Prominent investors Mukul Agrawal, Madhusudan Kela, and Ashish Dhawan have revealed fresh stakes in E2E Transportation Infrastructure, Indiabulls Ltd, and IIFL Finance. These moves highlight distinct strategies centered on railway infrastructure growth, corporate restructuring, and financial sector recovery. Each stock presents unique risks, ranging from customer concentration to regulatory and business cycle volatility.
What Happened
Recent shareholding filings for the quarter ended March 2026 have revealed new investments by three prominent Indian market participants. Mukul Agrawal, through Param Capital, acquired a stake of nearly 14% in E2E Transportation Infrastructure. Madhusudan Kela entered Indiabulls Ltd with a 2.22% stake, while Ashish Dhawan, the founder of ChrysCapital, initiated a 1.09% position in IIFL Finance. These disclosures offer a glimpse into the diverse strategies used by seasoned investors to identify opportunities across different business lifecycles, including newly listed entities, turnaround plays, and recovery-focused lending businesses.
E2E Transportation Infrastructure: A Bet on Railway Expansion
Mukul Agrawal’s entry into E2E Transportation Infrastructure focuses on the railway engineering sector, specifically signalling, telecom, and electrification. While the company has reported strong historical growth, its status as a recent listing on the SME board brings inherent risks. The company faces a high customer concentration, with nearly 97% of its revenue derived from its top ten clients. Additionally, the stock trades at a price-to-earnings (P/E) multiple of 28x, which is notably higher than the industry median of 18x. Investors may want to monitor whether the company can diversify its client base and maintain its project-driven revenue growth over the long term.
Indiabulls Ltd: Navigating a Complex Turnaround
Madhusudan Kela’s investment in Indiabulls Ltd targets a company in the middle of a major consolidation and transformation phase. Formerly known as Yaari Digital, the entity now balances real estate development with financial services. The company reported a profit of Rs 346 crore in FY26, marking a shift from previous losses. However, the business remains dependent on the successful execution of a large real estate pipeline valued at over Rs 21,000 crore. As this is a special situation bet, the primary challenge for the company is converting these planned projects into actual sales and consistent cash flow.
IIFL Finance: Betting on a Financial Recovery
Ashish Dhawan’s investment in IIFL Finance comes as the company attempts to rebuild momentum following regulatory hurdles that previously impacted its gold loan operations. Despite those challenges, the lender has shown resilience, with a 38% expansion in its loan book over the past year. The company’s gross bad loans have improved to 1.46%, and its return on equity stands at 13%. Trading at a P/E of 13x, the stock is currently valued lower than the industry median of 23x. The future performance of this investment will likely depend on the company's ability to sustain loan growth and maintain stable profit margins in a competitive lending environment.
What Investors Should Track
For E2E Transportation Infrastructure, the key will be client diversification and project execution consistency. For Indiabulls Ltd, watch for updates on the conversion of its real estate pipeline into confirmed sales. For IIFL Finance, the focus remains on the sustainability of loan book growth and the successful management of its gold loan portfolio recovery.