As 2025 comes to an end soon, smart investors have already started looking for stocks to watch out for in 2026. And at such times, one way of finding strong contenders is to look at the portfolios of India’s Warren Buffetts.
One of them, Ashish Kacholia, also called the ‘Big Whale’ of the market, who currently has 48 stocks in his portfolio worth over Rs 2,875 cr has made two picks in 2025 that have already shown solid promise.
One of them was listed in October 2025 and is up already by over 40%, while the other has recorded gains of over 86% in just 2025. The big question here is: will 2026 make them stronger, or will they break Kacholia’s streak?
Let’s try and find out what these 2 underdogs are all about.
V-Marc India: The infrastructure play
Incorporated in 2014, V-Marc India Ltd manufactures PVC Insulated Wires & Cables.
With a market cap of Rs 1,819 cr, V-Marc India manufactures various types of wires & cables in Single & Multi-core with Copper /Aluminium Conductors and possesses properties of FR, HRFR, FRLS, HFFR etc.
As per screener.in, Kacholia bought a 2.04% stake in the company per the filings made for the quarter ending March 2025, which has now gone up to 2.7% at the end of September 2025.
Let us look at the company financials to see if they warrant a place in the Watchlist 2026.
The company’s sales have seen a compounded growth of 39% from Rs 170 cr in FY20 to Rs 896 cr in FY25. The company reports half yearly figures, and for the period between April to September 2025, sales of Rs 692 cr have been recorded already, hinting at a good financial year.
The EBITDA (earnings before interest, taxes, depreciation, and amortization) jumped from Rs 14 cr in FY20 to Rs 98 cr in FY25, logging a compound growth of 48%. At the end of September 2025, EBITDA was already Rs 78 cr.
The net profits logged a compounded growth of 49% from Rs 5 cr in FY20 to Rs 36 cr in FY25. And between April and September 2025, the company has recorded profits of Rs 36 cr already.
The metrics we saw above hint at the company headed towards having a good end to the financial year, proving Kacholia’s stock picking expertise once again.
The share price of V-Marc India Ltd in January 2025 was around Rs 400 and as on 19th November 2025 it was at Rs 745, which is a jump of over 86% in just 2025.
Another factor that makes it a strong contender for Watchlist 2026 is the current (Return on Capital Employed) which is 27%. Simply put, it means that for every Rs 100 the company uses as capital, it makes a profit of Rs 27 on it. The industry median ROCE is just 20%.
The company’s share is trading at a current PE of around 30x, which is slightly higher than the current industry median of 22, which means investors are willing to pay a premium to own a part of the company.
The company’s latest investor presentation from November 2025 says, “With a phenomenal 100% YoY growth in H1, our 40-50% FY26 revenue growth guidance is firmly on track, with significant upside potential. Our expanded production capacity, sustained product innovation, and enhanced distribution network have created a powerful and reliable growth engine”.
Jain Resource: Riding the circular economy boom
Incorporated in 2022, Jain Resource Recycling Limited is engaged in manufacturing of non-ferrous metal products through large-scale recycling of metal scrap.
With a market cap of Rs 15,506 cr, the company and its subsidiaries specialize in recycling non-ferrous metal scrap and producing lead, copper, and aluminium alloys. Its lead ingots are London Metal Exchange-registered, ensuring international quality standards. The company also trades non-ferrous metals and commodities.
According to screener.in, Ashish Kacholia bought a 1.13% stake in the company through his company Suryavanshi Commotrade Private Limited, per the filings made for the quarter ending September 2025.
Let us look at the financials to see if Jain Resource Recycling Limited deserves a spot in the Watchlist 2026.
The company’s sales have grown at a compounded rate of 196% from Rs 236 cr FY22 to Rs 6,143 cr in FY25 (Note: In FY22, there was a base year effect due to covid; hence growth numbers appeal better than what they are). And between April and September 2025, the sales have been Rs 3,525 cr already.
The EBITDA grew at a compounded rate of 115% from Rs 35 cr to Rs 345 cr in the same period, and by the end of September 2025 was Rs 244 cr for 2 quarters of FY26.
The net profits jumped from Rs 28 cr to Rs 211 cr between FY22 and FY25, logging a compound growth of 95%. Between April and September 2025, profits of Rs 158 cr were already recorded.
Please note that the financials for the company given above are standalone figures and not consolidated.
The share price of Jain Resource Recycling was around Rs 315 at listing in October 2025, and as of 19th November 2025, it was Rs 447. That is over a 40% jump in less than 2 months.
Like V-Marc above, Jain Resource also has a current ROCE of an impressive 27% while the industry median is 17%.
The company’s share is trading at a current PE of around 61x, while the current industry median is 45x.
In the latest investor presentation from October 2025, the company’s Chairman & Managing Director, Kamlesh Jain said, “Looking ahead, we remain committed to expanding our capacities, strengthening our presence across non-ferrous recycling segments, and advancing our forward integration into copper cathodes, wire rods, and busbars. In parallel, we are actively exploring new growth avenues, including strategic scrap yard acquisitions and diversification into tyre, e-waste, and solar panel recycling — all in line with our vision of fostering a circular and sustainable future”.
Worthy contenders for watchlist 2026?
Ashish Kacholia’s 2025 picks that we saw today currently have all the ingredients for the recipe of a possible multibagger. With gains like 41% and 86% in just 2025, backed by enviable financials, both these stocks underline why Kacholia is one of the most respected super investors in India.
However, what now draws attention is to watch if these stocks will be able to sustain the growth and keep adding riches to the accounts of its investors. While they both now show solid promise, we must not forget that past performance is not an indicator of future performance.
Strong financials, solid growth prospects, Profits, backing by an investor like Kacholia… They do deserve a place in the Watchlist 2026.
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
