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India’s largecap space is beginning to show some spring in its step. After a cautious start to FY26, the June quarter brought with it renewed signs of institutional interest, particularly from foreign investors.

In a broad-based rally that has included banks, infrastructure and industrial names, a select set of largecaps is seeing a clear shift in ownership patterns.

FII shareholding in several stocks has moved up sharply, reversing the risk-off tone seen in previous quarters. This comes at a time when India’s macro story remains stable, earnings momentum is holding up, and global funds are recalibrating their EM exposure amid weakening signals from China and steady US interest rates.

From capital goods to clean energy, and even select PSU financials, FIIs appear to be backing large, liquid companies with earnings visibility, operating leverage and a credible capex pipeline.

Here are five such companies that have seen a jump in the FII holding in the June 2025 quarter.

Waaree Energies is a leading solar module manufacturer with integrated capabilities across the energy transition value chain, spanning cells, inverters, batteries and green hydrogen.

FY25 was a breakout year for the company. It clocked revenue of ₹14,850 crore and Ebitda of ₹3,120 crore, translating to a 27% and 73% year-on-year jump, respectively. Net profit more than doubled to ₹1,930 crore.

Capacity expansion played a key role as solar module manufacturing rose to 15 GW, and its new 5.4 GW cell plant began commercial operations. Waaree also set up its first manufacturing facility in the US and completed the first full year of IndoSolar operations post-acquisition.

FII shareholding rose from 1.4% in December 2024 and 0.7% in March 2025 to 2.68% in June 2025, reflecting growing institutional interest in the stock.

Going forward, Waaree has guided for FY26 Ebitda in the range of ₹5,500–6,000 crore, supported by a full ramp-up of its cell line, stronger traction in the DCR segment and better gross margin management.

Expansion is on track across verticals as a 3.2 GW module line at Chikhli is expected in FY26. Additionally, a 6 GW fully integrated PLI-linked facility and a 3.5 GWh battery storage plant are targeted for FY27. The company is also setting up a 300 MW green hydrogen electrolyser unit.

Hitachi Energy India is a power technology company. It provides advanced grid and energy solutions across utilities, renewables, rail, data centres and industries.

FY25 marked a milestone year. Revenue rose 23% to ₹6,440 crore while operating Ebitda surged 69% to ₹590 crore, taking margins to 9.2% from 6.7% the previous year.

More importantly, orders grew an impressive 228% to ₹18,170 crore, supported by large wins in transmission, renewable evacuation and rail projects.

A standout was the ₹5,500 crore HVDC (high voltage direct current) order for the Khavda-Nagpur link. The company also raised ₹2,520 crore via QIP to fund capacity expansion and product localisation.

Investor confidence is growing as FII ownership moved up from 4.96% in March 2025 to 7.2% in June 2025. The increased foreign interest follows strong execution and robust visibility from a record ₹19,250 crore order book.

Looking ahead, the focus is on margin expansion, execution and tapping new demand pools. A full-fledged service division will be launched from April 2025 to deepen customer lifecycle engagement.

Manufacturing scale-up is on across Mysore and Doddaballapura. Hitachi is also targeting growth from newer segments such as data centres, battery storage systems (BESS), and exports, along with digital offerings under the One Hitachi umbrella.

AWL Agri Business, formerly Adani Wilmar, is a branded food and agri company present across edible oils, wheat flour, rice, pulses and industry essentials.

FY25 was one of the company's best years yet. Revenue rose 24%, while Ebitda jumped 119% to ₹2,700 crore. Net profit more than doubled.

Foreign institutional investors appear to be warming up to the stock. FII holding jumped up from 1.2% in March 2025 to 4.31% in June 2025.

The roadmap ahead includes scaling food revenue to ₹10,000 crore by FY27 and lifting margins as product mix improves.

AWL acquired GD Foods in March 2025 to enter adjacent kitchen essentials like condiments and jams, which offer 50% gross margins.

Its Gohana food complex is expected to go live in August 2025, and a castor derivatives plant will follow by March 2026.

The company has also ramped up rural distribution, reaching over 50,000 towns, and is doubling down on quick commerce and AI-driven demand planning.

#4 Garden Reach Shipbuilders & Engineers

Garden Reach Shipbuilders & Engineers (GRSE) is a defence PSU that builds warships, patrol vessels and ferries for the Indian Navy and Coast Guard.

FY25 was its strongest year yet. Revenue jumped 41% to ₹5,075 crore and net profit rose 46% to ₹527 crore. Operating profit almost doubled, and GRSE crossed the ₹5,000 crore revenue mark for the first time.

Despite billing ₹5,000 crore during the year, GRSE’s order book stayed flat at ₹22,680 crore, thanks to new wins.

Foreign institutional investors have started taking note. FII holding rose from 3.9% in March 2025 to 5.3% in June 2025.

Garden Reach Shipbuilders & Engineers - 1-Year Stock Performance

The future pipeline is rich. GRSE is eyeing orders from the Next-Gen Corvette, Survey Vessel Large and Fast Patrol Vessel projects.

Large bids like P-17 Bravo ( ₹70,000 crore) and Mine Countermeasure Vessels ( ₹32,000 crore) are also in the works.

To keep pace, GRSE has expanded its yard capacity from 20 to 24 ships, with a target of 28 by FY26.

It’s also exploring greenfield facilities and partnerships on the western coast. New technologies, including autonomous and green vessels, are on the radar.

Indian Renewable Energy Development Agency (IREDA) is a government-owned financial institution. It is dedicated to financing renewable energy and energy efficiency projects across India.

In FY25, revenue from operations rose 29%. However, due to higher provisions, net profit declined 36% to ₹17,00 crore.

Gross NPAs spiked to 4.13% from 2.45% in March 2025, largely due to a single account impacted by a court ruling. Loan sanctions and disbursements rose 29% and 31% respectively, taking the loan book to ₹79,940 crore, up 27% year on year.

FII interest has picked up notably. Their stake climbed from 1.7% in December 2024 to 3.3% by June 2025. Mutual fund and insurance company holdings have also inched up.

IREDA is deepening its funding mix. In FY25, it raised ₹2,000 crore via QIP, issued its first perpetual bonds, launched a 54EC bond, and secured JPY 26 billion in ECB from SBI Tokyo.

It was also upgraded to Navratna CPSE status and incorporated a subsidiary in GIFT City.

The roadmap includes lending to emerging segments like green hydrogen, EV infrastructure, energy storage, and smart meters. It also focuses on asset quality and liability diversification.

The stock trades at a PE of 28.7 times, below its historical median of 34 times.

When foreign investors start buying, it often pays to pay attention. FIIs bring deep research, long-term discipline and global perspective to the table.

For retail investors, tracking where this smart money is flowing can offer ideas as well as conviction. After all, standing on the shoulders of giants can help you see farther.

But conviction doesn’t mean blind faith. Even stocks backed by marquee investors come with execution risks, regulatory uncertainties or valuation challenges. What matters is who’s buying, and why.

As always, the goal is tofind quality companies where capital allocation, governance and strategy align. The recent rise in FII holding is a good starting point, not the finish line. Use it to filter ideas, then dig deeper.

Disclaimer:This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation serviceshere...

This article is syndicated from Equitymaster.com

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