Ashish Kacholia Portfolio Movers

A comparison of Ashish Kacholia disclosed holdings between June 30, 2026 and September 30, 2026 flags nine names present only in September as added and two names present only in June as removed . The set spans everyday manufacturing and services businesses from kitchen sinks and appliances to supply-chain lending, testing labs, cashew processing, digital advertising and defence cooling alongside chemicals and spend management. A name missing from one quarter's filing means no named disclosure, typically because the holding was below the 1% disclosure threshold, so additions and removals are not proven buys or full exits . Most of the newly disclosed names are small industrials and services with growing revenue, while the two names that dropped off the disclosed list were larger chemicals and fintech companies where revenue had already scaled sharply.

1. Carysil Ltd — Added

The September filing shows 2.72% and 773111 shares with no named disclosure for June, flagged as added .

Carysil describes itself as building an integrated global kitchen solutions company and as a globally scaled kitchen solutions platform with integrated manufacturing, with presence across 55 plus countries and 5000 plus dealers in India in FY26 . Its stated vision is to be the leading global player in the kitchen and bath segment .

On the Q1 FY27 call management named four India categories as quartz sinks, stainless sinks, appliances and faucets, plus surfaces and built-in appliances . India growth in Q1 FY27 for those four categories is set out below.

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Consolidated revenue rose from FY24 to FY26 .

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Quarterly revenue rose over FY26, with a dip in Q3, and reached Rs 262.14 crore in Q1 FY27 .

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2. SG Finserve Ltd — Added

The September filing shows 2.34% and 1544009 shares with no named disclosure for June, flagged as added .

Management describes SG Finserve as a supply-chain focused NBFC with supply chain contributing about 70% of assets under management on a loan book at an all-time high of around Rs 5700 crore in Q2 FY27 . It powers more than 60 brands and serves MSME dealers and distributors .

The H1 and Q2 FY27 presentation describes it as part of APL Apollo Group and among about 1% of NBFCs in India offering supply chain finance, factoring or TReDS . Its nine products run from vendor finance and deep-tier financing to factoring and TReDS, dealer finance, invoice and purchase-order financing, digital lending, loan against property and capex funding .

Consolidated revenue was Rs 189.72 crore in FY24, Rs 171.04 crore in FY25 and Rs 333.41 crore in FY26 .

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Quarterly revenue rose through FY26 into Q2 FY27 .

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3. Inflame Appliances Ltd — Added

The September filing shows 4.11% and 308000 shares with no named disclosure for June, flagged as added .

Inflame is presented as a top three manufacturer in India serving more than 18 states with factories at Panchkula and Hyderabad . Total chimney capacity is 600000 units with more than 30 chimney models, specializing in OEM and ODM range hoods with near zero dependence on imports .

On the June 2026 call management said the major product is chimneys, with about 270000 numbers produced in FY26 against 195000 in the prior year . Capacity utilisation was close to 50%, with buyers including IFB, Crompton, Hindware and Havells, plus built-in ovens, wine coolers, refrigerators, microwaves and dishwashers .

Consolidated annual revenue stepped up from FY25 to FY26, with H2 FY26 at Rs 73.93 crore on a consolidated basis .

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4. Concord Control Systems Ltd — Added

The September filing shows 1.64% and 170292 shares with no named disclosure for June, flagged as added .

Concord positions itself as a railway technology platform and not just equipment maker, describing itself as building the intelligence layer of modern railways . It cites approvals from RDSO, CLW and ICF and more than 100 engineers .

On the May 2026 call management defined four pillars . The first two are green sustainable mobility including battery and hydrogen propulsion, and smart locomotive with remote monitoring and distributed power wireless control .

The other two are railway safety including Kavach and multi-section digital axle counter, and AI-driven diagnostics including wheel impact load detection .

Consolidated revenue rose from Rs 65.52 crore in FY24 to Rs 124.46 crore in FY25 and Rs 210.47 crore in FY26 .

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Half-year revenue also stepped up .

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5. Qualitek Labs Ltd — Added

The September filing shows 4.35% and 506400 shares with no named disclosure for June, flagged as added .

Qualitek describes itself as delivering business confidence from a 2018 start by acquiring an automobile testing lab in Pune . It now cites a pan-India network of 10 owned labs and 6 PPP labs, from 25K sq ft in 2018 to 290K sq ft in 2026, with more than 50 lakh tests per year and more than 5000 customers .

Services span automotive including EV battery testing, defence, electricals and electronics, minerals and metals, drugs and pharma, food and feed, environment and water, infrastructure materials and medical equipment, plus inspection and consultancy . Segment weight is given as 40 to 45% of consolidated revenue for transport, defence and mechanical, 15 to 20% for pharma and 25 to 30% for food and feed .

Consolidated annual revenue rose from FY25 to FY26 .

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Half-year revenue also rose .

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6. Aelea Commodities Ltd — Added

The September filing shows 4.29% and 873600 shares with no named disclosure for June, flagged as added .

Aelea describes itself as established in 2018 and specializing in processing raw cashew nuts into high-quality kernels, with a vision to lead in food processing and a mission across feed, food, fuel and fertility . Processing is at Surat across 238454 sq ft with 140 MT per day operational capacity as of H2 FY26, expanded from 40 MT per day .

