5 outlier stocks both FIIs and domestic funds bought in Q4FY26

And this is evident from the fund flow data of both the institutional investors for the quarter.

While foreign institutional investors (FIIs) dumped Indian equities worth ₹1,17,172 crore (net) (Source: NSDL), DIIs (including mutual funds), on the other hand, bought domestic equities worth around ₹2,25,603 crore (net).

Having said that, even though DIIs and FIIs remained poles apart during the quarter, there are a few select stocks that united both these institutional investors.

In this article, we will explore five stocks that both FIIs and DIIs bought at a significant pace during the Jan-Mar 2026 quarter.

#1 Vishal Mega Mart Limited

Vishal Mega Mart Ltd. has been a top pick for both FIIs and DIIs. Both have loaded this stock up at an astounding pace.

FIIs raised their stake by 6.5% points, taking their total holding to 22%, and at the same time, DIIs increased their stake by 7.3% points, taking the overall DII holding to a whopping 32.7% at the end of the quarter.

It is a rare event when both FIIs and DIIs invest in one single stock, and that too at such a pace.

During FY26, Vishal Mega Mart expanded its network of stores, especially in the Southern Parts of the country, which can be one of the reasons behind the institutional fund inflow.

The total number of stores went up from 696 at the end of FY25 to 795 at the end of FY26.

Talking about expansion in the South Indian states, revenue from the region increased from 20.2% to 21.9% during the fiscal year.

Another factor perhaps fuelling the institutional investment could be Vishal Mega Mart growing its own brand. The company has a portfolio of 26 brands of its own, which contributed to around 74% of the revenue the company generated during FY26. This has also increased compared to 73% share during FY25.

Within the brands the company owns, 2 brands have sales over ₹1,000 crore each during the fiscal year, while 6 of the brands had sales over ₹500 crore each.

During the fiscal year, the number of registered Loyalty Customers increased by a significant 17% to 169 million. These customers are enrolled in the Loyalty Program of the company, which offers certain benefits. As of 31 March 2026, Vishal Mega Mart’s Customer Loyalty Program is ranked as the 12th largest across the globe and 6th in the retail space.

On the other hand, the company has been focused on growing its quick commerce brand, which has grown to a 745-store network, increasing 14% YoY during FY26. Over 13 million users are registered on this platform across 505 cities in the country.

Coming to the financials, sales of the company increased by 20.44% YoY from ₹10,716 crore in FY25 to ₹12,906 crore in FY26. Net profit for the period jumped by 32.8% YoY from ₹632 crore to ₹839 crore.

The return on capital employed (ROCE) is at 14.8%, while the industry median is 14%.

The stock is currently trading at a price earnings (PE) of 66.3x, higher than the industry median of 45.5x. The price earnings to growth (PEG) ratio is at 1.7x, higher than the industry median of 0.6x, indicating that even if adjusted for growth, the stock is relatively overvalued.

1-Year Share Price Chart of Vishal Mega Mart Ltd.

#2 GRM Overseas Limited

The next stock that grabbed both institutional investors’ attention is GRM Overseas Ltd.

This company is engaged in milling, processing, and distribution of different types of basmati rice. The company caters to the domestic as well as global demand for basmati rice.

While the GRM specialises in basmati rice, it also deals in different types of spices, ready-to-cook kits, and other items such as flour, edible oils, etc.

FIIs raised their stake by 4.6% points in this company during Q4FY26, taking their total holding to 9.5%, while on the other hand, DIIs increased their stake by 1.3% points, taking the total holding to 2.9% at the end of the quarter.

GRM Overseas has become a prominent player in the FMCG sector, especially with the launch of its 10X brand in 2020.

One of the reasons institutional investors are probably taking an interest in this company is the vision of achieving ₹2,000 crore of revenue from the domestic market by FY28. This might seem like a huge target, but the company has already scaled its domestic business from ₹58 crore in FY21 to ₹539 crore in FY25.

