The number
Equity mutual funds held ₹2,16,644 crore in Indian oil, gas, coal and power companies on their latest portfolio disclosures. That was 6.11% of everything they held in Indian shares, and 5.76% of their net assets.
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; Tata's and Sundaram's September files carry no rupee values, so for them we use July to September average AUM. Each company takes the industry label most AMCs give it. 423 of the 594 schemes held at least one of these companies.
The sector here is NSE's two: Oil, Gas & Consumable Fuels, and Power.
| Industry | Companies | Value (₹ crore) | Share of sector money |
|---|---|---|---|
| Power | 20 | 91,425 | 42.20% |
| Petroleum Products | 10 | 81,184 | 37.47% |
| Gas | 9 | 17,515 | 8.08% |
| Consumable Fuels (coal) | 3 | 13,630 | 6.29% |
| Oil (exploration) | 4 | 12,890 | 5.95% |
Power is the largest slice. Petroleum Products is close behind, but 74.08% of it is a single company, Reliance Industries.
Which companies
| Company | Schemes holding it | Value (₹ crore) | Share of sector money |
|---|---|---|---|
| Reliance Industries | 263 | 60,140 | 27.76% |
| NTPC | 181 | 23,299 | 10.75% |
| Power Grid Corporation | 90 | 15,467 | 7.14% |
| Coal India | 90 | 13,570 | 6.26% |
| Hindustan Petroleum | 78 | 10,407 | 4.80% |
| Torrent Power | 52 | 9,130 | 4.21% |
| ONGC | 85 | 8,591 | 3.97% |
| Adani Power | 48 | 7,912 | 3.65% |
| Adani Energy Solutions | 62 | 7,823 | 3.61% |
| Bharat Petroleum | 75 | 7,348 | 3.39% |
The ten make up 75.56% of the money; Reliance and NTPC alone, 38.51%. Reliance is the most widely held, in 263 of 594 schemes.
Power Grid and Coal India are each held by 90 schemes, but one fund owns most of both. Parag Parikh Flexi Cap Fund held ₹8,122 crore of Power Grid (5.60% of the fund) and ₹7,817 crore of Coal India (5.39%). That is 52.51% of all the fund money in Power Grid and 57.60% of all of it in Coal India.
Well below the index
On NSE's factsheets for 30 September 2026:
| NSE sector | Equity funds | Nifty 50 | Nifty 500 |
|---|---|---|---|
| Oil, Gas & Consumable Fuels | 3.53% | 9.39% | 6.77% |
| Power | 2.58% | 2.59% | 3.41% |
| Together | 6.11% | 11.98% | 10.18% |
Funds held about half the Nifty 50's weight in the sector. Power is roughly level with the Nifty 50; the gap is oil and gas, and most of it is one stock. Reliance Industries was 7.58% of the Nifty 50, its third-largest weight, and 1.70% of the funds' Indian shareholdings.
The sector is not dear by the market's standard. On 9 October 2026 the Nifty Oil & Gas traded at a P/E of 10.31, and the Nifty Energy at 14.17, against 19.27 for the Nifty 50. On 8 October, the latest clean reading, the Oil & Gas index yielded 1.90% in dividends against the Nifty 50's 1.24%. See Nifty Energy P/E at 14.6 for how that has moved.
Where the weight sits
Category holdings as a share of the category's net assets:
| Category | Schemes | In the sector |
|---|---|---|
| Dividend Yield | 12 | 11.56% |
| Contra | 5 | 10.43% |
| Value | 24 | 9.91% |
| ELSS | 50 | 7.95% |
| Large Cap | 35 | 7.83% |
| Sectoral / Thematic | 255 | 7.24% |
| Flexi Cap | 46 | 6.82% |
| Focused | 28 | 5.17% |
| Large & Mid Cap | 36 | 4.95% |
| Multi Cap | 33 | 4.73% |
| Mid Cap | 34 | 2.76% |
| Small Cap | 36 | 2.21% |
Dividend yield, contra and value funds lean in most, as the yields above would suggest. Small-cap funds hold little, and 65.18% of what they do hold is in power companies. Large-cap funds put 61.98% of theirs in refiners, mostly Reliance.
The heaviest holders
SBI Energy Opportunities Fund had 67.41% of its ₹7,966 crore in these companies, and Baroda BNP Paribas Energy Opportunities 64.88%. ICICI Prudential Energy Opportunities Fund had 52.70%, and another 36.74% in capital goods and construction companies. DSP Natural Resources and New Energy Fund had 49.22%.
PSU funds hold a lot too, because so many of these companies are state-owned: SBI PSU Fund had 37.72% and ICICI Prudential PSU Equity 44.09%.
Among diversified funds, Sundaram Dividend Yield had 26.17%, Tata Value Fund 20.44% and Quant ELSS Tax Saver 19.90%.
In rupees, Parag Parikh Flexi Cap was the largest holder by far, at ₹19,492 crore (13.44% of the fund). ICICI Prudential Large Cap Fund held ₹7,972 crore and SBI Contra Fund ₹6,722 crore.
What this does not tell you
It is one disclosure per scheme, mostly September with some August, so it shows no buying or selling.
Labels are the AMCs'. Reliance Industries is filed under Petroleum Products although much of its business is telecom and retail. Power equipment makers and renewable-panel makers are under Electrical Equipment, not here.
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 every company in fund portfolios, and every energy and PSU fund is among the sectoral and thematic funds. The guide to infrastructure and PSU funds covers the funds that hold the most here, and PSU funds in August 2026 shows how they have done.
For the other sectors, see capital goods and engineering stocks and bank stocks in mutual funds.
Frequently asked questions
How much mutual fund money is invested in oil, gas and power stocks?
On the latest monthly disclosures, mostly for 30 September 2026, the 594 schemes in SEBI's equity categories held ₹2,16,644 crore in 46 Indian oil, gas, coal and power companies. That is 6.11% of what they held in Indian shares and 5.76% of their net assets.
Which energy stock do mutual funds hold the most?
Reliance Industries, at ₹60,140 crore across 263 schemes, or 27.76% of the sector's money. NTPC is second at ₹23,299 crore in 181 schemes, then Power Grid Corporation at ₹15,467 crore and Coal India at ₹13,570 crore.
Are mutual funds underweight oil and gas?
Yes. Oil, gas and coal were 3.53% of equity funds' Indian shareholdings against 9.39% of the Nifty 50 on NSE's 30 September 2026 factsheet. Most of the gap is Reliance Industries: 1.70% of fund money against a 7.58% index weight. Power, at 2.58%, matched the Nifty 50's 2.59%.
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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