ltd: Kacholia’s strategic defence bet
Incorporated in 2018, Techera Engineering (India) Limited designs, manufactures and supplies precise tooling and components for the aerospace and defense industries.
With a market cap of Rs 295 cr, the company provides precision tooling, components, and automation solutions for the aerospace and defense sectors.
The Big Whale Ashish Kacholia has bought a 4.8% stake in the company worth Rs 14 cr as per the recent exchange filings.
Let us analyse the company’s core financials to see what pulled Kacholia towards this stock.
But before that, please note that this company is listed in NSE’s SME exchange. Buying SME stocks comes with a significant warning: buyer beware. The requirement to trade in fixed lots creates a liquidity bottleneck, often leaving investors stranded when prices crash.
Additionally, the tiny equity base of these companies invites manipulation, fuelling ‘pump and dump’ schemes designed to trap retail capital. And lenient reporting standards frequently mask poor financial health, which the investors only come to know about when it’s too late.
Moving to the company’s financials, we shall be looking at standalone figures to get a longer time perspective.
Sales grew from Rs 8.3 cr in FY21 to Rs 50 cr in FY25, which is a compounded growth of 57%. For H1FY26, the sales recorded are Rs 24 cr.
EBITDA grew from Rs 1.5 cr in FY21 to Rs 8.7 cr in FY25 logging in a compound growth of 55%, and for H1FY26, the EBITDA is close to Rs 5 cr.
When it comes to the net profits, the company was reporting losses till FY22 but for FY25, the company logged profits of Rs 3.2 cr. And for H1FY26, profits of Rs 1.4 cr have been logged by the company.
The share price of Techera Engineering India Ltd was around Rs 138 when it was listed in October 2024 and as on 22nd January 2025 it was Rs 178.
At the current price of Rs 178 the stock is trading at a discount of 45% from its all-time high of Rs 326.
The share is trading at a PE of 52x, which is close to the current industry medina of 53x.
Ashish Kacholia’s investment in Techera Engineering is a possible high-conviction bet on the industrialization of precision within India’s aerospace and defense sectors.
By backing an SME that specializes in complex tooling and components for global giants and the Indian Air Force, Kacholia is moving upstream into a niche where technical barriers to entry are tough, and the moat is built on micron-level accuracy.
Techera acts as a critical, high-margin cog in the national “Make in India” machinery for the defense sector. It is a classic Big Whale play of identifying a sub Rs 300 crore market cap operator that is poised to benefit from the multi-decade tailwinds of defense indigenization and global supply chain diversification.
Micro Caps, Mega Signals?
The entry of investors like Damani and Kacholia into these specific microcaps could be a cryptic signal to the broader market: the hunt for value could have shifted from the obvious to the obscure.
While Damani is betting on the resurrection of a household legacy at sale prices, Kacholia is placing big bets on a high-tech “Make in India” underdog that most retail investors can’t even find on a mainboard ticker.
This leads to a question for the year ahead: are these moves isolated masterstrokes by seasoned contrarians, or are they the first signs of a capital rotation into the long-neglected microcaps space?
As the valuation gap between large-cap stability and microcap potential widens, the only certainty is that the super investors aren’t just fishing for returns. They are in fact repositioning for a structural shift that the rest of the market hasn’t probably yet priced in.
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.
The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.