Mukul Agrawal, officially known as Mukul Mahavir Agrawal in corporate records, is a distinguished investor in India, renowned for his expertise in selecting micro and small-cap stocks with the potential for significant growth. He began his journey in the stock market in the late 1990s and has maintained a consistent investment strategy ever since. Here we take a look at Mukul Agrawal portfolio, Net worth, investing style, and more.
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Table of Contents
Mukul Agrawal’s Investment Philosophy
Focus on Small and Micro-Cap Companies:
Agrawal specializes in investing in small and micro-cap stocks, which he believes have significant growth potential. He adopts a patient investment strategy, understanding that these companies may take years to realize their full potential. This long-term perspective allows him to capitalize on the growth trajectories of these businesses.
In-Depth Fundamental Analysis:
A critical aspect of Agrawal’s approach is conducting a comprehensive fundamental analysis. He emphasizes the importance of identifying a company’s competitive advantages (or “moats”) and evaluating the credibility of its management team. This rigorous analysis helps him make informed investment decisions based on a company’s underlying value rather than market speculation.
Calculated Risk-Taking:
Agrawal is known for his willingness to take calculated risks, particularly with penny stocks that have the potential to become multibaggers. His aggressive investment style is grounded in comprehensive research, allowing him to make informed decisions even in volatile market conditions.
Labeled the “New Star” of India’s stock market, Mukul Agarwal’s investment approach has yielded supernormal returns. As of December 2024, the value of Mukul Agrawal portfolio stood at INR 6,756.18 crore. This includes only the companies where his shareholding exceeds 1%. Similarly, it excludes securities owned by his wife Madhulika Agarwal who also has a sizable portfolio.
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Mukul Agrawal Portfolio – Top Holdings
| Company | Shares held | Stock price (INR) | Value (INR crore) |
| BSE | 1,800,000 | 5352.2 | 963.39 |
| Neuland Laboratories | 400,000 | 13855.0 | 554.20 |
| Radico Khaitan | 1,400,083 | 2180.7 | 305.32 |
| Nuvama Wealth | 500,000 | 5331.7 | 266.58 |
| PTC Industries | 160,000 | 14139.0 | 226.22 |
| Zota Healthcare | 2,216,989 | 916.8 | 203.25 |
| Dishman Carbogen | 8,617,000 | 224.1 | 193.11 |
| MPS | 762,457 | 2468.2 | 188.19 |
| Deepak Fertilisers | 1,500,000 | 1249.6 | 187.43 |
| Sarda Energy & Minerals | 4,176,000 | 442.7 | 184.87 |
| Capacit’e Infraprojects | 5,150,000 | 355.0 | 182.83 |
| PDS | 3,465,000 | 488.9 | 169.39 |
| Intellect Design Arena | 2,000,000 | 835.1 | 167.02 |
| Pearl Global | 1,200,000 | 1354.4 | 162.53 |
| LT Foods | 4,000,000 | 370.8 | 148.32 |
| J Kumar Infraprojects | 1,975,000 | 707.0 | 139.62 |
| Raymond Lifestyle Ltd. | 800,000 | 1694.7 | 135.58 |
| Ceat | 450,000 | 2920.3 | 131.41 |
| Kirloskar Ferrous | 2,000,000 | 564.7 | 112.93 |
| KDDL | 423,180 | 2343.6 | 99.18 |
| ASM Technologies | 762,500 | 1243.0 | 94.78 |
| Kingfa Science | 300,000 | 2931.0 | 87.93 |
| Oriental Rail | 3,400,000 | 251.0 | 85.34 |
| WPIL | 1,400,000 | 599.9 | 83.98 |
| TAAL Enterprises | 277,931 | 2937.9 | 81.65 |
| KRN Heat Exchanger | 1,000,000 | 805.5 | 80.55 |
| Indo Count | 2,500,000 | 302.8 | 75.69 |
| Ethos | 300,000 | 2419.6 | 72.59 |
