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.

Agrawal’s biggest new buy was Osel Devices, where he acquired a striking 7.6 per cent, followed by a fresh 5.3 per cent buying in Unified Data Tech Solutions. Among existing holdings, he sharply lifted his stake in ASM Technologies by 4.2 percentage points to 10.7 per cent.

These moves underline their preference for small and mid caps, particularly across manufacturing, engineering and emerging tech-enabled businesses—themes riding India’s ongoing capex and digital upcycle.

Both investors also trimmed exposure across several stocks. Kacholia pared less than 1 per cent in Fineotex Chemical, Xpro India and Dhabriya Polywood, among others. His stake slipped below 1 per cent for the first time in Jyoti Structures, Universal Autofoundry, Acutaas Chemicals, NIIT Learning Systems and Awfis Space Solutions.

Agrawal booked partial profits in Vasa Denticity, Stanley Lifestyles, OneSource Specialty Pharma, among others. His stake fell below 1 per cent for the first time in BSE, Sula Vineyards, Raghav Productivity and MITCON Consultancy.

Don’t mirror, dig deeper

Dalal Street has long treated Kacholia and Agrawal’s portfolios as treasure maps for potential multibaggers. Both investors have earned their reputations by spotting emerging businesses early, long before the market catches on.

However, while it’s fascinating to see what top investors are buying, these moves shouldn’t be treated as buy signals. Remember, even seasoned investors make mistakes or invest with very different time horizons and risk appetites.

At best, tracking star investors provides a starting point for your own research, not a shortcut to success. Every investor must assess fundamentals, valuations and personal goals before acting.

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