India’s Warren Buffet makes big changes to portfolio – Trims and sell offs – Stock Insights News

Mukul Agarwal is name that almost all of the investor community does not only look up to but also follow diligently. Founder of Param Capital Group, who is known for his brave investment strategies that do have a significant impact on the capital markets. Now wonder Agarwal is one of the most followed super investors of India.

As per the exchange filings made for the quarter ending June 2025, 5 stocks he held in his portfolio probably just lost his interest. Or it could be a very strategic move, which he is the only one to know. But it has definitely made the market take notice. After all, he is a Warren Buffett of India who holds 62 stocks worth over Rs 7,500 cr.

Let us try and see if we can find out the reason behind these changes.

J Kumar Infraprojects Ltd

J Kumar Infraprojects Limited is engaged in the business of execution of contracts of various infrastructure projects including Transportation Engineering, Irrigation Projects, Civil Construction and Piling Work etc.

With a market cap of Rs 5,543 cr, the company undertakes the design and construction of elevated and underground metro projects, roads, flyovers, bridges, and other civil construction activities on a turnkey basis.

The company boasts of a clientele including CIDCO, DMRC, MMRC, MSRDC, NHAI, JSW, MMRDA, TATA Steel, Indian Oil, etc.

Mukul Agarwal held a stake in the company since December 2016 as per trendlyne. As of the quarter ending March 2025, he held a 2.6% stake in the company which has gone below 1% as per the filings made for the quarter ending June 2025. Which means it is a partial or complete sell off.

The sales of the company grew at a compounded growth rate of 14% from Rs 2,971 cr in FY20 to Rs 5,693 in FY25. While EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew at a compounded rate of 14% from Rs 429 cr in FY20 to Rs 826 cr in FY25.

Net Profits grew at a compounded rate of 16% form Rs 184 cr in FY20 to Rs 390 cr in FY25.

The share price of J Kumar Infraprojects Ltd was around Rs 95 in July 2020, which has now grown to Rs 733 as 18^th July 2025. This is a jump of 672% in 5 years. Rs 1 lac invested in the stock 5 years ago would have been almost Rs 8 lacs today.

The stock is trading at a modest PE of 14x, compared to an industry median of 25x. The 10-year median PE for J Kumar is 14x while the industry median for the same period is 18x.

As of Q1 FY25, the company has a total order book of Rs 19,820 cr and has over 40 ongoing projects including the Mumbai Underground Metro Line 3, Mumbai Metro Line 9, Pune Elevated Metro, Motagaon Creek Bridge, Dwarka Expressway, etc. Company has planned a capex of Rs 450 to Rs. 500 cr over FY25-FY26, primarily for the Chennai and GMLR projects.

There is one big red flag for the company though. In 2016, the company was blacklisted by the BMC for corruption in a ₹1,700 crore road project involving the construction and repair of 234 roads, with an inquiry revealing that at least 50% of the work was substandard. In September 2021, a portion of the under-construction BKC flyover built by the company collapsed, injuring 14 labourers. In July 2023, the company was accused of defective work on the Santa Cruz-Chembur Link Road flyover, which developed potholes within three months, leading MMRDA to order repairs.

Enviro Infra Engineers Ltd

Incorporated in 2009, Enviro Infra Engineers Ltd is engaged in the design, construction, operation, and maintenance of water and Waste-Water Treatment Plants (WWTPs) and water supply projects (WSSPs) for government agencies/entities.

With a market cap of Rs 5,032 cr the company operates in multiple states, including Gujarat, Rajasthan, Punjab, Haryana, Uttar Pradesh, and Madhya Pradesh.

Mukul Agarwal held a 1.03% stake in the company as of the quarter ending March 2025 and as of the quarter ending June 2025, this has fallen below 1% signalling a partial or complete sell-off.

The sales of the company grew at a compounded growth rate of 58% from Rs 108 cr in FY20 to Rs 1,066 in FY25. EBITDA grew from Rs 10 cr in FY20 to Rs 268 cr in FY25, which is a compounded growth of 93%.

As for the Net Profits, it went from Rs 5 cr in FY20 to Rs 177 cr in FY25, logging in a compounded growth rate of 102%.

The share price of Enviro Infra Engineers Ltd was Rs 207 when it was listed in November 2024 and as of 18^th July 2025, it was Rs 287.

The company’s stock is trading at a PE of 29x, while the industry median is 28x. The 10-year median industry PE is median of 25x.

The company is s leveraging sectoral tailwinds (government push for water infra, sustainability), maintaining industry-leading margins, and positioning for diversified, sustainable growth with measured risk-taking in new verticals.

According to the company’s latest earnings call, the company noted degrowth from Rs 1,687 cr (Jan 1, 2025) to Rs 1,185 crores (Mar 31, 2025), largely due to strong execution and limited new project availability in early FY25. Bidding activity picked up from January onwards. Company expects significant order inflows in Q1/Q2 FY26 from current Rs 5,000 cr worth of bids.

The Stake Trims

Apart for the sell offs, Agarwal also cut his take in 3 other companies he was holding in his portfolio.

Tread with caution?

Mukul Agarwal’s exit from J Kumar Infraprojects Ltd and Enviro Infra Engineers Ltd is a big change coming from a value investor like him. Add to that the stake trims the other three companies signals that there are some major changes Agarwal has planned for his holdings.

Investors should tread with caution when it comes to these stocks. While the financials for the companies might not raise any red flags for now, it must be noted that they fell out of favour for one of India’s most followed and respected super investors.

For now, adding these stocks to a watchlist and being alert sounds like a good plan of action.

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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