Mukul Agrawal’s latest moves: A Rs 189 cr mining bet and 4 newly listed SME stocks

The rest is spread across four small and medium enterprise (SME) stocks that listed only this year. Here is what each company does, what the numbers say, and what could go wrong. #1 Tega Industries: Inside Agrawal's ₹189 Crore Mining Investment Incorporated in 1976, Tega Industries makes the wear parts that keep mines running. Mill liners, screens and other consumables used to crush, grind and move ore.

Because these consumables inevitably wear out, customers generate recurring revenue. It was the second-largest maker of polymer-based mill liners by 2020 revenue. FE Stock Insights on WhatsApPGet instant alerts on high-conviction investment themes and fundamental deep dives—direct from Financial Express.Join now In June 2026, Tega closed its purchase of Molycop, a global maker of grinding media, in a roughly $1.5 billion deal done with funds managed by Apollo.

Mukul Agrawal paid for a piece of that deal. Filings on BSE and NSE show he was allotted 5,01,504 shares at Rs 1,994 each on 28th November 2025, as part of Tega's Rs 1,713 cr preferential issue. That was about Rs 100 cr, or 0.67% of the company, below the 1% line where investors get named. By September 2026, he had crossed it. His stake now stands at 1.33%, which works out to roughly 10 lakh shares, about double his original allotment, a holding worth close to Rs 190 cr.

Profit Margins and the Molycop Acquisition Impact Financial YearFY21FY22FY23FY24FY25FY265Y CAGRSales (Rs cr)8069521,2141,4931,6391,69216%EBITDA (Rs cr)1931842713173412334%Net Profit (Rs cr)1361171841942001431% Source: Screener.in EBITDA is operating profit before other income. Sales have doubled in five years. Profit has not budged. In FY26, the operating margin slid to 14% from 21%. In the June 2026 quarter—the first integrating Molycop—the financials appear atypical.

Sales jumped to Rs 1,723 cr, of which Molycop contributed about Rs 1,292 cr for just one month. Yet Tega posted a net loss of Rs 108 cr. Per the company's filing, about Rs 191 cr of one-time deal costs hit that quarter. Excluding them, adjusted profit was about Rs 55 cr, up 26%. Tega Industries Debt Risk: Navigating a 99x PE Ratio in 2026 The share price of Tega Industries was Rs 453 at its IPO in December 2021.

As of closing on 16th October 2026, it was Rs 1,923, a gain of about 324%. That is still about 5% below the Rs 1,994 Mukul paid in the preferential issue. Screener shows the PE to be in the negative, but on FY26 earnings, the stock is priced at about 99x, against a current industry median of 35x. The June loss makes the trailing PE meaningless, and with under five years of listed history, there is no 10-year median to compare.

The real risk is debt. Before the deal, borrowings stood at Rs 398 cr in March 2026. Interest alone came to Rs 117 cr in the June quarter, against Rs 24 cr for all of FY26. Management calls cutting debt its first job. Agrawal is betting it delivers. Mukul Agrawal SME Portfolio: Liquidity Risks and 2026 Strategy The next four stocks trade on the SME platforms of NSE and BSE. That changes the rules for anyone following him in.

SME shares trade in lots, not single units, and a retail IPO application needed more than Rs 2 lakh. Results come every six months. Some governance rules for larger firms do not apply. Volumes are thin, so prices swing hard on small orders. And supply can jump when lock-ins end. #2 Anawil Wire and Engineering: Why Mukul Agrawal and Sunil Singhania Are Buying Incorporated in January 2021, Anawil Wire and Engineering makes the steel towers that hold up wind turbines, up to 140 metres tall.

It runs plants in Koppal, Karnataka and Kutch, Gujarat, with capacity for 612 towers a year. The stock listed on NSE's SME platform on 10th August 2026 at Rs 270. Mukul held 2.72% at listing and 3.12% by September, or 7.8 lakh shares, now worth about Rs 33 cr. Sunil Singhania's Abakkus Venture Opportunities fund nearly doubled its stake to 2.07% after listing. in EBITDA is operating profit before other income.

Only four years of data are available, so a 3-year CAGR is shown. A 43% operating margin is rare for a steel fabricator. The investor presentation filed with NSE explains why. Much of the work is conversion: the customer supplies the steel, and Anawil is paid to turn it into towers. When Anawil buys the steel itself, margins drop to 14% to 16%. The order book stood at Rs 359.81 cr on 31st March 2026, about 2.5 times FY26 revenue.

A Rs 120 cr letter of intent has come in since. Sany and Envision are among the customers on that list. Valuation: Client Concentration and Lock-In Expiry Risks The share price of Anawil Wire closed at Rs 423 on 16th October 2026, about 58% above its issue price. Its PE is about 29x, against a current industry median of 34x. The risks are concentrated. The top five customers brought in 78.75% of FY26 revenue, and Karnataka about 94%.

Inventory days stood at 409. Free cash flow was negative Rs 75 cr in FY26. And the lock-in on the remaining anchor shares ends on 4th November 2026. #3 Recode Studios: Mukul Agrawal’s Entry After Anchor Lock-In Expiry Incorporated in 2021, Recode Studios is a Ludhiana-based make-up and skincare brand that owns no factories. Outside manufacturers make the products, which sell through its own and franchise stores, its website, and platforms like Amazon, Nykaa and Flipkart.

