One of D-Street’s top-followed names, Mukul Agrawal, went on a buying spree in the September quarter of 2025, adding 10 fresh small & midcap stocks across diverse sectors — spanning pharma, green energy, consumer durables, IT, EVs, and finance.
The cumulative value of Mukul Agrawal’s new holdings stands at an impressive INR 385 crore, signaling Agrawal’s conviction in India’s next big growth wave — from EV mobility and renewables to digital infrastructure and consumption recovery.
Mukul Agrawal Portfolio Update:
Out of the 10 stocks Mukul Agrawal purchased in the September quarter, 4 belong to companies that went public in the past few months. The full list of Mukul Agrawal’s latest stocks is given below:
1. IFB Industries — Betting on Consumer Revival
- Holding Value: INR 94.3 crore
- Stake: 1.2%
Agrawal’s largest new addition this quarter, IFB Industries, represents a strong consumption recovery play. The company, a leader in home appliances and industrial engineering, is well-positioned to benefit from rising disposable incomes and the ongoing rebound in India’s white goods sector.
2. Osel Devices — MedTech Innovation Play
- Holding Value: INR 74.6 crore
- Stake: 7.6%
Mukul Agrawal picked up a sizeable stake in Osel Devices, a fast-emerging medical technology and diagnostic products manufacturer. The company’s strong export momentum and focus on healthcare innovation make it a standout among small-cap medtech plays.
3. Protean eGov Technologies — Digital Governance Catalyst
- Holding Value: INR 51.7 crore
- Stake: 1.5%
Formerly known as NSDL e-Governance Infrastructure, Protean eGov offers end-to-end digital public infrastructure solutions. Agrawal’s entry reflects confidence in India’s expanding digital stack and the growing role of private tech players in public governance.
4. Unified Data Tech Solutions — IT Services & Analytics
- Holding Value: INR 45.9 crore
- Stake: 5.3%
The fresh addition of Unified Data Tech underscores Agrawal’s bullish view on data analytics, AI-driven IT services, and enterprise solutions. Unified Data Tech’s strong mid-market presence positions it well to ride the digital transformation wave across industries.
5. Laxmi India Finance — NBFC Growth Story
- Holding Value: INR 30.5 crore
- Stake: 3.8%
Agrawal added Laxmi Finance, a small but growing NBFC, as part of his strategy to capture growth in India’s expanding credit market. The company focuses on SME loans and retail financing, sectors benefiting from post-pandemic consumption demand.
6. Vikran Engineering — Manufacturing & Infra Play
- Holding Value: INR 31 crore
- Stake: 1.2%
A classic infrastructure and capital goods bet, Vikran Engineering reflects optimism around India’s manufacturing push and the government’s capex-led growth cycle. The company operates in EPC and industrial fabrication projects.
7. Solarium Green Energy — Riding the Renewable Boom
- Holding Value: INR 19.7 crore
- Stake: 2.9%
In line with the global green transition theme, Agrawal invested in Solarium Green Energy, which is rapidly scaling its solar EPC, storage, and hybrid energy projects. With India targeting 500 GW of renewable capacity by 2030, Solarium is a timely bet.
8. N R Agarwal Industries — Sustainability & Packaging Demand
- Holding Value: INR 15.8 crore
- Stake: 2%
NR Agarwal benefits from the shift toward sustainable packaging and e-commerce-driven demand. Agrawal’s investment signals confidence in steady growth through recycling and value-added paper products.
9. Kilitch Drugs India — Pharma Export Focus
- Holding Value: INR 9.4 crore
- Stake: 1.3%
Kilitch Drugs India, a small-cap pharma exporter, finds a place in Agrawal’s portfolio as a pharma exporter and Africa-focused play. The company’s growing presence in emerging markets and new product pipeline could support medium-term earnings momentum.
10. Zelio E-Mobility — Electric Two-Wheeler Bet
- Holding Value: INR 11.7 crore
- Stake: 2%
Agrawal’s EV theme pick, Zelio, manufactures low-speed electric scooters and is expanding aggressively across Tier-2 and Tier-3 cities. With EV adoption accelerating, Zelio could benefit from early mover advantage in the affordable mobility segment.
Sectoral Snapshot — From EVs to Digital India
Mukul Agrawal’s fresh picks in the September quarter refresh mirror India’s multi-theme growth story:
- Consumption revival: IFB Industries
- Healthcare innovation: Osel Devices, Kilitch Drugs
- Digital infrastructure: Protean eGov, Unified Data Tech
- Green energy: Solarium Green Energy
- Financial inclusion: Laxmi Finance
- Manufacturing & infra: Vikran Engineering
- Sustainability & EV mobility: NR Agarwal Industries, Zelio E-Mobility
List of Mukul Agrawal’s Latest Stock Additions
| Company | Holding Value | Quantity Held | Holding % (Sep 2025) | Buying Status | Sector / Theme |
|---|---|---|---|---|---|
| IFB Industries | 94.3 | 5,00,000 | 1.20 | New | Consumer Durables |
| Osel Devices | 74.6 | 13,38,400 | 7.60 | New | Medical Technology |
| Protean eGov Technologies | 51.7 | 6,00,000 | 1.50 | New | Digital Governance |
| Unified Data Tech Solutions | 45.9 | 10,55,000 | 5.30 | New | IT & Analytics |
| Laxmi Finance | 30.5 | 20,00,000 | 3.80 | New | NBFC / Financials |
| Vikran Engineering | 31.0 | 30,00,000 | 1.20 | New | Infra & Manufacturing |
| Solarium Green Energy | 19.7 | 6,00,000 | 2.90 | New | Renewable Energy |
| N R Agarwal Industries | 15.8 | 3,40,000 | 2.00 | New | Paper & Packaging |
| Kilitch Drugs India | 9.4 | 2,35,000 | 1.30 | New | Pharmaceuticals |
| Zelio E-Mobility | 11.7 | 4,24,000 | 2.00 | New | EV Mobility |
Bottom Line
From EVs to e-Governance, Pharma to Finance, Mukul Agrawal’s latest stock addition moves clearly underscore a forward-looking, thematic diversification.
By positioning himself across sectors aligned with India’s structural growth trends, the ace investor appears to be building the next decade’s multi-bagger basket — one smallcap at a time.
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