Market veterans Ashish Kacholia, Mukul Agrawal, Vijay Kedia, and Dolly Khanna remained strategically active during Q3 FY26, making selective portfolio adjustments amid significant smallcap stock volatility. The seasoned investors demonstrated varied approaches, with some expanding positions while others adopted more cautious stances.

Ashish Kacholia's Strategic Additions

Kacholia expanded his ₹2,400 crore portfolio with two notable additions during the quarter. The ace investor acquired a 2.89% stake in Adcounty Media, a digital advertising solutions provider that debuted on BSE in July 2025. Despite the SME stock's multibagger performance within two months of listing, it has since declined nearly 60% from its peak.

Kacholia also increased existing holdings, adding 1.2% to his Gujarat Apollo position, bringing total ownership to 2.3%. The heavy machinery manufacturer for mining and construction currently trades 30% below its 52-week high. Additionally, he raised his Knowledge Marine Engineering stake by 0.1% to 2.9%, targeting the marine services and dredging company.

On the divestment side, Kacholia reduced stakes by 0.5% each in Vasa Denticity and Walchandnagar Industries, while appearing to exit Fineotex Chemicals entirely.

Mukul Agrawal's Portfolio Expansion

Agrawal demonstrated active portfolio management across his ₹6,600 crore equity holdings, adding three new positions while trimming six existing ones. His new acquisitions included Hindustan Construction (1.68% stake), Alcargo Logistics (2.9% stake), and Sudeep Pharma (1.3% stake).

The Param Capital Group founder also increased holdings in Vasa Denticity (+0.4%), Vikran Engineering (+0.2%), and N R Agrawal (+0.1%). Conversely, he trimmed positions in Monolithisch (-0.2% to 2.76%), Pearl Global (-0.2%), InfoBeans Technologies (-0.2%), and ASM Technologies (-0.4%), while likely exiting Stanley Lifestyles completely.

Vijay Kedia's Selective Approach

Kedia, renowned for identifying multibagger smallcap opportunities, added two strategic positions to his ₹1,100 crore portfolio. Through Kedia Securities Private Limited, he acquired a 1.01% stake representing one crore shares in Patel Engineering. He also purchased 1.25 lakh shares (1.14% stake) in Advait Energy Transitions during the December quarter.

The market veteran appears to have exited Precision Camshafts entirely, either through complete divestment or by reducing holdings below the 1% disclosure threshold.

Dolly Khanna's Cautious Positioning

Khanna adopted a notably defensive stance with her ₹250 crore portfolio, reducing exposure across seven positions while making minimal new additions. She appears to have completely exited Prakash Pipes, the PVC pipe and fittings manufacturer that declined nearly 50% over six months.

Additional reductions included Coffee Day Enterprises (2.2% to 1.7%), Southern Petrochemicals (-0.5%), and KCP Sugar (-0.2%). Despite trimming her Emkay Global Financial Services position from 2.7% to 2.3%, the stock has delivered multibagger returns exceeding 300% over five years.

Market Context and Investment Patterns

The Q3 FY26 period witnessed significant smallcap volatility, influencing these veterans' strategic decisions. While Kacholia and Agrawal pursued selective expansion opportunities, Khanna's predominantly defensive approach reflected the challenging market environment. The investors' varied strategies demonstrate different risk appetites and market outlooks during the turbulent quarter.

Renowned investor Ashish Kacholia has made significant changes to his Rs 2,675 crore portfolio during the September quarter, demonstrating his active approach to portfolio management. The changes include the addition of four new stocks and adjustments to existing holdings.

New Additions to the Portfolio

Kacholia has introduced four new stocks to his investment roster:

Notable Performance: Jain Resource Recycling

Kacholia's investment in Jain Resource Recycling has shown remarkable performance:

• Initial investment: Rs 50 crore at Rs 638.28 per share
• Current value: Rs 126.90 crore
• Returns: 156% in seven months
• Post 1:5 stock split:
  • Holding: 39,16,875 shares
  • Adjusted cost: Rs 126.75 per share

Reduced Stakes

The investor has also trimmed his positions in three companies:

Investments in New Listings and IPOs

Kacholia has also shown interest in newly listed companies and upcoming IPOs:

• Acquired stakes in newly listed companies:
  • Ganesh Consumer (1.46%)
  • M&B Engineering (1.27%)
• Invested in IPOs:
  • Suba Hotels
  • Vikran Engineering
  • Euro Pratik Sales

These portfolio adjustments reflect Kacholia's dynamic investment strategy, balancing new opportunities with existing holdings. The significant returns from investments like Jain Resource Recycling highlight his ability to identify high-potential stocks, while the diverse range of new additions and IPO investments suggest a forward-looking approach to portfolio growth.