India M&M and Cement Ownership trends – FIIs continue to add metals (Base Metals), sell down Cement; MFs add Cement, Steel

Research evidence excerpt

India M&M and Cement Ownership trends – FIIs continue to add metals (Base Metals), sell down Cement; MFs add Cement, Steel

21 May 2026

India M&M and Cement EquitiesMetals & Mining and Cement

Ownership trends – FIIs continue to add metals (Base

Metals), sell down Cement; MFs add Cement, Steel India

◆ FIIs continue to add M&M, with large increases in aluminium Pinakin Parekh*

(HNDL, NALCO), even as MFs sell down aluminium stocks Senior Analyst, India Metals and Cement HSBC Securities and Capital Markets (India) Private Limited

pinakin.parekh@hsbc.co.in

◆ MF/FII holdings in M&M have increased but remain well below +91 22 40891549

historical highs across most stocks Shrikant Lakhani*

Analyst, India Metals and Cement

◆ FIIs continue to sell down cement while MFs add cement HSBCshrikant.h.lakhani@noexternalmail.hsbc.comSecurities and Capital Markets (India) Private Limited

+91 80 3001 4021

Metals: FIIs continue to add broadly, with base metals the more preferred sub-

sector, while MFs are more selective, with steel more preferred. This has been the * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

trend for the past three quarters. HNDL and NALCO see sharply opposite FII vs MF not registered/ qualified pursuant to FINRA regulations

trends. FII ownership went up across most of our Metals & Mining coverage universe

in the March quarter, with the largest q/q increase seen in NALCO (+250 bps q/q),

HNDL (+180 bps q/q), followed by TATA (+110 bps q/q). We highlight that NALCO

saw the third straight quarter of large FII stake increase, and the cumulative increase

has been 720 bps in the past three quarters, highlighting FII preference for LME

aluminium proxies. Overall, all three base metal companies under our coverage