Ace market investor Mukul Agrawal maintains a substantial portfolio comprising approximately 75 stocks, with a total valuation nearing Rs 7,250 crore. Notably, his eight largest bets each exceed Rs 200 crore in value, attracting significant attention from brokerage firms who largely hold positive outlooks on these companies.
Neuland Laboratories Leads Major Investments
As of March 31, 2026, Neuland Laboratories Ltd stands as Agrawal's most significant holding. He owns 400,000 equity shares, representing a 3.12 percent stake in the pharmaceutical company, valued at Rs 680 crore based on its previous close. Neuland reported an eight-fold increase in net profit to Rs 212.67 crore for the January-March 2026 quarter, alongside a 136 percent year-on-year revenue jump to Rs 328.6 crore.
Brokerage firms have expressed strong confidence in Neuland. JM Financial issued a 'buy' rating with a target price of Rs 22,913, citing its attractive product portfolio and growth visibility. Goldman Sachs maintained its 'buy' rating, raising its target price to Rs 19,550. Choice Institutional Equities and Systematix Institutional Equities also reaffirmed 'buy' ratings, with target prices of Rs 3,950 and Rs 3,981 respectively, anticipating sustained margin expansion.
Radico Khaitan and ASM Technologies Among Key Holdings
Alcobev major Radico Khaitan Ltd is Agrawal's second-largest holding as of Q4 FY26. He possesses 1,400,083 equity shares, a 1.05 percent stake, valued at Rs 490 crore. Radico Khaitan saw its net profit surge by 95 percent year-on-year to Rs 179.5 crore and revenue increase by 15.3 percent to Rs 1,503.7 crore for the March 2026 quarter. The company also declared a dividend of Rs 9 per share.
ASM Technologies Ltd constitutes Agrawal's third-largest investment, with 1.5 million equity shares, or a 10.28 percent stake, valued at nearly Rs 480 crore.
Nuvama Wealth Management and Other Strategic Bets
Nuvama Wealth Management Ltd is another prominent holding, where Agrawal owns 2.5 million equity shares, representing a 1.37 percent stake, recently valued at Rs 390 crore. Nuvama reported a 5 percent year-on-year rise in net profit to Rs 269 crore, with revenue increasing by 7 percent to Rs 825 crore. The wealth manager's Assets Under Management (AUM) grew 13 percent year-on-year to Rs 12,807 crore by the end of FY26, and it announced a dividend of Rs 14 per share.
Equirus Securities holds a 'Long' rating on Nuvama with a target price of Rs 1,765, highlighting its diversified revenue and industry tailwinds. Motilal Oswal Financial Services also gave a 'buy' rating with a target price of Rs 1,860.
Other significant holdings in Agrawal's portfolio include:
- Zota Health Care Ltd: 2,516,989 shares (7.27% stake), valued at Rs 307 crore. Nirmal Bang Institutional Equities has a 'buy' rating.
- PTC Industries Ltd: 160,000 shares (1.07% stake), valued at Rs 273 crore. ICICI Securities rated it 'buy' with a target price of Rs 21,000.
- Sarda Energy & Minerals Ltd: 4 million shares (1.14% stake), valued at Rs 233.7 crore. HDFC Securities also maintains a 'buy' rating with a target price of Rs 664.
- Jammu & Kashmir Bank: 16.5 million equity shares (1.50% stake), valued at Rs 222.75 crore. Anand Rathi Share & Stock Brokers has a 'buy' rating with a target price of Rs 198.
The collective positive sentiment from various brokerage firms underscores the perceived strength and growth potential across many of Mukul Agrawal's top investment choices.