The number
Equity mutual funds held ₹2,45,408 crore in Indian metal, mining, cement and chemical companies on their latest portfolio disclosures. That was 6.93% of everything they held in Indian shares, and 6.52% of their net assets.
These are the companies that turn raw materials into inputs for everyone else, and NSE files them under three sectors: Metals & Mining, Construction Materials and Chemicals. Measured that way, funds held 2.78% in chemicals, 2.50% in metals and mining and 1.64% in cement.
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 for 30 September 2026 and 67 (Bandhan, LIC MF, HSBC, Edelweiss, NJ, 360 ONE, Capitalmind) for 31 August. Index funds, ETFs, hybrids and foreign companies are left out. A holding's rupee value is its weight times the scheme's net assets, or 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. 503 of the 594 schemes held at least one of these companies.
| Industry | Companies | Value (₹ crore) | Share of sector money |
|---|---|---|---|
| Chemicals & Petrochemicals | 56 | 73,991 | 30.15% |
| Cement & Cement Products | 18 | 58,049 | 23.65% |
| Ferrous Metals | 9 | 42,434 | 17.29% |
| Non-Ferrous Metals | 6 | 25,420 | 10.36% |
| Fertilizers & Agrochemicals | 14 | 24,521 | 9.99% |
| Metals & Minerals Trading | 1 | 13,998 | 5.70% |
| Minerals & Mining | 4 | 3,685 | 1.50% |
| Diversified Metals | 4 | 3,173 | 1.29% |
| Other Construction Materials | 2 | 137 | 0.06% |
Which companies
| Company | Schemes holding it | Value (₹ crore) | Share of sector money |
|---|---|---|---|
| UltraTech Cement | 156 | 18,415 | 7.50% |
| Tata Steel | 128 | 14,587 | 5.94% |
| Solar Industries India | 107 | 14,209 | 5.79% |
| Adani Enterprises | 87 | 13,998 | 5.70% |
| Jindal Steel | 78 | 13,963 | 5.69% |
| Vedanta Aluminium Metal | 121 | 10,949 | 4.46% |
| Hindalco Industries | 112 | 9,483 | 3.86% |
| SRF | 64 | 8,889 | 3.62% |
| Navin Fluorine International | 127 | 8,761 | 3.57% |
| JK Cement | 87 | 7,116 | 2.90% |
No company dominates. UltraTech, the largest and most widely held, is 7.50% of the money, and the ten above add up to 49.05%. Four industries share the top five places.
Two names need a note. Solar Industries makes industrial and defence explosives and is filed under chemicals. Adani Enterprises is the Adani group's incubator company; the AMCs file it under Metals & Minerals Trading, its one company, and NSE counts it in Metals & Mining.
Against the index
On NSE's factsheets for 30 September 2026:
| NSE sector | Equity funds | Nifty 50 | Nifty 500 |
|---|---|---|---|
| Metals & Mining | 2.50% | 4.86% | 4.55% |
| Construction Materials | 1.64% | 2.34% | 1.88% |
| Chemicals | 2.78% | none | 1.99% |
| Together | 6.93% | 7.20% | 8.42% |
Funds hold about half the index weight in metals and mining, and more than the Nifty 500 in chemicals, a sector with no stock in the Nifty 50 at all.
The valuations differ as much. On 9 October 2026 the Nifty Metal traded at a P/E of 15.74 and the Nifty Commodities at 14.27, below the Nifty 50's 19.27. The Nifty Chemicals was at 41.89. Nifty Metal P/E at 16.4 shows how metal profits have grown.
Where the weight sits
Category holdings as a share of the category's net assets:
| Category | Schemes | In the sector |
|---|---|---|
| Large & Mid Cap | 36 | 9.29% |
| Multi Cap | 33 | 7.75% |
| Small Cap | 36 | 7.58% |
| Contra | 5 | 7.53% |
| Mid Cap | 34 | 6.98% |
| Dividend Yield | 12 | 6.56% |
| ELSS | 50 | 6.36% |
| Sectoral / Thematic | 255 | 5.92% |
| Large Cap | 35 | 5.91% |
| Value | 24 | 5.39% |
| Flexi Cap | 46 | 5.07% |
| Focused | 28 | 4.00% |
The spread is narrow, from 4.00% to 9.29%. What changes with company size is which of the three. Large-cap funds put 39.62% of their money in this group into cement and 38.16% into steel and non-ferrous metals; small-cap funds put 58.80% of theirs into chemicals.
The heaviest holders
ICICI Prudential Commodities Fund had 72.90% of its ₹4,133 crore in these companies. SBI Comma Fund had 49.65% and Tata Resources & Energy Fund 45.10%; both also own oil and power.
Among diversified funds, ICICI Prudential's stand out. ICICI Prudential Multi Cap Fund had 25.65% of its ₹18,717 crore in the group, spread over 39 companies, ICICI Prudential Mid Cap 22.71% and ICICI Prudential Large & Mid Cap 20.08%.
In rupees, Kotak Flexi Cap Fund was the largest holder, at ₹8,752 crore (16.48% of the fund), led by Jindal Steel at 4.06% and Solar Industries at 3.71%. Nippon India Small Cap Fund (₹7,109 crore) and Kotak Mid Cap Fund (₹6,993 crore) followed.
What this does not tell you
It is one disclosure per scheme, mostly September with some August. It shows no buying or selling.
Labels are the AMCs'. Grasim sits under cement, though it also makes fibres and chemicals; paint makers are under Consumer Durables and are not counted.
The index comparison is approximate. NSE weights by free-float market value, and its list may file a company or two differently.
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 them all, and the commodity funds are among the sectoral and thematic funds. The guide to sectoral and thematic funds covers what concentrating in one sector does to a portfolio.
For other sectors, see capital goods and engineering stocks and oil, gas and power stocks in mutual funds.
Frequently asked questions
How much mutual fund money is in metal, cement and chemical stocks?
On the latest monthly disclosures, mostly for 30 September 2026, the 594 schemes in SEBI's equity categories held ₹2,45,408 crore in 114 Indian metal, mining, cement and chemical companies. That is 6.93% of what they held in Indian shares: 2.78% in chemicals, 2.50% in metals and mining and 1.64% in cement.
Which of these stocks do mutual funds hold the most?
UltraTech Cement, at ₹18,415 crore across 156 schemes, the most widely held as well. Tata Steel is second at ₹14,587 crore, then Solar Industries at ₹14,209 crore, Adani Enterprises at ₹13,998 crore and Jindal Steel at ₹13,963 crore.
Do mutual funds hold more metal stocks than the Nifty?
Less. Metals and mining were 2.50% of equity funds' Indian shareholdings, against 4.86% of the Nifty 50 and 4.55% of the Nifty 500 on NSE's 30 September 2026 factsheets. Chemicals went the other way: 2.78% for funds against 1.99% of the Nifty 500, and none of the Nifty 50.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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