Jake Stephens, the trainer who was propelled into the spring carnival spotlight with popular galloper Alcopop, will get another Caulfield Cup chance after the Naturalism Stakes victory of Gris Caro.

The Stephens-trained Gris Caro ($16) earned a ballot exemption into this year's $3 million Caulfield Cup with a determined on-speed win in Saturday's Group Three race.

Stephens, who trains at Victor Harbour in South Australia, has experienced spring carnival success with now-retired Alcopop who won the Mackinnon Stakes in 2012 and was second in that year's Caulfield Cup behind Dunaden.

Alcopop had shot to prominence in the spring of 2009 when he started favourite in the Melbourne Cup.

Gris Caro was bought from France in the hope of being the new stable star for Stephens after the retirement of Alcopop, and he claimed his biggest win on Saturday in his third start from a long spell.

Stephens was thrilled with the victory and the Caulfield Cup exemption.

"That's exciting, to have another crack at it," Stephens said.

"Hopefully there's no Dunaden to run over the top of us."

Gris Caro sat outside the leader Bonfire in the 2000-metre race and appeared a bit keen under jockey Ben Melham.

The six-year-old entire kept finding in the straight after kicking strongly to defeat Entirely Platinum ($7.50) by a short head with a length to Bonfire ($5) third.

"I think he has got more improvement in him," Stephens said.

"I was only rating him about 95 per cent for this one."

Favourite Spillway ($2.70) was an unlucky runner, held up for a run in the straight under jockey Damien Oliver before finishing seventh.

Spillway is expected to head to the Turnbull Stakes next in an attempt to qualify for the Caulfield Cup.