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Mukul Agarwal Investment Portfolio 2023

In the volatile world of stock markets, there are those who shine in the limelight, sharing their insights with the world. Then, there are individuals like Mukul Agrawal, a trader and investor with over three decades of experience, who tend to shy away from public appearances. Yet, his track record and investment acumen speak volumes, making him a recent rising star in the Indian stock market.

Mukul Agrawal embarked on his journey in the late 1990s and quickly established a unique investment strategy. He combines aggressive investments with thorough analysis, taking calculated risks with penny stocks and manages two separate portfolios for investment and trading.

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Early Days and Influences:

His father's involvement influenced Mukul Agrawal's journey into the stock market in stock investments. As a young student, he helped his father with IPO applications and investment discussions. This early exposure piqued his interest, and he became a voracious reader of financial news and stock market reports.

After graduating in commerce in 1991, Mukul explored the stock market further. Armed with limited knowledge but curiosity, he and some friends would make daily trips from Malad to Dalal Street. They hoped to gain insights into the market by observing and interacting with brokers. 

A significant turning point in Mukul's career came with his introduction to the grey market. In the period between an IPO's announcement and its listing, a thriving grey market existed. This market allowed Mukul, still building trust and reputation, to trade without capital. All transactions were conducted based on trust. By 1993, he had earned a significant sum through his dealings, which was a considerable achievement at the time.

His early success allowed him to invest in a 90-square-foot office on Cawasji Patel Street. The funding for this endeavour came partly from his stock market earnings and his father's contribution. From there, Mukul operated with his brother Mayank. While his brother delved into sub-broking, Mukul was determined to trade for himself.

The Transition from Trader to Investor

The stock market landscape changed dramatically with the advent of the NSE (National Stock Exchange), marked by increased trading volumes and transparent prices. Mukul adapted to the new environment and saw improvements in his trading profits.

One of the key factors that set Mukul apart was his focus on understanding a company's fundamentals before trading. For short-selling, he targeted stocks with weak fundamentals and questionable management. This approach differed from many of his peers, who preferred shorting overvalued stocks. 

Investment Approach and Philosophy:

Focus on small and micro-cap companies and a patient investment strategy: These companies may take years to reach their full potential. 

In-Depth fundamentals analysis:  His investment philosophy centres on the importance of identifying business moats and the credibility of company promoters.

Major Investments

Mukul Agrawal's investment portfolio features a diverse range of companies. His investments span various sectors, including those in small and micro-cap categories. Here are some notable investments he has made:

1. Suzlon: Mukul Agrawal invested in Suzlon, a leader in the wind energy sector. He began accumulating the stock during its rights issue and remained confident in its potential despite facing challenges from changing government policies and internal issues.

2. Radico Khaitan: Mukul's investment in Radico Khaitan stemmed from the belief that alcohol consumption in India would increase with the country's growing prosperity. 

3. Ceat: With its growth in the auto sector, whether internal combustion engine (ICE) or electric vehicles (EV), the company appeared poised for success.

4. Sula Vineyards: Mukul Agrawal recognized the potential for significant growth in wine consumption in India, where wine sales comprised less than 3% of total alcohol sales. 

5. Raymond: Mukul invested in Raymond, a transforming company. The success of Manyavar, one of its brands, led to a positive shift in market sentiment. 

Mukul believed in the company's potential and added to his position as the market noted Raymond's positive changes.

Mukul Agrawal believes in the saying “Bhaav bhagwan che”, which translates into “ Price is God” meaning that one cannot argue against the price. He continues to trade in the stock market, even though his focus has shifted more towards investing. He enjoys trading for the thrill it offers, although the lack of market volatility over the last year has reduced his trading activities. His advice to investors seeking fortunes in small and microcaps emphasizes patience and a long-term investment horizon. Given the price fluctuations in these segments, he recommends holding stocks for a minimum of ten years to realise substantial gains.

In conclusion, Mukul Agrawal's investment journey is marked by transitioning from a grey market trader to a seasoned investor. His investment philosophy combines deep research, patience, and a focus on stock prices. His story is a testament to the significance of understanding a company's fundamentals, even for short-selling, and the benefits of having a diverse portfolio in the small and micro-cap segments.


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