Products comprise plain and roasted and salted cashew sold bulk B2B and retail B2C including online marketplaces, plus cashew shell liquid and bio-charcoal extensions . On the May 2026 call management said the plant was roughly 94 to 95% utilized and consumer-pouch B2C was roughly 1% of sales .

Consolidated revenue rose from FY24 to FY26 .

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Half-year revenue also rose .

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7. Adcounty Media India Ltd — Added

The September filing shows 2.92% and 656000 shares with no named disclosure for June, flagged as added .

Adcounty is described as a digital performance-advertising business evolving from performance-driven to precision-led, on a CPCU cost-per-conversion model . For Q2 FY2025-26 on a consolidated basis, it reports 87.00 lakh conversions, average CPCU of INR 19, and CPCU revenue of Rs 16.83 crore .

Products are organized as mobile performance, web performance and programmatic for new user acquisition, retargeting and branding . Web and programmatic are called primary engines of growth, with India for scale and UAE for margins, BidCounty for programmatic and an AI mobile platform across India, SEA, MEA, Russia, EU and LATAM .

Consolidated revenue was Rs 86.11 crore in FY26 . Quarterly revenue in the available quarters moved higher.

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8. Shree Refrigerations Ltd — Added

The September filing shows 3.41% and 1219513 shares with no named disclosure for June, flagged as added .

Shree is introduced as a defence-oriented manufacturer of high-performance HVAC system and AC and refrigeration plant for mission-critical applications . It is described as a defence-focused maker of marine-grade HVAC and refrigeration systems trusted by the Indian Navy, PSUs, shipyards and industrial clients .

The offering is turnkey HVAC and refrigeration solutions, AC plants from 5 TR to 300 TR and refrigeration plants from 0.5 TR to 35 TR, plus self-contained and marinised air conditioners, starter and control panels and air handling units . The model runs via equipment supply and spares plus installation, commissioning and annual maintenance .

On the June 2026 call management described a 30 year history, 350 strong team and eight locations, claiming indigenisation of the submarine HVAC system and registrations across all three naval segments .

Consolidated revenue was Rs 153.55 crore in FY26, with H1 FY27 at Rs 93.17 crore .

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9. Sahajanand Medical Technologies Ltd — Added

The September filing shows 1.08% and 1095890 shares with no named disclosure for June, flagged as added .

Business description and consolidated revenue rows were unavailable for this scrip in the inputs, with financials flagged as unavailable for 545001.

10. Fineotex Chemical Ltd — Removed

The June filing shows 2.06% and 23989323 shares with no named disclosure for September, flagged as removed .

Fineotex describes itself as a diversified global specialty chemicals company providing tailor-made solutions, with textile specialty chemicals as foundation . It has diversified into oil and gas, water treatment, cleaning, construction, paints and performance chemicals .

The group defines itself as an Indian multinational producing specialty customized performance chemicals on a single integrated platform . It cites four lines of oil and gas, textile, FMCG cleaning and hygiene, and water treatment, with 5 plants and about 268000 MTPA capacity and sales in about 70 countries .

Consolidated revenue rose from FY22 to FY26 with a dip in FY25 .

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Quarterly revenue jumped in Q4 FY26 and Q1 FY27 .

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11. Zaggle Prepaid Ocean Services Ltd — Removed

The June filing shows 2.16% and 2903356 shares with no named disclosure for September, flagged as removed .

Zaggle presents itself as a spend management company and prepaid card issuer on a SaaS platform across SaaS and fintech revenue, automating non-capex spends across vendors, employees and channel partners . The suite as of August 2026 is Propel for rewards, Save for employee expense and benefits, Zoyer for business spend, Zatix for analytics, fleet management and international payments .

Scale is cited at more than 4065 corporates and 40.00 lakh plus users . For Q1 FY27 consolidated revenue of Rs 423 crore was split as below .

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Consolidated revenue rose from FY24 to FY26 .

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Quarterly revenue rose through FY26, then fell to Rs 423.26 crore in Q1 FY27 from Rs 617.92 crore in Q4 FY26, still up 28% year on year .

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Sources

1. 1 Company database snapshot — pct held jun 2026, n shares jun 2026, pct held sep 2026, n shares sep 2026, change status (retrieved 2026-10-31; 2f77fd7067)
2. 2 Investor presentation, Sep 2026
3. 3 Earnings-call transcript, Aug 2026
4. 4 11 companies: Analysis of quarterly holdings of Ashish Kacholia, we need to find out which companies did he buy/so — historical financial matrix and financial statement analysis
5. 5 Earnings-call transcript, Oct 2026
6. 6 Investor presentation, Oct 2026
7. 7 Company database snapshot — quarter end, quarter revenue cr, fiscal year end, annual revenue cr (retrieved 2026-10-31; 910a2a02b0)
8. 8 Investor presentation, May 2026
9. 9 Earnings-call transcript, Jun 2026
10. 10 Investor presentation, May 2026
11. 11 Earnings-call transcript, May 2026
12. 12 Investor presentation, May 2026
13. 13 Investor presentation, May 2026
14. 14 Earnings-call transcript, May 2026
15. 15 Investor presentation, Nov 2025
16. 16 Investor presentation, Oct 2026
17. 17 Earnings-call transcript, Jun 2026
18. 18 Earnings-call transcript, Jul 2026
19. 19 Investor presentation, Jul 2026
20. 20 Investor presentation, Aug 2026
21. 21 Earnings-call transcript, Aug 2026