Ashv Holdings

About Ashv Holdings

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.

The Permanent Edge

Why SMALL-CAP now

Valuation reset

After the 2024–26 correction, small-cap prices are back to normal levels and quality is affordable again.

Capex supercycle

India is spending on railways, defence, power and roads for years to come and the smaller companies feeding that build-out grow with it.

Manufacturing Renaissance

PLI incentives and the shift away from China are moving real manufacturing to India, lifting earnings in electronics, defence parts and renewables.

Operating-Leverage Inflection

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

Core Team

MR Kushal Kasliwal

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.

MR Hem
Shah

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.

MR Mohit
Jangir

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.

Team

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

THE ARCHITECTURE

INVED - RESEARCH PARTNER

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.

HEM SHAH - PRINCIPAL PARTNER

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.

Why Choose Us

Investment Philosophy

We aspire to find high quality promoter led small-caps with enduring moats, long runways, sensible valuations, aiming to generate alpha over the benchmark.

Business

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.

Management

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.

Valuation

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

Proprietary Framework

MATCH

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.

Fund Architecture

Three return engines

Listed Equities IPO Anchors Pre-IPO

70–80%

Of AUM

Listed Equities

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

IPO Anchors

5 to 10 selective anchor positions a year. Research-backed conviction held through the lock-in, never mechanical flipping.

Under 5%

Of AUM

Pre-IPO / Unlisted

2 to 3 high-conviction positions with a visible liquidity path. Kept deliberately minimal to protect portfolio liquidity.

Partners

InVed Research

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.