Ireland, Canada, US lead rise in FPIs' India assets in 2025; Singapore, UK see decline

The US, which holds the largest share of FPI investments in India, saw its equity assets under custody rise 7.6 percent to Rs 32.61 lakh crore

• Ireland and Canada led FPI equity asset growth in India in 2025
• US FPIs hold the largest share, with equity assets rising 7.6 percent
• Singapore, Mauritius, and UK FPIs saw declines in Indian equity assets

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Foreign portfolio investors from several top countries recorded a marginal rise in their Indian equity assets during 2025, with Ireland and Canada leading the year-on-year increases.

FPIs from Ireland saw their equity assets under custody rise 12 percent to Rs 4.76 lakh crore, while their total portfolio — including equity and debt — increased 14 percent to Rs 5.12 lakh crore.

Canada ranked next, with FPIs from the country reporting a 10 percent increase in Indian equity assets to Rs 1.94 lakh crore. Their total assets under custody, combining equity and debt, rose 5 percent to Rs 2.25 lakh crore.

The US, which holds the largest share of FPI investments in India, saw its equity assets under custody rise 7.6 percent to Rs 32.61 lakh crore, while total assets climbed 8 percent to Rs 33.44 lakh crore. FPIs from Norway and Japan reported modest growth, with equity assets rising 7.4 percent and 3.1 percent, respectively, and total assets increasing 6 percent and 7.1 percent.

In contrast, FPIs from Singapore, Mauritius, and the UK saw declines. Singapore recorded the steepest drop, with equity assets down 10 percent and total assets falling 13 percent. Equity assets from Mauritius and the UK fell 4.8 percent and 4.3 percent, while their total assets declined 1 percent and 3 percent, respectively.

The composition of the top investor base also shifted, with the Netherlands exiting the list and France entering the top ten FPI source countries.

Many countries saw a marginal rise in their assets under custody even as FPIs collectively sold more than Rs 1.66 lakh crore from Indian equities in 2025. Analysts said several FPIs maintain concentrated holdings in leading blue-chip companies. While broader markets struggled through the year, blue chips outperformed, lifting portfolio values.

They added that the divergence also reflects continued participation in initial public offerings and partial exits from earlier private investments, where sizeable stakes remain after listing. Several large investors continue to hold substantial positions in companies that have delivered strong value, even after booking profits through secondary share sales.