Search "raamdeo agrawal multibagger stocks" or "vijay kedia multibagger stocks" and you will find dozens of pages listing their holdings. Copying those lists is one of the most reliable ways to underperform. What actually travels is the framework each of them has spent years explaining in public — QGLP, SMILE, niche-leader small caps. Here is how those frameworks work and how to run them yourself.
India's well-known investors disclose their large holdings through quarterly shareholding filings, but the disclosures lag by up to a quarter, only cover stakes above 1%, and tell you nothing about entry price, position size or exit plan. The transferable edge is the checklist: Raamdeo Agrawal's QGLP (Quality, Growth, Longevity, Price), Vijay Kedia's SMILE (Small size, Medium experience, Large aspiration, Extra-large market), and Ashish Kacholia's focus on under-researched niche leaders with real cash flow. Learn the filters; skip the copy-trading.
The appeal is obvious: if a proven investor owns it, it must be good. The problem is everything you don't get when you copy a holding:
None of this means the investors are wrong. It means the information you actually receive is a poor version of what they know. The framework is the part that survives the copy.
Raamdeo Agrawal of Motilal Oswal has built decades of "Wealth Creation Studies" around one four-letter filter: QGLP. A stock has to clear all four legs, not three.
Business quality: a high and stable return on capital, pricing power, low capital intensity, and a moat that is getting wider rather than narrower. Management quality: a clean track record, conservative accounting, sensible capital allocation, and skin in the game. If you cannot trust the numbers, nothing else in the framework matters.
Earnings growth is the engine of a multibagger — over long periods, a stock roughly tracks the growth in its earnings power. The QGLP bar is usually mid-to-high-teens earnings growth or better, sustained, not a single good year off a low base.
This is the leg most people skip. It is not "is the company growing?" but "for how many more years can it keep growing at this rate?" A company two years into a ten-year runway is very different from one nine years into it, even if this year's numbers look the same. Longevity comes from the size of the market opportunity, the strength of the competitive position, and the reinvestment runway.
Even a QGL business is a bad investment at the wrong price. The "P" is the margin of safety — buying at a valuation that leaves room for the thesis to work and for you to be somewhat wrong. Pay 60x earnings for 20% growth and you have handed the entire next decade of value creation to the seller.
Vijay Kedia, known for holding small caps through multi-year compounding, summarises his approach as SMILE:
| Letter | What it means | Why it matters |
|---|---|---|
| S — Small in size | A genuinely small company, often below lower-mid-cap | Room to become many times larger; not yet on every institution's screen |
| M — Medium in experience | A promoter who has already run the business through at least one full cycle | Reduces the risk of a first-time operator being wiped out by a downturn |
| L — Large in aspiration | A management that clearly wants to build something big | Ambition drives reinvestment; a contented promoter caps the outcome |
| E — Extra-large in market potential | A total addressable market big enough for a decade of growth | A small company in a small market runs out of road; the market size is the runway |
Notice how much of SMILE is qualitative — the size of the ambition, the depth of experience. A screener gets you to "small company in a large market"; the rest comes from reading interviews, annual report language, and how the promoter talks about the next five years on a concall.
Ashish Kacholia is associated with a small-cap style that leans on a few recurring traits:
Strip away the acronyms and the same four behaviours show up across all of them:
Turn each philosophy into two or three concrete filters, run them on a screener, then do the qualitative work by hand.
The screen gets you to a list of 20-40. Then, for each name:
The frameworks above answer "what to research" and "what to pay." They do not answer "when." A company can pass QGLP and still trade sideways for two years before the market agrees. That is where a technical read earns its place — not to override the thesis, but to wait for the base to break, relative strength to turn up, and volume to confirm before committing capital.
That is exactly the job the MultibaggerLab AI Watchlist Desk does: it runs the daily NSE and Nasdaq scan for base breakouts, relative-strength leadership and volume-demand signals, and shows the reference price, stop and invalidation level for every name it surfaces. Pair it with a QGLP or SMILE shortlist and you have both halves — the business case and the market's timing.
You can see their large holdings, but copying blind usually underperforms. Shareholding disclosures only show stakes above 1% and are filed with a lag of up to a quarter, so by the time you see a name it has often already re-rated. You also do not know their entry price, position size, conviction, or exit plan. The repeatable edge is the framework each has described publicly, not the holdings list.
Listed companies disclose the names of shareholders holding more than 1% of equity in their quarterly shareholding pattern, filed with the BSE and NSE. Aggregator sites like Trendlyne and Screener.in compile these into per-investor pages. The data lags by up to three months and only covers holdings above the 1% threshold.
QGLP stands for Quality, Growth, Longevity, Price — the checklist associated with Raamdeo Agrawal of Motilal Oswal. Quality covers the business and the management; Growth is the rate of earnings expansion; Longevity is how many years that growth can realistically last; Price is the valuation you pay and the margin of safety in it. A stock has to clear all four, not three of four.
SMILE is the acronym Vijay Kedia uses: Small in size, Medium in experience, Large in aspiration, Extra-large in market potential. In plain terms, a small company run by a promoter who has already been through a cycle or two, is genuinely ambitious, and is operating in a market big enough to support many years of growth.
No. They have a hit rate, not a perfect record. What separates them from retail cloners is that they size positions deliberately, hold through 40-50% drawdowns when the thesis is intact, and cut losers when it breaks. A retail investor who copies a holding but bails at the first drawdown, or puts an equal amount in every name, captures none of that.
MultibaggerLab runs a daily rule-based scan across NSE and Nasdaq — base breakouts, relative-strength leaders, volume-demand setups — with the reference price, stop and targets for each name, plus the exact conditions that fired.
Disclaimer: MultibaggerLab is not a SEBI-registered Investment Adviser or Research Analyst. Nothing here is investment advice or a stock recommendation. References to individual investors describe publicly-stated frameworks for educational purposes only. Always do your own research.