Ashish Kacholia exits, Madhusudan Kela trims stake in smallcap NBFC stock that's up over 50% in 2026

Ace investors Ashish Kacholia and Madhusudan Kela, known for identifying promising smallcap opportunities early, appear to have trimmed their exposure to NBFC SG Finserve during the first quarter of FY27, booking profit after an impressive 52% rally since the beginning of the year.

Shareholding data available on the BSE shows that Ashish Kacholia's stake in the company fell below the 1% disclosure threshold from 2.37% at the end of the March 2026 quarter, indicating a likely exit. Meanwhile, Madhusudan Kela marginally reduced his holding to 1.44% from 1.46% in the previous quarter.

The stake reduction comes after a sharp rally in SG Finserve's shares, which have surged 52% year-to-date, significantly outperforming the broader market. Over the same period, the Nifty and Sensex have declined by more than 7% and 9%, respectively.


Kacholia and Kela are among India's most closely watched smallcap investors, with their portfolio moves often drawing significant attention from the market. Their investment decisions are widely tracked by retail and institutional investors alike, as they are often seen as indicators of emerging opportunities and evolving market sentiment.

Also Read | Ashish Kacholia's picks: 12 stocks rally up to 130% in CY26, 3 turned multibaggers; 2 new Q4 betsKacholia, fondly called the ‘Big Whale’ by media, Kacholia started out with Prime Securities and later joined Edelweiss before incorporating his own broking firm, Lucky Securities in 1995. He co-founded Hungama Digital with Rakesh Jhunjhunwala in 1999 and started building his own portfolio from 2003.

As per the Trendlyne data, Ashish Kacholia publicly holds 50 stocks with a net worth of nearly Rs 3,000 crore. On the other hand, market veteran Madhusudan Kela publicly holds stakes in 19 stocks with a combined net worth of almost Rs 2,800 crore.

SG Finserve Q1 business update
In its recent June quarter update, the company said it closed the first quarter of FY27 with a loan book of approximately Rs 4,551 crore, driven by strong business momentum. The company's loan book grew around 82% year-on-year compared with June 30, 2025, and 16% quarter-on-quarter from March 31, 2026.

SG Finserve reported its highest-ever loan book of Rs 3,936 crore as of March 31, 2026, registering a 23% quarter-on-quarter and 75% year-on-year increase. Gross disbursements crossed Rs 25,000 crore during the year, reflecting a 40% growth over the previous year.

The company also delivered strong earnings growth, with profit before tax (PBT) rising 30% quarter-on-quarter and 56% year-on-year, while profit after tax (PAT) increased 30% sequentially and 58% from a year earlier.

SG Finserve said supply chain financing continued to be its core business, further strengthened by the commercialisation of its factoring business in March 2026. During the quarter, the company also raised Rs 316 crore through the conversion of share warrants, enhancing its capital base to support future growth.

Also Read | Iran war hits India's star investors: Ashish Kacholia, Mukul Agrawal, others see 90% of their stocks loseOn the operational front, SG Finserve maintained a cost-to-income ratio of below 15% and reported nil NPAs. For the full year, it delivered a return on assets (RoA) of 4.80% and a return on equity (RoE) of 12% per annum.

About SG Finserv
SG Finserve Limited (SGFL) is an RBI-registered non-banking financial company (NBFC) that provides financing solutions to channel partners such as dealers, distributors, retailers, buyers, suppliers, transporters and logistics firms associated with Indian corporates. The company offers customized business financing solutions to SMEs, MSMEs and other corporate clients.

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