Mukul Agrawal’s Five Stocks Deliver Multibagger Returns Amid Market Turmoil

The year 2025 has been turbulent for the stock market, particularly for small-cap shares, causing losses even for seasoned investors. Amid this market volatility, veteran investor Mukul Agrawal has managed to shine, with five of his portfolio stocks delivering multibagger returns, despite a minor overall dip in his holdings.

Portfolio Performance
Agrawal’s portfolio, valued at ₹7,237 crore in December 2024, saw a slight decline to ₹7,214 crore by December 2025. However, several stocks in his portfolio more than doubled in value, highlighting his strategic investment acumen during a challenging market.

Top Multibagger Stocks

1. OSEL Devices
   Agrawal acquired a 7.6% stake in September 2025. The company, which manufactures LED display systems and hearing aids, has seen investor returns more than double over the past year. While it has not yet become a multibagger for Agrawal personally, it has already delivered substantial gains for early investors.
2. Jelio E-Mobility
   This IPO-listed company has seen its shares soar by 180% since listing in October 2025. Agrawal holds a 2% stake. Jelio produces electric two- and three-wheeled vehicles under the Jelio and Tanga brands, including EVA, Legend, Mystery, and X-Men models. Its Haryana-based facility spans 24,000 sq. meters with an annual production capacity of 72,000 vehicles.
3. Monolithic India
   Agrawal owns a 3% stake in this company, whose shares have doubled since listing on the NSE SME platform in June 2025. The stock began trading at ₹231.50, a 62% premium over its issue price of ₹143. Monolithic India manufactures RAMING insulation mats used in iron and steel induction furnaces and has expanded its client base from 43 in 2023 to 61 in 2025.
4. Jota Healthcare
   This stock doubled in value during the year, though it has slightly cooled off recently. Agrawal has held it since September 2023, with an 8% stake. The company operates in pharmaceuticals, producing generic drugs, Ayurvedic products, and nutraceuticals, and runs a retail pharmacy chain under the Davaindia brand with a strong domestic and international distribution network.
5. ASM Technologies
   The stock delivered 141% returns in 2025. Agrawal holds a 10.7% stake valued at around ₹496 crore. He increased his holding by 4% in the September quarter. ASM Technologies provides engineering and product development services globally, particularly in semiconductors, electronics, automotive, and manufacturing sectors.

A Strategic Investor in Volatile Markets
Despite the turbulence in small-cap stocks, Mukul Agrawal’s selective and strategic investments have generated impressive multibagger returns, showcasing his skill in identifying high-growth opportunities even in a challenging market environment.