Shareholding data for the March quarter shows GQG marginally increasing its stakes in multiple Adani companies. Its holding in Adani Energy Solutions rose from 4.79% to 4.88%, while in Adani Green it increased from 4.31% to 4.54%. In Adani Enterprises, the group’s flagship entity, GQG’s stake edged up from 3.87% to 3.90%.
These incremental increases signal continued conviction from the marquee investor, which had emerged as a key backer of the Adani group during periods of heightened volatility.
However, in Adani Power, GQG’s stake saw a slight dip from 4.82% to 4.8%, while in Adani Ports, it remained broadly stable at around 2.26%.
In contrast, FIIs showed signs of caution. Their holdings declined in several key companies during the quarter. In Adani Energy Solutions, FII ownership dropped sharply from 13.47% to 12.23%. Adani Enterprises also saw a reduction from 11.64% to 10.8%, while Adani Green witnessed a slight dip from 11.42% to 11.1%.
The trimming was in line with the broader sentiment of foreign investors in Indian stocks, which they have been dumping for the past year.
LIC, one of the largest domestic institutional investors, largely maintained its positions across most Adani companies, with only minor adjustments. Its stake in Adani Ports declined slightly from 6.79% to 6.63%, while holdings in companies such as Adani Enterprises, Adani Energy and Adani Green remained unchanged. This steady stance reflects a long-term holding approach rather than tactical allocation shifts.Mutual funds, meanwhile, showed renewed commitment with increasing exposure across several stocks. Holdings in ACC rose from 7.84% to 8.01%, while Ambuja Cements saw a notable jump from 8.15% to 8.92%. Adani Power and Adani Green Energy also recorded modest increases.
Despite these shifts in ownership, stock performance across the Adani group has been mixed so far in CY26. Adani Power has been a standout, delivering gains of around 22.9%, supported by strong sectoral tailwinds in thermal power. Adani Energy has also performed well, rising about 12.5%, while Adani Green is up nearly 7%.
On the other hand, several key stocks have lagged. ACC has declined about 18%, while Ambuja Cements is down roughly 20%, reflecting weakness in the cement segment and margin pressures. Adani Enterprises has slipped around 6.8%, and NDTV has seen a similar decline of about 20%. Adani Ports has remained largely flat, indicating a lack of strong directional momentum.
GQG’s continued accumulation in select Adani stocks appears to be a strategic bet on long-term fundamentals, particularly in infrastructure and energy-linked businesses. At the same time, the cautious stance of FIIs suggests that global investors are still evaluating risk-reward dynamics, especially given the group’s capital-intensive expansion plans and evolving regulatory landscape.
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