
Kacholia's 4.36% stake in Indo SMC has yielded a 201% return since IPO, backed by 136% revenue growth and a ₹66.6 crore order win.
Ashish Kacholia, the ace investor, now holds 4.36% of Indo SMC after buying into the January 2026 IPO as an anchor investor and adding shares on the secondary market. The stock has rallied 201% from the ₹149 issue price.
The company’s first-quarter FY27 results help explain the move. Revenue jumped 135.96% from a year earlier, driven by contracts in power transmission and railway electrification. Indo SMC also secured a purchase order worth ₹66.60 crore, adding to its pipeline.
For a small-cap engineering firm, order wins of that size matter. They build revenue visibility. The topline surge suggests execution is keeping pace with demand, which is often the weak link in infrastructure plays.
Indo SMC operates in two sectors where Indian government spending is heavy: power transmission and railways. The budget push on electrification and grid modernization gives companies in this space a multiyear demand runway. The question for infrastructure stocks is always whether the company can sustain the pace of execution and keep winning orders at the same clip.
Kacholia’s involvement – anchor plus secondary-market accumulation – is the kind of signal small-cap investors track. He has a reputation for identifying promising small and mid-cap businesses before broader institutional interest arrives. His stake makes him one of the more prominent public shareholders in the company.
The stock’s run has been one of the stronger ones among recent Indian listings. The combination of revenue growth above 100%, a fresh order, and an insider who added to his position after the IPO rather than taking profits tends to keep a stock on the radar.
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