Mukul Agrawal Portfolio 2026: Top Stocks and New Buys

Mukul Mahavir Agrawal, popularly known as ‘Mukul Bhai’ in ‘India’s Wall Street’-i.e. Dalal Street is one of the smartest investors, renowned for his contrarian small & mid-cap picks, having multibagger potential. Mukul primarily conducts his personal investing/trading activities through his personal prop firm, Param Capital Research. He usually focuses on undervalued stocks with robust business models, strong fundamentals, and a part of India’s structural tailwinds. Mukul generally buys stakes (1-10%) of such small, but beautiful companies through bulk deals for long-term compounding return.

Mukul Agrawal stands out as one of India's most astute portfolio investors, renowned for his timely bets on high-growth small-cap and mid-cap stocks. Operating primarily through entities such as Param Capital, he focuses on undervalued companies with strong fundamentals, scalable business models, and exposure to India's structural growth themes. His approach emphasises long-term compounding in niche sectors, often entering via bulk deals and maintaining stakes of 1-10% in select names. As per the latest regulatory filings (Dec’25), Mukul Agarwal’s publicly disclosed portfolio has 98 mid to small-cap stocks across various sectors.

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Overview of Mukul Agrawal Latest Portfolio

Hindustan Construction Company Ltd (HCC): Stake: ~1.7% (new addition in Q4CY25, value ~₹85 Cr)
HCC is one of India’s leading EPC players –specialising in big infra projects like the iconic Bandra-Worli See Link. HCC was established in 1926 and is a part of the Walchand Hirachand group legacy. It has expertise in building large-scale & diverse infra projects across the country, from dams, bridges, tunnels, water management to nuclear power plants. HCC is one of the major PPP players in India’s infra ecosystem, benefiting from the steady asset monetisation policy of the government. After debt restructuring, HCC may recover in 2026 from India’s accelerated infra spending-should ensure revenue visibility and also margin recovery.

Sudeep Pharma Ltd: Stake: ~1.3% (new addition in Q4 2025, value ~₹81 Cr)
Sudeep Pharma is a relatively new listing in India’s pharma space, focusing on basic raw materials like APIs and excipients (like calcium base) for oral tablets/caps/powders, in a relatively less crowded place, helping robust revenue CAGR of almost 32% after COVID (FY:20-25). The company also serves global pharma majors and is a beneficiary of the ‘China+1’ diversification strategy. Higher OPM around 44% vs sector median 31% stems from specialised products, backward integration, even after strict FDA/EMA regulatory compliance.

ASM Technologies Ltd: Stake: ~10.3% (one of the largest, value ~₹392-496 Cr)
ASM Technologies is an IT and engineering services & consulting firm providing product engineering, digital transformation, and embedded solutions, with exposure to automotive, telecom, and industrial IoT. It earns revenue from fee-based services in software development, cloud, AI/ML, and engineering design, as well as long-term global/local client contracts. ASM set to benefit from India’s digitilisation push and ‘Make in India’ pivot.

Neuland Laboratories Ltd: Stake: ~3.1-3.12% (highest-value holding, ~₹525-547 Cr)
Neuland is a leading CDMO (Contract Development & Manufacturing Organisation) specialising in complex APIs, peptides and bulk drugs for global & local pharma majors. It ensures custom synthesis and strong R&D led product pipelines, involving specialised/premium segments. It’s a major beneficiary of backward integrations and global/local supply chain diversifications under the ‘China+1’ strategy.

PTC Industries Ltd : Stake: ~1.1% (value ~₹284-286 Cr)
PTC manufactures precision castings and aerospace components, with growing defence exposure. It also manufactures critical & super-critical metal components for the energy sector (oil & gas, LNG) and Ships & Marines, etc. The company is a major beneficiary of the ‘Make in India’ theme.

Other notable holdings in Agarwal’s portfolio may be
J Kumar Infraprojects: Mumbai savvy EPC player-Metro rail, etc.
Radico Khaitan: Leading Indian spirits company
The J&K Bank: Regional PSB with a strong deposit franchise in J&K
InfoBeans Technologies: Provides digital engineering and IT services, focusing on cloud and product development.

Conclusion
Overall, Mukul Agrawal's portfolio is diversified and multi-year compounding –reflecting India’s growth story. It blends India’s infra push to global supply chain diversification theme...