5 Midcap Stocks Bought by DIIs and FIIs

In the June 2025 quarter, domestic institutional investors (DIIs) poured in over Rs 1.68 trillion (tn) while foreign institutional investors (FIIs) added nearly Rs 220 billion (bn) to Indian equities.

Interestingly, a handful of midcap stocks saw buying from both sides. Such buying suggests growing institutional conviction.

When both foreign and domestic investors align, it often signals strength in fundamentals and long-term potential.

In this editorial, we spotlight five such midcaps.

Read on...

#1 Nuvama Wealth Management

First on the list is Nuvama Wealth Management.

Nuvama Wealth Management (NWML) is an integrated wealth management company, owned by PAG, a leading Asia-based investment manager.

It has three primary business segments: capital markets, wealth management (WM), and asset management (AMC). It's the second-largest WM company after 360 One.

FIIs increased their stake to 17.14% in the June quarter from 16.58% in the March quarter. DIIs also increased their stake to 6.35% from 5.8% in the same period.

Nuvama Shareholding Pattern (%)

Investors	Q1FY26	Q4FY25	Up (Down)
Promoters	54.74	54.79	-5 bps
FIIs	17.14	16.58	+56 bps
DIIs	6.35	5.8	+55 bps
Public	21.77	22.83	-106 bps

Source: Screener

Nuvama manages Rs 2.9 tn in client assets in WM, Rs 113 bn in AMC, and over Rs 1.2 tn of clearing and custody assets.

In FY25, revenue rose 41% YoY to Rs 29 bn, driven by strong performance across segments.

Profit after tax (PAT) grew 65% YoY to Rs 9.9 bn, driven by operating leverage. Return on equity (RoE) stood at 31.5%, which increased to 23.6% in FY24.

WM contributes 49% to revenue, followed by capital markets (26%), asset services (23%), and AMC (2%).

Looking ahead, Nuvama aims to increase client assets by over 20% in FY26, driven by Rs 240 bn of net inflow across segments.

In the WM segment, Nuvama has an aggressive expansion plan to grow over the next three years.

It plans to expand its relationship managers by about 25% CAGR and improve their productivity.

Moreover, it plans to penetrate more cities with low WM penetration.

The AMC vertical is still nascent and can make significant contributions as it expands in the coming years.

Check out Nuvama's financial factsheet and quarterly results to know more.

#2 LT Foods

Second on the list is LT Foods.

LT Foods, known for its Daawat brand, has a 31% market share in India, making it the second-largest player in India's branded basmati rice segment.

It is also the largest in the Americas with a 50% market share, while it also has a market share of over 35% in Indonesia, Northern Europe (30%), Australia (25%), and New Zealand (11%).

FIIs increased their stake to 10.15% in the June quarter from 9.79% in the March quarter. DIIs also increased their stake to 7.22% from 6.16% in the same period.

LT Foods Shareholding Pattern (%)

Investors	Q1FY26	Q4FY25	Up (Down)
Promoters	51	51	NIL
FIIs	10.15	9.79	+36 bps
DIIs	7.22	6.16	+106 bps
Public	31.61	33.04	-143 bps

Source: Screener

In Q1FY26, revenue grew 20% YoY to Rs 25 bn, led by growth across leading segments and geographies. PAT grew 9% YoY to Rs 1.7 bn.

Basmati and other rice contributed the bulk of the revenue at 85%, followed by organic foods (12%), and ready-to-cook products (2%).

Geographically, North America generated 43% of the revenue, followed by India (31%), continental Europe (18%), and the Middle East and others (8%).

Looking ahead, the company aims to raise its PAT by 21% annually in the coming years. It's investing 3-4% in the brand to drive consumer demand and household penetration.

LT Foods is also gradually expanding its high-margin organic business. To cater to the needs of the EU market, it recently launched a facility in Rotterdam.

In the US, it's building capacity for the ready-to-eat category, which will be operational in 2-3 months. This segment is expected to drive further growth.

Check out LT Foods financial factsheet and quarterly results to know more.

#3 KFin Technologies

Third on the list is KFin Technologies.

KFin Technologies is the largest investor solutions provider to Indian mutual funds, based on the number of asset management companies (AMCs) it serves - 28 out of 53 - in India.

The company is also the largest issue solutions provider based on the number of clients served.

Beyond mutual funds, it also provides services to alternative investment funds, wealth managers, and corporate issuers. In issuer solutions, it has a market share of 50.8%.

It's one of the three central record-keeping agencies for the National Pension System.

