The market veteran has marginally reduced his stake in Monolithisch by 0.2% to 2.76%, data from the National Stock Exchange showed. He also appears to have exited Stanley Lifestyles, either through a complete sale or by bringing his holding below the 1% disclosure threshold. Agrawal is the founder of Param Capital Group and has over two decades of experience in the capital markets.
One of the new additions is Hindustan Construction Company, where Agrawal acquired a 1.68% stake, amounting to 4.40 crore shares, according to shareholding pattern data from the BSE. The entry comes after a sharp correction in the stock, which is down more than 30% over the past one year. Over a longer five-year period, however, the shares have delivered returns of over 170%. The company has executed several large infrastructure projects in India and operates across transportation, power and water segments.
Agrawal has also invested in Sudeep Pharma, picking up a 1.33% stake or about 15 lakh shares. The company listed on the stock exchanges in November 2025 and the shares are currently up about 1.5% from the issue price of Rs 593. Sudeep Pharma operates in the pharmaceutical ingredients space, supplying mineral-based excipients and actives to clients in the pharmaceutical, food and nutrition industries.
Despite pressure on smallcap stocks for most of 2025, Agrawal’s portfolio featured five multibagger names during the year.
One of them is Osel Devices, where he entered in the September 2025 quarter with a 7.6% stake. While the stock has not yet turned into a multibagger for him, it has more than doubled over the past one year. The company manufactures LED display systems and hearing aids, with several components produced in-house.
Another strong performer is Zelio E-Mobility, whose shares are up around 180% since listing. Agrawal holds a 2% stake in the company, which made its stock market debut in October 2025. The IPO was subscribed 1.5 times. Zelio manufactures and assembles electric two-wheelers and three-wheelers.Agrawal earlier held a 3% stake in Monolithisch India before trimming his exposure in the December quarter. The stock has doubled since its listing in June on the NSE SME platform. Monolithisch manufactures ramming mass, a heat insulation material used in induction furnaces in the iron and steel industry.
Zota Health Care is another stock in Agrawal’s portfolio that more than doubled during the year before seeing some correction. He has held the stock since September 2023 and currently owns around 8% of the company, according to Trendlyne data. Zota Health Care operates in the pharmaceutical space, with a presence in generic medicines, ayurvedic products and nutraceuticals.
The fifth multibagger in the portfolio is ASM Technologies, which has delivered returns of about 141% in 2025. Agrawal entered the stock in the September 2024 quarter and now holds a 10.7% stake valued at around Rs 496 crore. He had increased his holding by about 4% in the September quarter.
With the smallcap index down nearly 6% in 2025, multibagger stocks were hard to come by across investor portfolios. Vijay Kedia’s investment in TechD Cybersecurity was among the few that managed to double during the year.
(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)