Top investor Ashish Kacholia, also known as the "Big Whale" of Indian equities, has built his reputation by spotting high-conviction bets early in their growth journey. However, two of his long-held smallcap stocks have now slipped to their , raising an important question: is this a golden buying opportunity or a cautionary signal?

NIIT Learning Systems, with a market cap of Rs 4,774 crore, focuses on enterprise learning and development solutions. Despite robust fundamentals sales CAGR of over three years and EBITDA CAGR of the stock is trading near its all-time low of Rs 323, down over from its 52-week high of Rs 542.

Kacholia has held a in the company since July 2023, with an investment value of Rs 96.5 crore as of March 2025. Key strengths include:

Despite the drop, the business remains fundamentally sound and nearly debt-free. For long-term investors, this may represent a —particularly if Kacholia chooses to increase his stake in the upcoming quarter.

Another Kacholia favourite, Stove Kraft Ltd, has seen a similar fate. Trading at , the stock is down from its all-time high of Rs 1,135. Kacholia owns a , valued at Rs 34 crore as of March 2025.

The company, which owns the brands and , has delivered:

However, the valuation at a , slightly above its 10-year median, suggests caution. The stock’s steep correction could reflect near-term margin or demand headwinds.

Both stocks have strong financials and promoter backing. While the price correction may unsettle retail investors, Kacholia’s continued presence offers . With the due next month, investors should keep a close watch on his next move.

Whether Kacholia exits or doubles down will reveal a lot. Until then, these two stocks deserve a place on your , if not your portfolio—especially if you believe in buying fear when the fundamentals stay intact.