Ace investors Mukul Agrawal, Ashish Kacholia, and Dolly Khanna have executed significant portfolio changes in the first quarter of FY27, with reports suggesting they exited eleven stocks during this period. According to latest market data, these investors appear to have booked profits in some cases while cutting exposure to others that have underperformed this year. This represents a notable shift from their typical strategy of holding small-cap winners for extended periods, as these investors are known for spotting emerging small-cap opportunities and maintaining positions through market drawdowns.
Thomas Scott (India) Limited has emerged as a standout performer in Kacholia's portfolio, delivering 1,700% returns over five years despite recent corrections. With a market capitalization of ₹659 crore and shares trading near ₹240, the stock has a 52-week range of ₹185 to ₹410 and trades at a P/E of approximately 34x. As of the June 2026 quarter, Ashish Kacholia owns 3.08 lakh shares representing a 2.10% stake worth close to ₹9.4 crore. The company's remarkable transformation from losses through FY15-FY21 to profitable operations is evident in its revenue growth from ₹21 crore in FY21 to ₹255 crore in FY26, representing a 64% CAGR over five years.
DU Digital Global, a visa outsourcing firm incorporated in 2007, operates 35 centres across 35 countries with approximately 1,300 locations globally through partner offices. As reported by The Financial Express, Kacholia first acquired a 5% stake in September 2022, which he increased to 9.15% by October 2023 and maintained at 8.53% as of March 2026. The company's financial performance shows strong growth metrics with sales increasing from ₹2.2 crore in FY21 to ₹54.7 crore in FY26, representing a 90% CAGR. However, the stock has fallen over 48% from its 52-week high of ₹49 to around ₹25 as of July 29, 2026.
Gujarat Apollo Industries, incorporated in 1986, manufactures crushing and screening equipment for mining and road construction. According to The Financial Express, the company has core operating profit negative in every year from FY15 through FY26, representing 12 consecutive years of manufacturing losses. The company's financials show sales of ₹53 crore in FY26 with other income of ₹26.3 crore against total factory sales of ₹53 crore, indicating that the treasury operations are subsidizing the manufacturing business. Kacholia doubled his stake from 1.06% in December 2025 to 2.29% in the same quarter, while promoter holding fell from 52% to 47%.
Both Thomas Scott and DU Digital Global trade at significant premiums to industry averages, with Thomas Scott at 34x P/E compared to the industry median, and DU Digital Global at 31x PE versus the industry median of 33x. The Thomas Scott turnaround story demonstrates the potential for small-cap value investments, while DU Digital Global's strong revenue growth of 90% CAGR provides a foundation for future performance. However, Gujarat Apollo Industries continues to face challenges with stretched receivables and loss-making core operations, requiring extended patience to realize potential returns.
