The ‘Big Whale’ of the Indian stock markets, or as we also know him, Ashish Kacholia, is hardly an unknown name. He is known for his investments specially in midcap and smallcap stocks. He currently owns 48 stocks in his portfolio, worth over Rs 2,800 cr.
However, two stocks have caught the attention of investors, because they are the ones he has been holding for some time now. Given his track record, when Kacholia picks a new stock, followers trust his research and judgement. But when he adds more stake in an existing holding, that just makes the trust in that company grow bigger.
Here is everything you must know about these 2 stocks.
Mining & making roads, but not profits
Incorporated in 1986, Gujarat Apollo Industries Ltd manufactures different types of Mining & Road Construction and Maintenance Machinery.
With a market cap of Rs 587 cr, Gujarat Apollo Industries is a flagship company of the Apollo group
of Industries, offering crushing and screening solutions to industries like quarries, mining, construction, and recycling.
Ashish Kacholia bought a 1.06% stake in the company as per the exchange filings for the quarter ending June 2025. And as per fresh data updated on screener.in, Kacholia has raised this stake to 2.3%.
The sales of the company grew at a compounded growth rate of 9% from Rs 26.5 cr in FY20 to Rs 41.5 cr in FY25. The company’s Q2 results are still awaited, but at the end of Q1, the company had already logged sales of Rs 11 cr.
The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is an area of concern for the company, as it hasn’t made any operating profits in at least the last 10 years.
| Year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| EBITDA/Cr | -6.78 | -11 | -3.68 | -5.11 | -1.91 | -13.7 |
When it comes to net profits, although the company showed some turnaround, it couldn’t sustain the same.
| Year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
| Profit/Cr | 13.58 | 44.60 | 8.18 | 12.47 | 11.33 | 1.47 |
Despite a significant operating loss (EBITDA) of Rs 13.7 cr in FY25, the company reported a net profit of Rs 1.47 cr, likely due to high non-operational income.
The share price of Gujarat Apollo Industries Ltd was around Rs 192 in November 2020 and as on 12th November 2025, the price was Rs 453. That’s a growth of 136% in 5 years. Rs 1 lac invested in the stock 5 years ago would have been around Rs 2.4 lacs today.
The stock is trading at a negative PE because of a loss-making quarter that ended in March 2025, while the current industry median is 35x. The 10-Year median PE of Gujarat Apollo Industries is however a modest 16x and the industry median for the same period is 29x. It is however trading at 1.06 time its book value.
According to the company’s last annual report, the company anticipates a positive outlook for the Crushing and Screening business in the coming years. The introduction of new products with proven technology is expected to contribute to growth in both revenue and profitability. Our existing cash reserves provide a solid foundation for expanding into diversified business activities beyond mining equipment.
Champion of marine engineering and profits
Incorporated in 2015, Knowledge Marine & Engineering Works Ltd provides dredging services, owning and operating marine craft, and repairing, maintaining and refitting marine crafts and marine infrastructure.
With a market cap of Rs 3,319 cr, the company is engaged in dredging, owning, chartering/hiring, manning, operating, and technical maintenance of marine crafts, as well as repairs and maintenance of marine infrastructure in India and Myanmar.
Kacholia has held a stake in the company since December 2022 as per Trendlyne, and as per recent data rom screener.in, he has hiked his stake in the company to 2.9% from the previous quarters 2.8%.
The company sales have seen a compounded growth of 52% from Rs 24 cr in FY20 to Rs 201 cr in FY25.
The EBITDA grew from Rs 8 cr in FY20 to Rs 78 cr in FY25, logging a compound growth of an enviable 58%.
The net profits for the company went from Rs 5 cr in FY20 to Rs 50 cr in FY25, which is a compounded growth of 58%.
The share price of Knowledge Marine & Engineering Works Ltd went from Rs 37 at listing in March 2021 to its current price of Rs 2,716 as on 12th November 2025. That is a jump of a huge 7,240%. Rs 1 lac invested in this company in March 2021, would have been almost Rs 73.5 lacs today.
The company’s share is trading at a PE of 65x which is almost same as the current industry median of 66x. The current ROCE of the company is also a good 25%, while the industry median is 12%.
Recently, on November 3, the company signed Memorandums of Understanding (MoUs) worth Rs 1,560 cr during India Maritime Week. These include supplying and managing tugs and patrol boats, along with shipbuilding support, positioning the company for long-term revenue in marine infrastructure.
The Kacholia strategy – worth following?
Aashish Kacholia is not someone who makes decisions based on a hunch. His movements are well thought out and researched, which is why he usually has the last laugh. With a strong track record, his fresh additional stakes are catching the eyes of the investors.
Both the companies tell a very different story. Gujarat Apollo’s struggle to maintain profits is apparent and Knowledge Marine’s enviable financials are quite impressive. What has made Kacholia make this decision?
While that is a strategy move that we might never come to know, one can always add these stocks to watchlist and keep an eye on them, to ensure no opportunities or risks are missed.
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.
