Through his investment company Bengal Finance & Investments Pvt Ltd, Kacholia had invested Rs 50 crore in the recycling company on March 13, 2025, purchasing 7,83,375 shares at an average price of Rs 638.28 per share. A subsequent 1:5 stock split, effective on March 27, increased his shareholding fivefold to 39,16,875 shares, while reducing the adjusted average cost to Rs 126.75 per piece.
Fast forward to October 1, Jain Resource Recycling made its stock market debut at a 14% premium to its issue price of Rs 232 per share. The stock ended its first session at Rs 318 and has since extended its rally to around Rs 400 as of October 24, valuing Kacholia’s stake at nearly Rs 157 crore.
The stock has been on a strong uptrend, gaining for five straight sessions and rising nearly 30% during that stretch. The latest purchase comes on the back of the company’s robust earnings in Q2 2026, with net profit rising 88% year-on-year to Rs 98.6 crore, while revenue rose 52% to Rs 2,113.7 crore. EBITDA rose 82% to Rs 160 crore, with operating margins improving 127 basis points to 7.6%.
In segment terms, the Aluminum and Alloys division posted a sharp 115% increase in first half revenue to Rs 154.5 crore, while the Lead and Ingots business generated Rs 1,740 crore, up 47% over the same period last year. The copper bars segment grew 14% to Rs 1,697.8 crore.
Kacholia, often called the ‘big whale’ of Dalal Street for its early bets on promising companies, owns about 1.1% of Jain Resource Recycling. The Chennai-based company, which recycles and produces non-ferrous metals such as lead, copper and aluminium, also operates a gold refining unit in the UAE through a subsidiary. Jain Resource Recycling’s big gains add another successful chapter to Kacholia’s track record of spotting high-potential stocks early in their growth cycle. Kacholia reshuffled its portfolio of around Rs 2,800 crore. (according to Trendlyne) in the September 2025 quarter with four new additions and a slew of adjustments to stocks in which he already has a stake.
According to the latest shareholder data, Kacholia acquired new stakes in V-Marc, Pratham EPC Projects, Jain Resource Recycling, Man Industries and Vasa Denticity in the second quarter of FY26.
The veteran investor also made notable adjustments to his portfolio in the September 2025 quarter, reducing his holdings across three stocks. According to the latest holding data, Kacholia has marginally reduced its stakes in Xpro India, Brand Concepts and Dhabriya Polywood.
Kacholia led the grooming business and reduced its stake in Dhabriya Polywood by 0.9%, reducing its ownership to 5.8%. His investment in the company now stands at Rs 24.6 crore with a total number of shares of 6,26,347.
Xpro India also experienced a slight decline, with its stake reduced by 0.2% to 3.9%. Kacholia’s valuation in Xpro is the highest among the three at Rs 100.1 crore, which equates to 9,18,550 shares.
Brand Concepts witnessed a similar reduction in its equity stake, with Kacholia reducing its exposure by 0.2 percentage points to 1.5%. He now owns Rs 6.3 crore of the company, which amounts to 1,79,838 shares.
Kacholia has also bought shares in newly listed companies – Ganesh Consumer and M&B Engineering – picking 1.46% and 1.27% stake respectively, stock exchange data showed.
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