India’s primary market fires on all cylinders in FY26: NSE report

India’s primary market continues to defy volatility, with fund mobilisation staying robust in FY26. As many as 83 companies raised ₹1.3 lakh crore by November, underlining sustained investor appetite, according to a report by the National Stock Exchange (NSE).

The momentum was powered by a string of marquee initial public offerings (IPOs), reinforcing the depth and resilience of domestic capital markets. Of the total funds raised on the mainboard, 41% came from fresh equity, while 59% was mobilised through offers for sale (OFS), the report noted.

Fresh equity issuances directly strengthened corporate balance sheets, enabling companies to fund expansion, new projects, and debt reduction. OFS issuances, meanwhile, allowed promoters and early investors to partially monetise their holdings, broadening share ownership without diluting company capital.

The scale of recent listings is striking. Companies that debuted during the period now command a combined market capitalisation exceeding ₹10 lakh crore, signalling the growing ability of Indian markets to absorb large, high-quality issuances across sectors.

Investor participation trends also reveal a shifting landscape. Retail investor participation rose to 25%, reflecting deeper engagement from individual investors in the primary market. At the same time, participation by qualified institutional buyers (QIBs) moderated, suggesting a more balanced investor mix.

The SME segment remained another bright spot. On NSE’s Emerge platform, 80 companies raised ₹3,911 crore, with nearly 95% of the funds coming from fresh equity. This highlights the platform’s critical role in channelling growth capital to small and medium enterprises.

The report also credited recent regulatory reforms for strengthening India’s listing ecosystem. Measures such as lower minimum public offer requirements, extended timelines for achieving minimum public shareholding, smoother migration norms for SMEs, and enhanced disclosure standards have collectively improved market efficiency.

Overall, NSE concluded that strong fundraising activity, rising retail participation, and supportive regulation continue to reinforce India’s capital markets as a key engine of long-term economic growth.