Mukul Agrawal cuts stake in this multibagger, RJ stays put; stock zooms 36x in five years

Seasoned Dalal Street Mukul Mahavir Agrawal has cut his stake from a multibagger stock in the first quarter for financial year 2025-26, which ended on June 30, 2025. However, another marquee investors, Rekha Rakesh Jhunjhunwala, stayed put in this stock, without changing her stake for the reported quarter.

The stock is Raghav Productivity Enhancers, where Mukul Mahavir Agrawal sold more than 2.34 lakh equity shares to trim her stake to 1.04 per cent in the June 2025 quarter from 1.55 per cent stake in March 2025 quarter. Agarwal's stake is currently valued at Rs 33.8 crore. His stake had remained unchanged since March 04, 2023 the data suggested.

The stock has surged more than 220 per cent from its price at Rs 220 on March 03, 2023. In the last five year, it has zoomed close to 3,600 per cent from its covid-19 lows at Rs 19 per share. The smallcap stock has trading around Rs 707 on Tuesday, commanding a total market capitalization close to Rs 3,300 crore.

Rekha Jhunjhunwala, wife of late legendary investor Rakesh Jhunjhunwala, kept her stake in the company unchanged at 22,05,704 equity shares or 4.80 per cent as of June 30, 2025. She has kept her stake intact since September 2024 quarter, which is currently valued at Rs 155.94 crore.

Raghav Productivity Enhancers manufactures and supplies ramming mass and other quartz-related products, primarily for steel industries. They are known as the world's largest manufacturer of silica ramming mass, a refractory material used to line induction furnaces.

Shares of Raghav Productivity Enhancers had traded ex-bonus in 1:1 ratio in November 2024. The company had announced a bonus issue in 1:1 ratio in August 2023 also. In May 2018, the company had announced a bonus issue in 2:5 ratio for its investors. Promoters own 62.92 per cent stake in the company, while public shareholders have remaining 37.08 per cent stake.