Domestic institutional investors (DIIs) continued to maintain substantial exposure to India’s largest listed companies in the first quarter of FY27, with HDFC Bank, ICICI Bank and Reliance Industries emerging as the three companies with the highest DII holdings in absolute value. Data from Primeinfobase for the quarter ended June 30, 2026, shows that domestic institutions held shares worth ₹4.47 lakh crore in HDFC Bank, ₹4.20 lakh crore in ICICI Bank and ₹3.66 lakh crore in Reliance Industries.
The list of the 10 companies with the highest DII holdings also includes State Bank of India, Larsen & Toubro, Bharti Airtel, Axis Bank, ITC, Infosys and Kotak Mahindra Bank. Together, the companies span banking, financial services, telecom, energy, infrastructure, FMCG and technology, highlighting the broad preference of domestic institutional investors for large, established businesses.
HDFC Bank Tops DII Holding List In Q1 FY27
HDFC Bank had the largest DII investment among the companies tracked by Primeinfobase.
As of June 30, 2026, DIIs held shares worth ₹4,46,571 crore in HDFC Bank, compared with the bank’s market capitalization of ₹11,50,864 crore. This makes domestic institutions a significant shareholder group in India’s largest private-sector bank.
ICICI Bank ranked second with DII holdings worth ₹4,19,547 crore, while Reliance Industries occupied the third position with holdings worth ₹3,66,377 crore.
Top 10 Stocks By DII Holding Value
| Rank | Company | DII Holding Value | Market Capitalization |
|---|---|---|---|
| 1 | HDFC Bank | ₹4,46,571 Cr | ₹11,50,864 Cr |
| 2 | ICICI Bank | ₹4,19,547 Cr | ₹10,29,127 Cr |
| 3 | Reliance Industries | ₹3,66,377 Cr | ₹17,21,610 Cr |
| 4 | State Bank of India | ₹2,50,716 Cr | ₹9,34,692 Cr |
| 5 | Larsen & Toubro | ₹2,44,436 Cr | ₹5,21,732 Cr |
| 6 | Bharti Airtel | ₹2,40,008 Cr | ₹11,76,827 Cr |
| 7 | Axis Bank | ₹1,78,715 Cr | ₹3,80,448 Cr |
| 8 | ITC | ₹1,76,306 Cr | ₹3,52,454 Cr |
| 9 | Infosys | ₹1,60,836 Cr | ₹4,24,991 Cr |
| 10 | Kotak Mahindra Bank | ₹1,46,666 Cr | ₹3,81,307 Cr |
Source: Primeinfobase data for quarter ended June 30, 2026, as reported by ETMarkets.
Banks Dominate The Top Of The List
The first four positions include three major banks — HDFC Bank, ICICI Bank and SBI — along with Reliance Industries.
This reflects the significant role played by domestic mutual funds, insurance companies and other institutional investors in India’s financial sector.
HDFC Bank and ICICI Bank alone accounted for more than ₹8.66 lakh crore in DII-held shares based on the June 30 values.
Banking Stocks In The Top 10
| Bank | DII Holding Value |
|---|---|
| HDFC Bank | ₹4,46,571 Cr |
| ICICI Bank | ₹4,19,547 Cr |
| State Bank of India | ₹2,50,716 Cr |
| Axis Bank | ₹1,78,715 Cr |
| Kotak Mahindra Bank | ₹1,46,666 Cr |
| Total | ₹14,41,? Cr |
The banking names collectively account for a substantial portion of the DII exposure represented in the top-10 list.
Note: The combined figure is approximately ₹14.42 lakh crore based on the individual values above.
Reliance Industries Has ₹3.66 Lakh Crore Of DII Holdings
Reliance Industries ranked third in terms of the absolute value of shares held by domestic institutions.
DIIs held ₹3,66,377 crore worth of Reliance Industries shares at the end of June 2026, against a market capitalization of ₹17,21,610 crore.
Separate shareholding data shows that DII ownership in Reliance Industries stood at around 21.18% in June 2026, up from 20.54% in March 2026 and 19.80% in June 2025.
Reliance Industries DII Ownership Trend
| Quarter | DII Holding |
|---|---|
| June 2025 | 19.80% |
| September 2025 | 20.33% |
| December 2025 | 20.18% |
| March 2026 | 20.54% |
| June 2026 | 21.18% |
The data indicates that domestic institutional ownership of Reliance has increased over the past year.
