Fondly known as the ‘Big Whale,’ Ashish Kacholia began his career with Prime Securities and later moved to Edelweiss before founding his own brokerage firm, Lucky Securities, in 1995. He co-founded Hungama Digital alongside Rakesh Jhunjhunwala in 1999 and began actively building his personal investment portfolio in 2003. Over the years, Kacholia has diversified his investments across multiple sectors including hospitality, education, infrastructure, and manufacturing, making his portfolio one of the most watched in the market.
Vijay Kedia, often referred to as the ‘Market Master,’ is equally celebrated for his consistent stock market performance and long-term investing acumen. He started investing at the age of 19 and launched Kedia Securities in 1992 at 33. Kedia follows his trademark SMILE approach, focusing on companies that are ‘small in size, medium in experience, large in aspiration, and extra-large in market potential,’ which has helped him build a portfolio admired by investors nationwide.
Portfolio Net Worth Trajectory
Tracking the net worth trajectory of both investors reveals periods of substantial growth as well as market-driven fluctuations. Ashish Kacholia’s portfolio was valued at Rs. 393.7 crore in March 2020 and saw a steep rise to Rs. 1,941.2 crore by December 2021. Amid a market downturn, it dipped to Rs. 1,656.6 crore in March 2023 but rebounded to Rs. 3,498.5 crore by September 2024. The portfolio then moderated to Rs. 2,477.8 crore in March 2025 and currently stands at Rs. 2,854.6 crore as of November 2025.
Vijay Kedia’s portfolio has similarly demonstrated impressive growth with intermittent corrections. It started at Rs. 229 crore in March 2020, climbing to Rs. 659.1 crore by September 2021 and Rs. 1,475.6 crore by December 2023. However, market volatility led to a decline to Rs. 1,242.7 crore in March 2024, before rising again to Rs. 1,837.1 crore in June 2024 and Rs. 1,896.3 crore by December 2024. As of November 2025, Kedia’s portfolio has adjusted to Rs. 1,294.4 crore, reflecting the impact of geopolitical issues and market fluctuations.
Core Holdings
Ashish Kacholia prefers letting his portfolio reflect his investment strategy and has gained a reputation as a stock market whiz. With investments spanning over forty companies across diverse sectors, his current core holdings include Shaily Engineering with a holding value of Rs. 627.8 crore across 24 lakh shares representing a 5.2 percent stake, Beta Drugs at Rs. 210.6 crore with 12.6 lakh shares and a 12.5 percent stake, Safari Industries at Rs. 201.7 crore across 9 lakh shares with 1.8 percent ownership, Jain Resource Recycling, a recent addition, valued at Rs. 171.1 crore with 39 lakh shares for a 1.1 percent stake, and Balu Forge at Rs. 116.4 crore with 18.65 lakh shares, representing 1.6 percent of the company.
Vijay Kedia emphasizes investing in companies with strong and honest management, stating, “One should scout for companies which have good management. Find very good, very honest management and see the product in which the management is going to outperform its peers and the economy.
Invest in those companies for the next 10-15 years, and you cannot go wrong.” His portfolio currently includes 16 publicly held stocks, with key holdings being Atul Auto at Rs. 270.5 crore across 58 lakh shares and a 20.9 percent stake, Neuland Laboratories valued at Rs. 227 crore with 1.3 lakh shares and a 1 percent stake, Elecon Engineering at Rs. 120.5 crore with 22.5 lakh shares and a 1 percent stake, Tac Infosec valued at Rs. 109.4 crore with 13.86 lakh shares and 13.2 percent stake, and Sudarshan Chemical at Rs. 103.6 crore with 10 lakh shares representing 1.3 percent ownership.
Both Kacholia and Kedia have carved distinctive paths in the Indian stock market, balancing growth and strategic stakeholding, making them two of the most closely followed investors in the country today.
-Manan Gangwar
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