As the Indian equity markets weather a volatile April 2026 due to heightened geopolitical friction—a fascinating divergence is appearing between retail panic and institutional conviction. While the broader indices remain under pressure, the latest Shareholding Patterns (SHP) reveal that India’s most astute “Ace Investors” are aggressively digging into beaten-down value plays and high-visibility turnaround stories.

From Ashish Dhawan’s high-conviction bet on a demerged infra-services player to Dolly Khanna’s entry into a recovering chemical giant, the “Smart Money” is positioning for a structural rebound in FY27.

What Ace Investors are Buying in This Panic Market

1. Ashish Dhawan: Doubling Down on Beaten-Down Alpha

Perhaps the most striking move this quarter comes from Ashish Dhawan, co-founder of ChrysCapital. Dhawan has significantly hiked his stake in Bluspring Enterprises, a company currently trading at a 45% discount from its post-demerger highs.

• The Accumulation: Dhawan increased his holding to 5% (up from 4.1%), representing a conviction bet worth approximately INR 41 crore.
• The Contrarian Thesis: Despite the stock trading near all-time lows of INR 55, Dhawan is looking past the current bottom-line pressure (losses of ₹26 crore in 9MFY26). The attraction lies in Bluspring’s 30% sales growth and its positioning in a INR 1.7 lakh crore integrated facility management market.
• The Outlook: With management targeting a breakeven in its ‘Foundit’ segment and an EBITDA margin expansion to 6% by FY30, Dhawan’s move signals that the market may be mispricing the company’s long-term scalability post-Quess Corp demerger.

2. Ashish Kacholia’s Aggressive Accumulation: Tech & NBFCs

• TechEra Engineering: Kacholia has made a massive statement here, hiking his stake from 4.8% in December 2025 to 6.2% in March 2026. This aggressive accumulation in a precision engineering player suggests a strong bullish view on the specialized manufacturing sector.
• SG Finserve: Continuing his streak in the NBFC space, Kacholia has doubled his stake from 1.1% to 2.4%. With a holding value of INR 72 crore.
• Aeroflex Industries: He further consolidated his position in this stainless steel flexible flow solutions provider, raising his stake to 2.3% (up from 2.0%).
• Tanfac Industries: A marginal but steady increase to 1.7% (up 10 bps) shows continued trust in this chemical specialty player.

3. Mukul Agrawal

Mukul Agrawal and Ashish Kacholia are ignoring the macro “risk-off” sentiment to focus on tangible order visibility. Below is the list of new stocks of Mukul Agrawal and Ashish Kacholia

• Mukul Agrawal has acquired 3,99,600 shares of True Colors, a company that debuted on the exchanges in September 2025. The investment, valued at approximately INR 7.2 crore, represents a 1.6% equity stake in the firm
• Hindustan Construction Company (HCC): Mukul Agrawal raised his stake to 1.91% (holding 5 crore shares), betting on the operational deleveraging of India’s premier infra major.
• Capacit’e Infraprojects: Agrawal’s stake jumped 53 bps to 6.62%, underscoring a belief in the sustained urban infrastructure and real estate upcycle.
• West Coast Papers: He adds 0.1% stake by adding 50,000 shares in this quarter.

4. Dolly Khanna & Vijay Kedia

The theme for this quarter is undeniably “Margin Recovery.” Both Dolly Khanna and Vijay Kedia have entered companies that have successfully navigated from losses to profitability.

• Dolly Khanna: Dolly Khanna made fresh bets in Rain Industries and Sharda Cropchem holding 35,35,895 shares (INR 42.6 crore) and 9,82,178 shares (INR 101.4 crore) respectively. Sharda Cropchem’s entry comes at a time when chemical giant turned around an INR 134 crore loss into an INR 38 crore profit. With OPM recovering to 12% and Indian operations running at 90% utilization. Khanna also reenters in Chennai Petrochem, holding 1.3% stake by acquiring 19,31,724 shares worth INR 183.2 crore.
• Precision Camshafts (Vijay Kedia): Kedia entered with a 1.1% stake with 10 lakh shares valued around INR 14.1 crore following the company’s return to profitability (INR 9.21 crore PAT). With order visibility extending to 2032 and fresh wins from Maruti and Tata Motors, Kedia is betting on an auto-ancillary export recovery.

Ace Investors Portfolio Realignments

As we move deeper into FY27, portfolio balancing of ace investors suggest that seasoned investors are picking stocks at discounted valuations.

Rajat Bhati has a strong technical background and 5 years of experience in the stock market. He focuses on equity research, technical analysis, IPO valuations, and risk management, helping investors make clearer, data-backed decisions. Today, he works full-time to educate people about the opportunities in IPO market.