According to the NSE's market pulse report, FII ownership in Indian equities has fallen to a 17-year low, with foreign institutional investors' ownership dropping below domestic institutional investor (DII) ownership and sustaining for six consecutive quarters. However, as reported by Upstox, the categorisation reveals that excluding NIFTY50, FPI ownership in Indian equities has remained broadly stable and inched up marginally in the previous year. The midcap category witnessed the most buying interest from FIIs, with these investors consistently adding stakes in select midcap names throughout FY26.
Hitachi Energy India emerged as a standout performer with FII ownership more than doubling from 4.96% in FY25 to 11.6% in FY26. The company delivered exceptional financial results, posting revenue growth of 27.6% YoY to ₹8,147 crore compared to ₹6,384 crore in FY25. The operating EBITDA more than doubled to ₹1,252 crore from ₹592 crore in the previous year, while profitability soared from ₹384 crore to ₹987 crore. As reported by Upstox, the share price performance reflected this strong fundamentals, rising 115% in the past year and 101% in 2026 alone.
Polycab India witnessed significant FII interest with ownership increasing 64% from 11.1% in FY25 to 18.2% in FY26. The company demonstrated robust performance across all metrics, with revenue jumping 29% YoY and net profit soaring 32% YoY for FY26. The topline grew by 27% YoY to ₹8,864 crore, while EBITDA jumped 13% to ₹1,161 crore. Quarterly profit increased 7% YoY to ₹785 crore, with the share price delivering 60% returns for one year and 25% on a YTD basis in 2026.
GE Vernova T&D India attracted strong FII attention with ownership increasing 56% YoY from 13% in FY25 to 20.39% in FY26. The company's revenue jumped 45% YoY to ₹6,210 crore, while net profit soared from ₹820 crore to ₹1,710 crore. Notably, the order backlog for FY26 jumped 70% to ₹21,460 crore, highlighting strong future prospects. The share price performance was exceptional, more than doubling at 128% in the last one year and rallying 59% in 2026 alone.
Beyond the top five companies, several other midcap stocks received significant FII interest throughout FY26. Waaree Energies Ltd. saw FII ownership increase from 0.7% to 7%, while Hindustan Petroleum Corporation Ltd. rose from 12.5% to 17.2%. Steel Authority Of India Ltd. increased from 3.2% to 5%, and NMDC Ltd. rose from 11.7% to 13.6%. UPL Ltd. witnessed the highest increase at 41.7% from 34.2%, and Vishal Mega Mart Ltd. saw ownership jump from 7.03% to 22%. As reported by Upstox, these investments reflect FIIs' continued bullish stance on select midcap opportunities despite the broader market selloff.