SBI Has ₹2.51 Lakh Crore Of DII Exposure
State Bank of India ranked fourth, with domestic institutions holding shares worth ₹2,50,716 crore as of June 30.
SBI’s market capitalization stood at ₹9,34,692 crore at the time of the Primeinfobase assessment.
The presence of SBI alongside HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank highlights the importance of the financial sector in domestic institutional portfolios.
For DIIs, large banks can provide exposure to India’s credit growth, economic expansion and financialization trends.
L&T And Bharti Airtel Also Feature
Larsen & Toubro ranked fifth, with DII holdings worth ₹2,44,436 crore.
The engineering and infrastructure conglomerate had a market capitalization of ₹5,21,732 crore, meaning domestic institutions represented a substantial portion of the company’s shareholder base by value.
Bharti Airtel followed closely with DII holdings worth ₹2,40,008 crore, against a market capitalization of ₹11,76,827 crore.
Non-Banking Stocks In The Top 10
| Company | Sector | DII Holding Value |
|---|---|---|
| Reliance Industries | Energy / Conglomerate | ₹3,66,377 Cr |
| Larsen & Toubro | Infrastructure / Engineering | ₹2,44,436 Cr |
| Bharti Airtel | Telecom | ₹2,40,008 Cr |
| ITC | FMCG / Tobacco | ₹1,76,306 Cr |
| Infosys | IT Services | ₹1,60,836 Cr |
The mix shows that DII portfolios are not limited to banks and financial companies.
ITC Has High Domestic Institutional Interest
ITC ranked eighth with DII holdings worth ₹1,76,306 crore.
The company’s market capitalization stood at ₹3,52,454 crore as of June 30, according to Primeinfobase data.
ITC is traditionally viewed as a large, cash-generating company with a significant dividend profile, factors that can make it attractive to long-term institutional investors.
Current shareholding data also places ITC among companies with particularly high DII ownership, although the Primeinfobase ranking discussed here is based on the absolute value of DII holdings, not the percentage of shares owned by DIIs.
That distinction is important.
Infosys Rounds Out The Technology Exposure
Infosys was the only information-technology services company in the top 10, with DII holdings valued at ₹1,60,836 crore.
The company’s market capitalization stood at ₹4,24,991 crore as of June 30.
The presence of Infosys indicates that domestic institutions continue to maintain substantial exposure to India’s large technology exporters despite changing global demand conditions and the industry’s ongoing transition toward artificial intelligence.
Kotak Mahindra Bank Completes The List
Kotak Mahindra Bank ranked tenth, with DIIs holding shares worth ₹1,46,666 crore.
Its market capitalization was ₹3,81,307 crore as of June 30, 2026.
Kotak’s inclusion gives the top 10 list five banking stocks, reinforcing the sector’s importance in DII portfolios.
DII Holding Value Vs. DII Ownership Percentage
Investors should distinguish between DII holding value and DII shareholding percentage.
A company can rank highly in terms of DII holding value simply because it is a very large company, even if DIIs own a relatively modest percentage of its shares.
For example, Reliance Industries had DII holdings worth ₹3.66 lakh crore, but its DII ownership was around 21.18% in June 2026.
By contrast, some smaller companies can have a much higher percentage of their equity owned by domestic institutions without appearing in a ranking based on absolute holding value.
Two Different Ways To Measure DII Presence
| Measure | What It Shows |
|---|---|
| DII holding value | Total rupee value of shares held |
| DII ownership % | Share of company owned by DIIs |
| Market capitalization | Overall market value |
| Change in DII holding | Direction of institutional ownership |
For investors, all four measures can provide different insights.
Why DII Holdings Matter
Domestic institutional investors include mutual funds, insurance companies, pension funds and other domestic financial institutions.
Their growing participation has become increasingly important for India’s stock market, particularly as domestic savings are increasingly routed into financial assets.
Large DII holdings can also provide an indication of which companies have attracted substantial institutional capital.
However, institutional ownership should not be interpreted as a standalone buy signal.
What High DII Ownership Can Indicate
- Strong institutional participation
- Large mutual-fund exposure
- Greater domestic investor interest
- Potentially higher institutional liquidity
- Long-term portfolio allocation
- Confidence in established businesses
At the same time, DIIs can reduce exposure when valuations become unattractive or company fundamentals change.
