Sunil Singhania’s latest moves: Buying what Kacholia sold, backing 3 other stocks

Read the paperwork closely, though, and the four look less like a shopping list and more like a map of how a modern fund house puts money to work. One stake came through a bulk deal in which Abakkus took over almost exactly what Ashish Kacholia was selling. One came through an IPO anchor book. The other two were built slowly by the Abakkus mutual fund, month after month, until they were large enough to be seen.

The timing adds a twist. On 22nd September 2026, Abakkus filed draft papers with SEBI for its own IPO, an offer for sale of up to 15 million shares. So, a money manager preparing to list is now backing, among others, a financial group preparing to list its own money manager. Here is what each stake is worth, what the numbers say and where the risks sit. FE Stock Insights on WhatsApPGet instant alerts on high-conviction investment themes and fundamental deep dives—direct from Financial Express.Join now #1 Dhabriya Polywood: Ashish Kacholia’s Exit is Abakkus’s Entry: The Rs 23-Crore Block Deal Incorporated in 1995, Jaipur-based Dhabriya Polywood makes rigid plastic profiles under the Polywood brand, along with windows, doors, wall panels and modular furniture.

Think of it as plastic doing the job wood used to do, in homes and offices that want fittings that do not rot or need polishing. In the last two years it has also moved into aluminium windows and facades for large housing projects. This is the only one of the four that is a clean, fresh entry from the open market. On 23rd July 2026, Abakkus Venture Opportunities Fund bought 6,01,341 shares, or 5.55% of the company, at an average of Rs 387.8 apiece, for Rs 23.32 cr.

On the same day, Ashish Kacholia sold 5,76,347 shares, his entire 5.32% holding. A disclosure filed with BSE on 24th July 2026 under the takeover rules confirms the Abakkus purchase. At Rs 510, the closing price on 19th October 2026, that stake is worth about Rs 31 cr, roughly 31% above the purchase price. The September 2026 shareholding pattern shows domestic institutions holding 6.00%, up from 0.45% a quarter earlier.

Almost all of that jump is the Abakkus block. The company's market value is Rs 553 cr. Dhabriya Polywood Financials: Expanding Margins and a Rs 200-Crore Order Book Financial YearFY21FY22FY23FY24FY25FY265Y CAGRSales (Rs cr)10613417121123526420%EBITDA (Rs cr)13141831385533%Net Profit (Rs cr)45814183050% Source: Screener.in EBITDA here refers to operating profit before other income. Net profit CAGR computed on unrounded earnings per share.

FY21 was a Covid-hit base year. The real story in that table is margin. Operating margin was 13% in FY21 and slipped to 10% in FY22. It reached 21% in FY26 and 23% in the June 2026 quarter, when the company earned Rs 8.86 cr on sales of Rs 68 cr, a 35% rise in profit from a year earlier. In a press release filed with BSE on 12th August 2026, the company put its project order book above Rs 200 cr. It is also running a Rs 100 cr capex programme for new product lines.

October has already brought BSE disclosures of orders worth Rs 24.72 cr from Emaar India and Godrej Properties, and Rs 11.79 cr from Conscient Group. A 500% Rally in 5 Years: Is Dhabriya Polywood Overvalued? The share price of Dhabriya Polywood has jumped by over 500% over five years from Rs 85 in October 2021 to the current price of Rs 510 as of closing in 19th October 2026. As for valuation, the stock trades at a PE of about 17x against the current industry median of 21x.

The 10-year industry median PE for the company is 20x while the industry median for the same period is 22x. Return on equity stands at 26%. The weak spot is cash. A profit of Rs 30 cr in FY26 turned into only Rs 8 cr of operating cash flow, and free cash flow was a negative Rs 19 cr after capex. Inventory days have climbed to 197 and borrowings rose from Rs 53 cr to Rs 76 cr in a year. One more detail: of the June-quarter profit of Rs 8.86 cr, just Rs 3.04 cr came from the standalone company.

Most of the earnings now sit in its subsidiaries. #2 Adroit Industries: The Anchor Allotment Securing Shares Before the 87% Listing Pop Incorporated in January 1995, with roots in a partnership set up in 1966, Adroit Industries makes propeller shafts. These are the spinning steel shafts that carry power from a truck's gearbox to its wheels. It also makes yokes, flanges and other driveline parts, more than 5,000 products in all, forged at Dewas and machined and assembled at Pithampur in Madhya Pradesh.

