NSE Overtakes HDFC Bank as LIC's Fifth-Largest Holding amid Portfolio Shifts and Mixed Performance

NSE Overtakes HDFC Bank as LIC's Fifth-Largest Holding amid Portfolio Shifts and Mixed Performance​

The Life Insurance Corporation of India (LIC), standing as the nation’s largest insurer and a major institutional investor, is set to see its stake in the National Stock Exchange (NSE) rise to become its fifth-largest holding. This structural shift provides insights into the diversification and current investment appetite within LIC's massive equity portfolio.

NSE Ranks Fifth in LIC’s Equity Portfolio​

As of the March 2026 quarter, LIC holds a significant stake in the National Stock Exchange (NSE). The insurer owns 26.53 crore shares, translating to a 10.72 percent stake. Assuming an NSE share price of Rs 2,100, this holding is valued at approximately Rs 56,105 crore.

This valuation places the NSE ahead of several other companies in LIC's portfolio, including HDFC Bank, Bharti Airtel, Infosys, ICICI Bank, and Tata Consultancy Services (TCS).

Deciphering LIC’s Top Equity Holdings​

LIC maintains substantial stakes across various blue-chip stocks. Reliance Industries remains its largest listed equity holding, with a 6.8 percent stake valued at around Rs 1.18 lakh crore, based on the current share price of Rs 1,300. State Bank of India is ranked as LIC's second-largest holding, possessing an 8.78 percent stake worth Rs 83,219 crore.

Larsen & Toubro (L&T) holds a strong position in LIC's portfolio, with the insurer owning 12.51 percent and valuing it at Rs 70,927 crore. ITC ranks fourth, holding a 15.83 percent stake valued at Rs 57,672 crore.

Valuations of Next-Tier Holdings​

The analysis further details the holdings ranked below the NSE. LIC's stake in HDFC Bank is valued at Rs 49,738 crore. Bharti Airtel holds a stake valued at Rs 44,850 crore, while Infosys is worth Rs 44,871 crore. ICICI Bank and TCS are also significant holdings, with their stakes being valued at Rs 44,220 crore and Rs 41,846 crore, respectively.

Additionally, LIC maintains a 10.18 percent holding in ONGC, which is currently valued at Rs 29,935 crore.

Performance Review of Largest Stakes​

The financial performance across LIC’s major holdings has been highly varied since the beginning of 2024. State Bank of India has seen a significant gain, rising by 62 percent. Bharti Airtel and ONGC have also performed strongly, recording gains of 89 percent and 20 percent, respectively.

In contrast, Larsen & Toubro gained robustly at 20 percent. Conversely, ITC, Infosys, and TCS have faced sharp declines over the period, with their stocks falling by nearly 38 percent, 44 percent, and 32 percent. HDFC Bank has recorded an 8 percent fall.

Portfolio Value Trends and Free-Float Data​

On a broader scale, Prime Database data indicated that LIC’s holdings in NSE-listed companies slightly decreased to 3.71 percent as of March 31, 2026, down from 3.72 percent three months prior. In total value terms, LIC's holdings stood at Rs 15.11 lakh crore by the end of March 2026, representing a decrease of 13.63 percent from the preceding quarter.

Focusing specifically on free-float holdings, however, the trend showed an increase for LIC’s share by value to 7.42 percent in the March 2026 quarter, up from 7.39 percent in the previous quarter. Across all NSE-listed companies, LIC maintained an average ownership by number of shares at 0.61 percent during this period.