Adani Group Stock Holdings in Q3 FY26: LIC, GQG, FIIs and Mutual Funds Adjust Positions

During the December quarter, key institutional investors such as LIC, GQG Partners, foreign institutional investors, and mutual funds modified their holdings across multiple Adani Group companies, as per The Economic Times report. The restructuring reflects broader investor strategies amid changing market dynamics and valuation shifts across infrastructure-linked businesses. 

LIC and GQG Switch Stakes Across Adani Group Stocks 

Life Insurance Corporation of India reduced its stake in Adani Enterprises by 52 basis points to 3.64% and in Adani Ports from 7.73% to 6.79%. However, it increased its holding in ACC by 56 basis points, reaching 10.51%. LIC's holdings in Adani Energy, Adani Green, Adani Total Gas, and Ambuja Cements remained steady over the quarter. 

GQG Partners also made portfolio changes. The investor trimmed its stake in Adani Ports from 3.49% to 2.27% and marginally reduced its holding in Adani Power to 1.53%. GQG retained its positions in Adani Energy, Adani Enterprises, and Adani Green during the period. 

FII and Mutual Fund Activity in Adani Group Counters 

Foreign institutional investors decreased their exposure in 5 out of 9 Adani stocks: Adani Enterprises, Adani Ports, Adani Total Gas, Ambuja Cements, and NDTV. An increase was recorded in ACC, with holdings rising by 94 basis points to 5.99%. Buys were also noted in Adani Power, Adani Energy, and Adani Green. 

Mutual funds followed a mixed route. They reduced investments in ACC and Adani Ports while increasing exposure in Adani Energy, Adani Enterprises, Adani Green, Adani Power, Adani Total Gas, and Ambuja Cements. 

Read More: Adani Group Plans ₹5.5 Lakh Crore Investment Across Maharashtra, Assam and Jharkhand! 

Group Financial Highlights and Market Cap Movement 

Adani Group’s market capitalisation rose 10.6% during calendar year 2025 to ₹14,60,000 crore. Top contributors included Adani Ports, Adani Power, and Adani Energy with double-digit gains, up to 35%. In H1 FY26, the Group reported EBITDA of ₹47,375 crore, taking trailing 12-month EBITDA to ₹92,943 crore, an 11.2% YoY increase. Around 83% of H1 EBITDA came from core infrastructure operations. 

Return on assets remained at 15.1%, backed by stable long-term revenue streams and ongoing capital projects. Over a 6-year period, group assets grew over 3.5 times while consistently maintaining ROAs above 15%. 

Conclusion 

Q3 FY26 saw reshuffling among major stakeholders in Adani Group stocks. LIC and GQG trimmed positions in select entities while increasing or maintaining others. FIIs and mutual funds both booked profits and rebalanced Adani Group holdings across their portfolios. 

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