During this period, revenue from international business grew from ₹652 crore to ₹783 crore. And now the company is targeting to achieve a revenue of ₹1,500 crore from its international business by FY28.

Another reason could be the robust growth witnessed in the packaged food industry. The Indian packaged food market is expected to reach ₹17.3 trillion by FY29, growing at a compound annual rate of 11%.

GRM Overseas also deals in packaged staples and ready-to-cook kits. The target market size for the same is ₹7.4 trillion by 2029. This seems to be a significant opportunity for the company to scale its packaged staples business.

Sales of the company grew by 11.3% YoY from ₹1,077 crore in 9mFY25 to ₹1,199 crore during 9MFY26. Profit during the period surged from ₹40.8 crore to ₹53 crore, logging 30.1% YoY growth. This could be another reason for FIIs and DIIs increasing their stake in this FMCG company.

Note: Q4 & FY26 results are yet to be announced.

Coming to the return, ROCE of the company is slightly lower at 13.5%, compared to the industry median of 14.2%.

The stock is trading at a PE of 48.2x, way higher than the industry median of 19.4x.

1-Year Share Price Chart of GRM Overseas Ltd.

#3 Aditya Infotech Limited

Aditya Infotech Ltd., popularly known by its brand name ‘CP Plus’, is a video surveillance and security company. The company is the largest manufacturer of surveillance products excluding China, with around 39% share in the Indian video surveillance market.

During Q4FY26, both FIIs and DIIs raised their stake in this video surveillance company by 1.35% points and 4.56% points, respectively. The total holding of FIIs went up to 5.72% at the end of the quarter, while DIIs’ total holding increased to 14.8%.

One of the possible factors driving both the institutional investors to this domestic surveillance giant is the strategic collaboration with Qualcomm. The collaboration with Qualcomm, one of the leading global semiconductor and tech players, is expected to help Aditya Infotech develop enhanced AI-led video intelligence products for the domestic market.

Apart from strategic collaboration, Aditya Infotech has some serious expansion plans that it is implementing at a robust pace. The company has already been constructing a Housing & Enclosure Plant in Andhra Pradesh. Phase I of this plant is expected to start operations by Q2FY27, while Phase II might start from the end of FY27.

This new plant will have a production capacity of 25 million plastic housings and 5 million metal housings used in the surveillance products.

The company is also expanding its lens assembly capacity to around 3 lakh units a month as well. They are further planning to increase the lens assembly up to 10 lakh units a month by the end of this fiscal.

By the first half of this fiscal year, the company also expects the overall production to increase to 2.4 million units a month. The same stood at 1.8 million per month at the end of Q3FY26.

Sales for the 9M ended on 31 December 2025 stood at ₹2,799 crore, up by 31% YoY from ₹2,134 crore generated during the corresponding period in FY25.

Profit after tax stood at ₹198.9 crore for the period; however, the profit for the corresponding period in FY25 was adjusted for net deferred tax (exceptional item), and it stood at ₹83 crore, which made the 9MFY26 profit surge at 138.6% YoY.

Note: Q4 & FY26 results are yet to be announced.

Coming to the returns, ROCE of the company stood at 19.5%, higher than the industry median of 15.6%.

The stock is currently trading at a PE of 114.4x, way higher than the industry median of 32.9x. The PEG ratio is at 6.2x compared to the industry median of 0.6x, indicating that the stock is relatively overvalued even when adjusted for growth.

6-Month Share Price Chart of Aditya Infotech Ltd.

Note: Aditya Infotech got listed in August 2025, thus 6 months chart.

#4 Stallion India Fluorochemicals Limited

The fourth stock on this list is Stallion India Fluorochemicals Ltd.

This company specializes in refrigerant and industrial gases processing, debulking, and blending. Stallion caters to a wide number of industries such as pharmaceuticals, semiconductors, automotive, defence, textile, electricity, and more.

During Q4FY26, DIIs increased their stake in this company by 3.4% points, taking the total holding to 4.04%, while FIIs raised their stake by 1.3% points, taking the total holding to 1.8% at the end of the quarter.