The stock listed on BSE's SME platform on 12th May 2026 at Rs 158. Agarwal was not among the named holders then. By September, filings on BSE showed him with 5.64%, or 6 lakh shares. That holding is now valued near Rs 26 cr. The timing is telling. The anchor lock-in ended in August. That quarter, domestic institutional holding fell from 12.26% to 5.65%, and foreign holding from 3.41% to 0.64%. As some of the early money walked out, Mukul walked in.

Recode Studios Q2 Earnings: A 177% Run Post-SME Listing Financial YearFY23FY24FY25FY263Y CAGRSales (Rs cr)2237488054%EBITDA (Rs cr)12617NMNet Profit (Rs cr)10311NM Source: Screener.in EBITDA is operating profit before other income. NM: not meaningful, as the FY23 base is near Rs 1 cr. FY26 revenue rose 67%, and net profit jumped to Rs 11.21 cr from Rs 3.11 cr. The operating margin widened to 21% from 13%.

Recode Studios Share Price: A 177% Run Since Listing The share price of Recode Studios closed at Rs 438 on 16th October 2026, up about 177% from its issue price. At about 42x earnings, it is priced above the current industry median of about 35x. Return on equity is a dazzling 78%, but on a tiny pre-IPO equity base. The IPO brought in about Rs 37 cr of fresh capital, so that figure will likely fall.

Inventory days, at 129, are also high for an asset-light brand. #4 Apsis Aerocom: A 461% IPO Gain and a Rs 500 Crore Target Incorporated in 2022, Apsis Aerocom machines precision parts for the defence, aerospace and healthcare industries from a Bengaluru plant. It listed on NSE's SME platform on 18th March 2026 at Rs 110. Mukul was not among the named holders in March. By September, he owned 1,46,400 shares, or 1.21%, worth about Rs 9 cr.

Since listing, the stock has not traded below Rs 147, so any market purchase cost well above the issue price. Apsis Aerocom Growth Target: Analyzing the ₹500 Crore Revenue Goal Financial YearFY23FY24FY25FY263Y CAGRSales (Rs cr)10.3716.8720.4930.6544%EBITDA (Rs cr)1.924.1710.2011.4681%Net Profit (Rs cr)1.032.556.647.5194% Source: Screener.in EBITDA is operating profit before other income. Only four years of data are available.

On the June 2026 earnings call, filed with NSE, management said defence made up about 65% of FY26 revenue. The order book is a little over Rs 40 cr. Management is aiming for about Rs 48 cr of revenue in FY27, helped by a second unit costing about Rs 60 cr. The long-term goal is about Rs 500 cr a year by 2031. That would be 16 times FY26 sales. The catch: operating margin fell to 37% from 50%, as the new unit's costs arrived before its revenue.

Apsis Aerocom Valuation: Defence Sector Orders vs Margin Contraction The share price of Apsis Aerocom closed at Rs 605 on 16th October 2026, which is a jump of 450% from its listing price of Rs 110. The share is trading at a PE of about 97x against the current industry median of 80x. The top five customers still bring in 87% of revenue. 70% Pre-IPO Stake Incorporated in June 2015, Safety Controls & Devices is a Lucknow-based contractor.

It builds power substations, solar plants, fire-fighting systems and hospitals, mostly for government clients. Trackers list it as a new Mukul Agrawal entry. The company's draft offer document, filed with BSE, says otherwise. It lists him as the largest public shareholder before the IPO, with 5,36,000 shares. After the April 2026 listing, those same shares equal 2.70%. The numbers suggest nothing new was bought.

At today's price, that block is valued at about Rs 3.7 cr. Safety Controls Financials: Profit Surges While Operating Cash Flow Bleeds Financial YearFY21FY22FY23FY24FY25FY265Y CAGRSales (Rs cr)2746484510311734%EBITDA (Rs cr)2148172667%Net Profit (Rs cr)112491470% Source: Screener.in EBITDA is operating profit before other income. Profit CAGR is off a base of about Rs 1 cr. The profit line looks superb.

The cash line does not. Cash from operations has been negative in each of the last five years, debtor days stand at 379, and borrowings have climbed to Rs 49 cr. The same offer document notes that auditors qualified the FY24 and FY25 accounts, over how revenue was booked and a Rs 16.56 cr write-off routed through reserves. The restated numbers correct both. The share price of Safety Controls closed at Rs 74 on 16th October 2026, about 8% below its Rs 80 issue price.

At a PE of about 10x, against a current industry median of 16x, it is the cheapest of the five. Cheap, here, comes with reasons. Mukul Agrawal Q2 2026 Portfolio Strategy: Key Takeaways for Retail Investors These filings say more about method than about any one stock. The serious money went into Tega, a company in the middle of a debt-funded global deal. Half of that stake was bought alongside mutual funds and insurers in the preferential issue.

The other half was bought later, at market prices. The SME stakes are small by comparison, and in three of them he bought or added after listing, above the issue price. He was willing to pay up. Tega must cut debt. Anawil must deliver its order book. Recode must keep growing on a much larger equity base. Apsis must justify a 99x multiple. Safety Controls must start collecting cash. The next two quarters will show which of these bets age well.

It makes sense to keep all five on a watchlist and read each filing as it lands. 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, including filings made available on the BSE website. 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. The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers