Two of the biggest names in the Indian investors space, Mukul Agarwal and Rekha Jhunjhunwala have just made big changes to their portfolio. Now, these are names whose smallest movements cause the biggest ripples in the market. So, when they sell off stocks that they held for long, it warrants immediate attention.
Mukul Agarwal, one of the most followed investors of India, who holds 64 stocks in his portfolio worth Rs 7,577 cr, just sold off this leading manufacturer of Belts and related mechanical Power Transmission products, that he was holding since September 2019.
Rekha Jhunjhunwala, wife of late ace investor Rakesh Jhunjhunwala on the other hand holds 25 stocks worth over Rs 40,660 cr, just sold off a diversified gaming and sports media platform. She held the stock since December 2022 as per trendlyne.com.
While the market goes into what we can only call a well of questions, it makes sense to try and find out what triggered these decisions.
Nazara Technologies Ltd
Incorporated in 1999 and listed in 2021, Nazara Technologies Ltd is a leading diversified gaming and sports media platform with presence in India and across emerging and developed global markets such as Africa and North America, and offerings across the interactive gaming, eSports, and gamified early learning ecosystems.
With a market cap of Rs 12,377 cr, Nazara Technologies Ltd was among the first entrants in the Indian market in eSports (through Nodwin) and cricket simulation (through Nextwave).
Rekha Jhunjhunwala held a stake in the company since the quarter ending December 2022. At the quarter ending March 2025, she was holding 7.1% stake, which per the exchange filings made for the quarter ending June 2025, has dropped below 1% meaning a partial or complete exit.
The sales of the company grew at a compounded growth rate of 46% from Rs 248 cr in FY20 to Rs 1,624 cr in FY25. In case of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) the company logged in operating losses of Rs 7cr in FY20 and for the FY25 it was Rs 114 cr.
When it comes to Net profits, the company saw losses of Rs 27 cr in FY20 and showed a turnaround post that, with the FY25 profits number coming to 51 cr.
The share price of Nazara Technologies Ltd was around Rs 920 in July 2021, which has jumped to Rs 1,414 as of closing on 24th July 2025.
The stock is trading at a PE of 198x, while the industry median of 98x. The 10-Year median PE for Nazara is 106x and the industry median for the same period is 70x.
According to the latest investor presentation in June 2025, Nazara is executing a multi-pronged strategy: global expansion via M&A, fortifying core gaming and esports assets, building IP-driven businesses, and leveraging technology/AI for operational excellence. FY25 saw record revenues and cash flows, but some margins drag from one-offs and integration costs. However, management remains bullish on FY26, with continued focus on profitability, organic/inorganic scale, and global leadership in gaming and youth media.
Pix Transmission Ltd
Incorporated in 1981, PIX Transmissions Ltd. is the leading manufacturer of Belts and related mechanical Power Transmission products in India.
With a market cap of Rs 2,055 cr PIX Transmissions Ltd features state-of-the-art Belt manufacturing units as well as an ultra-sophisticated, automated Rubber Mixing facility.
Mukul Agarwal held a 1.8% stake in the company till the quarter ending March 2025. However, as per filings made for the quarter ending June 2025, his holding has gone below 1% meaning a partial or complete exit.
The sales of the company grew at a compounded growth rate of 14% from Rs 304 cr in FY20 to Rs 589 cr in FY25. EBITDA also grew at a compounded rate of 22% from Rs 61 cr in FY20 to Rs 163 cr in FY25.
As for the Net Profits, the company saw a compound growth of 29% from Rs 30 cr FY20 to Rs 113 cr in FY25.
The share price of PIX Transmissions Ltd was around Rs 125 in July 2020 and as of closing on 25th July 2025 it was Rs 1,507, which is an over 1,105% jump.
The company’s stock is trading at a PE of 18x, while the industry median is 34x. The 10-year median PE for PIX Transmissions is 16x and the industry median for the same period is 25x.
The company’s latest annual report, the Chairman Amarpal Sethi has said, “I wish I were writing this letter under far more congenial circumstances. In my over five decades of working experience, I have yet to witness more volatility and uncertainty than at present. In 2025, not only are we plagued with wars spanning geographies, but the tariff-wars have added a whole new dimension to how countries will trade with each other in the times to come. We seem to be moving from an era of globalization to deglobalization/protectionism, and whilst this poses several challenges in terms of trade, it also provides opportunities for our great nation to capitalize on our inherent strengths.”
The company will shortly be embarking upon our solar power project which is a testament to their commitment to sustainability. Company has also declared an equity dividend amounting to Rs 9.00 per share on 18th July 2025.
Follow The Big Exits of The Big Names?
Rekha Jhunjhunwala and Mukul Agarwal’s exit from Nazara Technologies and PIX Transmissions respectively, has thrown the market gurus into a pit of questions from everywhere. Now these are the Warren Buffetts of India, and their exits sound a lot of alarms after all.
While Rekha Jhunjhunwala does not shy away from moving things around every now and then, Mukul Aggarwal is known for bold moves . If these two have made exit calls, it does attract attention from all corners of the market.
Is this a strategic exit or a sign of something big to come, only time will tell. For now, keeping an eye on these stocks could be the best possible way forward. Add to Watchlist?
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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