By BullScreen Editorial Team 
India’s stock market participants closely track the investment moves of seasoned investor Mukul Mahavir Agrawal, whose portfolio often highlights emerging opportunities across mid-cap and small-cap companies. Known for identifying high-growth businesses early, Agrawal’s investments have once again caught the attention of market watchers in FY26.
According to an analysis by ETMarkets based on shareholding data from the December 2025 quarter, Agrawal currently holds stakes in about 72 listed companies. The combined value of his portfolio stands at around ₹6,160 crore as of March 6, 2026. However, the valuation has seen a modest dip compared to ₹6,751 crore recorded in the March 2025 quarter, reflecting an 8% decline amid market volatility.
Despite the drop in overall portfolio value, several stocks in his holdings have delivered strong gains this financial year. While more than half of his investments have posted negative returns so far in FY26, around 18 stocks have still managed to generate double-digit returns. Among them, nine stocks surged between 50% and 230%, including four that turned into multibaggers, delivering over 100% returns.
Below is a closer look at the top performers in Agrawal’s portfolio during FY26.
One of the biggest winners in the portfolio is Concord Control Systems. The stock has delivered a massive rally of about 230% in FY26, climbing from ₹699 to ₹2,311.
As per the December 2025 shareholding data, Agrawal owns a 5.5% stake in the company, which is currently valued at around ₹80 crore.
The company is involved in manufacturing railway safety and control systems, including products used in train protection and signaling solutions. With India increasing investments in railway modernization and safety systems, companies operating in this space have been attracting strong investor interest.
IT services firm Infobeans Technologies is another major outperformer in Agrawal’s portfolio.
The stock has gained about 112% in FY26, rising from ₹73 to ₹155. Agrawal holds a 3.94% stake in the company, which is valued at approximately ₹15 crore.
Infobeans provides digital transformation, enterprise software development, and cloud solutions to global clients. The company primarily works with enterprises looking to modernize their IT systems and improve digital capabilities.
Electronics manufacturing company Osel Devices has also delivered strong returns to investors this year.
The stock has jumped around 110% in FY26, moving from ₹242 to ₹509. Agrawal owns a 7.56% stake, currently valued at about ₹68 crore.
The company manufactures LED lighting products, electronics equipment, and display systems, catering to both commercial and government projects. The growing demand for energy-efficient lighting and electronics manufacturing in India has supported the stock’s strong performance.
Paper manufacturing company NR Agarwal Industries has also turned into a multibagger in FY26.
The stock has surged about 106%, climbing from ₹222 to ₹458. Agrawal holds a 2.06% stake in the company, valued at around ₹16 crore.
The company produces recycled paper products such as duplex boards and packaging boards, widely used in packaging for consumer goods, pharmaceuticals, and FMCG products.
Apart from the multibaggers, several other stocks in Agrawal’s portfolio have also delivered impressive gains.
Indian Metals & Ferro Alloys has risen 98% in FY26, moving from ₹610 to ₹1,208.
Agrawal holds a 1.11% stake in the company worth nearly ₹72 crore. The company is one of India’s leading producers of ferro alloys, which are essential raw materials used in steel manufacturing.
SIRCA Paints India has gained around 87% this financial year, rising from ₹242 to ₹453.
Agrawal owns a 2.52% stake in the company, valued at around ₹65 crore. The company specializes in premium wood coatings, decorative paints, and industrial coatings, widely used in furniture and interior applications.
Engineering and technology services company ASM Technologies has delivered 73% returns in FY26, with the stock climbing from ₹1,274 to ₹2,208.
Agrawal has a 10.28% stake in the company, making it one of his largest positions. The holding is currently valued at about ₹331 crore.
ASM Technologies provides engineering design services, product development, and digital engineering solutions to global clients across industries like automotive, aerospace, and manufacturing.
Specialty chemicals company Tatva Chintan Pharma Chem has seen its stock rise 68% in FY26, from ₹679 to ₹1,140.
Agrawal owns a 2.14% stake worth around ₹57 crore. The company manufactures structure-directing agents, phase transfer catalysts, and electrolyte salts, which are used in pharmaceuticals, chemicals, and battery technologies.
Power electronics company Hind Rectifiers has delivered 55% gains this year, moving from ₹937 to ₹1,453.
Agrawal’s 1.45% stake in the company is valued at about ₹36 crore. The firm manufactures rectifiers, transformers, and power semiconductor equipment, used in railways, defense, and industrial power systems.
Healthcare provider Yatharth Hospital & Trauma Care Services has also performed strongly, with the stock rising 52% in FY26, from ₹425 to ₹647.
Agrawal holds a 1.14% stake worth roughly ₹71 crore. The company operates multi-specialty hospitals offering advanced medical care and trauma services across North India.
Pharmaceutical company Zota Health Care has delivered 49% returns in FY26, rising from ₹805 to ₹1,198.
Agrawal’s 7.45% stake in the company is valued at around ₹302 crore. Zota Healthcare focuses on manufacturing and marketing pharmaceutical products, along with operating retail pharmacy chains across India.
In the December 2025 quarter, Mukul Agrawal also made a few new additions to his portfolio, indicating his continued search for growth opportunities across sectors.
The newly added stocks include:
- Allcargo Logistics
- Hindustan Construction Company
- SIRCA Paints India
- Sudeep Pharma
These additions span logistics, infrastructure, specialty chemicals, and paints, suggesting a diversified approach to capturing growth across multiple industries.
Market experts often track portfolios of seasoned investors like Mukul Agrawal because they tend to identify high-potential mid-cap and small-cap businesses before they become widely popular.
The performance of several stocks in his portfolio during FY26 highlights a few key themes:
- Strong focus on niche sectors, including specialty chemicals, engineering services, and electronics manufacturing
- Preference for mid-cap and small-cap companies with scalable business models
- Long-term investment approach, allowing businesses time to grow and deliver returns
While not every investment in his portfolio has performed well this year, the presence of multiple multibaggers shows how a diversified portfolio can still generate strong returns.