Missed The IPO Rally? These Ashish Kacholia IPO Picks At A Discount Despite Record Q3!

This is a thorough review of Ashish Kacholia and Bengal Finance (investment vehicle) portfolio, with a particular focus on the intriguing “Value Gap” created following the third quarter FY26 results.

The “Ashish Kacholia” tag is often associated with quality and high-growth potential in the world of Indian small and mid-caps. However, the current market cycle has presented a rare anomaly. While many of his late-2025 IPO picks have reported highest-ever quarterly numbers, their stock prices haven’t always followed suit.

The central theme of this analysis is the “Value Gap.” We are seeing a fascinating divergence where companies are fundamentally scaling new peaks, yet their market valuations remain anchored near or below their IPO levels.

Ashsih kacholia IPO Picks At Discount Quality Power Q3 FY26 Results

Quality Power Q3 FY26 Results (Bengal Finance Owns 12L shares, 1.55% Stake)

“Blockbuster Q3FY26: A Historic Surge”

Record Quarter: Highest ever revenue, EBITDA, and PAT in company history.
- Revenue was INR 284.3 Cr, compared to INR 79.7 Cr in Q3 FY25 (up 256.5% YoY); Q2 was INR 218.9 Cr.
- EBITDA at INR 79.3 Cr vs 24.6 Cr (up 222.7% YoY).
- OPM at 27.9% vs 30.8% YoY.
- PAT was INR 62.8 Cr compared to INR 19.6 Cr in Q3 FY25, reflecting an increase of 220.7% YoY; Q2 was INR 35.2 Cr.
Listing Performance: IPO Price: INR 425 | Listed at: INR 430 (+1.18% Gain).
Current Status: Trading at ~INR 796 (+87% from the IPO price). The explosive growth in energy transition equipment is driving this massive re-rating.

Jain Resource Q3 FY26 Results (Bengal Finance Owns 39.17L shares, 1.14% Stake)

“Explosive Growth in Circular Economy”

Revenue at INR 2,775.2 Cr vs INR 1,780.8 Cr in Q3 FY25 (up 56% YoY).
EBITDA at INR 198.9 Cr vs INR 89.4 Cr in Q3 FY25 (up 122.5% YoY).
EBITDA Margin at 7.2% vs 5.0% in Q3 FY25 (expansion of 215 bps).
PAT was INR 126.3 Cr in Q3 FY25, compared to INR 58.6 Cr in the previous year, representing an increase of 115.5% YoY.
PAT Margin at 4.5% vs 3.3% in Q3 FY25.
Listing Performance: IPO Price: INR 232 | Listed at: INR 318.06 (+37.09% Gain).
Current Status: Trading at ~INR 402.50 (up ~73.5% from IPO Price)

Sri Lotus Developers Q3 FY26 (Ashish Kacholia Owns 33.33L shares)

“Pre-sales Momentum Peaks”

Revenue at INR 224 Cr vs INR 116 Cr in Q3 FY25 (up 93% YoY).
EBITDA at INR 79 Cr vs INR 62 Cr in Q3 FY25 (up 27% YoY).
EBITDA Margin at 35.5%.
PAT at INR 70 Cr vs INR 51 Cr in Q3 FY25 (up 37.2% YoY).
PAT Margin at 31.3%.
Pre-Sales at INR 376 Cr, registering a massive 3x YoY growth.
Collections at INR 119 Cr for the quarter
Listing Performance: IPO Price: INR 150 | Listed at: INR 195.67 (+30.45% Gain).
Current Status: Trading at ~INR 148 (-1.4% from IPO price). Despite 93% revenue growth and a new GIFT City entry, the stock is available at a “better value” near its IPO price.

M&B Engineering Q3 FY26 Results (Bengal Finance Owns 7.28L shares, 1.27% Stake)

“Record Order Book & Highest Revenue”

All-time Highs: Highest ever quarterly consolidated revenue and unexecuted order book.
- Rev at INR 351.5 cr vs INR 328.1 cr in Q3 FY25 (up 7.1% YoY).
- EBITDA at INR 43.5 cr vs INR 33.6 cr in Q3 FY25 (up 29.6% YoY).
- OPM at 12.4% vs 10.2% in Q3 FY25 (expansion of 220 bps).
- PAT at INR 25.5 cr vs INR 17.7 cr in Q3 FY25 (up 43.8% YoY).
- Order Book: Record high of INR 1,059 Cr (+38% YoY).
Listing Performance: IPO Price: INR 385 | Listed at: INR 405.25 (up 5.26%).
Current Status: Trading at ~INR 343 (-10.90% from IPO price). With record order inflows from the US, the stock is currently in the “Accumulation Zone.”

Ganesh Consumer Q3 FY26 Results (Bengal Finance Owns 5.90L shares, 1.46% Stake)

“Profitability Over Volume”

Record Margins: Multi-year high EBITDA and PAT margins due to pricing discipline.
- Revenue at INR 211.7 Cr vs INR 218.2 Cr in Q3 FY25 (moderated by 2.9% YoY as the company consciously reduced low-margin B2B volumes).
- EBITDA at INR 22.8 Cr vs INR 16.7 Cr in Q3 FY25 (up 37.0% YoY).
- OPM (EBITDA Margin) at 10.8% vs 7.6% in Q3 FY25 (up 315 bps YoY).
- PAT at INR 12.1 Cr vs INR 7.7 Cr in Q3 FY25 (up 57.6% YoY).
Listing Performance: IPO Price: INR 322 | Listed at: INR 294.30 (-8.60% Discount).
Current Status: Trading at ~INR 196 (-39% from IPO price). While revenue is soft, the massive PAT growth and debt-free status make it a potential turnaround play.

Excelsoft Technologies Q3 FY26 Results (Bengal Finance Owns 4.34% Stake)

“Scaling Global Partnerships”

Growth Traction: Solid revenue growth led by EdTech services.
- Rev at INR 71.0cr vs INR 54.9cr (up 29.5% YoY); Q2 at INR 64.6cr.
- EBITDA at INR 19.7 cr vs INR 18.0 cr (up 9.1% YoY).
- OPM at 27.7% vs 32.8% YoY (margins slightly impacted by strategic investments in AI).
- PAT at INR 10.3 cr vs INR 9.6 cr (up 7.7% YoY).
Highlights: Strategic partnerships with AQA (UK) and Civil Service Commission (Philippines).
Listing Performance: IPO Price: INR 120 | Listed at: INR 125.7 up 4.95%).
Current Status: Trading at ~INR 87 (-27.5% from IPO price). Trading at a steep discount despite strong international contract wins.

Vikran Engineering (Ashish Kacholia Owns 39.30L shares, 1.52% Stake)

“The Pre-Results Outlook”

Listing Performance: IPO Price: INR 97 | Listed at: INR 95.71 (-1.33% Discount).
Current Status: Trading at ~INR 85.8 (down 11.5%)
Update: The company is scheduled to announce Q3 results on 13 February 2026. Market expects a significant uptick in execution given the current infrastructure push in the power sector.