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One of India’s Warren Buffetts, Mukul Agarwal, who ranks 5th in the top 10 super investors of India based on portfolio net worth, is a very well-known investor. Followed widely investors across the board, any move he makes send ripples in the community.
His approach involves not only traditional stocks but also includes sectors that show potential for innovation and expansion. Mukul Agrawal’s insights into emerging trends and his ability to adapt to changing market conditions contribute to his success in wealth accumulation and capital growth.
When he makes big changes his portfolio, it is time to take notes to see if and how these changes affect your portfolio.
Let us look at the 5 stocks he recently sold off.
Allcargo Logistics Ltd
Incorporated in 1993, Allcargo Logistics provides integrated logistics solutions and offers specialized logistics services across multimodal transport operations, inland container depot, container freight station operations, contract logistics operations and project and engineering solutions
With a market cap of Rs 2,998 cr, the company is India’s largest integrated logistics solutions provider in the private sector.
Mukul Agarwal had held a stake in the company since the quarter ending September 2021, which is below 1% as of the exchange filings made for the quarter ending March 2025.
The company’s sales have grown at a compound rate of 14% in the last 5 years, while the EBITDA (earnings before interest, taxes, depreciation, and amortisation) has seen a compound jump of less than 1% in 5 years. The net profits have dropped from Rs 248 cr in FY19 to Rs 140 cr in FY24.
The share price of Allcargo Logistics was around Rs 14 in April 2020 and as on closing of 24th April 2025, the share price is Rs 30.8, which is a 120% jump
The company’s share is trading at a current PE of 63x while industry median is just around 24x. The 10-year median PE for Allcargo is 14x, while the industry median for the same period is a just 22x.
Dredging Corporation of India Ltd
Engaged in providing integrated dredging services to ports, Indian Navy and other maritime organizations in India, Dredging Corporation of India Ltd is one of the largest companies in the domestic dredging market with over 80% market share in the maintenance dredging for major ports.
With a market cap of Rs 1,722 cr. The company had aimed to record a turnover of Rs 1,800 cr in FY25.
Mukul Agarwal held 1.6% stake in Dredging Corporation of India as for the quarter ending December 2025, which has now gone below 1%.
The company’s sales have grown at a compound rate of just 6% in the last 5 years, while the EBITDA has seen a compound jump of 4% in 5 years. The net profits dropped from Rs 38cr in FY19 to Rs 36cr in FY24.
The share price of Dredging Corporation of India was about Rs 224 in April 2020, and as on the closing for 24th April 2025, the price was at Rs 615, which is a jump of 175%.
The company’s share is trading at a negative PE currently. But the industry median is around 27x. The 10-year median PE for Dredging Corporation of India is 39x, while the industry median for the same period is a just 26x.
Sarda Energy & Minerals Ltd
Incorporated in 1973, Sarda Energy & Minerals Limited is the flagship company of Sarda Group and is engaged in the production of steel, ferro alloys and power.
With a market cap of Rs 17,379 cr, Mukul Agarwal’s 1.2% stake has now gone below 1%.
The company’s sales have grown at a compound rate of 11% in the last 5 years and the EBITDA grew at a compound rate of about 11% in the same period. The net profits have seen a compound jump of 21% in last 5 years.
The share price of Sarda has seen a jump of almost 3,700% from its April 2020 price of around Rs 13 to its closing price on 24th April 2025 of Rs 493.
The company’s share is currently trading at a PE of 26x, and the industry median is 25x. The 10-Year median PE for Sarda is 6x while the industry median for the same period is 19x.
Quick Heal Technologies Ltd
Quick Heal Technologies is engaged in the business of providing security software products. The Company caters to both domestic and international market.
With a current market cap of Rs 1,580 cr, the company is a leader in the cybersecurity enterprise solutions space in India, with over 30% market share.
Mukul Agarwal held a 1.3% stake in Quick Heal which has now gone below 1%.
The company’s sales have dropped from Rs 315cr to Rs 292 cr in the last 5 years. while the EBITDA has seen a bigger drop from Rs 128 cr to Rs 18 cr in 5 years. The net profits have dropped from Rs 92 cr to Rs 24 cr in the last 5 years.
The share price of Quick Heal was Rs 102 in April 2020 and today as on closing for 24th April 2025, it is Rs 292, which is a 186% jump.
The company’s share is trading at a current PE of 71x, and industry median is also around 33x. The 10-year median PE for Quick Heal is 20x while the industry median for the same period is 26x.
Ethos Ltd
Incorporated in 2007, Ethos is India’s largest luxury and premium watch retail player having 13% share of the total retail sales in premium and luxury segment and 20% share when seen in the exclusive luxury segment
With a current market cap of Rs 6,573 cr, the company has established itself as one of India’s leading luxury watch retailers, offering products from over 65 global luxury watch brands, with 55+ of these being exclusive partnerships.
Mukul Agarwal’s 1.23% stake has now gone below 1% in Ethos.
The company’s sales have grown at a compound rate of 18% in the last 5 years, while the EBITDA has grown at a compounded rate of 35%. The net profits have seen a compounded growth of 44% in the last 5 years.
The share price of Ethos was about Rs 745 when listed in June 2022, which has grown to the current price of Rs 2,685 (closing of 24th April 2025), which is a jump of 260%.
Ethos’s share is trading at a current PE of 70x, and industry median is also around 38x. The 10-year median PE for the company is again 70x while the industry median for the same period is 35x.
Follow The Agarwal Exit Strategy?
Mukul Agarwal is one of the most followed and look up on super investor, which is why he is one of the Warren Buffetts of India. His portfolio movements have the potential to send shockwaves across the market.
So, his sell offs in these 5 companies has made investors across the board cautious. Did he sell off as he has achieved what he set out to? Or does he see no more upside to them. He is the only one who knows his strategy.
But as an investor, it always helps to be in the know for such movements by the Warren Buffetts of India. Keeping a vigilant eye on these stocks definitely means no harm. It might even turn out to be a good decision in the future. Only time can tell.
Disclaimer
Note: We have relied on data from www.Screener.in and www.trendlyne.com throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information.
The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only.
Suhel Khan has been a passionate follower of the markets for over a decade. During this period, He was an integral part of a leading Equity Research organisation based in Mumbai as the Head of Sales & Marketing. Presently, he is spending most of his time dissecting the investments and strategies of the Super Investors of India.
Disclosure: The writer and his dependents do not hold the stocks discussed in this article.
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