Ashish Kacholia, FIIs increase stake in Man Industries; stock performance and financials

New Delhi: Dalal Street's well-known investor Ashish Kacholia, also known as ‘Big Whale’, has almost doubled his stake in Man Industries in the September quarter. Kacholia bought 9,14,634 more shares of the company in Q2, bringing his total share to 3.04 percent. The ace investor has been investing in this small cap stock since March 2024 and increasing stake from time to time. Let us know in detail the performance of this company's shares and the latest portfolio of the investor.

Besides Ashish Kacholia, foreign investors have also increased their stake in Man Industries. The total share of FIIs increased from 2.19 percent by June 2025 to 2.32 percent in September 2025. Apart from this, the general public has also increased its stake in the company. As of June, Kacolia’s portfolio had 2.03 percent stake, which increased to 3.04 in September.

The share of domestic institutional investors (DII) also increased from 0.88 percent to 1.68 percent during this period. However, the promoters' stake in the company has declined drastically. By June 2025, they had 48.21 percent stake, which came down to 43.21 percent in September.

Man Industries performed strongly in the June quarter (Q1 FY26). The company's net profit increased by 45.2 percent to Rs 27.6 million, from Rs 19 million last year. However, the revenue from the operation declined slightly and it came down to Rs 742.1 crore, against Rs 749 crore last year. This investment strategy of Kacholia and the company's strong quarterly results have strengthened investor confidence again.

On Tuesday, October 21, the company's shares closed at Rs 407.35 with a rise of 0.79 percent. In the last week, the stock rose 11.61 percent. However, the company's shares have fallen by 5.95 percent in a month. But the stock price has increased by 30 percent during the year and 501 percent in 5 years. The market cap of Man Industries was recorded at Rs 3,056 crore. The stock's 52week high is 469 and a low level of Rs 201.45.

The shares of Man Industries went through a period of decline at the end of September following a two-year market ban imposed by SEBI on the company and its three senior executives and a penalty of 25 lakh rupees. However, the shares showed a comeback in October, as the Securities Appellate Tribunal (SAT) imposed a stay on the orders of SEBI. The company issued a statement saying that "on 10 October 2025, SAT imposed a stay on the entire order of SEBI dated 29 September 2025, which was against the company and three other notice holders.”

SEBI had alleged that the company did not include its unit Merino Shelters in the financial statement, misrepresented the transaction of the party concerned and resorted to round-tripping to hide its financial position.

According to the trendline, as of September 2025, Ashish Kacholia's portfolio has 42 stocks, with a total value of about Rs 2,088 crore. His biggest investment includes Shaily Engineering Plastics where he owns 14.79 lakh shares, which are equivalent to 3.22 percent stake and a value of Rs 366.2 crore. In addition, he has 9 lakh shares of Safari Industries India in his portfolio, which are worth 1.84 percent stake and Rs 190 crore, and in Balu Forge Industries, he has 18.66 lakh shares, which is equivalent to 1.64 percent stake and Rs 117 million.

In Q1 FY26, Kacholia took advantage of the improvement in the market and added 9 new stocks to its portfolio. These include 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.