FIIs increased their stake to 27.81% in the June quarter from 22.56% in the March quarter. DIIs also increased their stake to 23.71% from 20.37% in the same period.

KFin Shareholding Pattern (%)

Investors	Q1FY26	Q4FY25	Up (Down)
Promoters	22.9	32.91	-1001 bps
FIIs	27.81	22.56	+525 bps
DIIs	23.71	20.37	+334 bps
Public	25.59	24.15	+144 bps

Source: Screener

KFin's revenue rose 15% YoY to Rs 2.7 bn, while PAT rose 22% to Rs 773 million (m). This growth was driven by a 23% increase in average AUM to Rs 23.5 tn, taking its market share to 32.5%.

Equity AUM also grew 22% YoY to Rs 13.6 tn, taking its share to 33%. In monthly systematic investment plan flows, it holds a 38.6% share as well.

Looking ahead, the company plans to grow its emerging business above the 30-35% guidance. Revenue growth in the domestic mutual fund business is expected to be over 15%. The AUM in the international, alternative, and pension segments is expected to grow at around 30%.

Check out KFin's financial factsheet and quarterly results to know more.

#4 Sai Life Sciences

Fourth on the list is Sai Life Sciences.

Sai Life is a contract research, development, and manufacturing organisation (CDMO) in the pharmaceutical sector. It has a strong presence in the US and Europe.

It provides integrated services across the pharma life cycle, from discovery to development and manufacturing. The company has an impressive track record. Of the 200 completed discovery programs, more than 40 have reached the clinical stage.

FIIs increased their stake to 14.57% in the June quarter to 12.36% in the March quarter. DIIs also increased their stake to 21.64% from 13.26% in the same period.

Sai Life Shareholding Pattern (%)

Investors	Q1FY26	Q4FY25	Up (Down)
Promoters	35.15	35.16	-1 bps
FIIs	14.57	12.36	+221 bps
DIIs	21.64	13.26	+835 bps
Public	28.64	39.21	-1057 bps

Source: Screener

Revenue rose 16% to Rs 16.9 bn in FY25, while PAT doubled to Rs 1.7 bn, from Rs 830 m in FY24.

CDMOs contributed 63% to revenue, with the rest coming from the contract research organisation business. Both grew strongly, driven by new customers and an increased share among existing customers.

Looking ahead, Sai Life expects its average revenue to grow at between 15-20%. It also aims to increase its margin to 28-30%, from 25% in FY25.

The company is also investing Rs 5.5 bn in infrastructure. Of this, Rs 500-700 m will be invested in new modalities such as peptides, Antibody-Drug Conjugates (ADCs), and oligonucleotides.

Check out Sai Life's financial factsheet and quarterly results to know more.

#5 Angel One

Fifth on the list is Angel One.

Angel One is a diversified financial services company, primarily engaged in broking, depository services, and the distribution of mutual funds etc.

As of Q1FY26, it holds a demat market share of 16.3% and 19.7% in overall retail equity turnover.

FIIs increased their stake to 14.66% in the June quarter from 13.05% in the March quarter. DIIs also increased their stake to 16.43% from 14.27% in the same period.

Angel One Shareholding Pattern (%)

Investors	Q1FY26	Q4FY25	Up (Down)
Promoters	28.97	35.55	-658 bps
FIIs	14.66	13.05	+161 bps
DIIs	16.43	14.27	+216 bps
Public	39.93	37.12	+281 bps

Source: Screener

It has a client base of 32.5 m and assets worth Rs 1.4 tn. In the revenue mix, 61% of comes from brokerage, followed by interest (31%), depositary (4%), and distribution (3%).

In Q1 FY26, gross income fell 19% YoY to Rs 11.4 bn while PAT fell 61% YoY to Rs 1.1 bn. A sluggish stock market, rising brand-building expenses, and the new business impacted its performance negatively.

Looking ahead, Angel One aims to grow its revenue at 7-8% quarter-on-quarter. This growth is expected to be driven by improving macro conditions, as well as increased retail and FII participation.

Its new verticals, WM and AMC, are also steadily gaining traction. It aims to continue expanding the client base and add equity products to accelerate growth.

Check out Angel One's financial factsheet and quarterly results to know more.

Conclusion

In the June quarter, rising stakes from both FIIs and DIIs in select midcaps signal growing institutional confidence.

The companies mentioned here stand out for their strong business momentum. Their fundamentals remain solid.

That said, instead of relying only on this, it's crucial to carefully analyse the company's fundamentals, including financial performance, corporate governance practices, and growth prospects.

Happy investing.

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 services here...