**Mukul Agrawal’s Portfolio: Strategic Shifts Amid Q3 Volatility** **Briefing Date:** January 25, 2026 **Portfolio Value:** ~₹6,500 – ₹6,600 Cr **Theme:** Contrarian Bets & Profit Booking --- **### 📉 Tactical Repositioning** Ace investor **Mukul Mahavir Agrawal** executed significant reshuffles in his equity portfolio for the quarter ending December 2024. Amid a broader smallcap selloff—where the index dipped nearly **6%** in 2025—Agrawal’s strategy pivots toward value picking in beaten-down sectors while locking in gains from high-flyers. **### 🆕 Fresh Entries: Contrarian Plays** Agrawal entered stocks that have seen deep corrections, signaling a belief in their structural turnaround. * **Hindustan Construction Company (HCC):** Acquired a **1.68%** stake (4.40 crore shares). Despite the stock correcting **30%** over the past year, Agrawal sees value in the infrastructure major, recently bolstered by a debt-reduction drive and rights issue. * **Allcargo Logistics:** Picked up a significant **2.9%** stake. This entry is particularly bold as the stock has corrected approximately **80%** over the last year, indicating a strong reversion-to-mean bet in the logistics sector. * **Sudeep Pharma:** A new addition with a **1.33%** stake, diversifying his exposure into the pharmaceutical ingredients space. **### 🔼 Stake Increases: Building Conviction** * **Vasa Denticity:** Raised holding by **0.4%**, taking the total stake to **2.4%** in this B2B dental e-commerce player. * **Vikran Engineering:** Increased exposure by **0.2%**, despite the stock trading **10%** below its IPO price, suggesting long-term confidence in the EPC player. * **N R Agrawal Industries:** Marginally hiked stake by **0.1%** in the paper and packaging firm. **### 🔽 Trims & Exits: Risk Management** Agrawal trimmed positions in outperformers and underperforming names alike to optimize capital allocation. * **Stanley Lifestyles:** Likely a **complete exit** (or stake reduced below 1%). The stock had struggled, falling nearly **50%** over the last year. * **Monolithisch (Monolithic) India:** Reduced stake by **0.2%** to **2.76%**. The stock has cooled off by **~20%** from its November 2025 highs. * **Pearl Global:** Trimmed **0.2%**. The apparel manufacturer has had a rough start to 2026, dropping nearly **15%** in January alone. * **Profit Booking:** Reduced exposure in multibaggers like **ASM Technologies** (-0.4%), **Autoriders** (-0.7%), and **Zota Health Care** (-0.8%) to protect capital after stellar runs. **### 📊 Market Context** These moves reflect a classic "buy fear, sell greed" approach. While the street remains cautious on smallcaps following the 2025 correction, Agrawal is aggressively accumulating deep-value infrastructure and logistics plays, anticipating a cycle rotation in 2026.