Valuation reset
After the 2024–26 correction, small-cap prices are back to normal levels and quality is affordable again.
SETTING A HIGHER STANDARD IN SMALL-CAP RESEARCH
Category III open-ended alternative investment fund
Ashv Holdings exists to bring disciplined, institution-grade research to India's small cap universe, the segment where diligence is scarcest and consequently where informed conviction is most rewarded.
A concentrated, long-only portfolio built to identify high-quality businesses early and translate deep research into durable alpha.
After the 2024–26 correction, small-cap prices are back to normal levels and quality is affordable again.
India is spending on railways, defence, power and roads for years to come and the smaller companies feeding that build-out grow with it.
PLI incentives and the shift away from China are moving real manufacturing to India, lifting earnings in electronics, defence parts and renewables.
Many mid-caps are now growing profits faster than sales, the point in the cycle where returns tend to be strongest.
| Period Returns |
Nifty 50 | BSE-500 TRI | Nifty Small-cap 250 |
|---|---|---|---|
| 6 Months | -9.3% | -9.9% | -14.4% |
| 1 Year | -5.1% | -4.2% | -5.4% |
| 3 Years | 8.8% | 11.6% | 17.6% |
| 5 Years | 8.7% | 10.4% | 15.5% |
| 10 Years | 11.2% | 12.2% | 13.5% |
| Since Inception | 9.7% | 10.0% | 13.8% |
| Inception Date | Apr-06 | Apr-06 | Jan-13 |
*As on 31st July 2026
Fund Manager
Kushal is a qualified CA & CFA and has more than a decade of experience in equity markets. He has worked with bulge-bracket firms including Goldman Sachs & UBS.
Principal Partner
Hem Shah is a next-generation public-market investor with nearly a decade of experience managing family-office capital and a strong network across HNIs, family offices and the broader investment ecosystem.
Partner
Mohit is a passionate long-term investor with more than 10 years of active experience in equity markets. He has also appeared on business channels, including ET Now and ET Now Swadesh and is regularly featured on business media.
Principal
Neil Doshi
Head of Operations & Fund Administration
Equity Research Analyst
Anukool Arora
Renewables, Hospitals & Hotels. CFA L3 candidate.
Equity Research Analyst
Aryan Bhatia
Power, Capital Goods, Industrials & Textiles. Tracks macro data, filings & commodity trends.
Equity Research Analyst
Sahil Jain
Auto - ancs., Precision Manufacturing, Pharma.
Equity Research Analyst
Yash Purbhe
Defense, Railways & Industrials. Tracks order books & procurement policy.
Compliance Officer
Ankur Chauhan
Compliance & Regulatory Oversight
Rigorous, ground-up fundamental research into India's least-covered equities before taking any position.
The research edge Ashv is built on: finding value early, before the market recognises it.
Institutional-grade operations, with deep capital-formation reach across HNIs, family offices and the wider ecosystem.
The backbone that makes Ashv investable at size turning a strong research book into an institution capital can trust.
Institutional Partner
An institutional co-founder, with a founder and investor network built since 2016 across 400+ companies and ₹5,000 crore+ AUM.
Gives Ashv large-ticket capital and captive deal flow, anchoring the first close and opening doors ahead of the market.
We aspire to find high quality promoter led small-caps with enduring moats, long runways, sensible valuations, aiming to generate alpha over the benchmark.
A real edge over rivals, a long runway to grow and a sector with the wind behind it. We check it with the company's suppliers and bankers, not just its filings.
Prudent capital allocation, fair treatment of minority shareholders and clean related-party practices. We conduct due diligence on management reputation through independent channels, not disclosures alone.
Earnings should justify the price within two to three years and we build in a cushion so our capital holds up even if growth arrives late.
25–30%+
Earnings growth filter
>20%
Improving ROCE trajectory
3–5 yrs
Holding period
30–35
Concentrated portfolio
Five return drivers, one portfolio
Our returns come from five distinct sources.
M
Momentum &
Model Change
Companies at a turning point, growing profits faster than sales as capacity, pricing or exports kick in.
A
All-Weather
Core
Core of the portfolio, Steady compounders the market may have undervalued on short-term noise, with room to keep growing.
T
Trough
Plays
Good businesses bought near the bottom or quality names that have fallen from previous highs.
C
Comeback
Turnaround stories: new management, a repaired balance sheet, cleaner governance.
H
Heads-I-Win,
Tails-I-Don't-Lose Much
Downside protected by dependable cashflows, upside from something new.
70–80%
Of AUM
15 to 25 companies, ₹500 to ₹10,000 Cr market cap, one-to-four-year average holding. The home ground of the MATCH framework.
10–20%
Of AUM
5 to 10 selective anchor positions a year. Research-backed conviction held through the lock-in, never mechanical flipping.
Under 5%
Of AUM
2 to 3 high-conviction positions with a visible liquidity path. Kept deliberately minimal to protect portfolio liquidity.
Research & Investment Intelligence Partner to Ashv Holdings
A SEBI-registered research platform specialising in fundamental analysis & independent due diligence across Mumbai and Jaipur, with more than ₹350 Cr of private-market investment facilitated.
Deep-dive analysis of businesses, industries, financials, management commentary and structural growth drivers.
Independent market research and diligence designed to identify quality, valuation disconnects and key risks.
Experience spanning public and private markets, with a focus on identifying long-term value creation opportunities.
UDIT
SHARMA
Partner
15+ years in equity markets; focuses on value investment ideas with long-term growth potential
ASHOK
LODHA
Partner
Investor & mentor with 15+ years; has guided 3,000+ students since 2019.
RISHIKESH
SINGH
Partner
Professional hedge trader & investor, 10+ years; featured on CNBC Awaaz & ET Now Swadesh.
KUSHAL
KASLIWAL
Partner
CA and CFA; a decade in equity markets and institutional research training at Goldman Sachs, UBS and Deutsche Bank.
MOHIT
JANGIR
Partner
More than ten years in equity markets and a decade of putting the view on record on ET Now and ET Now Swadesh.
Mr Anil Jain
Strategy & Governance
Dr Apoorva Ranjan Sharma
Investment and Portfolio Development
CA Anuj Golecha
Investor Relations, Market Development and Operations
Mr Gaurav Jain
Technology & Global Learning
InVed Media Coverage
Topics:
Topics:
InVed Research Reports
Downstream copper, EV cables, transformer windings
Click to read the report
Steel Tubes, Growth drivers, Structural steel tubes
Click to read the report
HVDC, switchgear, transformer manufacturers
Click to read the report
Auto & industrial bearings, import substitution
Click to read the report
Battery storage, grid balancing, policy overview
Click to read the report
ICD, CFS logistics, DFC & port infrastructure
Click to read the report+91 99509 53340 · SEBI RA INH000012351 · info@ashvholdings.com