The fourth quarter of FY26 had been a roller-coaster ride for the Indian equity market.
At the end of January, the market was going down owing to selling pressure from Foreign institutional investors (FIIs).
But as we entered February, sentiment changed, and there was in fact a fair inflow of foreign funds. And then the Middle East crisis started, leading to a sharp fall in the markets.
It is evident from the FIIs investment flow through the quarter as well. They dumped domestic equities worth around ₹1,17,172 crore during the quarter (Source: NSDL), dragging Nifty 50 and BSE Sensex down by around 15% each.
Having said that, there are select stocks that FIIs invested in aggressively during the quarter, contrary to their overall view of the market.
Here in this article, we will explore five such stocks that FIIs purchased during the quarter and increased their stake by over 5% points.
Note: We have not included Sammaan Capital, Shriram Finance, Marksans Pharma, KS Smart Technologies, and Cyinsys Tech as the increase in FIIs' stake didn't happen via open market purchases.
#1 PC Jeweller Limited
PC Jeweller Ltd. is one of India's leading jewellery brands. As of 31 December 2025, the jeweller had showrooms across 12 states in the country with a total retail area of over 2 lakh square feet. It is one of the top three largest jewellers in the country by market capitalisation as well. Its current market capitalisation is around ₹9,000 crore.
The company offers a wide range of products using gold, diamond, silver, and different gemstones. The company also caters to all types of customers, be it ultra-rich people or middle-income and lower-income group customers as well.
Not only products, but PC Jeweller has different distribution channels as well, which help the company diversify its income and market. The jeweller operates via high street showrooms, mass market showrooms, franchisee-owned showrooms, and via an e-commerce platform as well.
During the January-March quarter, FIIs increased their stake by 6.97% points in this company, taking the total FII holding to 13.28% at the end of the quarter.
The company has been planning to open up around a hundred large franchise showrooms during FY27 and FY28.
Another major development is a reduction in debt by around 68% since the execution of the Settlement Agreement at the end of September 2024. This indicates improvement in the financial position of the company. This also helped in the recovery of inventory of the jeweller, which was under the custody of the Debt Recovery Appellate Tribunal (DRAT).
Coming to the financials, sales grew from ₹1,544 crore in 9MFY25 to ₹2,426 crore during 9MFY26. During the period, profit grew from ₹480 crore to ₹559 crore.
Note: Q4 & FY26 Financial Results are yet to be announced.
The stock is trading at a price/earnings (PE) of 14.2x, lower than the industry median of 23.1x, and price/earnings to growth (PEG) is at 0.28x, marginally lower than the industry median of 0.34x, both indicating that perhaps the stock is relatively underpriced.
1-Year Share Price Chart of PC Jeweller Ltd.
#2 Bajaj Consumer Care Limited
Bajaj Consumer Care Ltd. offers a wide range of personal care and wellness products, ranging from hair oils to skin care products, to ayurvedic oils, and more. Some of the most popular products include Almond Drop Hair Oil (ADHO) and Nomarks range.
During the quarter, FIIs increased their stake in this FMCG company by 6.89% points, taking the total holding to 16.59% at the end of the quarter.
The strong buying by FIIs is perhaps due to ADHO's significant hold in the hair oil market in India.
Apart from ADHO, the growth portfolio of Bajaj Consumer, performed significantly well, contributing ₹225 crore to the total revenue of FY26. The company is expecting to grow this segment to ₹500 crore by FY29.
Then Banjara's, one of the strategic acquisitions of Bajaj Consumer to grow in South India, has been paying off well. During FY26, revenue growth from this segment doubled compared to FY25. Management is further anticipating this segment to generate revenue of up to ₹200 crore in the coming years.
Coming to the financials, sales grew by 20.7% YoY from ₹965 crore in FY25 to ₹1,165 crore in FY26. Profit for the period jumped from ₹125 crore to ₹190 crore, logging a whopping 53% YoY growth.
The stock is currently trading at a PE of 30.9x, lower than the industry median of 44.2x; however, the PEG ratio is 2.8x, a higher than the industry median of 2.14x, indicating relatively premium valuation.
1-Year Share Price Chart of Bajaj Consumer Care Ltd.
#3 Vishal Mega Mart Limited
Vishal Mega Mart Ltd. is a hypermarket chain selling products ranging from clothes to groceries, electric appliances, and more. As of 31 December 2025, the total store count stood at 771, out of which most of the stores are in the Tier II and Tier III cities, as the company's primary target audience is lower and middle-income groups.
During the quarter, FIIs increased their stake by 6.49% points in this company, taking the total holding to 22.01% at the end of the quarter.
