Ace investor Mukul Mahavir Agrawal executed a comprehensive portfolio reshuffling during the December quarter, making strategic adjustments to his Rs 6,500-crore equity holdings. The changes encompassed fresh additions, stake increases, position trims, and complete exits, reflecting tactical moves amid market volatility and stock-specific corrections.

New Portfolio Additions

Agrawal made three notable fresh entries during the quarter, targeting stocks that experienced significant corrections:

Alcargo Logistics operates as a global integrated logistics service provider, specialising in Less-than-Container Load (LCL) consolidation, ocean/air freight forwarding, and contract logistics. Sudeep Pharma serves as a major manufacturer of mineral-based pharmaceutical excipients, food-grade minerals, and specialty ingredients for pharmaceuticals, food, and nutrition industries.

Stake Increases in Existing Holdings

The investor selectively increased positions in three portfolio companies:

Vasa Denticity saw the most significant increase, with Agrawal raising his stake by 0.4% to reach a total holding of 2.4%. The company operates as a leading Indian B2B e-commerce platform and distributor of dental products, supplying over 10,000 products including consumables, equipment, and instruments to dentists, hospitals, and clinics.

Vikran Engineering received a 0.2% stake increase. The company made its stock market debut in September and trades 10% below its issue price of Rs 97.

N R Agrawal witnessed a marginal 0.1% stake increase. The Mumbai-based manufacturer specialises in paper and packaging boards, including duplex boards, writing paper, and printing paper.

Strategic Position Reductions

Agrawal trimmed stakes across multiple high-performing holdings:

These reductions primarily targeted stocks that delivered exceptional returns, suggesting profit-booking strategies. ASM Technologies provides engineering services and product R&D in semiconductors, industrial electronics, and digital solutions, while InfoBeans Technologies specialises in AI-led software engineering and digital transformation.

Complete Portfolio Exit

Stanley Lifestyles appears to have been completely exited from the portfolio, either through full sale or by reducing the stake below disclosure thresholds. The stock declined nearly 50% over the last year.

Market Context and Strategy

The portfolio adjustments occurred against the backdrop of sharp stock-specific corrections and a broader selloff in smallcap stocks. Agrawal's strategy demonstrates opportunistic investing in corrected names while maintaining discipline through profit-booking in outperforming positions. The Rs 6,500-crore portfolio reflects active management approach, balancing fresh opportunities with risk management across diverse sectors including logistics, pharmaceuticals, technology, and manufacturing.

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:

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:

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.