Even as foreign investors exit Indian equities at a historic pace, they have concentrated bets in a specific set of new-age companies. Here is the verified Q4 March 2026 list, with the financials that explain why
Exchange disclosures as of March 31, 2026, per Economic Times data sourced from primeinfobase.com, reveal ten Indian companies where foreign institutional investors hold between 48% and 64% of total equity, an extraordinary concentration at a time when FII ownership across NSE-listed companies has collapsed to its lowest level in nearly two decades. Between January 2024 and December 2025, cumulative FII outflows exceeded $46 billion, pushing FPI ownership in NSE-listed companies to 16.9%, the lowest in over 15 years. By early May 2026, FIIs had pulled another ₹1.92 lakh crore out of Indian equities year-to-date, already surpassing the entire ₹1.66 lakh crore withdrawn in 2025.
Against that backdrop, the stocks where FIIs still hold near-majority stakes are not accidents. They are deliberate, high-conviction positions held through one of the worst FII selloffs India has ever seen.
The Complete Q4 FY26 List
| Rank | Company | FII Holding | Market Cap (₹ cr) |
|---|---|---|---|
| 1 | Le Travenues Technology (ixigo) | 64.19% | 7,305 |
| 2 | 360 One WAM | 63.33% | 42,222 |
| 3 | Redington | 61.49% | 16,924 |
| 4 | CarTrade Tech | 60.15% | 8,112 |
| 5 | Agarwal’s Health Care | 57.94% | 13,879 |
| 6 | Urban Company | 55.77% | 21,964 |
| 7 | One 97 Communications (Paytm) | 49.40% | 73,436 |
| 8 | Home First Finance | 49.16% | 11,852 |
| 9 | Five-Star Business Finance | 48.48% | 14,560 |
| 10 | Delhivery | 48.22% | 33,665 |
All FII shareholding figures are sourced from the Economic Times, based on primeinfobase.com data as of March 31, 2026.
What the List Tells You Before You Read a Single Company
Look at what is not on it. No PSU banks. No commodity stocks. No legacy industrials. Every company on this list either went public in the last four years or underwent a significant business model shift in that window. These are FII bets on India’s post-IPO digital and financial services economy, not on the old Sensex heavyweights.
That structural skew is the real story. FII outflows in March 2026 alone hit ₹1.18 lakh crore, a monthly exit larger than the entire year of FII inflows recorded in 2013. The broader market FII ownership fell to 16.9% through this period. These ten stocks held at 48–64%. That ownership gap, more than 30 percentage points between the market average and these concentrated positions, is not noise. It is a deliberate signal.
Check Here: FII DII Data
ixigo Tops the List — and the Financials Back It
Le Travenues Technology, the parent of ixigo, sits at 64.19% FII holdings on a market cap of just ₹7,305 crore. That is a small-cap OTA with foreign money essentially cornering the float. The company posted record revenue of ₹317.6 crore in Q3 FY26, a 31% year-on-year jump, with net profit rising 56% to ₹24.26 crore. FIIs appear to be looking past the stock’s 50% decline from its 52-week high and focusing on the earnings trajectory instead.
Paytm: The Most Important Position on the List
One 97 Communications sits at 49.40% FII holding on India’s largest market cap in this cohort, ₹73,436 crore. This is the heavyweight and the most discussed. What is now clear is that the FII conviction was not misplaced. Paytm reported a landmark FY26 turnaround with a consolidated net profit of ₹552 crore versus a net loss of ₹663 crore in FY25, as revenue rose 22% to ₹8,437 crore.
Goldman Sachs reiterated its Buy rating with a target price of ₹1,400, citing Paytm’s UPI market share rising to 6.5% in March 2026, up from 5.4% a year ago, a sustained recovery from the RBI action on Paytm Payments Bank. The FIIs who held through the regulatory storm are now sitting on a verified earnings turnaround.
Urban Company: The Counterintuitive Hold
Urban Company, at 55.77%, is the most counterintuitive position on the list. The company reported its first consolidated net profit of approximately ₹240 crore for FY25, a major turnaround from losses in FY24, but swung back to a net loss of ₹59.3 crore in Q2 FY26. FIIs held through that reversal. The bet here is not on current profitability but on the home services platform’s international expansion and the long-term network density in a category with no established incumbent. That is a thesis-driven hold, not a momentum one.
The Credit Market Plays: Home First, Five-Star
Home First Finance at 49.16% and Five-Star Business Finance at 48.48% represent a quieter but structurally compelling thesis, India’s massively under-penetrated affordable credit market.
Home First Finance reported FY26 PAT growth of 41.4% to ₹540 crore, with record Q4 disbursements of ₹1,572 crore, a 23.5% year-on-year increase, and AUM reaching ₹15,878 crore. FII holding in Home First actually rose to 45.72% from 40.82% in December 2025, gaining 4.9 percentage points in a single quarter, meaning foreign investors were actively adding, not just holding, through Q4.
Five-Star Business Finance reported full-year PAT of ₹1,099 crore for FY26, with customer collection efficiency at 98.1% and management targeting 20% AUM growth for FY27. Both companies lend to Tier 2 and Tier 3 borrowers, exactly the segment where India’s formalisation of credit is still in its early innings. That is a decade-long structural trade, not a quarterly one.
Why FIIs Held These — The Structural Explanation
The common thread across all ten stocks is low promoter overhang. In most of these companies, promoters hold 5–20%, leaving a large, freely tradeable float. For global funds managing large mandates, high-float stocks with institutional-grade governance are the only ones they can enter and exit efficiently. India’s broader market is still dominated by promoter-heavy companies with thin public floats. These ten are exceptions, which is precisely why FII ownership is so concentrated here.
Economic Times Intelligence Group analysis suggests significant incremental FII selling may be approaching exhaustion, as India’s market structure has matured and is no longer solely dependent on foreign flows. If that reversal arrives, stocks where FIIs already hold the deepest, most established positions are likely to benefit first.
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FAQ
Q: Which companies had the highest FII shareholding in Q4 2026?
As of March 31, 2026, Le Travenues Technology (ixigo) topped the list at 64.19% FII holding, followed by 360 One WAM at 63.33% and Redington at 61.49%, per Economic Times data sourced from primeinfobase.com.
Q: Why are FIIs selling Indian equities in 2026?
India’s premium to the MSCI Emerging Markets index compressed from over 100% to approximately 65%, making markets like South Korea and Brazil relatively more attractive. Global funds rotated into AI hardware supply chains in Northeast Asia, using India positions to raise cash , pushing FPI ownership to a 15-year low of 16.9%.
Q: Are domestic investors replacing FIIs in the Indian market?
Yes. DIIs absorbed the FII selling in March 2026 almost entirely, purchasing ₹1.16 lakh crore against FII outflows of ₹1.18 lakh crore. For the first time, domestic institutional ownership in Indian equities now exceeds FII ownership.
The next trigger to watch is Q1 FY27 shareholding data, due in July 2026, which will confirm whether FIIs deepened these positions through the April-May 2026 volatility or used the market recovery to begin trimming concentration.
