India’s domestic mutual funds are aggressively building stakes in Adani Group’s energy-linked equities, executing a strategic pivot that treats the conglomerate less as a volatility trade and more as a high-conviction bet on the nation’s massive electrification cycle.
Fresh shareholding data through March 2026 reveals a decisive institutional shift. Mutual fund (MF) ownership in Adani Energy Solutions has more than tripled, surging from 1.91% in December 2024 to 6.59% in March 2026. Adani Green Energy saw an even more dramatic institutional entry, with holdings jumping from a negligible 0.37% to 3.22% in the same period. Adani Power also witnessed steady accumulation, with MF stakes rising from 1.60% to 3.62%.
