Ace investor Mukul Agrawal has made fresh bets in six listed companies this quarter, signalling renewed confidence in a few niche sectors, most notably Steel and Allied Industries. His portfolio additions include Sarda Energy & Minerals, Monolithisch India, and a minor 0.3% stake increase in Prakash Industries, reflecting a broader optimism towards the steel manufacturing ecosystem and its ancillary services. Alongside these, he has taken new positions in Jammu & Kashmir Bank, Wendt India, Yatharth Hospital and Tatva Chintan Pharma Chem, suggesting a well-diversified but strategic expansion.
Let’s dive deeper into the companies and what might have caught the investor’s eye.
Sarda Energy & Minerals (Investment: INR 177.2 Cr | Holding: 1.10%)
Sarda Energy & Minerals (SEML) is a vertically integrated steel manufacturer with strong roots in Central India. The company operates across multiple stages of the steel production value chain, starting from the mining of iron ore and coal to the production of sponge iron, billets, wire rods, and ferro alloys. SEML has built a strong infrastructure backbone, with captive power generation facilities that significantly reduce its cost of operations, offering a clear edge over competitors.
Its focus on export markets, particularly in ferro alloys, has helped balance domestic market volatilities. Recently, SEML has been capitalising on strong steel demand from the infrastructure and real estate sectors, while maintaining a robust EBITDA margin. Mukul Agrawal’s sizable investment indicates confidence in SEML’s integrated business model, cost leadership, and the likely upside in steel cycle revival.
As of 31 July 2020, Sarda Energy was trading at ~INR 16.89 per share when the company’s growth momentum began. It went on to reach its all-time high of INR 556.40 per share on 21 March 2025, reflecting a remarkable gain of around 3,200%. Currently, the stock is trading at INR 443 per share, which represents a correction of approximately 21% from its all-time high.
Prakash Industries (Investment: INR 55.2 Cr | Holding: 1.70% | Increase: 0.3%)
Prakash Industries has been a key player in the Indian steel sector for decades. With operations ranging from mining to steel manufacturing, the company produces sponge iron, billets, wire rods, and TMT bars—products that are vital for infrastructure and construction. Over the past few years, the company has made efforts to strengthen its raw material security, notably through captive coal blocks, and is steadily ramping up its manufacturing capacity.
In July 2020, Prakash Industries was trading at approximately INR 33 per share. Over the past five years, the stock has delivered a substantial return of around 570%, reaching a high of INR 221 per share. Currently, it is trading at approximately INR 178 per share, reflecting a correction of about 19% from its peak. Agrawal’s increased stake in the company may signal his confidence in a potential cyclical recovery, particularly in the context of India’s continued focus on infrastructure development.
Monolithisch India (Investment: INR 21.2 Cr | Holding: 2.30%)
Monolithisch India is an important yet lesser-known player within the steel production ecosystem. The company specialises in manufacturing ramming mass, a critical refractory material used in the lining of induction furnaces—the very heart of the steel and alloy melting process. The ramming mass produced by Monolithisch enhances thermal insulation, furnace life, and energy efficiency, which are key for modern-day steel plants aiming for productivity and sustainability.
The increasing adoption of induction furnaces in small- and mid-cap steel plants positions the company well for future growth. Monolithisch India made its stock market debut on 19 June 2025, delivering an impressive 70% listing gain. Since its listing, the company has generated a remarkable return of approximately 196% from its IPO allotment price of INR 143 per share.
Mukul Agrawal’s strategic investment in this niche supplier reflects a forward-looking perspective—one that recognises the critical role of not only core steel manufacturing but also the essential inputs that drive operational efficiency and viability in the sector.
Tatva Chintan Pharma Chem (Investment: INR 30.0 Cr | Holding: 1.30%)
Tatva Chintan Pharma Chem, established in 1996, is a high-value speciality chemicals manufacturer serving pharmaceutical, agrochemical, battery, and electronics sectors. Its expertise lies in producing Structure Directing Agents (SDAs), Phase Transfer Catalysts (PTCs), and Electrolyte Salts—compounds that are critical for next-gen green energy solutions and advanced drug formulations.
Tatva Chintan made its stock market debut on 29 July 2021, listing with a remarkable gain of 113.5% over its IPO allotment price of INR 1,083 per share. However, despite the strong debut, the stock has since declined over 64% from its all-time high of INR 2,843 per share.
Jammu & Kashmir Bank (Investment: INR 159.4 Cr | Holding: 1.30%)
J&K Bank has been pivotal in the Union Territory’s financial development, offering retail, corporate, and MSME-focused banking services. With improving asset quality, declining NPAs, and digital initiatives, the bank is seeing a phase of gradual revival. It also benefits from its quasi-monopoly status in J&K, allowing it to maintain a solid CASA base. Agrawal’s entry here suggests optimism in regional banking resilience and reforms in public sector lending.
Wendt India (Investment: INR 56.3 Cr | Holding: 2.50%)
Wendt India, a Murugappa Group company, operates in a highly specialised niche of super abrasives and precision grinding solutions. Catering to the automotive, engineering, and defence sectors, Wendt is a tech-intensive player offering customised and high-margin products. With a modest market cap but strong fundamentals.
Shares of Wendt have declined nearly 34% over the past year and are currently trading at INR 11,255 per share. The stock reached its all-time high of INR 16,827 in December 2024 before undergoing a sharp correction. By June 2025, it had declined approximately 52% from its peak. However, following this significant drop, Wendt staged a strong rebound, surging 37% within a month, from INR 8,213 in June to the current level of INR 11,255.
Yatharth Hospital (Investment: ₹68.8 Cr | Holding: 1.10%)
Yatharth Hospital is an emerging private healthcare chain based in North India, known for its network of multi-specialty hospitals across Noida, Greater Noida, and Jhansi. It has expanded rapidly in recent years by focusing on affordable yet quality tertiary care, including advanced services in cardiology, oncology, orthopaedics, and critical care.
The company’s business model is capital-efficient, with a strong presence in Tier-2 cities where demand for structured healthcare is rising, but supply remains limited. With the pandemic-induced spotlight on healthcare infrastructure, Yatharth benefited from increased footfalls and improved occupancy rates.
Yatharth Hospital made its stock market debut on 7 August 2023, listing with a modest gain of 10.4% over its IPO allotment price of INR 300 per share. The stock later surged to an all-time high of INR 677, delivering an impressive return of 125% from the issue price.
However, this rally was short-lived, as the stock experienced a sharp correction, falling to INR 358 within just four months—a decline of 47% from its peak.
Notably, from March to July, Yatharth Hospital staged a strong recovery, rebounding 74% to reach INR 626 per share, reflecting renewed investor confidence and potential momentum in the business.
Conclusion
With fresh entries in three steel-related companies (Sarda Energy, Prakash Industries, and Monolithisch India) and strategic stakes in healthcare (Yatharth Hospital), chemicals (Tatva Chintan), regional banking (J&K Bank), and industrial precision tools (Wendt India), Mukul Agrawal is clearly placing long-term bets on India’s core growth pillars: infrastructure, healthcare, industrialization, and regional consumption.
These carefully selected mid-cap and niche companies suggest a portfolio that balances cyclical upside with structural growth. Whether it’s revival in steel, penetration in healthcare, or speciality manufacturing, Agrawal’s latest moves are worth watching—not just for the immediate returns but for what they say about the next decade of Indian economic momentum.
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