Ace investor Mukul Agrawal has doubled down on India’s next wave of industrial growth, increasing stakes across Monolithisch India, Solarium Green Energy, and Zelio E-Mobility. His recent investments reflect a unified bet on steel, energy, and mobility — the three engines driving India’s manufacturing revival.
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Mukul Agrawal Portfolio Update
Monolithisch India: From Strong Listing to Stronger Fundamentals
After a blockbuster listing in June 2025, Monolithisch India continues to deliver operational excellence. The company, which manufactures specialised refractory materials (ramming mass) for steel furnaces, has seen its market capitalization soar alongside its financial performance.
In the September 2025 quarter (H1FY26), the company reported:
- Revenue: INR 57.3 crore (up from INR 41 crore YoY)
- EBITDA: INR 12 crore (21% margin)
- PAT: INR 8.8 crore (vs INR 5.6 crore YoY, up 57%)
This strong half-year result confirms that Monolithisch’s rally is not just sentiment-driven but earnings-backed. The company’s 3-year CAGR numbers are exceptional — Revenue up 52%, EBITDA up 77%, and PAT up 78%, with a ROE of 41% and ROCE of 46% as of FY25.
Investor interest remains high: Mukul Agrawal recently increased his stake from 2.3% to 3.0%, now holding 6 lakh shares worth INR 27.5 crore. The stock hit a record INR 482.90 (up +237% from its IPO price of INR 143), and still trades strong around INR 459 (+221%).
Solarium Green Energy: Riding the Renewable Surge
Mukul Agrawal’s 2.9% stake in Solarium Green Energy reflects his conviction in India’s clean-energy future. The solar EPC and O&M specialist listed in February 2025 at INR 191 and peaked at INR 470 (+146%) before stabilising near INR 336 (+76%).
The company’s project portfolio covers 8,500+ residential, 150+ commercial, and 8 government solar installations, supported by an order book of INR 165 crore. Its EBITDA margins expanded from 2.7% to 13.4% in two years, highlighting efficiency and scalability.
Zelio E-Mobility: The EV Accelerator
- Zelio E-Mobility, Mukul Agrawal’s newest addition, listed in October 2025 and has already rewarded investors with a +60% gain from its issue price of INR 136, trading near INR 218.
- The company manufactures electric two- and three-wheelers under ‘Zelio’ and ‘Tanga’ brands, with a 72,000-unit annual capacity and a dealer network of 337 outlets.
- Mukul Agrawal’s 2% stake (INR 9.2 crore) places him early in India’s fast-evolving EV ecosystem.
Mukul Agrawal Portfolio Update: Performance Snapshot
| Company | IPO Price (INR) | High (INR) | Current (INR) | Highest Gains from IPO | Current Gain |
|---|---|---|---|---|---|
| Monolithisch India | 143 | 482.9 | 459 | +237% | +221% |
| Solarium Green Energy | 191 | 470 | 336 | +146% | +76% |
| Zelio E-Mobility | 136 | — | 218 | +60% | +60% |
Thematic Synergy: Steel, Solar, and Mobility
Mukul Agrawal’s portfolio clearly aligns with India’s macro growth engines:
- Monolithisch → backbone of steel manufacturing & infrastructure
- Solarium → enabling the renewable transition
- Zelio → accelerating the EV revolution
Together, these plays form a “new-age industrial trifecta” representing the country’s next growth cycle — sustainable, domestic, and innovation-led.
Mukul Agrawal Portfolio Update: Market Perspective
- Analysts see these moves as a signal of confidence in India’s manufacturing-led economic transformation.
- “Agrawal isn’t chasing speculative trends — he’s building exposure to value-chain enablers,” said a Mumbai-based SME analyst.
- “With Monolithisch’s earnings growth, Solarium’s margin expansion, and Zelio’s EV ramp-up, his portfolio is a blueprint for long-term industrial compounding.”
Conclusion
From the heat of steel furnaces to the light of solar panels and the charge of electric motors, Mukul Agrawal’s latest portfolio reshuffle reflects the pulse of a changing India. These three companies — each from a different sector, yet bound by a shared theme of industrial resurgence — underscore how India’s next decade of wealth creation may be powered by steel, sustainability, and smart mobility.
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