EPISODE · Jun 14, 2026 · 1H 25M
The Man Who Found 100x Stocks Before Everyone Else | Ft. Ashish Chugh | Kushal Lodha #343
from Konversation with Kushal · host Konversation with Kushal
In this episode of Konversation with Kushal, legendary small-cap investor Ashish Chugh-founder of Hidden Gems Advisory and the man who has read over 4,500 balance sheets — decodes the exact framework behind his biggest multibaggers including Avanti Feeds (100X), Natco Pharma (70X), Greenply (60X) and Bajaj Finserv (50X). Ashish breaks down his 3Q framework — Quality of Business, Quality of Management and Quality of Balance Sheet — and explains why he ignores PE ratios, why he actively hunts loss-making companies with positive cash flows, and why a stock available at ₹4 crore market cap once turned into a 100-bagger in just 3 years. He shares the raw psychology of small-cap investing, the difference between a company performing and a stock performing, and why "stomach for profits" matters more than IQ. From decoding the GVK Power write-off, the demerger arbitrage plays in Marico-Kaya and Arvind Smart Spaces, why SME IPOs are a strict NO, to how he turned ₹34 lakh into ₹8 crore between 2003-2005 — this is a masterclass for anyone serious about micro-cap and small-cap investing.Here's what you'll learn in this episode:1.The 3Q Framework: Why Quality of Business, Management and Balance Sheet-in that order — is the only filter Ashish uses to spot hidden multibaggers under ₹500 crore market cap.2.Why Loss-Making Companies Make The Best Buys: The exact reason a stock with ₹685 crore loss and ₹17 crore positive cash flow can be a no-brainer-and how to spot the difference.3.Stock Performance vs Company Performance:The single biggest mistake retail investors make, and why Ashish buys MORE when the company performs but the stock falls.4.The SME IPO Trap:Why 80% of SME IPOs trade 50-90% below their listing highs, and why secondary markets still offer better value than primary issues today.5. Demerger Arbitrage Explained:How small demerged entities like Marico Kaya and Arvind Smart Spaces turned into 10-20X returns in just 2 years — and how to spot the next one.If you want to understand how India's most respected small-cap investor actually thinks about risk, patience and balance sheets, this conversation will change the way you look at stocks forever.🔔 Hit SUBSCRIBE and turn on notifications so you never miss a deep dive with India's sharpest investing minds!#ashishchugh #hiddengems #smallcapinvesting #multibaggerstocks #microcapinvesting #valueinvestingindia #stockmarketindia #balancesheetanalysis #konversationwithkushal #kushallodha
What this episode covers
In this episode of Konversation with Kushal, legendary small-cap investor Ashish Chugh-founder of Hidden Gems Advisory and the man who has read over 4,500 balance sheets — decodes the exact framework behind his biggest multibaggers including Avanti Feeds (100X), Natco Pharma (70X), Greenply (60X) and Bajaj Finserv (50X). Ashish breaks down his 3Q framework — Quality of Business, Quality of Management and Quality of Balance Sheet — and explains why he ignores PE ratios, why he actively hunts loss-making companies with positive cash flows, and why a stock available at ₹4 crore market cap once turned into a 100-bagger in just 3 years. He shares the raw psychology of small-cap investing, the difference between a company performing and a stock performing, and why "stomach for profits" matters more than IQ. From decoding the GVK Power write-off, the demerger arbitrage plays in Marico-Kaya and Arvind Smart Spaces, why SME IPOs are a strict NO, to how he turned ₹34 lakh into ₹8 crore between 2003-2005 — this is a masterclass for anyone serious about micro-cap and small-cap investing.Here's what you'll learn in this episode:1.The 3Q Framework: Why Quality of Business, Management and Balance Sheet-in that order — is the only filter Ashish uses to spot hidden multibaggers under ₹500 crore market cap.2.Why Loss-Making Companies Make The Best Buys: The exact reason a stock with ₹685 crore loss and ₹17 crore positive cash flow can be a no-brainer-and how to spot the difference.3.Stock Performance vs Company Performance:The single biggest mistake retail investors make, and why Ashish buys MORE when the company performs but the stock falls.4.The SME IPO Trap:Why 80% of SME IPOs trade 50-90% below their listing highs, and why secondary markets still offer better value than primary issues today.5. Demerger Arbitrage Explained:How small demerged entities like Marico Kaya and Arvind Smart Spaces turned into 10-20X returns in just 2 years — and how to spot the next one.If you want to understand how India's most respected small-cap investor actually thinks about risk, patience and balance sheets, this conversation will change the way you look at stocks forever.🔔 Hit SUBSCRIBE and turn on notifications so you never miss a deep dive with India's sharpest investing minds!#ashishchugh #hiddengems #smallcapinvesting #multibaggerstocks #microcapinvesting #valueinvestingindia #stockmarketindia #balancesheetanalysis #konversationwithkushal #kushallodha
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The Man Who Found 100x Stocks Before Everyone Else | Ft. Ashish Chugh | Kushal Lodha #343
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