On 22nd September 2026, a day before the IPO opened, Abakkus Venture Opportunities Fund was allotted 7.46 lakh shares in the anchor book at Rs 134 each, about Rs 10 cr. That works out to roughly 1.7% of the company after the issue. The stock listed on 30th September at Rs 250 on BSE, an 87% premium. It has slid ever since. At Rs 172 on 19th October 2026, it is 31% below its listing price but still 28% above what Abakkus paid.

The stake is worth about Rs 13 cr. Anchor shares carry a lock-in. Half are locked for 30 days from allotment and the rest for 90 days, so the first tranche frees up around the end of October. Anyone tracking the stock should mark that date. Adroit Industries Financials: Profit Margins Hit 31% Financial YearFY23FY24FY25FY263Y CAGRSales (Rs cr)10312513414011%EBITDA (Rs cr)1630313935%Net Profit (Rs cr)615182663% Source: Screener.in EBITDA here refers to operating profit before other income.

Only four years of data are available, so a 5-year CAGR is not meaningful. Net profit CAGR computed on unrounded earnings per share. Sales have grown at only about 11% a year since FY23. Profit has grown much faster because operating margin rose from 15% to 28%. The June 2026 quarter results were filed with BSE on 12th October. Profit rose 32% to Rs 7.49 cr on almost flat sales of Rs 34 cr, and the margin touched 31%.

Most of the IPO money is going into machinery, with a plan to double capacity at Pithampur, and into repaying debt at a subsidiary. Export Dominance and the 25% US Tariff Risk According to its red herring prospectus, exports made up 95.39% of FY26 product sales, and the US alone took 53.76% of those exports. The prospectus also flags a 25% US tariff on certain automotive parts. Inventory days stood at 546 in FY26, which means a lot of money sits on the shop floor.

The stock trades at a PE of about 28x. With barely three weeks of trading history, there is no 10-year median PE to compare with the industry's 10-year median, so that test simply cannot be run yet. #3 Inox India: Accumulating a Rs 196-Crore Stake in Cryogenics Incorporated in 1976 as Baroda Oxygen, Inox India makes tanks and systems that store and move gases kept at extremely low temperatures, such as liquid oxygen, nitrogen, LNG and hydrogen.

Its scientific division supplies equipment to space launch sites and to global research projects such as ITER and CERN. In FY26, industrial gases made up 54% of revenue, LNG 28% and scientific work 14%. Inox India is not a new idea for Abakkus. When the Abakkus Flexi Cap Fund published its first portfolio in December 2025, the stock was already in it. The holding was worth Rs 148.71 cr at the end of June 2026 and Rs 196.57 cr at the end of August, or about 2.66% of the fund.

As the share price climbed, the position crossed the 1% line that puts a shareholder's name on the public list. This is a stake that grew into view, not a fresh purchase. Inox India Financials: A Record Rs 1,686-Crore Backlog Financial YearFY21FY22FY23FY24FY25FY265Y CAGRSales (Rs cr)5947839661,1331,3061,58722%EBITDA (Rs cr)13516820525228534320%Net Profit (Rs cr)9613015519622625822% Source: Screener.in EBITDA here refers to operating profit before other income.

FY21 was a Covid-hit base year. Other income of Rs 42 cr made up about 12% of FY26 pre-tax profit. Sales, operating profit and net profit have all compounded at 20-22% a year, with operating margin holding between 21% and 23%. Return on capital is 33.5% and the company is almost debt free. The bigger talking point is the order book. Its June-quarter investor presentation, filed with BSE in August, showed a record backlog of Rs 1,686 cr.

Exports made up Rs 1,140 cr of it, after the highest-ever quarterly order intake of Rs 532 cr. Valuation Check: Growing Into a 71x PE Multiple The share price of Inox India was Rs 660 at its IPO in December 2023. At Rs 1,999 as of closing on 19th October 2026, it is about three times that, and up 67% in a year. It trades at a PE of about 71x, against the current industry median of 26x since listing.

