Multibagger Ashish Kacholia Stock in Which DIIs Nearly Tripled Their Stake to Keep on Your Radar

Synopsis: Institutional investors nearly tripled their stake in a Himachal Pradesh-based oncology pharma company in a single quarter, even as the stock rallied sharply – a vote of confidence that has caught market attention.

When institutions and a celebrated ace investor hold the same conviction on a stock, retail investors tend to take notice. The combination of rising DII ownership, a meaningful promoter stake reduction, and a management with a credible five-year roadmap has put one smallcap pharma name firmly in focus heading into FY27.

DIIs Nearly Triple Their Bet – and Ashish Kacholia Isn’t Budging

Beta Drugs has been one of the sharpest movers on the charts recently, surging from ₹1,100 in early April to a high of ₹2,250 – a 100%-plus gain in just couple of months. 

The shareholding data tells a striking story. DIIs held just 1.90% in Beta Drugs as of December 2025. By March 2026 that had edged to 2.15%, and then in a single quarter – May 2026 – it surged to 6.01%, nearly a tripling. FIIs have been moving in the same direction, rising from 0.90% in September 2025 to 2.95% in May 2026, the highest level on record for the company.

Sitting alongside these institutions is ace investor Ashish Kacholia, who holds a 5.22% stake valued at approximately ₹270 crore. Kacholia’s publicly disclosed portfolio spans 51 stocks with a net worth exceeding ₹3,263 crore, and he has not trimmed his position – a signal that tends to carry weight among investors who track smart money.

What the Business Actually Looks Like

This is Beta Drugs Limited, a Himachal Pradesh-based pharmaceutical company with a core focus on oncology. The company manufactures branded formulations, undertakes contract development and manufacturing (CDMO), exports to over 30 countries, and has been expanding into API, dermatology, cosmetology, and now IVF through its acquisition of Nivian Lifesciences.

FY26 revenues stood at ₹396 crore, up from ₹368 crore the previous year. EBITDA grew from ₹76.97 crore to ₹86.85 crore, with margins expanding from 21.1% to 22.57%. Branded oncology sales rose 20% to ₹123 crore, API grew 23% to ₹25 crore, and dermatology revenues climbed 35% to ₹16.58 crore – with the segment turning EBITDA-positive in the second half of the year.

The Big Bets Ahead

Management’s FY27 outlook is notably more optimistic than FY26 delivered. Export revenues, which declined 11% in FY26 to ₹71 crore due to tender delays, are expected to recover sharply – with guidance of ₹105-110 crore in FY27, implying over 50% growth. Tenders that were delayed by nearly four months were finally awarded in March 2026, with supplies having begun in Q1 FY27.

The Nivian Lifesciences acquisition – a 66.1% stake in an IVF-focused pharma company at a valuation of ₹105 crore – closes in April 2026. Nivian reported revenues of approximately ₹45-46 crore in FY26 with EBITDA margins of 18-19%, and management expects it to grow at 30% annually over the next three to four years. The full-year revenue from Nivian will consolidate into Beta’s numbers from FY27.

Vision 2030: Doubling Down on Growth

Management has laid out an ambitious Vision 2030, targeting revenues of ₹850-900 crore over the next four years – more than doubling current scale. Exports, which slipped 11% in FY26 due to tender delays, are expected to bounce back with over 50% growth in FY27, targeting ₹105-110 crore. The branded formulation mix is set to rise from 36% of revenues today to 51% by FY30, while CDMO contribution shrinks from 39% to 13%.

About the Company

Beta Drugs Limited is a Himachal Pradesh-based pharmaceutical company specialising in oncology. It operates across branded formulations, CDMO, exports, API, cosmetology, and IVF, with a presence across more than 30 countries. The company has a portfolio of over 135 oncology products and recently acquired a majority stake in Nivian Lifesciences, a growing player in the IVF pharma space.

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