DII Ownership Is Becoming More Important For Indian Markets
India’s domestic institutional base has expanded considerably as systematic investment plans and mutual-fund participation have grown.
This has helped create a stronger domestic counterweight to foreign institutional flows.
The importance of DIIs is particularly visible during periods when foreign investors reduce exposure to Indian equities.
DII Investment Cycle
Household Savings
↓
Mutual Funds / Insurance
↓
Domestic Institutional Investors
↓
Equity Market
↓
Large-Cap Companies
↓
Long-Term Capital FormationThe result is a market in which domestic institutions increasingly influence ownership patterns and liquidity.
Top 10 DII Holdings Total More Than ₹25 Lakh Crore
Adding the reported DII holding values for the 10 companies produces a combined exposure of approximately ₹25.31 lakh crore.
That is a substantial concentration of domestic institutional capital in a relatively small group of India’s largest listed businesses.
Combined DII Exposure
| Metric | Value |
|---|---|
| Number of companies | 10 |
| Combined DII holding value | ~₹25.31 lakh Cr |
| Largest holding | HDFC Bank |
| Second-largest | ICICI Bank |
| Third-largest | Reliance Industries |
| Smallest in top 10 | Kotak Mahindra Bank |
The concentration also reflects the size of India’s large-cap market, where even moderate institutional ownership can translate into enormous rupee values.
What Investors Should Look At Beyond DII Holdings
While high DII ownership can be informative, investors should examine other factors before making investment decisions.
These include earnings growth, valuation, debt, cash flows, return ratios, competitive position and future growth prospects.
A stock heavily owned by DIIs can still decline if earnings disappoint or valuations contract.
Investor Checklist
| Factor | Why It Matters |
|---|---|
| DII ownership | Institutional participation |
| FII ownership | Foreign investor participation |
| Promoter holding | Insider ownership |
| Earnings growth | Business performance |
| Valuation | Price relative to fundamentals |
| Debt | Financial risk |
| ROE/ROCE | Capital efficiency |
| Cash flow | Quality of earnings |
| Future growth | Long-term potential |
DII ownership is therefore best used as one part of a broader investment analysis.
Do You Own Any Of These Stocks?
The 10 companies identified by Primeinfobase are among India’s most widely held large-cap stocks and include several names that are common components of mutual-fund portfolios.
The list covers banking, energy, infrastructure, telecom, FMCG and IT.
Top DII Holdings — Q1 FY27
HDFC Bank ₹4.47L Cr
ICICI Bank ₹4.20L Cr
Reliance ₹3.66L Cr
SBI ₹2.51L Cr
L&T ₹2.44L Cr
Bharti Airtel ₹2.40L Cr
Axis Bank ₹1.79L Cr
ITC ₹1.76L Cr
Infosys ₹1.61L Cr
Kotak Mahindra ₹1.47L CrThe data provides a snapshot of where domestic institutional capital was concentrated at the end of the first quarter of FY27.
The Bigger Picture
The Q1 FY27 DII-holding data highlights the growing influence of domestic institutional investors in India’s equity market. HDFC Bank led the ranking with ₹4.47 lakh crore of DII-held shares, followed by ICICI Bank at ₹4.20 lakh crore and Reliance Industries at ₹3.66 lakh crore. SBI, L&T and Bharti Airtel also had more than ₹2 lakh crore each in DII-held shares.
The composition of the list is notable because five of the 10 companies are banks, while the remainder represent energy, infrastructure, telecom, FMCG and IT. Reliance Industries also saw its DII ownership percentage rise from 19.80% in June 2025 to 21.18% in June 2026, indicating increasing domestic institutional participation in the conglomerate.
Looking Ahead
As domestic savings continue moving toward mutual funds, insurance products and equities, DII ownership is likely to remain an important factor in India’s stock market. Investors will be watching subsequent quarterly shareholding disclosures to see whether domestic institutions increase or reduce exposure to these large-cap names, particularly as valuations, earnings expectations and market conditions change.
For individual investors, however, the presence of DIIs should not be treated as a recommendation to buy a stock. The more useful approach is to combine institutional ownership data with company fundamentals, valuation, earnings growth and risk. The Q1 FY27 list provides a useful starting point for identifying where India’s domestic institutional capital was concentrated, but the next question is whether those holdings continue to grow in the coming quarters
Get the day’s top stories in your inbox
One concise email. No spam, unsubscribe anytime.
