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Indian mutual funds increased their exposure to several listed companies during the latest reported quarter, with buying visible across fintech, renewable energy, industrial technology and utilities. The data shows that the biggest quarter-on-quarter (QoQ) increase in mutual fund holdings among these five stocks ranged from 6.87% to 12.37%.
Here are five stocks that witnessed the largest increases in mutual fund holdings in the supplied data.
Established in 1998, Pine Labs is a leading Indian merchant commerce platform that provides point-of-sale (POS) solutions, payment processing, and merchant financing services.
The company recorded a mutual fund holdings increase of 12.37% QoQ as of June 30, 2026.
The stock was trading at Rs. 161.94, giving the company a market capitalization of approximately Rs. 18,685.6 crore. Revenue increased 5.2% QoQ, although net profit declined sharply by 67.03%.
Its trailing price-to-earnings (PE) ratio stood at 146.8, considerably higher than the other profitable companies on the list.
ACME Solar Holdings is a renewable energy company in India with a portfolio of solar, wind, hybrid, and firm and dispatchable renewable energy (“FDRE”) projects.
Mutual funds increased their holdings in ACME Solar Holdings by 10.85% QoQ during the quarter.
The renewable energy company's stock stood at Rs. 365.80 with a market capitalization of around Rs. 25,857.5 crore. Its latest financial performance was also strong, with revenue rising 56.52% QoQ and net profit climbing 68.92%.
ACME Solar traded at a PE ratio of 42.85 and an adjusted price-to-book value (PBV) of 5.09.
Gujarat Gas Limited (GGL) is a government company formerly known as GSPC Distribution Networks Limited(GDNL). GGL is engaged in the business of Natural gas in India.
Gujarat Energy witnessed an 8.52% quarter-on-quarter increase in mutual fund holdings.
At an LTP of Rs. 265.45, the company had a market capitalization of approximately Rs. 24,905.3 crore. Revenue jumped 58.32% QoQ, although net profit contracted 43.11%.
The stock's PE ratio stood at 24.27, while its adjusted PBV was 1.35.
Established in 2007, ideaForge Technology Limited is engaged in the business of manufacturing Unmanned Aircraft Systems (UAS).
Drone manufacturer ideaForge Technology saw mutual fund holdings increase 8.11%, with the shareholding data dated July 10, 2026.
The stock traded at Rs. 897.75, translating into a market capitalization of about Rs. 4,461.3 crore. It recorded the strongest growth numbers on the list, with revenue surging 347.12% QoQ and net profit rising 277.22%.
However, its trailing PE was negative at -261.89, indicating the company's earnings profile remains different from profitable peers.
Also Read: Travel Stocks Receiving Buy Recommendations
Indraprastha Gas Limited (IGL) is in the business of city gas distribution in the National Capital Territory of Delhi. IGL also supplies gas to the nearby regions. Government of NCT of Delhi holds 5% equity.
Indraprastha Gas completed the top five, with mutual funds increasing their stake by 6.87% QoQ. The stock traded at Rs. 152.15 with a market capitalization of approximately Rs. 21,301 crore. Revenue increased a modest 2.34% QoQ, while net profit declined 13.51%.
Among these five companies, Indraprastha Gas carried the lowest PE ratio at 13.75, alongside an adjusted PBV of 1.85.
Mutual fund buying across these five stocks shows institutional interest spanning fintech, renewable energy, drones and utilities. While some companies delivered strong quarterly growth, others saw profit declines despite increased fund exposure. Investors should therefore evaluate earnings quality, valuations and business prospects rather than treating mutual fund accumulation alone as a buy signal.
1. Which stock saw the biggest increase in mutual fund holdings?
Pine Labs recorded the largest increase among the five stocks, with mutual fund holdings rising 12.37% QoQ as of June 30, 2026. Its revenue increased 5.2%, while net profit declined 67.03%.
2. How much did mutual fund holdings increase in ACME Solar Holdings?
Mutual fund holdings in ACME Solar Holdings increased 10.85% QoQ. The company also reported strong financial growth, with quarterly revenue rising 56.52% and net profit increasing 68.92%.
3. Why is ideaForge Technology notable on the list?
Mutual fund holdings in ideaForge Technology increased 8.11%. The drone manufacturer also recorded the strongest quarterly growth figures on the list, with revenue up 347.12% and net profit rising 277.22%.
4. Did mutual funds increase their stake in Indraprastha Gas?
Yes. Mutual fund holdings in Indraprastha Gas increased 6.87% QoQ. The company had the lowest PE ratio among the five stocks at 13.75, while quarterly net profit declined 13.51%.
5. Does higher mutual fund ownership mean a stock is a good investment?
Not necessarily. Rising mutual fund holdings can indicate institutional interest, but investors should also examine valuations, earnings growth, debt, business fundamentals and industry conditions before investing.
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