Ashish Kacholia, known as the “Big Whale” of Dalal Street, boosted his stake in Man Industries during the September quarter, nearly doubling his ownership in the company.
According to Trendlyne’s shareholding data, the ace investor bought an additional 9,14,634 shares of the company in Q2, taking his overall stake in the small-cap stock to 3.04%. The renowned investor has been holding a stake in the company since March 2024.
As of September 2025, Ashish Kacholia’s portfolio comprises 42 stocks valued at around ₹2,088 crore, with the largest holding in Shaily Engineering Plastics, where he owns 14.79 lakh shares, representing a 3.22% stake valued at ₹366.2 crore.
This is followed by Safari Industries India, with 9 lakh shares or a 1.84% stake worth ₹190 crore, and Balu Forge Industries, with 18.66 lakh shares or a 1.64% stake valued at ₹117 crore, as per Trendlyne.
During the first quarter of FY26, the veteran investor added nine stocks to his portfolio, taking advantage of market correction. Among the new additions to the list were DU Digital Global, Infinium Pharmachem, C2C Advanced Systems, BEW Engineering, Concord Control Systems, Qualitek Labs, Shree OSFM E-Mobility, Megatherm Induction, and Naman In-Store India TBI Corn.
Man Industries share price recovers from recent slump
The company’s shares have regained strength in October, following a sharp sell-off seen in late September after the Securities and Exchange Board of India (SEBI) banned the company and its three senior executives from accessing the securities market for two years and imposed a ₹25 lakh penalty on each of them.
However, they recovered after the company said that the Securities Appellate Tribunal (SAT) has granted a stay on SEBI’s order.
In its statement on October 13, Man Industries said, “On October 10, 2025, SAT granted a stay on the entire SEBI order dated September 29, 2025, which was passed against the company and three other notices.”
On September 29, SEBI barred Man Industries and its three senior executives from accessing the securities markets for two years and imposed a fine of ₹25 lakh on each of them for alleged financial misstatement.
The regulator had found that the company failed to consolidate its unit, Merino Shelters, in its financials between fiscal years 2015 and 2021, misrepresented related-party transactions, and engaged in round-tripping of funds to mask its financial position.
Reports healthy performance in Q1
The company reported a strong performance in the June quarter, with net profit growing 45.2% to ₹27.6 crore from ₹19 crore last year. Its revenue from operations declined 0.9% to ₹742.1 crore from ₹749 crore in August last year.
The company reaffirmed its FY26 revenue growth guidance of around 20%, supported by strong momentum expected in the second half of the fiscal year, which is underpinned by a robust production schedule for the second half of the current fiscal year and steady order inflows, which are expected to improve capacity utilisation.
The stock is up by 352% in the last three years and 504% over the five-year period.
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