Ashish Kacholia Portfolio: Top investor Ashish Kacholia, also known as the “Big Whale” of Indian equities, has built his reputation by spotting high-conviction bets early in their growth journey. However, two of his long-held smallcap stocks have now slipped to their 52-week lows, raising an important question: is this a golden buying opportunity or a cautionary signal?

NIIT Learning Systems Ltd

NIIT Learning Systems, with a market cap of Rs 4,774 crore, focuses on enterprise learning and development solutions. Despite robust fundamentals sales CAGR of 13 per cent over three years and EBITDA CAGR of 6 per cent the stock is trading near its all-time low of Rs 323, down over 35 per cent from its 52-week high of Rs 542.

Kacholia has held a 2 per cent stake in the company since July 2023, with an investment value of Rs 96.5 crore as of March 2025. Key strengths include:

Despite the drop, the business remains fundamentally sound and nearly debt-free. For long-term investors, this may represent a value entry point—particularly if Kacholia chooses to increase his stake in the upcoming quarter.

Stove Kraft Ltd

Another Kacholia favourite, Stove Kraft Ltd, has seen a similar fate. Trading at Rs 583, the stock is down 49 per cent from its all-time high of Rs 1,135. Kacholia owns a 1.7 per cent stake, valued at Rs 34 crore as of March 2025.

The company, which owns the brands Pigeon and Gilma, has delivered:

• Sales CAGR of 17 per cent over 5 years

• EBITDA CAGR of 35 per cent

• Net profit growth of 65 per cent from FY20 to FY25

However, the valuation at a PE of 50x, slightly above its 10-year median, suggests caution. The stock’s steep correction could reflect near-term margin or demand headwinds.

What should investors do?

Both stocks have strong financials and promoter backing. While the price correction may unsettle retail investors, Kacholia’s continued presence offers long-term comfort. With the Q1FY26 shareholding pattern due next month, investors should keep a close watch on his next move.

Whether Kacholia exits or doubles down will reveal a lot. Until then, these two stocks deserve a place on your watchlist, if not your portfolio—especially if you believe in buying fear when the fundamentals stay intact.