Two of India's most tracked investors have made fresh small-cap investments within a five-week window, according to reports from The Financial Express. Mukul Agrawal has acquired a 2.7% stake in Safety Controls & Devices Ltd, a newly listed Lucknow-based EPC company, while Ashish Kacholia purchased a 1.2% stake in Asian Energy Services Ltd, an oilfield services firm that has emerged from a long slump. Both investments were made in the same narrow timeframe, suggesting potential market signals that may be worth monitoring.
According to The Financial Express, Safety Controls & Devices Ltd is an EPC company incorporated in 2015 that specializes in fire-fighting systems, power substations up to 400 kV, and utility-scale solar plants. The company's IPO opened on April 6, 2026 and listed on the BSE SME platform on April 13, 2026, with a current market cap of ₹188 crore. Agrawal's stake is worth approximately ₹5 crore and represents a small but significant conviction in an SME-listed company priced barely above its IPO band.
As reported by The Financial Express, Safety Controls & Devices Ltd has demonstrated strong growth trajectory with compounded sales growth of 40% over the last four years, increasing from ₹27 crore in FY21 to ₹103 crore in FY25. The company's EBITDA grew by 71% during the same period, from ₹2 crore to ₹17 crore, with operating margins improving from 7% to 17%. Net profit increased by 73% from ₹1 crore to ₹9 crore, while the company achieved a ROCE of 29% compared to the industry median of 18%.
According to The Financial Express, the stock was priced at ₹79 when listed in April 2026 and traded at ₹95 as of May 14, 2026. The company faces liquidity challenges with negative operating cash flow every year since FY22, including negative ₹7 crore cash flow from operations in FY25 despite net profit of ₹9 crore. Debtor days stand at 311, indicating the company waits nearly a year on average to collect billed amounts, which represents the classic EPC sector challenges.
As reported by The Financial Express, Asian Energy Services Ltd has been operational since the 1990s and offers end-to-end services for upstream oil and gas operations. The company's current market cap is ₹1,502 crore, and Kacholia's stake is worth approximately ₹18 crore following the conversion of preferentially allotted convertible warrants. The company has shown TTM sales of ₹668 crore, up 81% over FY25, with Q3 FY26 bringing sales of ₹235 crore and net profit of ₹18 crore.