| Ajmera Realty | 759,493 | 953.0 | 72.38 |
| Lux Industries | 442,100 | 1584.7 | 70.06 |
| Strides Pharma | 1,066,000 | 605.3 | 64.52 |
| Sula Vineyards | 1,850,000 | 348.6 | 64.48 |
| Apollo Pipes | 1,500,000 | 418.8 | 62.82 |
| Arman Fin Serv | 400,000 | 1380.0 | 55.20 |
| West Coast Paper | 1,000,000 | 528.9 | 52.89 |
| Pix Transmissions | 250,000 | 2052.4 | 51.31 |
| AYM Syntex | 2,301,369 | 217.6 | 50.08 |
| Allcargo Gati | 7,000,000 | 69.0 | 48.30 |
| Bella Casa Fashion | 917,500 | 499.5 | 45.83 |
| Enviro Infra Engineers Ltd. | 1,800,000 | 251.9 | 45.34 |
| Sirca Paints | 1,433,421 | 308.8 | 44.26 |
| India Metals & Ferro Alloys | 599,329 | 733.0 | 43.93 |
| Allcargo Logistics | 10,000,000 | 41.4 | 41.36 |
| Raghav Productivity Enhancers | 712,296 | 572.8 | 40.80 |
| Vidhi Specialty Food | 800,000 | 497.5 | 39.80 |
| Prakash Industries | 2,500,000 | 155.6 | 38.89 |
| InfoBeans Tech | 1,121,478 | 338.0 | 37.91 |
| Suryoday Small Finance Bank | 3,000,000 | 122.6 | 36.79 |
| Concord Control | 240,000 | 1500.0 | 36.00 |
| Siyaram Recycling | 2,200,000 | 151.6 | 33.34 |
| Dredging Corporation | 450,000 | 721.5 | 32.47 |
| Thejo Engineering | 180,000 | 1695.2 | 30.51 |
| Quick Heal Tech | 700,000 | 433.8 | 30.36 |
| Stanley Lifestyles | 900,000 | 334.3 | 30.09 |
| Surya Roshni | 1,100,000 | 263.8 | 29.02 |
| Hind Rectifiers | 250,000 | 1114.2 | 27.85 |
| Prakash Pipes | 600,000 | 462.8 | 27.77 |
| Vasa Denticity | 410,000 | 635.0 | 26.04 |
| Ravindra Energy | 2,162,162 | 116.8 | 25.25 |
| Transpek Industry | 118,578 | 1534.0 | 18.19 |
| Tracxn Technologies | 2,000,000 | 69.0 | 13.79 |
| MITCON Consultancy | 480,773 | 98.0 | 4.71 |
Mukul Agrawal Portfolio
Mukul Agrawal portfolio is diverse, encompassing various sectors such as transport, logistics, textiles, chemicals, and media.
As of December 2024, Dr Mukul Agrawal’s investment portfolio has seen several changes compared to December 2023. Notably, his holding eight new additions, the KRN Heat Exchanger, valued at INR 80.55 crore, representing 1.6%, and the Kirloskar Ferrous, valued at INR 112.93 crore, representing 1.2% of the total portfolio. This contrasts with Ceat Ltd. has decreased slightly; its holding value is now INR 131.41 crore, down from 1.2% to 1.1%.
Another significant change is observed in BSE, which has decreased from 1.5% to 1.3%, with a holding value of INR 963.39 crore. Neuland Laboratories has maintained its position at INR 554.20 crore, accounting for 3.1%, showing no change from the previous year. Meanwhile, MPS Ltd. remains stable at INR 188.19 crore, holding steady at 4.5%. Additionally, Zota Healthcare has seen a slight decrease from 6.8% to 8.0%, valued at INR 203.25 crore, indicating a minor reduction in its overall weight within the portfolio.
Overall, Dr Mukul Agrawal’s portfolio reflects a combination of stability in several holdings while also incorporating new investments and slight adjustments in others as he continues to navigate the market landscape between December 2023 and December 2024.
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Mukul Agrawal Net Worth
According to corporate reports filed for the December 2024 quarter, Mukul Agrawal net worth from the equity investments was around INR 6,756.18 crore. This net worth keeps changing based on stock price fluctuations.
As of the article’s writing, Dr Mukul Agrawal net worth tied to the stock market was largely divided into 62 stocks with an average shareholding of INR 108.97 crore.