Adani stocks: How LIC, GQG and FIIs reshuffled their portfolios
The December quarter saw India's largest domestic institutional investor Life Insurance Corporation of India ( LIC) reducing stakes in two Adani Group companies while raising bets on ACC. At the same time, GQG, which is one of the largest FII backers of the Ahmedabad-based conglomerate, booked profits in 2 Adani stocks in Q3.
An analysis of the shareholding pattern of Adani stocks shows that LIC ownership in Adani Enterprises fell by 52 basis points to 3.64% in the December quarter. The PSU insurer also chose to book profit in Adani Ports as its ownership in the company fell from 7.73% to 6.79% quarter-on-quarter.
In the case of ACC, LIC stake rose 56 bps from 9.95% to 10.51%. LIC also owns Adani Energy, Adani Green, Adani Total Gas and Ambuja Cements - where stake remained largely unchanged.
GQG portfolio
NRI Rajiv Jain-led GQG also chose to book profits in Adani Ports where holdings fell from 3.49% to 2.27%. In the case of Adani Power, GQG stake fell marginally to 1.53%.
Besides these two stocks, the FII also owns Adani Energy, Adani Enterprises and Adani Green.
FII and MF holdings
Out of the 9 Adani Group stocks, excluding Sanghi Industries for which data wasn't available yet, FII holding fell in 5 stocks - Adani Enterprises, Adani Ports, Adani Total Gas, Ambuja Cements and NDTV.
FII holding in ACC went up by 94 bps to 5.99%. Buying was also seen in Adani Energy, Adani Green and Adani Power.
Mutual funds, on the other hand, booked profits in ACC and Adani Ports. Their ownership went up in Adani Energy, Adani Enterprises, Adani Green, Adani Power, Adani Total Gas and Ambuja Cements.
Adani stocks
The calendar year 2025 saw Adani Group's market capitalization soaring 10.6% to Rs 14.6 lakh crore with Adani Ports, Adani Power and Adani Energy leading with double-digit gains going up to 35% last year.
In the first half of FY26, Adani Group's EBITDA reached an all-time high of Rs 47,375 core, taking TTM EBITDA to Rs 92,943 crore, an 11.2% YoY increase. 83% of H1 FY26 EBITDA came from the Group's core infrastructure platform which provides stable, long-term cash flows.
The conglomerate's H1 FY26 ROA stood at 15.1%, despite substantial capital work in progress for new assets, which it said is one of the highest ROAs globally in the infrastructure sector. Over the past six years, the portfolio has consistently maintained above 15% ROA despite over 3.5x growth in gross assets.
Last month, the group's incubator Adani Enterprises completed a Rs 25,000 crore rights issue to strengthen its capital base and support future growth initiatives.
Ventura Securities projects that AEL's consolidated revenue & EBITDA are projected to grow at a CAGR of 17.4% and 18.7%, while EBITDA margins are expected to widen by 48bps to 15%.
"While the elevated capex and increased leverage may compress return ratios over 3-5 years, we anticipate a strong rebound over the longer term as high-margin verticals such as airports, GH2, data centres & copper scale up and contribute more meaningfully to profitability," Ventura had said in a recent report.
Till FY31, AEL intends to list key businesses, airports and Adani New Industries, mirroring its successful FY16–20 value-unlocking cycle when Adani Total Gas, Adani Green Energy, and Adani Wilmar were taken public.
Last month, Antique had initiated coverage on Adani Power with a buy call and target price of Rs 187, valuing the stock at 15x FY28E EBITDA (supported by a DCF), reflecting its scale-led cost advantage, superior growth visibility, and long-dated cash flow runway.
(Data: Ritesh Presswala)
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
An analysis of the shareholding pattern of Adani stocks shows that LIC ownership in Adani Enterprises fell by 52 basis points to 3.64% in the December quarter. The PSU insurer also chose to book profit in Adani Ports as its ownership in the company fell from 7.73% to 6.79% quarter-on-quarter.
In the case of ACC, LIC stake rose 56 bps from 9.95% to 10.51%. LIC also owns Adani Energy, Adani Green, Adani Total Gas and Ambuja Cements - where stake remained largely unchanged.
GQG portfolio
NRI Rajiv Jain-led GQG also chose to book profits in Adani Ports where holdings fell from 3.49% to 2.27%. In the case of Adani Power, GQG stake fell marginally to 1.53%.
Besides these two stocks, the FII also owns Adani Energy, Adani Enterprises and Adani Green.
FII and MF holdings
Out of the 9 Adani Group stocks, excluding Sanghi Industries for which data wasn't available yet, FII holding fell in 5 stocks - Adani Enterprises, Adani Ports, Adani Total Gas, Ambuja Cements and NDTV.
FII holding in ACC went up by 94 bps to 5.99%. Buying was also seen in Adani Energy, Adani Green and Adani Power.
Mutual funds, on the other hand, booked profits in ACC and Adani Ports. Their ownership went up in Adani Energy, Adani Enterprises, Adani Green, Adani Power, Adani Total Gas and Ambuja Cements.
Adani stocks
The calendar year 2025 saw Adani Group's market capitalization soaring 10.6% to Rs 14.6 lakh crore with Adani Ports, Adani Power and Adani Energy leading with double-digit gains going up to 35% last year.
In the first half of FY26, Adani Group's EBITDA reached an all-time high of Rs 47,375 core, taking TTM EBITDA to Rs 92,943 crore, an 11.2% YoY increase. 83% of H1 FY26 EBITDA came from the Group's core infrastructure platform which provides stable, long-term cash flows.
The conglomerate's H1 FY26 ROA stood at 15.1%, despite substantial capital work in progress for new assets, which it said is one of the highest ROAs globally in the infrastructure sector. Over the past six years, the portfolio has consistently maintained above 15% ROA despite over 3.5x growth in gross assets.
Last month, the group's incubator Adani Enterprises completed a Rs 25,000 crore rights issue to strengthen its capital base and support future growth initiatives.
Ventura Securities projects that AEL's consolidated revenue & EBITDA are projected to grow at a CAGR of 17.4% and 18.7%, while EBITDA margins are expected to widen by 48bps to 15%.
"While the elevated capex and increased leverage may compress return ratios over 3-5 years, we anticipate a strong rebound over the longer term as high-margin verticals such as airports, GH2, data centres & copper scale up and contribute more meaningfully to profitability," Ventura had said in a recent report.
Till FY31, AEL intends to list key businesses, airports and Adani New Industries, mirroring its successful FY16–20 value-unlocking cycle when Adani Total Gas, Adani Green Energy, and Adani Wilmar were taken public.
Last month, Antique had initiated coverage on Adani Power with a buy call and target price of Rs 187, valuing the stock at 15x FY28E EBITDA (supported by a DCF), reflecting its scale-led cost advantage, superior growth visibility, and long-dated cash flow runway.
(Data: Ritesh Presswala)
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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