6 Stocks in Which Mukul Agrawal Sold Stake During Q4

The year 2025 is marked by heightened fluctuations in stock prices driven by a mix of domestic and global factors.

Current market conditions reflect uncertainty due to global trade tensions, geopolitical events, and macroeconomic shifts, yet the markets have shown resilience and potential for recovery.

Despite the volatility, investment gurus are busy churning their portfolios.

Mukul Agrawal, known for his expertise in small and mid-cap stocks, sold stake in six companies during the fourth quarter (Q4) of FY25.

Who is Mukul Agrawal?

Mukul Agrawal is a prominent investor in India known for his microcap and smallcap picks. His investing style involves proper analysis and keeping two separate portfolios for investing and trading.

In this article, we'll discuss his recent stake sales in these six companies.

Which Stocks Did Mukul Agrawal Sell and Why?

#1 CEAT

First on the list is CEAT.

CEAT is a leading tyre manufacturer and the flagship company of the RPG Group. CEAT has grown into one of India's largest tyre brands, with a presence in over 110 countries and manufacturing facilities across India.

According to the latest shareholding pattern for March 2025, investor Mukul Agrawal holds no stake in the company.

He held a 1.1% stake in the December 2024 quarter. This means he sold his entire stake in the quarter ending 31 March 2025.

Mukul Agrawal's Stake in CEAT

Quarter	Dec-24	Mar-25
Stake	1.10%	0

Data Source: Equitymaster

While the exact reasons for a stake sale are not known, we could just guess a few.

Among the first is financial performance. Net profits at CEAT for the quarter ending 31 December 2024 were Rs 959 m, as against Rs 1,767 m in the corresponding period of last year.

Apart from this, natural rubber prices have been rising over the past few months. Natural rubber is a key raw material for the tyre industry.

Going forward, CEAT is investing Rs 4 billion (bn) to expand its Nagpur plant's production capacity by about 30%, raising annual output from 27 m to 35 m tyres. The Nagpur plant is currently operating at 90% capacity utilisation.

For more details check the CEAT company fact sheet and quarterly results.

#2 Sarda Energy & Minerals

Second on the list is Sarda Energy & Minerals.

Sarda Energy produces sponge iron, billets, wire rods, and HB wire in its integrated facilities.

The company owns captive mines for iron ore and coal, securing raw material supply. Sarda Energy also operates captive thermal power plants and is expanding its renewable energy portfolio, including hydro power.

Mukul Agrawal's Stake in Sarda Energy

Quarter	Dec-24	Mar-25
Stake	1.20%	0

Data Source: Equitymaster

While we do not know the exact reasons why the investing guru decided to sell a stake, there are some explanations.

Mukul Agrawal has been holding the stock of Sarda Energy since March 2022. The stock in early March 2022 was trading at just Rs 99 and is currently trading at Rs 473. The shares have rallied significantly, which is why there may have been profit booking in the stock.

Metal prices too have been extremely volatile with fears of a US recession keeping prices in check.

Going forward, the company is undertaking various expansion plans in metals, power and renewable energy, which should help revenues and profitability.

For more details check the Sarda Energy company fact sheet and quarterly results.

#3 Quick Heal Technologies

Third on the list is Quick Heal Technologies.

Quick Heal Technologies is engaged in cyber security products.

Quick Heal's solutions provide protection against viruses, malware, ransomware, and other cyber threats, emphasising ease of use and fuss-free everyday security.

Mukul Agrawal's Stake in Quick Heal Technologies

Quarter	Dec-24	Mar-25
Stake	1.30%	0

Data Source: Equitymaster

According to the latest shareholding pattern for March 2025, investor Mukul Agrawal holds no stake in the company.

He held a 1.3% stake in the December 2024 quarter. This means he sold his entire stake in the quarter ending 31 March 2025.

While the exact reasons for a stake sale are not known, we could just guess a few. Net profits at Quick Heal Technologies has fallen to Rs 2 m in the quarter ending December 2024 from Rs 100 m in the corresponding period of the previous year.

