Mukul Agrawal Small-Cap Stock Turns Multibagger in Under a Month; 3 Reasons Why It Rallied 111% in April

You may have heard the saying, “There are decades where nothing happens; and there are weeks where decades happen.” That seems to fit the recent move in one Small-Cap stock held by Ace Investor Mukul Agrawal.

The stock is Lux Industries, and it has turned into a multibagger in April itself, rising more than 100 per cent in less than a month. Lux Industries is engaged in the manufacturing and marketing of innerwear, thermals, and casual wear under several brands, with LUX as its flagship brand. The company offers more than 100 products across 16 brands to cater to evolving consumer needs. It operates nine manufacturing facilities across Punjab, Tamil Nadu, Uttar Pradesh, and West Bengal, with a cumulative production capacity of 34 crore garment pieces annually. The company also has a global footprint, exporting to more than 46 countries.

Mukul Agrawal holds a 1.47 per cent stake in the company, which translates into 42,96,835 shares.

On Thursday, Lux Industries share price was locked in the 10 per cent Upper Circuit at Rs 1,747.05 per share. What makes the move even more striking is that the stock has more than doubled in April so far, rallying 111 per cent. It had started the month at Rs 831.20 and kept moving higher, with brief phases of consolidation along the way. This sharp rise has added roughly Rs 921 per share, resulting in an unrealised gain of nearly Rs 395 crore for Mukul Agrawal in less than a month.

Here are the top three reasons behind Lux Industries’ spectacular rally and its multibagger return in under one month:

1. Global expansion and product repositioning
Lux Industries is working to widen its global presence and reduce its dependence on the core innerwear segment. The company aims to be present in 60 countries by 2028 and has already added 25 new markets over the past five years. At the same time, it is repositioning itself from a pure innerwear company to a broader apparel player with a growing focus on athleisure and outerwear.

2. Stronger distribution and digital reach
The company is deepening its wholesale network through more than 1,170 dealers, backed by focused channel engagement. Alongside this, it is expanding its presence across e-commerce and quick commerce platforms such as Amazon, Flipkart, Tata Cliq, Myntra, AJIO, Zepto, and Blinkit.

3. Ambitious online growth targets
Lux Industries has set a target of generating Rs 200 crore in online sales over the next three years. The company has also said it earned Rs 12 for every rupee spent on brand promotion during 9M FY26, indicating that its brand-building efforts are translating into business growth.

Disclaimer: This article is for informational purposes only and not investment advice.