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Mukul Agarwal Portfolio 2026: Key Holdings And Trading Strategy

Parshwa Turakhiya
Written by:
Parshwa Turakhiya
Andreas Kristo
Reviewed by:
Andreas Kristo
Chinmay Soni
Fact-checked by:
Chinmay Soni
Updated:
June 17, 2026

Editorial Note: While we adhere to strict Editorial Integrity, this post may contain references to products from our partners. Here's an explanation for How We Make Money. None of the data and information on this webpage constitutes investment advice according to our Disclaimer.

Mukul Agarwal’s publicly disclosed equity portfolio includes 63 listed companies with a total market value of over ₹7,100 crore ($855 million). The portfolio emphasizes small- and mid-cap businesses across pharmaceuticals, infrastructure, chemicals, and textiles.

Mukul Agarwal, the founder of Param Capital, is one of India’s most followed smallcap investors. Known for his strategic long-term holdings, Agarwal has built a reputation for identifying early-stage growth stories. His investment portfolio reflects focused sectoral bets and tactical moves across emerging growth companies.

Mukul Agarwal portfolio overview

Mukul Agarwal’s 2026 portfolio structure reflects a diversified, growth-oriented strategy rooted in disciplined capital allocation:

  • Total public holdings. 63 companies, up from 59 in the previous quarter, showing ongoing discovery and tactical additions.

  • Net worth via Listed equities. ₹7,100 crore, based on end-of-quarter disclosures and current market prices.

  • Top 10 holdings weight. Approximately 65%, indicating a mix of high-conviction core holdings and exploratory satellite positions.

  • Average stake per company. 3.5%, with a spread ranging from 1.2% (minor exposure) to 10.1% (e.g., Siyaram Recycling), showing flexibility in position sizing.

  • Portfolio concentration. Top 20 holdings account for nearly 85% of total market value, revealing focused conviction despite headline diversification.

  • Core sectors. Pharmaceuticals, Infrastructure, Chemicals, Textiles, IT, Financial Services – sectors that together account for over 90% of deployed capital, driven by macro visibility and strong demand tailwinds.

Top 10 holdings
Company NameStake (%)Value (₹ crore)Sector
BSE Ltd1.33965Financial Services
Neuland Laboratories Ltd3.12556Pharmaceuticals
Zota Health Care Ltd8.09207Pharmaceuticals
Deepak Fertilisers1.19195Chemicals
Pearl Global Industries2.61163Textiles
Capacit'e Infraprojects6.21213.75Infrastructure
ASM Technologies6.48105.48Information Tech
Oriental Rail Infrastructure5.53103.34Infrastructure
Siyaram Recycling Industries10.1033Recycling
AYM Syntex Ltd3.9349Textiles

Sectoral exposure

Mukul Agarwal's sectoral allocation in 2026 demonstrates a well-balanced focus across high-growth industries, with capital distributed based on long-term structural trends and emerging policy themes:

  • Pharmaceuticals. ₹763 crore invested across 6 companies, representing ~11% of the portfolio. Neuland Labs and Zota Health Care anchor this sector, benefiting from export-driven growth and domestic retail demand.

  • Infrastructure & Rail. ₹550 crore across 7 companies (~8% of capital). Key bets include Capacit'e Infraprojects and Oriental Rail Infrastructure, both aligned with government-led infra expansion and rail modernization.

  • Chemicals. ₹195 crore in 3 companies (~3%). Deepak Fertilisers leads here, supported by rising agri-input demand and favorable chemical margin cycles.

  • Textiles & Apparel. ₹212 crore allocated across 4 stocks (~3%). Pearl Global and AYM Syntex reflect strategic exposure to India’s export and domestic consumption in apparel manufacturing.

  • Information technology. ₹105 crore across 2 holdings (~1.5%). Includes ASM Technologies, focusing on embedded systems and industrial digitization.

  • Financial services. ₹965 crore, with a major allocation to BSE Ltd (~14% of portfolio). This represents a macro call on capital market deepening, exchange tech, and rising investor participation.

Together, these sectors represent over 90% of total capital deployed, highlighting Agarwal’s approach to balance cyclical opportunities with high-margin, innovation-led industries.

Recent changes in Mukul Agarwal portfolio (2026)

These portfolio shifts suggest Mukul Agarwal is positioning for policy-driven themes (like Make-in-India, green tech, and infra expansion) while taking profits in sectors where near-term upside may be capped. Overall, the changes account for an estimated ₹120–₹140 crore in reallocated capital.

Mukul AgarwalMukul Agarwal

Mukul Agarwal made several tactical adjustments to his portfolio in the first quarter of 2026, reflecting his responsiveness to evolving sector dynamics and market valuations.

New additions:

  • WPIL Ltd – acquired a 1.16% stake worth approximately ₹38 crore. This move signals Agarwal’s renewed interest in the capital goods sector and engineering-focused companies tied to water infrastructure projects.

  • De Nora India Ltd – took a 1.37% stake, valued around ₹62 crore. The company’s exposure to green hydrogen and industrial water treatment aligns with India’s sustainability and manufacturing agendas.

  • Siyaram Recycling Industries – acquired a 10.10% stake, valued at ₹33 crore. A notable high-conviction bet in the recycling sector amid circular economy tailwinds.

Stake reductions:

  • Newgen Software – partial exit, with stake trimmed by 20%, possibly due to valuation saturation and lagging quarterly growth.

  • Zen Technologies – reduced holdings from 1.34% to 1.19%, rebalancing from high-P/E defence tech into infra-heavy counters.

High-performing stocks FY25

Mukul Agarwal’s portfolio has consistently delivered strong returns, with several core holdings outperforming major indices in FY25. These results underscore his ability to identify scalable companies ahead of broader market recognition:

  • Neuland Laboratories Ltd: +121% YoY – robust export demand and margin expansion in the API segment helped the stock double in value. Stake valued at ₹556 crore.

  • BSE Ltd: +113% YoY – driven by explosive growth in derivatives volume and renewed investor interest in capital markets. His largest individual holding at ₹965 crore.

  • Deepak Fertilisers & Petrochemicals: +157% YoY – surge in chemical margins and favorable subsidy environment boosted performance. Stake value: ₹195 crore.

  • Pearl Global Industries: +152% YoY – international apparel contracts and supply chain recovery lifted earnings. Valuation: ₹163 crore.

  • Zota Health Care: +96% YoY – benefited from strong semi-urban demand and expanding retail network. Stake worth ₹207 crore.

Together, these high-performers contributed over ₹2,000 crore in market value, reinforcing Agarwal’s conviction in high-growth, mid-cap sectors.

Investment style & Strategy

Mukul Agarwal’s investment philosophy reflects a structured approach grounded in scalability, macro awareness, and downside protection:

  • Long-term compounding. Over 40% of his top positions have been held for more than 2 years, with holdings like BSE Ltd and Neuland Labs generating 2x–3x returns during that period. This patient capital approach allows business fundamentals to fully play out.

  • Sector rotation. His portfolio shows dynamic reallocation between sectors like IT, infra, and healthcare. For example, infrastructure exposure increased by over 30% between Q3 2024 and Q1 2025, aligning with budgetary and policy support.

  • Smallcap discovery. Many of Agarwal’s picks – such as Siyaram Recycling and AYM Syntex – were entered when they were valued between ₹300–₹2,000 crore in market cap. This indicates a clear edge in early-stage scouting before institutional inflow.

  • Risk control. He limits risk by capping average stake size at 3.5% across 60+ companies. Larger positions (above 5%) are typically supported by consistent earnings, strong sector momentum, and corporate transparency.

Mukul Agarwal’s investment philosophyMukul Agarwal’s investment philosophy

Strategic takeaways for investors

Mukul Agarwal’s portfolio offers several actionable insights for disciplined investors focused on India’s growth sectors:

  • Monitor stake scaling. Over 60% of his multibagger holdings in FY25 showed increased stake patterns across 2 or more quarters. This suggests conviction is often built progressively, not immediately.

  • Avoid reactionary entry. Historical data shows that 7 out of his top 10 holdings experienced 10–15% pullbacks post-disclosure before trending upward, favoring those who accumulated gradually rather than chasing momentum.

  • Study recurring sector bets. Infrastructure and diagnostics appeared consistently across Q3 and Q4 2024 before allocation expanded in Q1 2025. Identifying early themes across cycles can give retail investors a strategic edge.

  • Construct smart exposure. Replicating a 6–10 stock mini-portfolio from different sectors–mimicking Agarwal’s spread of 63 stocks with 65% weight in his top 10–can help balance risk while capturing growth trends.

For investors inspired by Mukul Agarwal’s small- and mid-cap strategy, execution matters just as much as stock selection. Access to Indian equities, competitive brokerage fees, and strong research tools can significantly impact long-term returns. Below is a comparison of leading brokers that provide access to the stock market and support diversified portfolio building.

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Wealth in equities compounds over years, not weeks

Alamin Morshed
Alamin Morshed Contributor

As a long-time market observer, my advice to new investors is simple: don’t just copy portfolios, learn the reasoning behind them. When you see someone like Mukul Agarwal holding 60+ companies but concentrating wealth in a handful of high-conviction bets, the lesson is not to mimic his stock list, but to ask why he sized them that way.

For beginners, the smartest move is to start small, diversify across sectors you actually understand, and gradually build conviction in a few businesses over time. Remember – wealth in equities compounds over years, not weeks. If you can develop patience and the discipline to hold through cycles, you’ll already be ahead of most retail investors chasing quick gains.

Conclusion

Mukul Agarwal's journey stands as a testament to the power of disciplined strategy and long-term vision in the world of investing. By adhering to a well-defined trading philosophy and meticulously selecting stocks with strong growth prospects, Agarwal has built a robust and diversified portfolio. His success underscores the importance of research-backed decisions, evident in his holdings of industry leaders and emerging disruptors alike. Ultimately, aspiring investors can learn from Agarwal that enduring achievements arise from consistency, patience, and a relentless focus on value—an approach that transcends market trends and fleeting speculation.

FAQs

How does Mukul Agarwal determine the size of his investments in different companies?

Mukul Agarwal sizes his investments based on his conviction in a company, sector momentum, and corporate transparency. His average stake per company is about 3.5%, with larger positions when a business demonstrates consistent earnings and strong prospects. He maintains flexibility by adjusting exposure according to changing market dynamics.

In which sectors does Mukul Agarwal allocate the majority of his capital?

Mukul Agarwal allocates over 90% of his total capital to sectors such as pharmaceuticals, infrastructure, chemicals, textiles, information technology, and financial services. These sectors are chosen for their high growth potential, macroeconomic tailwinds, and alignment with long-term policy trends.

What role does sector rotation play in Mukul Agarwal’s investment approach?

Sector rotation is a key part of Mukul Agarwal's strategy. He dynamically reallocates capital among sectors like IT, infrastructure, and healthcare based on emerging trends, policy support, and market cycles. This approach allows him to capitalize on new opportunities while managing the risk of sector-specific downturns.

How does Mukul Agarwal identify early-stage growth companies for his portfolio?

Mukul Agarwal focuses on scouting small- and mid-cap companies in the early stages of growth, often before they attract institutional attention. He evaluates structural industry trends, company fundamentals, and potential for scalability to identify businesses poised for expansion.

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Team that worked on the article

Parshwa Turakhiya
Parshwa Turakhiya
Editorial Standards Specialist

Parshwa is a content expert and finance professional possessing deep knowledge of stock and options trading, technical and fundamental analysis, and equity research. As a Chartered Accountant Finalist, Parshwa also has expertise in Forex, crypto trading, and personal taxation.

Learn about our editorial policies
Andreas Kristo
Andreas Kristo
Author at Traders Union

Andreas Kristo Saragih is a seasoned equity research analyst with over a decade of experience across both buy-side and sell-side roles, focused on the Indonesian capital market. He has extensive sector coverage, including banking, consumer goods, retail, real estate, healthcare, transportation, poultry, cement, pharmaceuticals, construction, and infrastructure.

Chinmay Soni
Chinmay Soni
Head of Fact-Checking Department

Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data.

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