From 320% multibagger to 44% underperformer, how Mukul Agrawal’s IPO bets for 2025-26 are shaping up

Top investor Mukul Agrawal’s IPO portfolio for 2025-2026 reflects a classic high-risk, high-reward approach. It includes both SME and mainboard listings, held in its own name or through its investment vehicle, Sanshi Fund-I. While a number of SME bets have turned into multibaggers, several counters are trading sharply below their issue prices.A look at the performance spread shows that big winners have largely emerged from the SMB segment, even as some motherboard names have seen deep corrections.

Multibaggers in the spotlight

The biggest wealth creator in the portfolio is Tankup Engineers, which has risen 329% from its issue price of Rs 140 to Rs 589, making it a more than fourfold return for investors.

Close behind are Sacheerome, which rose 245%, and Monolithic India, which is up 217% since its IPO. These three counters stand out as clear multibaggers, underscoring the sharp upside potential of select SME bets.

Among other strong performers, Belrise Industries has doubled investors’ money with a 108% gain, while Zelio E-Mobility is up 97%. Safe Enterprises Retail Fixtures has returned 77% and Jain Resource Recycling is up 61%. Additional winners include Shree Refrigerations (+46%), Connplex Cinemas (+36%), Unified Data-Tech Solutions (+31%), Anand Rathi Share & Stock Brokers (+28%), E to E Transportation Infrastructure (+27%) and Brandman Retail (+25%).

The performance suggests that motherboard picks delivered steady gains in some cases, but the biggest alpha came from fast-growing SMB listings.

Big laggards

Not all his bets have paid off yet. The strongest decline in the portfolio occurs at Chatterbox Technologies, which

Other notable underperformers include Gem Aromatics (-39%), Ellenbarrie Industrial Gases (-38.5%) and Laxmi India Finance (-38%).

Among SMB names, Methodhub Software is down 36%, while Excelsoft Technologies is down 28%. Neochem Bio Solutions, GLEN Industries and Curis Lifesciences have also corrected between 19% and 22%.

Even relatively smaller declines such as Systematic Industries (-14%), Amanta Healthcare (-13%) and Dhara Rail Projects (-6%) reflect the broader volatility between the segments.

The analysis of these 32 stocks shows that high risks simultaneously bring higher profits and deeper price falls, according to data from Chittorgarh.com. In the list, 18 stocks are trading above their issue price, while 14 stocks are trading lower.

Agrawal also invested in Solarium Green Energy, a stock listed on the BSE SME platform. The December shareholding data is not available on the BSE, so we cannot say whether he is still invested in it. The stock is trading 11% lower than its issue price of Rs 191.

General trends

Equity markets struggled to navigate 2025 amid tariff concerns, premium valuations in domestic markets and geopolitical concerns, shifting focus to large caps, which are generally considered safer than small cap and mid-cap stocks.