Ashish Kacholia, popularly called the “Big Whale” of Dalal Street, is known for his keen eye in identifying undervalued stocks with strong growth potential. His portfolio mainly focuses on mid and small-cap companies that offer potential multibagger returns. As of 2025, he holds a diversified portfolio of 48-49 stocks valued at over ₹2,500 crore, spanning sectors like infrastructure, manufacturing, hospitality, and education. Here is a detailed look at three standout stocks held by Ashish Kacholia, their impressive gains over the last year, target prices, and the number of brokers backing them.
1. V-Marc India Ltd
V-Marc India Ltd, incorporated in 2014, is a manufacturer of PVC insulated wires and cables catering to various industrial needs. With a market capitalization nearing ₹1,389 crore, the company has exhibited remarkable financial growth. Over the last five years, sales have grown at a compounded annual rate of 39%, EBITDA has soared by 48% compounded annually, and net profits have risen by 49%. The stock has been a stellar performer since its listing in April 2021, surging from around ₹41 to ₹569 by October 2025 — a gain of about 1,288%. This translates into an investment of ₹1 lakh turning into nearly ₹14 lakh in less than five years.
V-Marc has a strong ROCE (Return on Capital Employed) of 27%, well above the industry median of 20%, indicating efficient capital use. The stock currently trades at a price-to-earnings (PE) ratio of 39x, slightly higher than the industry median of 24x, reflecting growth expectations.
Brokerages have generally viewed V-Marc positively, citing robust earnings growth and expanding market opportunities. Target prices for V-Marc typically range around ₹650 to ₹700 in the near term, reflecting healthy upside potential compared to current prices [1][2].
2. Pratham EPC Projects Ltd
Pratham EPC Projects Ltd operates in pipeline construction for oil, gas, water, and industrial sectors. The company, with a market cap around ₹265 crore, is recognized for its strong execution capabilities, ISO certifications, and strategic foothold in the Middle East.
In the recent three years leading to 2025, the company’s sales grew at 33% compounded annually, EBITDA at 34%, and net profits at 45%. Its IPO was in March 2024 priced at about ₹103, and since then, shares have appreciated roughly 47%, currently trading around ₹151. Notably, the share price is still down from its all-time high of ₹262, suggesting room for recovery and growth.
The company boasts a strong ROCE of 26%, exceeding the industry median, and trades at a PE ratio near 21x, which is in line with industry averages. Analysts and brokers recommend Pratham EPC Projects, with target prices between ₹170 and ₹190, indicating further appreciation as they expand their order book and operational efficiencies [1].
3. Jain Resource Recycling Ltd
Jain Resource Recycling Ltd, incorporated in 2022, is a fast-growing firm specializing in recycling and manufacturing non-ferrous metal products. With a substantial market capitalization of ₹11,331 crore, the company has shown explosive financial growth.
Between FY22 and FY25, Jain Resource Recycling’s sales grew at a staggering compounded rate of 196%, EBITDA at 115%, and net profits at 95%. The stock debuted publicly in early October 2025 at ₹318 and has shown a slight uptick to ₹328 as of mid-October.
Jain Resource Recycling enjoys a robust ROCE of 27%, well above the industry median of 17%, and trades at a PE of approximately 54x, reflecting high growth prospects. Brokerages have extended positive recommendations, and target prices range upwards of ₹400 to ₹450, indicating bullish future expectations driven by its expanding sales and profit base [1][3].
Summary
The three stocks—V-Marc India Ltd, Pratham EPC Projects Ltd, and Jain Resource Recycling Ltd—reflect Ashish Kacholia’s strategy of backing companies with strong fundamentals, high ROCE, and attractive growth trajectories. Over the last one year, these stocks have gained appreciably, with V-Marc especially delivering multibagger returns. Broker sentiment is favorable across these stocks, supported by solid financial performance and growth outlooks, with target prices suggesting further upside.
Investors tracking Ashish Kacholia’s portfolio may find these stocks worth monitoring for their growth potential. As always, investment decisions should include personalized financial advice and thorough research.
