EV to Consumption: Mukul Agrawal buys 10 smallcaps in Q2, chasing India's next big growth themes
1/11
Portfolio Watch
Ace investor Mukul Agrawal, known for his sharp eye for emerging businesses, went on a buying spree in the September 2025 quarter, adding 10 fresh stocks across sectors — from engineering and energy to tech and EV mobility. The cumulative value of these new holdings stands at around Rs 385 crore.
2/11
IFB Industries (Rs 92.4 crore | 1.2% holding)
Agrawal’s largest new addition this quarter, IFB Industries marks his bet on the recovery in home appliances and consumer durables.
3/11
Osel Devices (Rs 81 crore | 7.6% holding)
Osel Devices strengthens his exposure to medical technology. The company’s growing exports and strong product pipeline make it a standout in the healthcare innovation space.
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4/11
Protean eGov Technologies (Rs 52.1 crore | 1.5% holding)
A play on India’s expanding digital public infrastructure. Formerly NSDL e-Gov, Protean provides end-to-end digital governance solutions and benefits from the government’s push for data-driven platforms.
5/11
Unified Data Tech Solutions (Rs 45.3 crore | 5.3% holding)
This fresh addition underscores Agrawal’s confidence in the IT services and data analytics theme.
6/11
Laxmi Finance (Rs 30.2 crore | 3.8% holding)
An NBFC play that adds a financial layer to Agrawal’s diversified portfolio.
7/11
Vikran Engineering (Rs 29.7 crore | 1.2% holding)
A classic infrastructure bet, Vikran Engineering’s inclusion signals optimism about India’s manufacturing and capex upcycle.
8/11
Solarium Green Energy (Rs 19.8 crore | 2.9% holding)
This addition highlights Agrawal’s growing focus on renewables. Solarium is expanding its solar EPC and storage capacity, capitalising on India’s aggressive green energy transition targets.
9/11
NR Agarwal Industries (Rs 16 crore | 2% holding)
The ace investor added this paper manufacturer as a play on sustainability and packaging demand.
10/11
Kilitch Drugs (Rs 8.8 crore | 1.3% holding)
A relatively smaller bet, Kilitch adds exposure to the pharma exports theme. Its growing presence in Africa and new product launches could drive medium-term earnings growth.
11/11
Zelio E-Mobility (Rs 10.7 crore | 2% holding)
Agrawal’s EV play — Zelio manufactures low-speed electric scooters and is rapidly expanding its dealer network across India.