FMCG stocks in mutual funds: 4.2% of equity money

The number

Equity mutual funds held ₹1,47,653 crore in Indian FMCG companies on their latest portfolio disclosures. That was 4.17% of everything they held in Indian shares, and 3.93% of their net assets.

For scale, banks took 16.96% on the same disclosures. FMCG is a mid-sized sector in fund portfolios: smaller than auto or pharma, larger than metals and mining (2.50%) or oil and gas (3.53%).

The data is the AMCs' monthly portfolio disclosures for 594 schemes in SEBI's equity categories from 48 fund houses, one row per scheme. 527 are for 30 September 2026; 67, from Bandhan, LIC MF, HSBC, Edelweiss, NJ, 360 ONE and Capitalmind, are still for 31 August. Index funds, ETFs and hybrids are left out, and so are foreign companies. A holding's rupee value is its weight times the scheme's net assets (for Tata and Sundaram, whose September files carry no rupee values, their July to September average AUM). Each company takes the industry label most AMCs give it. "FMCG" means the seven industries NSE groups as Fast Moving Consumer Goods. 442 of the 594 schemes held at least one of these companies.

Beverages is the largest slice, just ahead of the two big diversified makers. Most of it is alcohol: United Spirits, Radico Khaitan and United Breweries come to ₹26,205 crore, 17.75% of all the FMCG money.

Which companies

ITC is the largest holding, but Radico Khaitan is the most widely held: 125 schemes own it, two more than own ITC. The ten above make up 67.45% of the FMCG money, and ITC with Hindustan Unilever 23.80%.

Nestle India, a Nifty 50 stock, sits well down the list at ₹3,223 crore in 79 schemes.

Less than the index holds

NSE's factsheets for 30 September 2026 put Fast Moving Consumer Goods at 5.50% of the Nifty 50 and 5.26% of the Nifty 500. Funds held 4.17%.

Funds own the two giants sparingly. ITC was 0.65% of their Indian shareholdings and Hindustan Unilever 0.35%, about 1% between them. In the Nifty 50, FMCG is just four companies (with Nestle India and Tata Consumer Products), and these two are the largest. Funds lean instead toward mid-sized beverage and food companies.

The sector is not cheap on earnings by the market's standard. The Nifty FMCG traded at a P/E of 31.11 on 9 October 2026, against 19.27 for the Nifty 50, though that is near its lowest since 2021.

Where the weight sits

Category holdings as a share of the category's net assets:

Value funds lean on FMCG most. The surprise is small-cap funds, close to large caps at 4.86%, but they own a different FMCG. Large-cap funds put 36.09% of their FMCG money into ITC and Hindustan Unilever; small-cap funds put 34.63% of theirs into food products and 30.02% into agricultural foods such as sugar, coffee, rice and edible oil. Mid-cap funds put 39.30% into beverages.

The heaviest holders

Only one fund is built around the sector. ICICI Prudential FMCG Fund had 85.71% of its ₹1,508 crore in these companies.

The 25 consumption funds hold far less, between 11.09% and 31.18%, because "consumption" also covers cars, retailers, durables and telecom. Nippon India Consumption Fund was highest at 31.18%, followed by Tata India Consumer Fund at 31.00%. The guide to consumption and FMCG funds explains the difference.

Among diversified funds, NJ Flexi Cap had the most, at 17.14%, then Bandhan Focused at 14.65%. Of the large funds, Nippon India Large Cap Fund had 10.18% and ICICI Prudential Value Fund 9.34%.

In rupees, Parag Parikh Flexi Cap Fund was the largest holder at ₹9,906 crore (6.83% of the fund), then HDFC Mid Cap Fund at ₹7,417 crore and Nippon India Small Cap Fund at ₹6,745 crore.

What this does not tell you

It is one disclosure per scheme, and not all from the same month. Nothing here shows whether funds were adding to FMCG or selling it.

Labels are the AMCs'. Tata Consumer Products and Marico sit under Agricultural Food & other Products, not Personal Products. Asian Paints, Titan and the paint and appliance makers are Consumer Durables, and the retailers are Retailing, so neither is counted here.

The index comparison is approximate. NSE weights stocks by free-float market value; fund weights are full holdings. A company or two may also sit in a different industry in NSE's list.

Weight is not a forecast. None of this is a view on any company or fund, or a recommendation to buy or sell.

Where to go from here

Each company's page lists the schemes that hold it; the stocks hub lists every company in fund portfolios. All sectoral and thematic funds are in one place, and the guide to sectoral and thematic funds covers the risks of concentrating.

For the other sectors, see bank stocks in mutual funds and the stocks mutual funds own most.