Foreign Institutional Investors (FIIs) have been selling Indian equities heavily since the beginning of the calendar year. Until 14 November 2025, FIIs have already sold Indian equities worth ₹1,46,002 crore. During the July-September quarter only, they offloaded equities worth around ₹76,609 crore. (Source: NSDL)
Among all the sectors, Information Technology is one where FIIs cracked down the most. However, if you see their top holdings in the Indian equities, there are small-cap technology-driven companies where they not only have huge holdings, but they are continuously adding those stocks to their portfolio.
In the previous article, we saw how they bought select stocks and raised their stakes significantly during the July-September quarter, even when their overall sentiment about Indian markets was negative.
In this article, we will see two stocks where FIIs hold more than 60% stake and are still adding more to their holdings. Let’s try to explore these two repeat favorites of FIIs.
#1 Cartrade Tech Limited (CARTRADE)
Cartrade Tech Ltd. is a platform where both new and used automobiles are traded. It operates via various brand names such as CarTrade, CarWale, BikeWale, Adroit Auto, and others. The company deals in all types of vehicles and connects vehicle dealers with customers, Vehicle OEMs, and other businesses interested in buying or selling the vehicles.
Cartrade Tech is the company where FIIs already held the highest stake before Q2FY26, and they further raised their stake by 1.21% points during the quarter, taking the total holding to a whopping 68.51%.
So, what is keeping FIIs hooked to this auto-platform? Let’s try to figure it out.
Best in the Business
Cartrade is the leading auto portal in India, as well as the top vehicle auction platform, including used cars businesses. It has over 8.5 crore monthly average unique (MAU) visitors with over 10 crore app downloads. Just in Q2FY26, the platform had over 18 lakhs of auction listings. It has over 500 physical store locations across India as well.
Excellent Segmental Performance
The consumer group business segment of the company witnessed a 37% jump in its sales from ₹55.6 crore in Q2FY25 to ₹76.2 crore in Q2FY26. The Profit after tax (PAT) for the segment increased by an astounding 87% during the quarter to ₹28.7 crore from ₹15.7 crore in Q2FY25.
Similarly, the sales from the Remarketing business grew by 23% from ₹51 crore to ₹62.6 crore YoY in Q2FY26. The PAT grew by 30% from ₹7.6 crore to ₹9.9 crore during the quarter.
The OLX business segment of Cartrade witnessed a 17% growth in sales from ₹47.6 crore to ₹55.5 crore. The PAT grew by a whopping 213% during the quarter from ₹8.1 crore to ₹25.5 crore.
The overall sales during the quarter grew to ₹193 crore from ₹154 crore in the corresponding quarter last fiscal. The net profit of the company literally doubled in this one year, that is, from ₹31 crore in Q2FY25 to a whopping 64 crore in this July-September quarter.
Business Outlook
As per the management of the company, the sales from the OLX segment are expected to grow more than the current quarter’s 17% if expenses stabilize, new monetization strategies help in scaling the business, and margin expansion continues.
Management is also positive about the consumer group business segment, and expects the growth to continue, as October to March is a strong period for business growth.
Valuation
The stock is trading at a price/earnings (PE) ratio of 78.5x, which is significantly higher than the industry median of 45x, indicating a premium valuation.
1-year Share Price Chart of Cartrade Tech Ltd.
#2 Le Travenues Technology Limited (IXIGO)
Le Travenues Technology Ltd., the parent company of Ixigo, is a technology-first travel business offering different tourism services to customers. From planning trips to hotels, flights, and train bookings, managing the trip, the platform offers it all.
FIIs increased their stake in this company by 3.16% points during Q2FY26, taking the total holding to a whopping 63.06% at the end of the quarter.
Note: During the quarter, the company had a preferential issue where it raised ₹1,296 crore from MIH Investments One B.V. (Prosus).
Largest Travel Platform
Le Travenues has over 8 crores of MAU visitors, which is one of the highest amongst the travel platforms in India. It has penetrated the Tier II and Tier III cities and over 2,400 towns in the country. It has a user base of over 34 crores, and the best part is that the repeat transaction rate from users is over 85%.
Their diversified business solutions are another reason for the massive growth of the company. For instance, during the quarter, while the flight bookings dropped to an extent, the sales from bus ticketing grew, creating a balance.
Tech-first Approach
The company is using technology to make travelling hassle-free, and this is their USP. Their structural AI investment has been paying off as it has not only enhanced the service quality but also made operations more efficient.
The funds raised by the company through preferential allotment, as mentioned above, are mainly for further AI integration in the system.
Business Growth
The sales grew from ₹206.4 crore in Q2FY25 to ₹282.7 crore in this July-Sep quarter, registering a 36.94% growth YoY.
Despite the growth in sales, the company made a loss of ₹3.5 crore in this quarter. However, that didn’t seem to affect the FIIs’ positive stance on the company.
Business Outlook
As per the management, even though the Q2 earnings were negative, all the business segments grew during the quarter, retaining their market leadership. They are anticipating the recent fundraising to boost the business further in the long term and are positive about further AI integration to enhance customer experience and fuel growth.
Valuation
The stock is trading at a PE of 251.5x, which is way higher than the industry median of 40x, indicating an exceptionally premium valuation.
1-year Share Price Chart of Le Travenues Technology Ltd.
Wrapping up
These two stocks have been favorites of FIIs for quite long and it is quite interesting to see that even though they are heavily offloading equities in the Indian markets, they are holding on to these two stocks. While both companies are witnessing exceptional growth in their businesses, which is perhaps one of the reasons for FIIs to hold on, the prospects are probably attracting them more to stick to these stocks.
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 educative 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.
The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.
