A small cap both Ashish Kacholia, Mukul Agrawal bought in Q2

Summary: It’s rare to see the market’s most successful small-cap hunters zero in on the same name. But they did in the latest September quarter. Find out why this business has caught their eye and how they reshuffled their portfolios during the quarter. When two of Dalal Street’s most-followed stockpickers move into the same stock, that overlap makes it worth looking into. Not because they’re infallible but because both have a history of spotting opportunity early, often before the crowd does. This time, in the September quarter (Q2 FY26), their portfolios overlapped on one newly-listed small-cap company: Vikran Engineering, which made its market debut on September 3, 2025. Why the EPC company caught their attention Ashish Kacholia bought a 1.5 per cent stake in Vikran Engineering valued at Rs 39 crore while Mukul Agrawal added 1.2 per cent worth nearly Rs 30 crore, according to data from Trendlyne. The engineering, procurement, and construction (EPC) firm undertakes end-to-end projects—from design and supply to installation and commissioning—across power transmission, water distribution, rail electrification, solar EPC and smart metering. With operations spread across 22 states and nearly 190 project sites, it leverages a vast vendor network of over 3,500 suppliers for procurement and logistics. Financially, Vikran has delivered strong growth, with revenues rising 32 per cent annually between FY23 and FY25 and profits climbing 35 per cent a year. Margins, too, have held firm, with an EBIT margin of 17 per cent in FY25—among the best in its peer group. Its order book stands at 2.2 times FY25 revenues, underpinned by repeat orders from marquee clients like NTPC and Transmission Corp of Telangana. However, stretched receivables and high dependence on government contracts remain notable risks that could test its cash flow and execution pace. What else they bought and sold Vikran wasn’t their only move in Q2. Both investors reshuffled parts of their portfolios: Kacholia’s largest new addition was Shree Refrigerations, where he picked up over 3 per cent. His other big moves included Man Industries, where his stake climbed by 1 per cent. Kacholia's top bets in Q2 Company Investment value (Rs cr) Action Sep 2025 holding (%) June 2025 holding (%) Change (%) V-Marc* 39.5 New 2.7 - 2.7 Pratham EPC Projects* 4 New 1.2 - 1.2 Shree Refrigerations* 27.8 New 3.4 - 3.4 Vikran Engineering 38.9 New 1.5 - 1.5 Jain Resource Recycling 144.6 New 1.1 - 1.1 Man Industries 90 Incr