Godrej Properties, NCC and Adani Energy Solutions were among the major stocks that witnessed an increase in promoter stake during the quarter ended March 2026, while Aditya Infotech, Netweb Technologies India, Urban Company and Bharat Heavy Electricals Ltd. (BHEL) were among the companies that saw a decline in promoter holdings during the period.
Promoter ownership trends remained largely mixed across sectors. According to data compiled by Elara Capital, promoters increased their stakes in sectors such as banking, energy, financials, FMCG, industrials, media, real estate and sugar during 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 Picks Up in March Quarter
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.
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.
Promoter Ownership: Top 10 Additions
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%.
Promoter stake also increased in JB Chemicals & Pharmaceuticals from 47.6% to 48.8%, NCC from 22.3% to 22.8%, Onesource Specialty Pharma from 29.9% to 30.5%, Jindal Stainless from 61.2% to 62.1%, eClerx Services from 53.8% to 54.5%, IRB Infrastructure Developers from 30.4% to 30.8%, Grasim Industries from 43.2% to 43.7%, and Vardhman Textiles from 64.4% to 65.1%, data showed.
Promoter Ownership: 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%.
Aadhar Housing Finance also witnessed a significant reduction in promoter stake from 75.2% to 64.9%, while BHEL saw promoter ownership decline from 63.2% to 58.2%.
Other companies that registered a fall in promoter holdings included 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%), the report showed.
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.
According to Elara Capital, FII ownership in the quarter ended March 2026 stood at 22.8% in the Nifty 50, 13.8% in the NSE Midcap 150, 11.2% in the NSE Smallcap 250, and 17.6% in the NSE 500 — all near the lower end of the 12-quarter range.
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.
