The Indian equity market saw foreign institutional investors (FIIs) fleeing not for a single quarter, but throughout FY26.
FIIs remained net sellers during all quarters of FY26, selling in total over ₹1.5 lakh crore of equity (net). (Source: NSDL)
Having said that, there were select stocks which they bought across FY26, defying their own negative sentiment around the Indian equity Market.
In this article, we will explore three stocks in which FIIs increased their stake every single quarter in FY26 and try to understand what these companies are doing differently that keeps the FIIs hooked.
#1 GE Vernova T&D India Limited: Providing Grid Solutions For 100 Years
GE Vernova T&D India Ltd. is a grid solutions provider in India. The company has been offering power transmission and distribution solutions for over a century.
The product portfolio of GE Vernova includes circuit breakers, power transformers, switchgears, substation automation equipment, and other products and solutions.
FIIs have been steadily raising their stake in this company for more than ten quarters now, including all the quarters of FY26.
The overall FIIs holding surged from 13.04% at the end of March 2025 to 20.39% at the end of March 2026.
However, that’s not all; even during all the quarters of FY25, FIIs increased their stake in this company.
So, what’s driving FIIs to invest in this stock at such regular intervals when they are dumping most of the other domestic equities?
Let’s find out.
Multiple Demand Forces Coming Together
Electricity demand has been rising at a drastic pace with multiple Artificial Intelligence (AI) Data Centres being developed, rapid industrialization, urbanization, government schemes such as electricity for all, adoption of electric vehicles (EV), and other similar factors.
With the rising demand, global electricity generation is also on the rise, expected to grow by 1.4x between 2025 and 2030.
Investment across clean energy projects is rising at a robust pace, and the same is expected to grow by 1.8x during the period.
Having said that, without adequate grid solutions, the electricity generated cannot be put to use, and thus the demand for grid solutions such as grid stability, flexibility, grid digitization, and grid modernization is also on the rise.
On the other hand, substation expansions across India are pushing the demand higher for switchgears and transformers as well.
Growing Orderbook
During FY26, the company received orders worth ₹14,800 crore, out of which orders worth ₹13,600 crore are from domestic players, while the remaining ₹1,200 crore are from clients abroad.
The company saw a 37% growth in order intake, compared to the previous year.
At the end of FY26, the order backlog stood at ₹21,500 crore, up from ₹12,700 crore a year ago.
Some of the significant deals during the period include a 2.5-Gigawatt (GW) High-Voltage Direct Current (HVDC) project, a 6 GW HVDC project, and another refurbishment project of a 1GW HVDC LLC.
Decoding GE Vernova’s 102% Profit Surge
During FY26, sales were worth ₹6,206 crore, up by 44.6% YoY from ₹4,292 crore of sales during FY25.
Net profit doubled during the period from ₹608 crore in FY25 to ₹1,233 crore, logging a 102.8% YoY growth.
The company has been offering one of the highest returns in terms of return on capital employed (ROCE) and return on equity (ROE) amongst its peers. Currently, the ROCE of the company is at 76.4%, way above the industry median of 23.7%, while the ROE is at 57.3%, higher than the industry median of 18.6%.
Valuation vs Growth: Is GE Vernova Overpriced?
The stock is trading at a price-earnings (PE) ratio of 97.6x, higher than the industry median of 35.1x. However, the price earnings to growth (PEG) ratio is 0.2x, lower than the industry median of 0.7x, indicating that the stock might be relatively cheaper given the future growth potential.
1-Year Share Price Chart of GE Vernova T&D India Ltd.
#2 Great Eastern Shipping Company Limited: Largest Shipping & Oilfield Services Provider
Great Eastern Shipping Company Ltd. is the largest shipping and oilfield services provider in India with over 15 dry bulk carriers, 39 vessels, 24 tankers, and a deadweight capacity of over 3.2 million tons (MT).
The company transports crude oil, petroleum, other petroleum products, gases, fuels, and dry bulk commodities as well.
The company, via its wholly owned subsidiary Greatship India Ltd. (GIL), offers offshore activities as well, which primarily include offshore energy exploration and production services, logistic support, offshore construction, drilling, and other similar services.
FIIs increased their stake in this shipping company throughout FY26, taking the total holding from 25.44% at the end of March 2025 to 28.44% at the end of March 2026.
Dissecting Great Eastern’s Fleet and Fleet Efficiencies
Great Eastern Shipping maintains a young and well-diversified fleet, which helps the company achieve better operational efficiency. The average age of the ships/ vessels is around 15 years, while the support vessels used in the offshore business units are around 16 years on average. The rigs that are operated by the company also have an average age of around 14 years, making them relatively more efficient than the older fleet. Furthermore, a younger fleet, when sold, helps in getting better market value. This helps in bettering the risk profile of the business as well.
Strong Order Book & Supply Outlook
Another reason that might have been attracting the FIIs to invest in this stock is a solid order book position. As of March 2026, the order book for the crude and products fleet stood at around 20%. While the same for the LPG fleet was around 27%, and for dry bulk it was at 13%.
For FY27, management indicated that already 80% of the vessel days are locked in for the fiscal year.
In the offshore market, for FY27, around 80% to 85% of the vessel days are booked.
A 26% rise in Profits
On the financial front, sales of the company increased marginally by 1.63% YoY from ₹5,323 crore in FY25 to ₹5,409 crore in FY26.
However, the company managed to generate a profit of ₹2,943 crore during FY26, which is a rise of 26% YoY from a profit of ₹2,344 crore generated during FY25.
The management also stated that FY26 has been the “best year in consolidated profits” even amidst the Middle East turmoil at the end of the fiscal year.
The latest ROCE of the company is 18.4%, slightly above the industry median of 16.3%.
Another reason could be the relatively higher dividend yield that this company offers compared to its peers. The current dividend yield of the company is 2.29%, while the industry median is zero.
During FY26, the company paid a total dividend of ₹35.1 per share, including the dividend of ₹11.7 per share of Q4FY26, which is the highest-ever dividend declared by the company.
Is it trading cheaply?
The stock is currently trading at a PE of 7.2x, which is lower than the industry median of 11.2x, indicating the stock might be relatively cheaper. However, the PEG ratio is 1.2x, higher than the industry median of 0.6x, which suggests that if the PE is adjusted for growth, then the stock trades at a premium to its peers.
1-Year Share Price Chart of Great Eastern Shipping Co. Ltd.
#3 UPL Limited: Making Agriculture Sustainable Again
UPL Ltd., the 5th largest global agrichem company serving more than 140 countries, is the third stock on this list. The company has a product portfolio of more than 16,000 products ranging from crop protection chemicals such as fungicides and herbicides to seeds, BioSolutions, and more.
At the end of Q4FY25, FIIholding in this stock stood at 34.2%, which rose to 41.8% at the end of Q4FY26.
Growing Demand for Crop Protection
Due to rising pests, 40% of the crops produced get damaged globally. Moreover, rising temperatures due to global warming have been destroying the suitability of crops. All these put together have been increasing the demand for crop protection products and solutions.
Moreover, the current yield of crop production doesn’t align with the growing population and won’t be able to meet the food demand till 2050.
Owing to the rising demand, the global crop protection market is expected to grow to $78 billion by 2029, which stood at $70 billion in 2024.
At the same time, the global market for BioSolutions is expected to grow to $15 billion by 2029, from $9 billion in 2024.
Innovation, Product Mix & Sustainability
UPL, being one of the largest agrichem companies in the world, is well positioned to reap the benefits. The company has been focusing on a sustainable product portfolio, new products, and deeper channel engagement.
The company is also engaged in seed production; for this, they have been expanding the Germplasm process to make sure the seeds are of better quality and the crops are healthy. This process also helps in preserving biodiversity across crops.
Venturing into Specialty Chemicals
UPL is now scaling up its specialty chemicals business as well. The idea is to reap the benefits of the China Plus 1 opportunity. The company is focusing on backward integration to boost its specialty chemicals production.
Superform Specialty Chemicals (SSC), the specialty chemical wing of UPL, witnessed a 20% YoY growth in its business during FY26. The company also exported products worth ₹1,000 crore from India during the period.
During FY26, SSC also expanded its lubricants additives manufacturing capabilities by 3x compared to the previous FY25.
Logging 171% Rise in Profits
Sales of the company increased by 11.2% YoY, from ₹46,637 crore in FY25 to ₹51,839 crore in FY26.
However, profits grew by 170% YoY, increasing from ₹820 crore to ₹2,220 crore during the period.
Unlike the other two stocks mentioned above, UPL doesn’t have a high ROCE compared to its peers. The latest ROCE of the company is around 10.2%, compared to the industry median of 15.3%.
The dividend yield is at 0.94%, while the industry median is just 0.18%.
Is the stock trading at a premium?
The stock is trading at a PE of 28.9x, higher than the industry median of 22.4x, indicating the stock is relatively expensive.
1-Year Share Price Chart of UPL Ltd.
Final Thoughts
Even though the overall FII sentiment remained negative toward Indian equities, these select stocks drew constant attention from them. FIIs didn’t just raise their stake in these stocks in one or two of the quarters during FY26, but throughout the year.
This continuous smart money flow into these stocks perhaps indicates the potential of the companies; however, only time will justify the conviction of the FIIs. Till then, you can add these stocks to your watchlist to monitor their future performance and changes in shareholding patterns.
We have relied on data from www.Screener.in throughout this article. Only in cases where the data was not available have we used an alternate, but widely used and accepted source of information.
Disclaimer:
The purpose of this article is only to share interesting charts, data points, and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educational purposes only.
Maumita Mitra is a seasoned writer specializing in demystifying the world of investment for a broad audience. She has a keen eye for detail and a knack for explaining complex financial concepts in the simplest manner possible.
Disclosure: The writer and her dependents do not hold the stocks discussed in this article.
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