Mukul Agarwal, often dubbed the Warren Buffett of India, is a name that needs no introduction in the investment world. Known for his deep value approach and long-term conviction plays, Agarwal's investment decisions are closely tracked by market participants and fellow investors. So when someone like him makes major changes to his portfolio, the entire community sits up and takes notice.
According to exchange filings for the quarter ending June 2025, five companies that once featured in his portfolio have either seen a full exit or significant stake reduction. These include sell-offs in J Kumar Infraprojects Ltd and Enviro Infra Engineers Ltd, along with trimmed positions in Mitcon Consultancy, Raghav Productivity Enhancers, and Sula Vineyards.
The first and perhaps most surprising exit is from J Kumar Infraprojects, a company that has been in Mukul Agarwal’s portfolio since late 2016. This is a company deeply entrenched in infrastructure development, with marquee projects like the Mumbai Metro Line 3, Pune Elevated Metro, and Dwarka Expressway under its belt. Over the last five years, its share price has climbed nearly 672 percent, multiplying investor wealth almost eight times. From a business perspective, the fundamentals seem steady with steady revenue growth, improving margins, and a strong order book. Yet, Agarwal has chosen to exit or sharply reduce his holdings.
This decision becomes even more intriguing when you consider that J Kumar is currently trading at a modest valuation compared to the industry. While some red flags exist, such as past controversies involving construction quality and blacklisting episodes, they have not recently impacted its performance significantly. The question then is whether Agarwal foresees operational risks returning or if he simply believes the stock has reached its fair value.
The second company from which he has made a complete or near-complete exit is Enviro Infra Engineers Ltd. The company operates in the high-potential segment of water and wastewater infrastructure, supported by government policies and increasing environmental consciousness. It has delivered incredible financial growth over the past five years, with net profits jumping from ₹5 crore in FY20 to ₹177 crore in FY25. Despite these impressive metrics, the investor has chosen to step away. The stock has not delivered the kind of multibagger returns as J Kumar, which could explain the exit, especially if Agarwal believes the growth momentum may be tapering or the stock has run ahead of its fundamentals.
Apart from the exits, three other companies in his portfolio have seen stake trims. In Mitcon Consultancy, Raghav Productivity Enhancers, and Sula Vineyards, his holdings have reduced to below previous thresholds. These are not small moves. When a super investor adjusts his portfolio across multiple positions within a single quarter, it often reflects a broader strategy shift rather than an isolated reaction.
There could be several reasons behind these portfolio changes. One theory is that Agarwal is making room for new high-conviction bets or possibly increasing allocations in existing winners. Another possibility is that he anticipates sector-specific slowdowns or regulatory risks in these businesses. It may also be a capital preservation move in a market that is increasingly volatile and more sensitive to global and domestic macroeconomic triggers.
What should retail investors take away from this? The message is not necessarily to sell or avoid the same stocks but to reassess them. Investment is deeply personal, tied to individual risk appetite, time horizon, and financial goals. Mukul Agarwal operates with a different scale and strategy, and while his actions provide insight, they should not become a blueprint without deeper due diligence.
That said, this is a reminder to keep reviewing your portfolio regularly. Businesses evolve, valuations stretch, and market dynamics shift. Just because a stock performed well in the past does not guarantee it will continue to do so. Sometimes, selling a good stock to buy a better one is the more prudent choice.
Investors tracking Mukul Agarwal’s moves should keep an eye on what he buys next. The exits and trims are only half the story. The real intrigue lies in where this seasoned investor reallocates his capital. That will give the clearest clue to his vision for the next market cycle.
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