Mukul Agrawal, Madhusudan Kela and Ashish Dhawan made 3 fresh bets. Here’s what they bought

Mukul Agrawal walked into a tiny railway engineering firm that had barely finished ringing the listing bell. Madhusudan Kela put money into a low-priced restructuring saga that has since more than doubled. And Ashish Dhawan, the quiet founder of ChrysCapital, made what looks like his single largest fresh purchase of the quarter, and he made it in a lender the market had all but given up on a year earlier. Three investors, three playbooks: an order book bet, a turnaround bet, and a recovery bet.

The next round of filings, for the quarter ending June 2026, will start trickling in now. That is exactly why these three belong on a watchlist right now. Did conviction deepen, or did it quietly fade? Did the businesses live up to the buying? Here is what the numbers say today, flaws included, so you can make up your own mind when the June data comes in.

#1 E2E Transportation Infrastructure: Mukul Agrawal’s Bet on a Freshly Listed Railway Stock

When a company lists in December and an ace investor is already sitting on nearly 14% of it by March, you pay attention.E2E Transportation Infrastructure, a Bengaluru -based railway engineering firm, came to the market through a small IPO late in 2025. Mukul Agrawal, who runs Param Capital and has a long record of spotting small companies early, holds 13.94% of it, worth Rs 65 cr currently.

Stacking Up Growth Against Volatility

E2E is a system integrator for the railways. In plain terms, it designs and installs the signalling, telecom, electrification and track work that keeps trains running and moving faster. Its projects read like a tour of India’s transit map: signalling for the Hyderabad and Nagpur metros, platform screen doors for Mumbai Metro Line 3, work at Chennai Metro Phase 1, and siding jobs for the likes of Vizag Steel. It has just been named lowest bidder for a Rs 49 cr signalling contract with Eastern Railway, which tells you the order pipeline is still filling up.

Before we go ahead, you must know that the company is listed on NSE’s SME board and not the main board. And SME’s come with their own set of warnings, thanks to the restrictions on lot trading and liquidity issues.

Looking at the growth, it has been real, but the record is short. Because the stock only listed in December 2025, there is no clean five-year history to lean on, and no ten-year valuation record to compare against. Let us look at the year-on-year data to get a better understanding.

Financial Year	FY23	FY24	FY25	FY26	3-Yr CAGR
Sales (Rs Cr)	135	170	251	380	41%
EBITDA (Rs Cr)	15	19	29	38	36%
Net Profit/Rs Cr	8	10	14	17	29%

A word of caution however sits inside that table. The first half of FY26 actually logged a small loss before the business recovered strongly in the second half to end the year in profit, with earnings per share of about Rs 12.3. Lumpy, project driven revenue does that. On a CAGR basis however, all 3 parameters have grown with impressive numbers.

Valuation and Risk: Decoding the Premium Behind E2E

The share price of E2E Transportation was about Rs 325 at listing and as on 2^nd July 2026 it was Rs 270, which is a drop of 17%.

The drop in profits I wrote about earlier could be the reason behind this fall in prices. At the current price of Rs 270, the stock is trading at a discount of 22% from its all-time and 52-week high of Rs 347.

As for the valuation, the stock is trading at a PE of 28x against the current industry median of 18x, which means the market is still expecting higher future growth or superior return ratios from the company despite the recent drop in profits.

The risks are plain. This is a small, thinly traded stock. Its top ten customers bring in roughly 97% of revenue, and most of that comes from government tenders, so one lost bid can hurt. It pays no dividend and leans on working capital. We now wait for the fresh financials and holding data to come in.

#2 Indiabulls Ltd: Madhusudan Kela’s Restructuring Bet

Madhusudan Kela added four new stocks in the March quarter. By value, his biggest was the one with the messiest history and the lowest price tag: Indiabulls Ltd. He picked up about 5.16 crore shares, a 2.22% stake, for roughly Rs 56 cr when the stock was hovering near Rs 11. At the current price, the holding is worth Rs 135 cr.

From Yaari to Indiabulls: Tracking the Real Estate Pivot

While the name might be a household one for many investors, do not let that fool you. This is effectively a one-year-old business. Indiabulls Ltd, once called Yaari Digital, was renamed in October 2025 after 17 group entities, including Dhani Services and Indiabulls Enterprises, were folded into it.

FY26 was its first real year as a combined company. It now runs on two engines: real estate, with a large development pipeline across Gurugram, Mumbai and Ludhiana, and financial services, which includes broking, digital lending and an asset reconstruction arm.

FY26 Turnaround: How Indiabulls Rebounded from Heavy Losses

Because there is no comparable multiyear record, the story is best told through FY26 itself. The company turned around from losses to solid profit as the property business kicked in. Let us look at the consolidated data to see how things changed in FY26.

