Promoter Stake in Godrej Properties, Adani Energy Increases, While BHEL, Vishal Mega Mart and Biocon Face Decline

Promoter Ownership Trends Mixed Across Sectors in March Quarter

Promoter ownership trends remained largely mixed across sectors in the quarter ended March 2026, with some sectors witnessing an increase in promoter stakes while others saw a decline, according to data compiled by Elara Capital.

In sectors such as banking, energy, financials, FMCG, industrials, media, real estate, and sugar, promoters increased their stakes in the March 2026 quarter. In contrast, promoter holdings declined across auto, cement, chemicals, consumer discretionary, diversified, healthcare, metals, telecom, textiles, and transportation sectors.

Promoter Ownership Increases Across Indices

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Promoter ownership had declined over the previous four quarters and was near the lower end of the historical range in December 2025 across indices. However, promoter shareholding increased in the March 2026 quarter across the board.

The promoter holding in the March quarter stood at 41.0% in the Nifty 50, 54.9% in the NSE Midcap 150, 52.6% in the NSE Smallcap 250, and 49.4% in the NSE 500, the Elara Capital report showed.

Top 10 Additions

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Among the companies that recorded an increase in promoter ownership between the December 2025 and March 2026, Godrej Properties saw promoter holding rise from 47.2% to 51.7%, while Adani Energy Solutions witnessed an increase from 71.2% to 72.7%.

Other companies that saw an increase in promoter holdings included JB Chemicals & Pharmaceuticals (47.6% to 48.8%), NCC (22.3% to 22.8%), Onesource Specialty Pharma (29.9% to 30.5%), Jindal Stainless (61.2% to 62.1%), eClerx Services (53.8% to 54.5%), IRB Infrastructure Developers (30.4% to 30.8%), Grasim Industries (43.2% to 43.7%), and Vardhman Textiles (64.4% to 65.1%).

Top 10 Reductions

On the other hand, promoter ownership declined in several companies during the same period. Vishal Mega Mart saw one of the sharpest declines, with promoter holding falling from 54.1% to 40.1%, while Biocon recorded a decline from 54.5% to 44.9%.

Other companies that registered a fall in promoter holdings included Aadhar Housing Finance (75.2% to 64.9%), Bharat Heavy Electricals Ltd. (63.2% to 58.2%), Aditya Infotech (76.9% to 74.7%), Lloyds Metals & Energy (63.7% to 61.6%), Netweb Technologies India (71.0% to 67.0%), Urban Company (20.3% to 19.0%), Manappuram Finance (35.3% to 31.8%), and Home First Finance Company India (12.4% to 7.0%).

FII Holding Near 12-Quarter Lows

The ownership structure of the Indian equity market has continued to evolve over the past 12 quarters, with domestic institutional investors (DIIs) steadily increasing their shareholding, while foreign institutional investors (FIIs) continued to pare their exposure.

FII ownership has declined across key indices and remains near 12-quarter lows, reflecting a cautious stance toward Indian equities and continued moderation in foreign participation.

DII Ownership Continues to Rise

In contrast, DII ownership has risen steadily over the past 12 quarters and remains at or near peak levels across market segments, indicating sustained domestic participation in equities.

DII holding in the March 2026 quarter stood at 24.9% in the Nifty 50, 16.8% in the NSE Midcap 150, 15.5% in the NSE Smallcap 250, and 19.9% in the NSE 500.