Ashish Kacholia Portfolio: Stake Back in SG Finserve, Raised in Stove Kraft, Indo SMC
The Ashish Kacholia portfolio shows three changes in the September 2026 quarter shareholding patterns filed on the BSE. He holds 2.34% of SG Finserve, raised his Stove Kraft stake from 1.74% to 1.92%, and lifted his Indo SMC holding from 3.03% to 3.25%. These are disclosed holdings, not recommendations.
Ashish Kacholia portfolio: stake changes
| Company | June 2026 | September 2026 | Value at Oct 14 close |
|---|---|---|---|
| SG Finserve | Below 1%, not named | 2.34% | About Rs 106 cr |
| Stove Kraft | 1.74% | 1.92% (+0.18 pp) | About Rs 54 cr |
| Indo SMC | 3.03% | 3.25% (+0.22 pp) | About Rs 38 cr |
Values are calculated from market capitalisation of Rs 4,547 crore, Rs 2,795 crore and Rs 1,173 crore, for example 2.34% of Rs 4,547 crore is about Rs 106 crore.
SG Finserve: back above the reporting line
Shareholding patterns name only holders above 1%. Kacholia held 1.14% in December 2025 and 2.37% in March 2026, then was absent from the June list. The absence reflects the threshold and does not show a sale. His 2.34% in September restores a similar size.
The non-banking lender reported in an exchange filing on October 1 a loan book of about Rs 5,694 crore at September 30, up 98% in a year. The figure is provisional. Promoter holding rose from 48.38% to 56.95% between September 2025 and June 2026, a gain of 8.57 percentage points. Borrowings nearly doubled to Rs 2,704 crore in FY26.
Stove Kraft: record quarter on induction demand
Stove Kraft, which sells Pigeon cookers, reported June 2026 quarter revenue of Rs 481 crore, a record and up 41%. Induction sales rose 316% to 27% of revenue, and net profit rose 63.5% to Rs 17.1 crore. Cash from operations reached Rs 258 crore in FY26, and borrowings fell from Rs 371 crore to Rs 117 crore. Management said the September quarter would grow more slowly.
Indo SMC: SME-listed meter-box maker
Indo SMC listed on the BSE SME platform in January 2026 at Rs 149 and closed at Rs 513 on October 14. That is a gain of about 244%, since 513 divided by 149 is 3.44. Kacholia was a pre-IPO investor, and an associated entity, Bengal Finance & Investment, holds another 1.33%. Indo SMC reported a Rs 66.6 crore order in July and a Rs 31.7 crore order on October 5, and has guided for FY27 revenue of Rs 450 crore to Rs 500 crore. Operating cash flow was negative in FY26, with an outflow of Rs 35 crore.
What to Watch
- SG Finserve's second-quarter results and earnings call, expected around October 16, will confirm or revise the provisional loan book figure.
