Mukul Agarwal is someone the entire investor community looks up to. With a portfolio of 60 stocks with a net worth of almost Rs 6,500 cr, he has proved repeatedly that he is one of the smartest investors of India.
So, as the month of June comes to an end, and investors across board wait anxiously for the fresh exchange filings in July, let us take a look at all the changes this Warren Buffett of India has made to his portfolio.
The Fresh & Additional Stakes
Sahasra Electronic Solutions Ltd
Incorporated in February 2013, Sahasra Electronic Solutions Limited is an Electronic System Design and Manufacturing company that provides electronic system design and manufacturing.
The company was listed in October 2024, and its current market cap is Rs 707 cr. Mukul Agarwal bought a 2.3% stake in the company as per exchange filings for the quarter ending March 2025, worth Rs 16 cr.
The company has recorded sales of Rs 96 cr in FY25 and EBITDA (earnings before interest, taxes, depreciation, and amortisation) of Rs 7.5 cr. However, the company has logged in losses of Rs 4.3 cr in FY25.
The share price of Sahasra Electronic Solutions on its listing in October 2024 was around Rs 564, and as of the closing on17thh June 2025, it is at Rs 283, which is a 50% drop. However, the current price is a 72% discount from its all time high of Rs 1,013.
The company’s share is trading at a negative PE due to the losses recorded, but the industry median is about 30x.
Jagsonpal Pharmaceuticals Ltd
Incorporated in 1978, Jagsonpal Pharmaceuticals Ltd manufactures and trades pharmaceutical products and active pharmaceutical ingredients.
With a market cap of Rs 1,492 cr, the company saw a fresh stake of 1.7% worth Rs 26 cr, by Agarwal as per the exchange filings for the quarter ending March 2025.
The company’s sales have grown at a compound rate of 11% in the last 5 years from Rs 159 cr in FY20 to Rs 269 cr in FY25. The EBITDA has seen a jump from Rs 9 cr in FY20 to Rs 51 cr in FY25, logging in compounded growth of an enviable 42%. The net profits grew at a compounded rate of 38% from Rs 8 cr in FY20 to Rs 55 cr in FY25.
The share price of Jagsonpal Pharmaceuticals was about Rs 13 in June 2020, which as of closing on 17th June 2025 is Rs 224. That is a growth of 1623%.
The company’s share is trading at a PE of 38x which is slightly higher than the industry median of 33x. The 10-year median PE for Jagsonpal Pharma is 32x, while the industry median for the same period is a just 27x.
Zota Health Care Ltd
Zota Health Care Limited is a renowned pharmaceutical company that manufactures, markets, and exports pharmaceutical, ayurvedic, nutraceutical, and over-the-counter (OTC) products across boundaries into the semi-regulated and regulated markets of Asian Countries markets of African Countries, Russian Countries & Latin America.
With a current market cap of Rs 2,798 cr, Agarwal has been holding a stake in it since September 2021 as per data on Trendlyne.com. Between the quarter ending December 2024 and the one ending March 2025, Agarwal added a 0.3% stake, making his holding go from 8% to 8.3%.
The company’s sales have grown at a compound rate of 25% from Rs 95 cr in FY20 to Rs 293 cr in FY25. The EBITDA however has seen a drop from Rs 5 cr in FY20 to a negative Rs 6 cr in FY25. The net profit looks worrying, as the company recorded losses of Rs 3 cr in FY20, and the losses grew to Rs 57 cr in FY25.
The share price of Zota Health Care Limited however is Rs 951 as of closing on 17th June 2025, which is a 575% jump over its 5-year-old price of Rs 141.
The company’s share is currently trading at a negative PE due to the losses. The industry median is however currently 33x. The 10-Year median PE for Zota Healthcare is 88x which is much higher than the industry median of 27x for the same period.
The Stake Cuts
Apart from the above new picks and additions to the existing holdings, Agarwal also cut down in his stake in 6 stocks.
| Sr No | Company | Holding Dec’24 | Holding Mar’25 | Stake Cut |
| 1 | Vasa Denticity Ltd | 2.60% | 2.50% | 0.1% |
| 2 | OneSource Specialty Pharma Ltd | 1.40% | 1.30% | 0.1% |
| 3 | West Coast Paper Mills Ltd | 1.50% | 1.40% | 0.1% |
| 4 | BSE Ltd | 1.30% | 1.20% | 0.2% |
| 5 | Prakash Pipes Ltd | 2.50% | 2.40% | 0.2% |
| 6 | Pearl Global Industries Ltd | 2.60% | 2% | 0.6% |
The Sell Offs
Not only did Agarwal cut stakes for 6 stocks from his portfolio in the last 6 months, but he also sold 6 more stocks, for which screener shows the holding gone below 1%. Here are the stocks.
| Sr No | Company | Holding Dec’24 | Holding Mar’25 |
| 1 | Allcargo Logistics Ltd | 1% | Below 1% |
| 2 | Ceat Ltd | 1.40% | Below 1% |
| 3 | Dredging Corporation of India Ltd | 1.50% | Below 1% |
| 4 | Sarda Energy & Minerals Ltd | 1.30% | Below 1% |
| 5 | Quick Heal Technologies Ltd | 2.50% | Below 1% |
| 6 | Ethos Ltd | 2.60% | Below 1% |
Geared for The Next Quarter?
Mukul Agarwal is not known for rash decisions when it comes to his portfolio. So, such substantial changes in his portfolio in just the last 6 months deserves attention. Especially with fresh exchange filings coming up soon.
The fresh buys will probably have the complete attention of investors across board, to see how they fare and if Agarwal continues to hold them. And as for the stake reductions, will Agarwal cut more or add more to it will also be something to watch out for.
All that must be done now is add these stocks to ones watchlist, and keep a very vigilant eye on them right now and also when the fresh exchange filings start rolling in.
Disclaimer:
Note: We have relied on data from www.Screener.in and www.trendlyne.com throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information.
The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only.
Suhel Khan has been a passionate follower of the markets for over a decade. During this period, He was an integral part of a leading Equity Research organisation based in Mumbai as the Head of Sales & Marketing. Presently, he is spending most of his time dissecting the investments and strategies of the Super Investors of India.
Disclosure: The writer and his dependents do not hold the stocks discussed in this article.
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