Adani and GMR Lead the Buying Spree
The Adani Group has emerged as the largest buyer, with Adani Enterprises raising approximately $2 billion through a rights issue subscribed by its promoters in proportion to their existing stake, shows data compiled by brokerage firm Jefferies.
Meanwhile, GMR Airports saw its domestic promoters commit around $1 billion to acquire a 7.3% stake from foreign promoters through a combination of direct purchases, call/put option exercises, and FCCB buybacks executed across three tranches.
JSW Energy’s promoters infused $317 million through preferential allotment, including convertible warrants, adding 1% to their stake. These transactions signal growing confidence among India’s largest business houses in their companies’ long-term prospects.
Birlas Join the Promoter Buying Wave
The Aditya Birla Group, through Grasim Industries, participated in the promoter buying trend with market purchases worth $108 million, increasing promoter shareholding by 0.5%.
“Following substantial equity selling of $56 bn in CY24-25 amid elevated valuations, promoter buying of ~$4 bn+ in CY26td represents a noteworthy shift,” a Jefferies report noted.
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Godrej Properties witnessed the most aggressive promoter buying in percentage terms, with promoters acquiring $258 million worth of shares through open market purchases, boosting their stake by 4.5%. The company’s stock has been trading at attractive valuations, with a price-to-earnings ratio of 20x, representing -1.5 standard deviation, below its 10-year average.
Maruti Suzuki’s promoters also joined the buying spree, purchasing $123 million worth of shares, though this translated to a modest 0.2% stake increase given the automaker’s large market capitalization of $43.7 billion. Other companies where promoters increased holdings include Jindal Stainless ($58 million), Lodha ($44 million), Indus Towers ($29 million), and Gateway Distriparks ($3 million).
Valuation Correction Drives Promoter Confidence
According to analysts at Jefferies, the primary catalyst for this reversal appears to be valuation normalization following a market correction. “As MSCI India Index is down -6% in CY26TD (Mar’26 bottom being -14%), the 1yr fwd PE has also come down close to 10Y avg at 20.2x, (Mar’26 bottom being 18.3x).”
This valuation comfort comes after Indian equities traded at an average P/E of approximately 22x through most of 2024 and 2025, which is about one standard deviation above the 10-year average, prompting promoters to cash out during that period. “This valuation normalisation, particularly after an extended period of premium multiples, likely can be the reason for promoters in select cos. to increase ownership,” analysts noted.
Asset-Heavy Sectors Attract Most Buying
The promoter buying in 2026 has been “generally concentrated in asset-heavy sectors viz power, infra, property,” according to the Jefferies analysis. This sectoral focus suggests promoters view the correction as a buying opportunity in capital-intensive businesses where valuations have compressed more significantly.
Adani Energy Solutions saw promoters acquire $197 million worth of shares, increasing their stake by 1.5% through market purchases. The concentration in infrastructure and power sectors reflects promoter confidence in India’s long-term growth trajectory and infrastructure development plans.
The buying spree comes as promoter shareholding in BSE-500 companies had declined by approximately 1 percentage point from December 2023 to December 2025, touching an all-time low of 48.4% before recovering marginally in March 2026. The sustained selling over the previous two years included approximately $36 billion through secondary market block deals and $20 billion via IPOs.
Of the total $56 billion in promoter sales during 2024-25, roughly $18 billion came from foreign promoters, including Hyundai, BAT, LG, Whirlpool, and Timken, who used the elevated valuations to partially or fully exit their Indian investments.
Despite the $4 billion inflow, Jefferies emphasises that “promoter buying in CY26 remains selective but represents a notable shift from the broad-based monetisation seen in prior years.” The buying has been concentrated in approximately 11 companies under coverage, suggesting promoters are being strategic rather than opportunistic across the board.