After 8,500% in 5 years & stocks split, Multibagger Ashish Kacholia get 'buy' rating

Multibagger Ashish Kacholia stock: Domestic brokerage firm Nuvama Institutional Equities has initiated coverage on Knowledge Marine & Engineering Works, a leading smallcap dredging player. The stock is part of Dalal Street marquee investor Ashish Kacholia, who has been holding the stock since December 2022.

Shares of Knowledge Marine & Engineering Works Ltd was seen at 1804.30 on Wednesday, surging more than 3.80 per cent at the opening tick. It commanded a total market capitalization of Rs 4,600 crore. The stock surged nearly 185 per cent from its 52-week low at Rs 632.50 in April 2025.

Knowledge Maring enjoys a 50 per cent order-win rate amid scarce competition and high entry barriers, delivers superior 35-40 per cent Ebitda margin and is diversified across the spectrum of dredging/shipbuilding/ancillary services accounting for 43 per cent /11 per cent /46 per cent of the balance order book, said Nuvama Institutional Equities.

India’s maritime industry is at an inflection point with unprecedented emphasis on infrastructure creation and inland waterways. The Indian dredging industry has stringent pre-qualification norms on execution track record, revenue thresholds and bid size, limiting competition and creating a favourable landscape for Knowledge Marine, Nuvama said.

The stock has zoomed 8,500 per cent from its lows around Rs 21 in October 2025. The stock has surged nearly 40 per cent in the last one month, while it has soared more than 110 in the last six months. The stock traded ex-split in 1:2 ratio a couple of days ago, that is on Monday, December 22.

According to the shareholding pattern of Knowledge Marine & Engineering Works as of September 30, 2025, Ashish Kacholia owned 6,00,000 equity shares (post adjustment), or 2.78 per cent stake in the company. As of the opening price today, his take in the company was valued at Rs 108.25 crore.

"November 2025 order book at Rs 1,750 crore (8.7 times FY25 sales) is up 2 times YoY with orders from major ports. We are baking in FY25–28E revenue/EBITDA/PAT CAGR of 58 per cent/62 per cent/71 per cent with FY25–28E order inflows and order book, with a CAGR at 42 per cent each," it added an initiated coverage at Rs 2,500, valuing at 25 times FY28E EPS of Rs 100," it adds.