Promoter holding in the company too has dropped to 71.92% in the December 2024 quarter from 72.08% in the September 2024 quarter.

Moving forward, the management aims to scale up the enterprise/government and mobile security divisions to constitute about 30% of overall revenue, diversifying beyond the traditional retail (B2C) antivirus market.

For more details check the Quick Heal Technologies fact sheet and quarterly results.

#4 Allcargo Logistics

The next one where Mukul Agrawal has sold his stake is Allcargo Logistics.

Allcargo Logistics offers multi-modal integrated logistics and transportation services and is recognised as one of the largest non-vessel operating common carriers globally.

The company is focussed on less-than-container load consolidation and container freight stations among other services.

Mukul Agrawal's Stake in Allcargo Logistics

Quarter	Dec-24	Mar-25
Stake	1%	0

Data Source: Equitymaster

According to the latest shareholding pattern for March 2025, investor Mukul Agrawal holds no stake in the company.

He held a 1% stake in the December 2024 quarter. This means he sold his entire stake in the quarter ending 31 March 2025.

While we do not know the exact reasons why the investing guru decided to sell a stake, there are some explanations.

One possible reason for it could be a lacklustre set of results. Net profits at the company have remained flattish in the few quarters. In fact, it has fallen to Rs 36 m in the quarter ending December 2024 from Rs 37 m in the previous quarter.

Going forward, Allcargo Logistics is exploring new trade lanes, although no major new geographies were added in the quarter ending December 2024.

The company is also incurring some short-term restructuring costs, which is expected to result in permanent savings and improved profit margins in the long run.

For more details check the Allcargo Logistics fact sheet and quarterly results.

#5 Ethos

Next on the list where Mukul Agrawal has sold stake is Ethos.

Ethos is India's largest luxury and premium watch retailer. The company operates a wide network of over 70 boutiques across more than 24 cities in India, offering a portfolio of over 70 premium and luxury watch brands including Rolex, Omega, Rado, Breitling, Cartier, IWC, and many others.

Mukul Agrawal's Stake in Ethos

Quarter	Dec-24	Mar-25
Stake	1.20%	0

Data Source: Equitymaster

According to the latest shareholding pattern for March 2025, investor Mukul Agrawal holds no stake in the company.

He held a 1.2% stake in the December 2024 quarter, but now has no stake.

While we do now know the exact reason why Mukul Agrawal sold his stake we can make a guess. The promoter's stake in Ethos has been reducing for the last few quarters.

In the quarter ending June 2024 promoters held a stake of 54.39% in the company, which has now dipped to 50.38% in the March 2025 quarter.

Going ahead, the company is targeting adding around 100 stores over the next five years. It is also expanding into tier 2 and tier 3 cities to capture growing demand for luxury and premium watches beyond metropolitan areas.

For more details check the Ethos fact sheet and quarterly results.

#6 Dredging Corporation of India

Next on the list where Mukul Agarwal has sold stake is Dredging Corporation of India.

Dredging Corporation is a leading government-owned company specialising in integrated dredging and maritime development services.

According to the latest shareholding pattern for March 2025, investor Mukul Agrawal holds no stake in the company.

He held a 1.6% stake in the December 2024 quarter but now has no stake.

Mukul Agrawal stake in Dredging Corporation

Quarter	Dec-24	Mar-25
Stake	1.60%	0

Data Source: Equitymaster

One of the reasons for the stake sale could be the economic slowdown. The company's fortunes are linked to the economy and last few quarters growth rates have not been too optimistic.

Also, the company has shown fluctuating profitability with some recent quarters.

Going ahead, the company could benefit from hopes of an economic recovery, which has been gathering some steam.

For more details check the Dredging Corporation fact sheet and quarterly results.

Conclusion

While replicating guru strategies offers a lower-cost, more liquid alternative to direct investments in guru-oriented portfolios, it cannot fully substitute for the skill, timing, and unique insights of the original managers.

Investors should be cautious and understand that replication often involves trading one type of risk for another and may deliver lower returns than expected.

Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.

Happy investing.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...