During the quarter, Stallion entered into a strategic expansion plan with the Government of Rajasthan for producing hydrofluoroolefin (HFO). This is a next-generation low global warming potential (GWP) refrigerant witnessing a demand boost due to its sustainable factor.

The manufacturing plant for the project is to be built at Bhilwara, Rajasthan, and the investment for the project is anticipated at ₹200 crore.

This would expand Stallion’s presence in the high-value fluorochemical market as well.

Another major move by the company during the quarter was to enter into a long-term strategic sourcing partnership with Sharjah Oxygen Company LLC for sourcing liquid helium from RAS Gases & Oilfields in Qatar.

High-purity helium is another high-value segment that can help the company expand its critical gases segment.

On the financial front, sales of the company increased from ₹377.5 crore in FY25 to ₹430.7 crore in FY26, logging a 14.1% YoY growth.

Net profit jumped by 35.6% YoY from ₹32.3 crore to ₹43.8 crore during the period.

ROCE of the company stood at 11.8%, lower than the industry median of 17.6%.

The stock is currently trading at 37.3x, slightly lower than the industry median of 38.1x, while the PEG is at 0.67x, lower than the industry median of 1.63x, indicating that the stock may be trading relatively cheaper if adjusted for growth.

1-Year Share Price Chart of Stallion India Fluorochemicals Ltd.

#5 Ujjivan Small Finance Bank Limited

Ujjivan Small Finance Bank Ltd. is the final stock on this list.

The bank caters to the financially less served and unpenetrated regions to make sure banking services reach the nooks and corners of this country.

DIIs increased stake by 2.5% points during the Jan-Mar quarter, taking the overall holding to 31.1%.

FIIs raised their stake by 1.8% points in the bank, resulting in an overall FII holding of 17.2% at the end of the quarter.

During Q4FY26, total deposits of the bank grew by a significant 21% YoY to ₹45,668 crore, from ₹37,630 crore generated during Q4FY25.

The gross loan book during this quarter expanded to ₹40,655 crore, from ₹31,122 crore in the corresponding quarter last fiscal, logging a 27% YoY growth.

Coming to the asset quality, gross non-performing asset (GNPA) increased by 9 basis points (bps) to 2.3% during the quarter; however, Net non-performing asset (NNPA) came down by 6 bps to 0.4%.

Net interest income (NII) jumped from ₹864 crore in Q4FY25 to ₹1,092 crore in Q4FY26, growing at 26.4% YoY. Having said that, NII for the entire FY26 grew by 6.4% YoY, that is from ₹3,636 crore in FY25 to ₹3,871 crore.

The overall revenue of the bank for FY26 stood at ₹6,931 crore, up from ₹6,354 crore recorded in FY25, growing at 9.1% YoY.

However, the profit declined by 4.6% YoY for the fiscal year from ₹726 crore in FY25 to ₹693 crore in FY26.

Return on equity (ROE) also declined by 155 bps to 10.9% for the entire FY26, while it stood at 12.4% at the end of FY25.

Institutional investors buying this small finance bank stock despite a reduction in profits and ROE perhaps suggest that they are looking at the bigger picture, as the bank’s business is growing robustly.

The stock is trading at a PE of 15.7x, almost at par with the industry median of 15.8x. The price-to-book value (PBV) stood at 1.6x, slightly higher than the industry median of 1.2x, indicating the stock might be relatively overpriced.

1-Year Share Price Chart of Ujjivan Small Finance Bank Ltd.

Final Thoughts

FIIs and DIIs buying the same stocks during the same period is a rare event, especially when the markets are going through a roller coaster ride like they did during the Jan-Mar quarter. However, these five stocks mentioned above managed to grab the attention of both the institutional investors, even in such a market scenario.

Having said that, whether these investors hold on to their positions or further increase or decrease their stake in these companies, only time will tell.

So, for now, you can add these stocks to your watchlist to keep a close eye on their future performance.

Disclaimer:

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.

Disclosure: The writer and her dependents do not hold the stocks discussed in this article.