Through his investment firm Bengal Finance & Investments Pvt Ltd, Kacholia had invested Rs 50 crore in the recycling company on March 13, 2025, purchasing 7,83,375 shares at an average price of Rs 638.28 per share. A subsequent 1:5 stock split, effective March 27, increased his shareholding fivefold to 39,16,875 shares, while reducing the adjusted average cost to Rs 126.75 apiece.
Fast forward to October 1, Jain Resource Recycling made its stock market debut, listing at a 14% premium to its issue price of Rs 232 per share. The stock ended its first session at Rs 318, and has since extended its rally to around Rs 400 as of October 24, valuing Kacholia’s stake at nearly Rs 157 crore.
The stock has been on a strong upward streak, gaining for five consecutive sessions and rising close to 30% during that stretch. The latest buying stems from the company’s robust Q2FY26 earnings as its net profit jumped 88% year-on-year to Rs 98.6 crore, while revenue climbed 52% to Rs 2,113.7 crore. EBITDA rose 82% to Rs 160 crore, with operating margins improving by 127 basis points to 7.6%.
In segmental terms, the Aluminium and Alloys business recorded a sharp 115% rise in first-half revenue to Rs 154.5 crore, while the Lead and Ingots vertical brought in Rs 1,740 crore, up 47% from the year-ago period. The Copper Ingots segment grew 14% to Rs 1,697.8 crore.
Kacholia, often referred to as the “Big Whale” of Dalal Street for his early bets on promising companies, holds about 1.1% in Jain Resource Recycling. The Chennai-based firm, which recycles and manufactures non-ferrous metals such as lead, copper, and aluminium, also operates a gold refining unit in the UAE through a subsidiary.The stellar gains from Jain Resource Recycling add another successful chapter to Kacholia’s track record of spotting high-potential stocks early in their growth cycle.Kacholia reshuffled his roughly Rs 2,800 crore portfolio (per Trendlyne) in the September 2025 quarter with four fresh additions and slew of trims in stocks that he already owns a stake in.
According to the latest shareholding data, Kacholia picked up new stakes in V-Marc, Pratham EPC Projects, Jain Resource Recycling, Man Industries and Vasa Denticity during Q2 FY26.
The veteran investor also made notable trims in his portfolio during the September 2025 quarter, paring down his shareholding across three stocks. According to the latest holding data, Kacholia marginally reduced his stakes in Xpro India, Brand Concepts, and Dhabriya Polywood.
Leading the trimming activity, Kacholia cut his holding in Dhabriya Polywood by 0.9%, bringing his ownership down to 5.8%. His investment in the company now stands at Rs 24.6 crore with total shares held at 6,26,347.
Xpro India also saw a slight reduction, with the stake lowered by 0.2% to 3.9%. Kacholia’s holding value in Xpro is the highest among the three at Rs 100.1 crore, corresponding to 9,18,550 shares.
Brand Concepts witnessed a similar stake trim, with Kacholia reducing his exposure by 0.2 percentage points to 1.5%. He now holds Rs 6.3 crore worth of the company, amounting to 1,79,838 shares.
Kacholia has also purchased stakes in newly-listed companies – Ganesh Consumer and M&B Engineering – picking 1.46% and 1.27% stake, respectively, stock exchange data showed.
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