Mukul Agrawal Reshapes ₹6,500-Crore Portfolio in Q3: Adds Two Stocks, Exits One
Mukul Agrawal restructured his ₹6,500-crore portfolio in Q3 2024 by adding Hindustan Construction Company (1.68% stake) and Sudeep Pharma (1.33% stake) while reducing his Monolithisch holding and exiting Stanley Lifestyles. Despite smallcap market challenges with the index down 6% in 2024, his portfolio featured five multibagger performers including ASM Technologies (141% returns, ₹496-crore holding), Zelio E-Mobility (~180% since listing), and three others that doubled in value.
*this image is generated using AI for illustrative purposes only.
Prominent investor Mukul Mahavir Agrawal executed strategic portfolio changes during the December 2024 quarter, adding two new stocks to his ₹6,500-crore equity portfolio while reducing exposure to existing holdings. The market veteran, who founded Param Capital Group and brings over two decades of capital markets experience, made these moves as shareholding disclosures continue to be released.
Portfolio Changes in Q3
Agrawal's recent portfolio adjustments reflect a measured approach to market opportunities and risk management:
| Action | Stock | Details |
|---|---|---|
| New Addition | Hindustan Construction Company | 1.68% stake (4.40 crore shares) |
| New Addition | Sudeep Pharma | 1.33% stake (15 lakh shares) |
| Stake Reduction | Monolithisch | Reduced by 0.20% to 2.76% |
| Exit | Stanley Lifestyles | Complete sale or below 1% threshold |
New Investment: Hindustan Construction Company
Agrawal's entry into Hindustan Construction Company comes after the stock experienced significant correction, declining over 30% in the past year. However, the infrastructure company has demonstrated strong long-term performance with returns exceeding 170% over five years. The company operates across multiple segments including transportation, power, and water infrastructure, having executed several large-scale projects across India.
Fresh Stake: Sudeep Pharma
The investor also acquired a position in Sudeep Pharma, which made its stock market debut in November 2024. Currently trading approximately 1.50% above its issue price of ₹593, the company specializes in pharmaceutical ingredients, supplying mineral-based excipients and actives to clients in pharmaceutical, food, and nutrition industries.
Portfolio's Multibagger Performers
Despite challenging conditions for smallcap stocks throughout 2024, Agrawal's portfolio showcased five notable multibagger performers:
| Stock | Performance | Stake Details |
|---|---|---|
| ASM Technologies | 141% returns in 2024 | 10.70% stake, valued at ₹496 crores |
| Zelio E-Mobility | ~180% since listing | 2.00% stake |
| Monolithisch India | Doubled since June listing | Previously 3.00%, now 2.76% |
| Osel Devices | Doubled over past year | 7.60% stake (acquired Sept 2024) |
| Zota Health Care | Doubled during year | ~8.00% stake (held since Sept 2023) |
ASM Technologies represents Agrawal's largest individual holding by value at approximately ₹496 crores. He initially entered this position in September 2023 and increased his stake by about 4% in the September 2024 quarter.
Zelio E-Mobility, which debuted in October 2024 with 1.5x subscription, manufactures and assembles electric two-wheelers and three-wheelers. Osel Devices operates in LED display systems and hearing aids manufacturing, while Zota Health Care maintains presence across generic medicines, ayurvedic products, and nutraceuticals.
Market Context
These portfolio adjustments occurred against a backdrop of challenging smallcap market conditions, with the smallcap index declining nearly 6% in 2024. The performance of Agrawal's multibagger holdings stands in contrast to broader market pressures, highlighting selective stock-picking success during a difficult period for smaller companies.
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