A 10-year median is not available because the company has been listed for less than three years. June-quarter profit fell 5% from a year ago to Rs 58 cr, even as sales rose 9%. And FY26 operating cash flow of Rs 117 cr was less than half of net profit, as working capital days rose from 61 to 83. #4 Edelweiss Financial Services: The Value Play Betting on the Upcoming EAAA Listing Incorporated in 1995 by Rashesh Shah and Venkat Ramaswamy, Edelweiss Financial Services is a holding company.

Under it sit an alternatives business called EAAA, a mutual fund, an asset reconstruction company, housing finance, small business lending, and life and general insurance. Abakkus's interest goes back more than a year. On 26th August 2025, Abakkus Asset Manager bought 64,30,780 shares, or 0.68%, at Rs 100 each in a block deal from two Edelweiss employee welfare trusts. The mutual fund has been adding since.

Monthly disclosures show the Flexi Cap fund lifting its holding from 80 lakh shares in August 2026 to 90.05 lakh in September, close to 0.95% of the company on its own and worth about Rs 115 cr at Rs 128. Why it may fit now: the group says EAAA's listing is on track for the third quarter of FY27. On the earnings call of 6th August 2026, management said EAAA's fee-paying assets grew 27% to Rs 48,623 cr in the June quarter.

Its profit rose 45% to Rs 81 cr. Consolidated profit after minority interest rose 83% to Rs 122 cr. Edelweiss Financials: Shrinking the Balance Sheet to Drive Profitability Financial YearFY21FY22FY23FY24FY25FY265Y CAGRRevenue (Rs cr)10,7757,1518,5009,5239,39310,8020%Operating Profit (Rs cr)4,1663,2042,8333,2713,3603,475-4%Net Profit (Rs cr)25421240652853668022% Source: Screener.in For a lending and holding company, operating profit is shown before interest costs and in place of EBITDA.

FY21 profit followed a Rs 2,044 cr loss in FY20 and was helped by a tax credit, which flatters the 5-year profit growth. Revenue has gone nowhere in five years. Profit grew because the group shrank its balance sheet, with borrowings falling from Rs 28,436 cr in FY21 to Rs 18,595 cr in FY26. Debt is still about four times net worth. And a good part of recent profit came from outside the core business.

Other income made up Rs 452 cr of the trailing twelve months' earnings, including Rs 221 cr in the December 2025 quarter alone. Share Price Trends: Trading Below Industry Median PE The share price of Edelweiss has compounded at 22% a year over five years and stands at Rs 128, about 28% above the price Abakkus paid in its block deal. The stock trades at a PE of 19x against the current industry median of 14x. 10-year median PE for the company is 16x while the industry median for the same period is 13x.

The insurance businesses posted a pre-tax loss of Rs 33.68 cr in the June quarter. Foreign investors cut their holding from 25.33% to 19.47% over the year to June 2026, while domestic institutions raised theirs from 3.76% to 7.25%. The Super Investor Playbook: Entry Prices and Upcoming Checkpoints Put the four together and two lessons stand out. The first is the vehicle. Abakkus now runs alternative funds, portfolio services and a mutual fund, and each leaves a different trail.

A bulk deal shows up the next day. An anchor allotment shows up before listing. A mutual fund stake may take months to cross the 1% line, by which time the fund has often held it for a while. The second is price. Abakkus got into Dhabriya at Rs 388 and Adroit at Rs 134. Retail buyers who chased Adroit on listing day paid Rs 250. Copying a super investor's stock is not the same as getting his entry price.

The checkpoints ahead are clear. Adroit's anchor lock-in starts to lift around the end of October. Dhabriya has to turn a Rs 200 cr order book into cash as well as profit. Inox India has to grow into a 71x multiple. Edelweiss has to get EAAA listed. A sensible step would be to add these stocks to a watchlist and tick off each milestone as it comes. Disclaimer Note: We have relied on data from www.Screener.in and www.trendlyne.com throughout this article.

Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information, including filings made available on the BSE website. The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor.

This article is strictly for educative purposes only. Suhel Khan has been a passionate follower of the markets for over a decade. During this period, He was an integral part of a leading Equity Research organisation based in Mumbai as the Head of Sales & Marketing. Presently, he is spending most of his time dissecting the investments and strategies of the Super Investors of India. Disclosure: The writer and his dependents do not hold the stocks discussed in this article.

The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers