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Mukul Agrawal's High-Stakes Portfolio Moves
20 Oct
Summary
- Investor Mukul Agrawal added five new stocks in September 2026.
- His investment includes a significant bet on Tega Industries and four SMEs.
- Agrawal is reportedly willing to pay premium prices for these stocks.
In the September 2026 quarter, investor Mukul Agrawal expanded his portfolio by acquiring stakes in five companies, amounting to roughly Rs 261 crore. A significant portion, nearly 72%, of this investment is concentrated in Tega Industries, a mining supplier. The remaining investment is distributed across four Small and Medium Enterprise (SME) stocks that recently debuted on the market.
Tega Industries, incorporated in 1976, manufactures essential wear parts for mining operations. Despite a recent Rs 1.5 billion acquisition of Molycop and a substantial increase in sales, the company reported a net loss of Rs 108 crore in the June 2026 quarter, primarily due to one-time deal costs. Agrawal's investment in Tega Industries, valued at approximately Rs 190 crore, represents a bet on the company's ability to manage its debt, which stood at Rs 398 crore before the Molycop deal.
Agrawal's other investments are in SME stocks: Anawil Wire and Engineering, Recode Studios, Apsis Aerocom, and Safety Controls & Devices. These stocks trade on SME platforms, which entails different regulatory rules and higher volatility due to thin trading volumes. Anawil Wire, a wind turbine tower manufacturer, boasts a high EBITDA margin. Recode Studios, a make-up and skincare brand, has shown significant profit growth since its listing. Apsis Aerocom, a precision parts manufacturer, aims for substantial revenue growth but faces margin contraction. Safety Controls & Devices, a contractor, shows strong profit figures but struggles with negative operating cash flow and high debtor days.
Agrawal's strategy appears to involve calculated risks, with a notable investment in Tega Industries alongside its debt-funded acquisition. His entry into SME stocks after their anchor lock-in periods and often above their listing prices suggests a willingness to pay a premium for potential growth. Investors are advised to monitor these five companies closely, particularly Tega's debt reduction efforts and the performance of the SME stocks in the coming quarters.