Financial Year	FY21	FY22	FY23	FY24	FY25	FY26
Sales (Rs Cr)	168	1	0	0	-6	833
EBITDA (Rs Cr)	5	-93	-11	-5	-8	277
Net Profit/Rs Cr	-88	-146	95	-22	-68	346

Full year revenue landed near Rs 833 cr, with real estate contributing the bulk of the profit. The company says it is net cash, carries no debt, and is lining up fresh project launches for FY27. Its stated real estate pipeline runs to more than Rs 21,000 cr of gross development value, a large figure set against a market value still under Rs 6,500 cr.

Riding the Rebound: Can Indiabulls Sustain Its Massive 210% Rally?

The share price of Indiabulls was about Rs 20 in October 2025 when the big change happened. But let us look at the long-term picture here. The share price was around Rs 102 in July 2021 and as on 2^nd July it was Rs 28. That is a huge drop in 5 years.

However, in the last few months following the post restructuring drop, the stock has recovered and jumped by over 210% from around Rs 9 to its current price of Rs 28.

As for valuation the stock is currently trading at a PE of 20x which is same as the industry median. The company saw series of losses till the quarter ending June 2025, post which it staged a turnaround and the quarter ending March 2026 logged profits of Rs 1194 cr.

However, a stock that runs from Rs 9 to Rs 28 in a few months deserves a harder look. Property earnings are lumpy and depend on launches and approvals going to plan. The reported price to earnings figure has moved wildly, from deeply negative to positive, as losses turned into profit, which tells you how young and volatile this number set still is.

This is a special situation, not a steady compounder. The June filings will answer the real question: after a double, will the property pipeline actually start converting into sales?

#3 IIFL Finance: Ashish Dhawan’s Bet on a Lender the Market Left for Dead

Of the three, this is the bet that most looks like classic Ashish Dhawan. He does not chase noise. He buys businesses he thinks the market has misjudged and waits. In the March quarter he opened a fresh 1.09% position in IIFL Finance, a little over 46 lakh shares, worth about Rs 233 cr at today’s price near Rs 512. That makes it comfortably his largest new purchase of the quarter.

Resilience in Retail Lending: IIFL’s Recovery from the Gold Loan Ban

IIFL Finance is a large, diversified lender. It does home loans, gold loans, small business loans and microfinance, with total assets under management of about Rs 98,336 cr and a network of more than 4,700 branches.

A year earlier that loan book sat near Rs 71,410 cr, so the business has kept expanding at close to 38% even while the headlines were grim. In March 2024 the regulator barred it from handing out fresh gold loans, its most profitable line. The ban was lifted six months later, but the damage to FY25 was severe.

Financial Year	FY21	FY22	FY23	FY24	FY25	FY26	5-Yr CAGR
Sales (Rs Cr)	5,968	6,991	8,444	10,472	10,234	13,351	17%
Financing Profit (Rs Cr)	1,090	1,625	2,263	2,734	1,479	2,596	19%
Net Profit/Rs Cr	761	1,188	1,608	1,974	578	1,817	19%

Look at that profit line. It climbed steadily for years, collapsed by roughly 70% in FY25 during the ban, then snapped back to a record in FY26. A single five-year CAGR would hide that part of the story, so also look at the year-by-year numbers.

What really counts is that the recovery is real. Gross bad loans have fallen to 1.46% and return on equity is back near 13%, up from a battered 5% in the crisis year.

Pricing the Reversal: IIFL Finance’s P/E Gap Compared to Peers

The share price of IIFL Finance was about Rs 250 in July 2021 and as on 2^nd July was Rs 512, which is a jump of over 100% in 5 years.

As for the valuations, the company’s share is trading at a PE of 13x against the industry median of 23x. The 10-year median for the company 13x again and the industry median for the same period is also 23x.

So, IIFL now trades well below the multiples it enjoyed before the ban and below those of the largest diversified lenders, even as its profit has fully recovered. That gap is precisely the kind of thing a patient investor like Dhawan tends to buy. Dhawan was possibly buying value rather than chasing a rally. For the June quarter, it would be interesting to watch whether loan growth and margins hold, and if the price rally continues post the filings.

Worthy of The Watchlist?

Put the three side by side and a neat picture appears. Mukul Agrawal is betting on an order book and a capex cycle. Madhusudan Kela is betting on a restructuring unlocking hidden value. Ashish Dhawan is betting on a good business recovering from a bad year. Same quarter, three very different ways to make money, and three very different risk levels to match.

None of them is a sure thing. One is a small, illiquid stock with a short record. One has already doubled and lives on a low, jumpy price. One is a lender still rebuilding trust. What the March filings give us is a starting line, not a finish.

The June numbers, which will be coming in soon, will tell us more about how the 3 Warren Buffetts of India look at picking fresh stocks for their portfolio. Also, whether the businesses are keeping up with the conviction. That is the scoreboard worth watching. Add these stocks to a watchlist and keep a keen eye on them.

Disclaimer:

Note: We have relied on data from http://www.Screener.in and http://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. The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein.