FIIs Are Selling, DIIs Are Buying: How Ownership Is Shifting in 6 Big Stocks, from VBL to Max Healthcare
A fascinating shift is playing out on Dalal Street. In stocks where foreign institutional investors (FIIs) held a dominant position just a few years ago, domestic institutional investors (DIIs) and mutual funds are now tightening their grip. The shareholding patterns of Varun Beverages, Marico, Tata Consumer, UltraTech Cement, Sona Comstar and Max Healthcare are clear examples. Let’s look at what changed in each company, with the numbers.
1. Varun Beverages
FII holding in VBL fell from 25.80% in March 2024 to 17.53% in September 2026, a drop of about 8.27 percentage points. Over the same period, DII holding rose from 4.20% to 16.34%, almost four times higher. Domestic mutual funds account for 9.79% of this. Promoter holding slipped from 62.90% to 59.43%, and retail holding from 7.10% to 6.70%. In other words, DIIs added more than FIIs trimmed, which gave the stock strong support.
2. Marico
In the June 2026 quarter, FII holding stands at 23.40%. Data shows that foreign investors have steadily trimmed their stake in recent times, which is being seen as profit booking. On the other side, DII holding has risen to 13.02%, with mutual funds holding 8.43%. Promoters remain steady at 58.91%, and the general public holds 3.66%. Domestic institutions are believed to be backing the company’s strong core business and its new digital brands.
3. Tata Consumer Products
Here, FII holding has dipped slightly to 20.08%, while DII holding has climbed to 25.01%. Indian mutual funds alone hold 10.24% of this. Notably, DII holding is now higher than FII holding. The Tata Group, as promoter, holds a steady 33.83%, while retail and public investors hold 21.08%. Domestic institutions see this as a strong FMCG bet from the Tata Group.
4. UltraTech Cement
In the March 2024 quarter, FII holding was 16.23%. It fell to 12.69% in the September 2026 quarter, a decline of about 3.54 percentage points. Profit booking and global factors are cited as reasons. Over the same period, DII and mutual fund holding rose from 14.24% to 20.86%, an increase of about 6.62 percentage points. The Aditya Birla Group’s promoter holding stayed in a stable range of 58.48% to 59.33%, while the public holds between 7.71% and 7.97%. DIIs are betting on the company’s expansion and long-term growth.
5. Sona Comstar (Sona BLW)
FII holding dropped from 32.85% in March 2024 to 24.15% in September 2026, a fall of 8.70 percentage points. DII holding, meanwhile, rose from 28.10% to a record 36.92%. The company’s sales grew from ₹503 crore in 2017 to ₹4,123 crore in 2026, and net profit is at an all-time high of ₹646 crore. FII selling is being attributed to high valuations, a temporary slowdown in the global EV market and heavy capex (₹1,736 crore in FY25 and ₹1,540 crore in FY26). On the other hand, mutual funds are receiving steady inflows from investors’ SIPs, which they have used to buy these shares.
6. Max Healthcare
In March 2024, FII holding was at a very high 53.75%. It fell to 47.60% in the September 2026 quarter, a decline of about 6.15 percentage points. Meanwhile, DII holding rose from 16.12% to 23.95%. FII selling is being linked to high valuations, rebalancing by global funds and heavy capex for new hospitals and bed capacity (₹1,593 crore in FY25 and ₹1,688 crore in FY26). Even so, the company’s sales grew from ₹1,608 crore in 2017 to ₹8,373 crore in 2026, and net profit rose from ₹15 crore to an all-time high of ₹1,442 crore, which has kept domestic funds confident.
What Do These Numbers Indicate?
The same pattern shows up in all six companies: foreign investors are booking some profits while domestic institutions are raising their stakes. In the four stocks with a March 2024 comparison, the FII decline ranged from 3.54 to 8.70 percentage points, while the DII increase ranged from 6.62 to 12.14 percentage points. The steady flow of SIP money from Indian investors is considered a major reason behind this. Keep in mind, though, that shareholding data is quarterly and a lagging indicator. It does not determine a stock’s future movement.
Disclaimer: This article is for informational purposes only. It should not be treated as advice to buy or sell any stock. Please consult your financial advisor before investing.
