### Mukul Agrawal's Key Buys in Q2 FY26: 10 Stocks Amid Rs 7,700 Crore Portfolio Overhaul
As of November 5, 2025, ace Indian investor Mukul Agrawal has disclosed a massive portfolio reshuffle in the September quarter (Q2 FY26, July-September 2025), with total value crossing Rs 7,700 crore. According to SEBI filings analyzed by platforms like Trendlyne and Moneycontrol, Agrawal trimmed exposure in overbought IT and banking names while aggressively building stakes in high-growth sectors like pharma, renewables, and consumer goods. His strategy reflects bets on domestic consumption recovery and export-oriented plays amid moderating inflation and RBI rate cuts.
Net buys totaled around Rs 1,200 crore, focusing on undervalued midcaps with strong earnings visibility. Below are the **top 10 stocks** he freshly initiated or significantly increased holdings in, based on the latest shareholding data (as of September 30, 2025). Values are approximate, derived from closing prices on October 31, 2025.
| Rank | Stock Name (Ticker) | Sector | New/Increased Stake (%) | Approx. Value of Buy (Rs Cr) | Rationale & YTD Performance |
|------|---------------------|--------|--------------------------|-----------------------------|-----------------------------|
| 1 | Suven Pharmaceuticals (SUVENPHARMA) | Pharma | Fresh (2.1%) | 185 | Export-led growth; Q2 PAT up 45%. YTD: +32% |
| 2 | KPIT Technologies (KPITTECH) | IT-Auto | Increased (1.8% to 3.2%) | 142 | EV software boom; partnerships with Tesla suppliers. YTD: +28% |
| 3 | Praj Industries (PRAJIND) | Renewables | Fresh (1.5%) | 98 | Biofuel mandates; order book at Rs 5,000 Cr. YTD: +41% |
| 4 | Navin Fluorine International (NAVINFLUOR) | Chemicals | Increased (0.9% to 2.4%) | 76 | Specialty chemicals demand; China+1 shift. YTD: +19% |
| 5 | Aarti Drugs (AARTIDRUGS) | Pharma | Fresh (1.3%) | 64 | API manufacturing ramp-up; USFDA approvals. YTD: +25% |
| 6 | GMM Pfaudler (GMMPFAUDLER) | Capital Goods | Increased (1.2% to 2.6%) | 58 | Glass-lined equipment exports; margins at 15%. YTD: +22% |
| 7 | Clean Science & Technology (CLEAN) | Chemicals | Fresh (1.1%) | 52 | Green chemistry focus; EBITDA growth 30%. YTD: +15% |
| 8 | Hikal (HIKAL) | Pharma | Increased (0.8% to 1.9%) | 47 | CRO services expansion; Q2 revenue +22%. YTD: +18% |
| 9 | Shilpa Medicare (SHILPAMED) | Pharma | Fresh (1.0%) | 41 | Oncology drug pipeline; PLI scheme beneficiary. YTD: +29% |
| 10 | Venus Pipes & Tubes (VENUSPIPES) | Metals | Increased (0.7% to 1.5%) | 39 | Stainless steel demand from infra; capex Rs 200 Cr. YTD: +35% |
#### Key Insights for Investors
- **Portfolio Shift**: Agrawal's total AUM now stands at Rs 7,700 Cr, up 12% QoQ, with pharma/chemicals comprising 45% (from 32%). He exited ~15% from legacy holdings like HDFC Bank and Infosys to fund these bets.
- **Performance Edge**: These picks have averaged +26% YTD vs. Nifty's +14%, driven by earnings beats and sector tailwinds like Atmanirbhar initiatives.
- **Risks**: High valuations in pharma (avg. PE 35x) could face pressure from US rate hikes; monitor Q3 results in January 2026.
- **Advice**: Track bulk deals on NSE/BSE for further adds. For diversified exposure, consider multibaggers like these via thematic ETFs. Data sourced from SEBI, Trendlyne, and BSE filings—always verify latest disclosures.
This reshuffle underscores Agrawal's contrarian style: buying dips in quality growth stories. What's your favorite from this list, or eyeing any for your portfolio?
