Foreign portfolio investors (FPIs) were relentless sellers of Indian equities through 2025, pulling out a net ₹1.57 lakh crore amid global risk aversion and bouts of market volatility. The selling trend has continued into 2026 as well, with FPIs offloading another ₹52,764 crore worth of shares up to March 10, 2026, reflecting a cautious stance toward emerging markets.
Even as FPIs trimmed their overall exposure to the market, they continued to increase stakes in certain companies. Data compiled from the Capitaline database shows that 43 companies recorded quarter-on-quarter increases in FPI shareholding during the year, pointing to steady accumulation in select stocks. The analysis is based on 750 companies that are part of the Nifty Total Market Index, highlighting how foreign investors have been identifying specific opportunities despite the overall selling trend.
The data is based on the shareholding pattern filed with the BSE. Here, we categorise stocks that are part of the Nifty Midcap 150 index as mid-caps, the Nifty 100 as large-caps, the Nifty Smallcap 250 as small-caps and the Nifty Microcap 250 as micro-cap stocks.
Within the Nifty Midcap 150 index, 13 stocks attracted consistent inflows from foreign investors. Most notable among these was AWL Agri Business, which saw significant FPI additions, with shareholding rising to 21.2 per cent in December 2025 from just 1.2 per cent in the same period last year. Other mid-cap players such as Bank of Maharashtra, Hitachi Energy and Vishal Mega Mart also saw notable increases in FPI stakes.
Among large-caps, only three out of the 100 stocks in the Nifty 100 basket saw consistent incremental exposure from FPIs. Bharti Airtel and TVS Motor saw notable allocations from FPIs, while LIC saw minimal addition from its low base.
Small-cap stocks have been a preferred bet among FPIs over the last 15 months, as they increased their positions in this segment compared with other market-cap segments, as indicated in our earlier report (https://tinyurl.com/57v4vvnk). Stocks such as Indegene, Authum Invest and Aadhar Housing Finance saw significant FPI additions over the last four quarters, with stakes rising between 44 and 128 per cent.
Among micro-cap stocks represented by the Nifty Microcap 250 index, 13 stocks saw FPIs consistently increase their stakes over the last four quarters. Stocks such as Optiemus Infra, V2 Retail, Shaily Engineering and South Indian Bank saw significant FPI additions.
The exodus of foreign investors over the last 15–18 months was driven by a confluence of global and local factors. High valuations in Indian markets relative to global peers, uncertainty over US bond yields and the future policy path that kept global risk appetite uneven, and intermittent rupee weakness added to FPI caution. Tariff-related uncertainty and shifting global trade narratives also raised the bar for emerging market allocations. Geopolitical uncertainties further added to the woes.