Promoter activity in Indian equities has reversed direction in 2026, with buying exceeding $4 billion so far this year, according to Jefferies. This comes after a sharp phase of selling worth about $56 billion across 2024 and 2025, when elevated valuations encouraged stake dilution.
The brokerage says the current round of buying is concentrated and selective, largely in asset-heavy sectors such as power, infrastructure and real estate. Companies seeing promoter participation include Adani Enterprises, GMR Airports, JSW Energy, Godrej Properties, Adani Energy Solutions, Maruti Suzuki, Grasim Industries, Jindal Stainless, Lodha Developers and Indus Towers.
Jefferies links this change to valuations cooling, with the MSCI India one-year forward price-to-earnings multiple easing to 20.2 times in 2026, prompting promoters in select companies to increase ownership.
Adani Enterprises
Adani Enterprises Ltd. accounts for the largest share of promoter buying this year, with subscriptions worth about $2 billion through a rights issue.
Jefferies notes that promoters participate in proportion to their existing stake, reinforcing ownership rather than diluting it at a time when markets have corrected from recent highs.
“Promoters of Adani Enterprises subscribed to the rights issue in proportion to their existing stake, buying around $2 billion,” Jefferies notes.
This scale of participation stands out within the broader dataset and signals a strong commitment from the promoter group.
GMR Airports
GMR Airports Ltd. has seen promoter buying of about $1 billion, with domestic promoters acquiring a 7.3% stake from foreign shareholders.
The transaction is executed through a mix of direct purchases, call and put options and foreign currency convertible bond buybacks, spread across multiple tranches.
“Domestic promoters of GMR Airports committed around $1 billion from foreign promoter through a combination of direct purchases, call and put option exercises and FCCB buybacks,” Jefferies explains.
Jefferies adds that this move shifts ownership toward domestic promoters in a sector that requires long-term capital backing.
JSW Energy
JSW Energy Ltd. has recorded promoter participation worth about $317 million through preferential allotments that include equity shares and convertible warrants.
Jefferies highlights that this method allows promoters to increase stake while supporting capital needs tied to expansion.
“Private placement of equity shares plus convertible warrants was made to promoters of JSW Energy,” Jefferies says.
The brokerage sees this as part of a broader pattern where promoters in utilities are backing growth plans with fresh equity.
Godrej Properties
Godrej Properties Ltd. has seen promoter buying of about $258 million through open market purchases, leading to a 4.5% increase in stake.
Jefferies notes that such purchases directly from the market indicate confidence at prevailing valuations rather than structured transactions.
“Promoter buying via the open market has been observed in select names such as Godrej Properties,” Jefferies says.
Jefferies also points to valuation comfort after a period of correction in real estate stocks.
Adani Energy Solutions
Adani Energy Solutions Ltd. has seen promoter accumulation of about $197 million through open market transactions, increasing stake by 1.5%.
Jefferies includes the company among utilities where promoters step in selectively.
“Promoter buying via the open market has been observed in select names such as Adani Energy,” Jefferies notes.
Utilities remain a key area where promoter capital is being deployed.
Maruti Suzuki
Maruti Suzuki India Ltd. has recorded promoter buying of about $123 million, adding 0.2% to promoter holding through market purchases.
“Promoter buying via the open market has been observed in select names such as Maruti,” Jefferies says.
Jefferies adds that this forms part of a broader but measured return of promoter participation in large-cap companies.
Grasim Industries
Grasim Industries has seen promoter buying of about $108 million, resulting in a 0.5% increase in stake.
“Promoter buying via the open market has been observed in select names such as Grasim,” Jefferies notes.
Jefferies explains that such incremental increases suggest steady accumulation rather than aggressive positioning.
Jefferies on Jindal Stainless promoter increase
Jindal Stainless has recorded promoter purchases worth about $58 million, adding 0.8% to promoter shareholding.
“Promoter buying via the open market has been observed in select names such as Jindal Stainless,” Jefferies says.
Jefferies notes that metals and mining companies are also part of this selective buying trend.
Lodha Developers
Lodha Developers has seen promoter purchases worth about $44 million, increasing stake by 0.4%.
“Promoter buying via the open market has been observed in select names such as Lodha,” Jefferies says.
Jefferies adds that real estate is among the sectors where promoters return after valuations ease.
Jefferies on Indus Towers promoter activity
Indus Towers has recorded promoter buying of about $29 million, resulting in a 0.2% increase in stake.
“Promoter buying via the open market has been observed in select names such as Indus Towers,” Jefferies notes.
Jefferies includes the company among telecom-related names where ownership has inched up.
Conclusion
Jefferies points to a visible change in promoter behaviour during 2026, with buying exceeding $4 billion after heavy selling of $56 billion across the previous two years. The brokerage notes that valuations have moved closer to long-term averages, which appears to encourage promoters in select companies to rebuild stakes.
The trend remains concentrated rather than widespread, with activity focused on capital-intensive sectors such as infrastructure, utilities and real estate. Even though the scale of buying is smaller than earlier selling, the direction signals a return of promoter participation at current valuation levels.
Disclaimer: The information provided is based on market reports and brokerage analysis and does not constitute a recommendation to buy, sell, or hold any specific securities. Individual investment decisions should be made based on personal financial goals and risk appetite; readers are encouraged to consult a SEBI-registered investment advisor before acting on market trends or promoter activity. This content is for informational purposes only and does not represent an offer or solicitation for investment in any mentioned asset-heavy or infrastructure sectors.
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