The company is expanding its network rapidly, and now it is focusing more on South Indian states. During Q3FY26, 12 stores opened across different states of South India, 7 stores opened across North India, and 7 others in the West, and 3 in the East part of the country.
The company is now also focusing on small-format stores and planning to add 30-40 more of the same in the coming years.
Vishal Mega Mart is also scaling their quick commerce segment. The total number of quick commerce stores stood at 723 across, increasing at 15% YoY during the quarter October-December. The number of registered users on the platform grew by a whopping 55% during the period to around 12 million.
Coming to the financials, sales grew by 20% YoY from ₹8,169 crore in 9MFY25 to ₹9,792 crore in 9MFY26. Profit after tax (PAT) increased from ₹548 crore to ₹701 crore during the period, logging a 28% YoY growth.
Note: Q4 & FY26 Financial Results are yet to be announced.
The stock is currently trading at a PE of 74.6x, compared to the industry median of 44.4x, while the PEG ratio is at par with the industry median of 1.65x, suggesting that if adjusted for growth, the stock is perhaps fairly valued.
1-Year Stock Price Chart of Vishal Mega Mart Ltd.
#4 Multi Commodity Exchange Limited
Multi Commodity Exchange Ltd. (MCX) is the largest commodity exchange in India, with a market share of around 99% across base metals, bullion, and energy segments.
This capital market giant witnessed a 5.43% points rise in the stake held by FIIs during the quarter. This took the total FII holding to 26.07% at the end of the quarter.
While the near-monopoly status of MCX offers an edge to the business, the robust growth across the commodity derivative market is perhaps another reason behind the FIIs' investment surge. Between April 2023 and December 2025, the value of the commodity derivative market grew from ₹151 trillion to a whopping ₹958 trillion.
MCX witnessed massive growth in its average daily turnover (ADT) during the nine months ended on 31 December 2025. The ADT (notional) grew 2.3x from ₹1,91,909 crore at the end of FY25 to ₹4,34,797 crore.
Another reason that perhaps attracts the FIIs is the new launches by MCX during FY26. The commodity exchange launched the Electricity Futures Contract, which is the first of its kind in India. Then it also launched a Nickel Futures Contract, and during October 2025, the company came up with MCX BUILDEX®.
Coming to the financials, during 9MFY26, the total income of the exchange increased from ₹888 crore to ₹1,504 crore, logging a 69% YoY growth. PAT increased by a whopping 89% during the period from ₹425 crore to ₹802 crore.
The stock is currently trading at a PE of 77x, higher than the industry median of 66x, and the PEG ratio is also a bit higher at 1.5x, compared to the industry median of 1.2x, indicating the stock might be overvalued.
1-Year Share Price Chart of MCX Ltd.
#5 MTAR Technologies Limited
MTAR Technologies Ltd. is a manufacturer and developer of a wide range of equipment and components used across the defence, aerospace, clean energy, and nuclear sectors.
During Q4FY26, FIIs raised their stake in MTAR by 5.07% points, taking the total holding to 17.31% at the end of the quarter.
One of the reasons behind FIIs buying this stock so aggressively could be its solid orderbook. As of 31 December 2025, the orderbook of the company stood at ₹2,395 crore. Furthermore, the company received an order worth ₹35.6 crore on 1 April 2026.
Another reason could be the growing clean energy demand, as during the 9MFY26, this segment, including fuel cells, hydel, and other clean energy equipment, contributed to around ₹398 crore of revenue. Another ₹16.6 crore of revenue came from the clean energy - civil nuclear power segment.
Talking about clean energy and fuel cells, MTAR is planning a major expansion for manufacturing around 20,000 solid oxide fuel cell boxes by the end of FY27, and further increasing it to 30,000 boxes in the future.
Coming to the financials, sales grew from ₹493 crore in 9MFY25 to ₹570 crore in 9MFY26. PAT increased from ₹39.2 crore to ₹49.7 crore during the period.
The stock is currently trading at a PE of 240.3x, way higher than the industry median of 65.1x, indicating a premium valuation.
1-Year Share Price Chart of MTAR Technologies Ltd.
Final Thoughts
FIIs buying these stocks while dumping more than ₹1 lakh crore of equities during the Q4FY26 indicates solid fundamentals, strong order pipeline, massive expansion plans, new product launches, and more for these companies.
Now it remains to be seen if these companies continue to perform well and deliver on these expectations in the months and years to come.
For now, you can add these stocks to your watchlist and monitor their performance to have a better understanding of their potential.
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.
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.
Source: FinancialExpress
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