Ashish Kacholia, Mukul Agrawal see over 70x returns from ESDS Software Solution’s rally

New business data points to the fact that Veteran market participants Ashish Kacholia and Mukul Agrawal have noted a sharp jump in the value of their holdings of ESDS Software Solution, after the firm made its market debut on September 4, 2026.

Ashish Kacholia’s Rs 6.14 crore investment in ESDS Software Solution has turned into a holding worth around Rs433 crore, following a sharp climb in the firm’s stock price after its IPO.

Kacholia invested in ESDS at Rs 164 a share in October 2024. By the time of the firm’s IPO, he held around 24.6 lakh shares. At ESDS’ offering price of Rs 429 a share, Kacholia’s stake was worth around Rs 103 crore. At the current market price, the value of the same holding has risen to around Rs 433 crore, translating into returns of over 70 times.

Mukul Agrawal has additionally noted a substantial gain in the value of his holding. According to ESDS’ offer document, Agrawal held 70.3 lakh shares, representing a 7% stake in the firm before the IPO. At the offering price, Agrawal’s holding was valued at around Rs 302 crore. Based on the current market price, the value of his stake has risen to around Rs 1,176 crore.

ESDS Software shares made a blockbuster debut on the exchanges on September 4, and the shares have since advanced around 240% from their IPO price of Rs 429. The firm’s Rs 720-crore IPO was offered in the price range of Rs 408-Rs 429 per share.

In just a few days of stock-exchange debut, shares of ESDS had soared, which took its market capitalisation over close to Rs 20,000 crore, which is elevated than its listed peers, including Tata Elxsi, Firstsource, and KPIT Tech.

The stock-exchange debut followed a massive demand in the primary market of 136 times subscription during its August 28 to September 1 bidding period.

ESDS Software Solution is an artificial intelligence-enabled cloud, managed services, data centre infrastructure and software solutions provider.