Mukul Agrawal, one of India’s most closely followed ace investors, has made significant additions to his portfolio in the March 2025 quarter, signaling fresh bets on both the pharmaceutical and electronics manufacturing sectors. Known for his sharp focus on value discovery and thematic investing, Agrawal has picked up new stakes in Jagsonpal Pharmaceuticals, Sahasra Electronic Solutions, and increased his position in Zota Healthcare, a stock he’s consistently backed in previous quarters.
His moves are noteworthy, not just for their timing amid a volatile broader market, but also for what they may indicate about the next emerging sectoral themes on Dalal Street.
Inside the Mind of Mukul Agrawal
Mukul Agrawal is often categorized among India’s elite “super investors” — individuals whose stock selections are followed religiously by both retail and institutional investors. His approach stands out for its long-term vision, contrarian entries, and sectoral concentration, often betting big on underappreciated segments poised for multi-year growth.
Unlike momentum chasers, Agrawal’s entries tend to be early, often when valuations are compressed or the narrative hasn’t yet captured investor imagination. He has a history of identifying turnaround stories, small-cap multibaggers, and high-quality growth stocks before they hit the limelight.
In past years, his high-conviction investments in companies like Paras Defence, Vaibhav Global, and Zen Technologies were validated by strong returns. With his latest filings indicating fresh investments in pharma and electronics, investors are closely watching these moves for clues to where the next leg of alpha may emerge.
March 2025 Portfolio Moves: Three Notable Additions
Agrawal made three high-conviction additions in the March 2025 quarter:
| Stock | Holding Value | Qty Held (No. of Shares) | Q-o-Q Change | Mar 2025 Holding % |
|---|---|---|---|---|
| Jagsonpal Pharma | 23.7 | 11,57,557 shares | New Entry | 1.70% |
| Sahasra Electronic Solutions | 19.1 | 5,64,800 shares | New Entry | 2.30% |
| Zota Healthcare | 194.7 | 23,66,989 shares | Increased from 8.1% to 8.3% | 8.30% |
Together, these investments amount to over INR 237 crore in value, with Zota Healthcare forming the lion’s share. The fresh entries in Jagsonpal and Sahasra point to Agrawal’s interest in both defensive sectors like healthcare and emerging tech-led plays.
Stock Snapshots: Decoding the New Entrants
1. Jagsonpal Pharmaceuticals
Founded in 1978, Jagsonpal Pharmaceuticals has carved a niche in the Indian pharmaceuticals industry, especially in the therapeutic areas of gynecology and orthopedics. The company has recently restructured operations, optimized its product portfolio, and doubled down on specialty-focused growth — a strategy that aligns with long-term industry trends favoring margin-rich formulations over generics.
Its financials show improving EBITDA margins and better operating leverage. The stock’s inclusion in Agrawal’s portfolio may reflect confidence in its ongoing transformation and potential to scale both domestic and export markets. Additionally, its small-cap size and relatively low institutional ownership offer strong upside optionality.
Jagsonpal Pharma stock price was around INR 10 per share in May 2020. It made an all-time high of INR 304.48 per share 29 November 2024, reflecting a 2,940% returns. Specialty pharma is becoming a major focus area in India, and Jagsonpal’s lean cost structure and targeted therapy focus could make it a future mid-cap compounder.
2. Sahasra Electronic Solutions
Sahasra, while not a pharmaceutical company, represents another high-conviction thematic play — India’s electronics and semiconductor manufacturing push. The company is engaged in semiconductor packaging, PCB assembly, and electronic sub-systems manufacturing, all key components in India’s ambition to become a global hardware hub.
This is Agrawal’s first known stake in a company aligned with India’s PLI (Production Linked Incentive) schemes for electronics manufacturing. Sahasra has already begun receiving orders from large OEMs and is poised to benefit from the growing “China+1” sourcing strategy adopted by global players.
Sahasra Electronics launched its IPO on 30 september 2024, with an issue size of INR 186.16 crore. The IPO got an overwhelming response from the investor, which led the subscription to 122X. The IPO listed with a 99.49% returns. Sahasra Electronics shares made an all-time high of INR 978.20 per share, reflecting a 245% returns from its allotment price of INR 283 per share. Currently, Sahasra Electronics shares are trading around INR 339 per share (correction of 65% from all-time high)
This bet reflects a diversification of Agrawal’s portfolio into high-tech manufacturing — a segment expected to explode in relevance as India strengthens its position in global supply chains.
3. Zota Healthcare: Doubling Down on the Retail Pharma Model
Agrawal has been steadily increasing his stake in Zota Healthcare, now holding a significant 8.3% of the company. Zota has differentiated itself in the competitive pharma landscape by focusing on affordable healthcare, especially through its retail pharmacy chain Davaindia.
The company’s asset-light franchise model and aggressive tier-2 and tier-3 expansion strategy make it a strong proxy for India’s underpenetrated retail pharma market. With rising healthcare expenditure and demand for generic medications, Zota appears well-positioned for sustained revenue growth.
Zota Healthcare launched its IPO on 2 May 2017. The IPO was a mix of fresh (39.75 crore) and OFS (18.75 crore) component. The IPO recorded an impressive 15.6X subscription and listed with lacklustre 1.6% returns. However, stock turned into multibagger soon and made an all-time high of INR 1,020.15 per share, a 1,000% returns from its adjusted allotment price of INR 90.89 per share. Currently, share of Zota Healthcare is trading around INR 823 per share, a correction of ~19%
This is not just a pharma bet, but a play on healthcare distribution and accessibility — themes that are likely to grow in relevance post-pandemic and amid India’s increasing focus on wellness.
Sectoral Insight
Agrawal’s March quarter allocations signal a clear bullish stance on healthcare, a sector that offers both stability amid market volatility and secular growth drivers such as:
- Rising chronic disease burden
- Government schemes (e.g., Ayushman Bharat)
- Growing exports of formulations and APIs
- Digital transformation in pharma sales and distribution
Pharma, especially in the mid-cap segment, is currently trading at reasonable valuations, and investors like Agrawal may be capitalizing on the valuation reset from 2022-23 highs. His diversified bets — from branded generics (Zota) to niche specialties (Jagsonpal) — suggest confidence in a multi-pronged revival in the sector.
Conclusion
Mukul Agrawal’s latest portfolio additions reflect both strategic positioning and sectoral foresight. By initiating fresh exposure to specialty pharma and electronics manufacturing, and by strengthening his existing pharma holdings, he is placing calculated bets on sectors that offer both defensive characteristics and structural tailwinds.
For investors, his latest filings may serve as a compass pointing toward pharma revival plays and electronics manufacturing tailwinds — two areas that could dominate headlines and generate alpha over the next few quarters.
In a market where narratives change quickly and volatility remains high, following the footprints of a seasoned investor like Agrawal provides not just stock ideas, but lessons in conviction, patience, and thematic clarity. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.