Mukul Agrawal's top holdings: Nuvama, J&K Bank, Radico, Neuland & more — Should you buy?

Mukul Agrawal Portfolio: Season stock market investor Mukul Mahavir Agrawal holds as many as 75 stocks in his portfolio, which is valued nearly Rs 7,250 crore. Among these stocks, his top-8 bets are valued more than Rs 200 crore. Interestingly, brokerage firms are positive on majority of the stocks owned by him.

Neuland Laboratories Ltd is his biggest bet as he owned 4,00,000 equity shares, or 3.12 per cent stake in the company, as of March 31, 2026. His stake is valued at Rs 680 crore as of previous close. The pharma player reported a 8-times jump in the net profit at Rs 212.67 crore, while revenue jumped 136 per cent YoY to Rs 328.6 crore for the January-March quarter.

Alcobev major Radico Khaitan Ltd is his second biggest holding as of Q4FY26, where he owned 14,00,083 equity shares or 1.05 per cent stake valued at Rs 490 crore. Radico Khaitan reported a 95 per cent YoY jump in the net profit at Rs 179.5 crore while its revenue increased 15.3 per cent YoY to Rs 1,503.7 crore for the March 2026 quarter. It announced a dividend of Rs 9 per share.

Neuland’s attractive product portfolio, growth visibility on the back of staggered capacity expansion, and long-term play in peptides make it a high-quality compounder in the small-cap pharma space, said JM Financial with a 'buy' and a target price of Rs 22,913. Overseas brokerage Goldman Sachs has maintained its buy rating on Neuland Laboratories and raised target price to Rs 19,550.

FY26 was yet another year of strong growth and margin expansion, said Choice Institutional Equities and revised its income estimate upwards. It raised its target price of Rs 3,950 and maintained a 'buy' rating on it. Systematix Institutional Equities also maintained a 'buy' with a target price of Rs 3,981,  as it remains confident of sustaining its margin expansion trajectory in FY27.

ASM Technologies Ltd is the third biggest holding of Mukul Mahavir Agrawal, where his holds 15 lakh equity shares, or 10.28 per cent stake worth nearly Rs 480 crore. It is followed by Nuvama Wealth Management Ltd, where he owned 25 lakh equity shares, 1.37 per cent stake, which is valued at Rs 390 crore recently.

Nuvama Wealth Management reported a 5 per cent YoY rise in the net profit at Rs 269 crore, while revenue increased 7 per cent YoY to Rs 825 crore. The wealth manager's AUM stood at Rs 12,807 crore, up 13 per cent YoY by the end of FY26 and it announced a dividend of Rs 14 per share, implying that Agrawal will get 3.5 crore as dividend for the company.

Equirus Securities remain constructive on Nuvama, given its diversified revenue profile and wealth-management industry tailwinds and has maintained a 'Long' rating with a target price Rs 1,765. AMC business may see some uptick in costs owing to new offerings planned, such as private credit and SIFs said Motilal Oswal Financial Services with a 'buy' rating and a target price of Rs 1,860 for it.

NSE listed Zota Health Care Ltd (2,516,989 shares or 7.27 per cent stake) worth Rs 307 crore, PTC Industries Ltd (1.6 lakh shares or 1.07 per cent stake) worth Rs 273 crore, Sarda Energy & Minerals Ltd (40 lakh shares or 1.14 per cent stake) worth Rs 233.7 crore and Jammu & Kashmir Bank (1.65 crore equity shares or 1.50 per cent stake) worth Rs 222.75 crore are his other four top holdings.

Nirmal Bang Institutional Equities has a 'buy' rating on Zota Health Care, while ICICI Securities has rated PTC Industries with a 'buy' and target price of Rs 21,000. HDFC Securities also has the same rating on Sarda Energy with a target price of Rs 664. Anand Rathi Share & Stock Brokers have given Jammu and Kashmir Bank Ltd a 'buy' with a target price of Rs 198.