ADIA Indian Equity Portfolio Surges 30% in CY26 with High-Flying Picks

The Abu Dhabi Investment Authority (ADIA) has demonstrated significant momentum in the Indian equity markets, with its global funds reporting a 30% gain in the first half of CY26. This surge has propelled the portfolio value from Rs 3,720 crore in December 2025 to Rs 4,817 crore as of June 19, 2026.

Defense and Tech Drive Exponential Gains

The primary engine behind ADIA’s stellar performance has been its exposure to high-growth sectors, particularly defense and specialized technology. Ten stocks within the portfolio have rallied between 10% and 100% in less than six months, signaling strong conviction in India's industrial and tech landscape.

Leading the charge is Paras Defence And Space Technologies, which has seen a massive 106% rally, climbing from Rs 684 to Rs 1,409. ADIA holds an estimated 3.08% stake in the company, valued at approximately Rs 349 crore. Similarly, Data Patterns (India) has surged 84%, with shares advancing from Rs 2,627 to Rs 4,822. ADIA’s 1.37% stake in Data Patterns is currently valued at about Rs 369 crore.

Other significant movers include:

  • Astra Microwave Products: Surged 81% to reach Rs 1,273 (ADIA stake: ~Rs 220 crore).
  • Zen Technologies: Appreciated 27%, moving from Rs 1,653 to Rs 2,095 (ADIA stake: ~Rs 291 crore).

Diversified Growth Across Pharma and Consumer Sectors

While defense stocks provided the highest alpha, ADIA's portfolio also benefited from steady gains in the pharmaceutical and consumer sectors. Strides Pharma Science grew by 23% (reaching Rs 1,111), and Tenneco Clean Air India gained 15%.

In the consumer and services space, Rainbow Children's Medicare rose 11% to Rs 1,471, while Computer Age Management Services (CAMS) saw an 11% appreciation. Even established names like Crompton Greaves Consumer Electricals contributed to the growth with a 9% uptick.

Strategic Shifts and Underperformers

The March 2026 quarter saw a strategic reshuffling, with ADIA adding two new names to its list of 26 publicly listed Indian holdings: Firstsource Solutions and Coforge.

However, the portfolio has not been without its challenges. The new addition, Firstsource Solutions, has struggled significantly, declining more than 27% from Rs 336 to Rs 245. Alongside Firstsource, Sapphire Foods India emerged as a major laggard, with its stock price dropping by 27% during the same period. Despite these corrections, ADIA maintains substantial positions in these companies, holding a 1.88% stake in Sapphire Foods and an 1.11% stake in Firstsource.

Key Takeaways

  • Exceptional Returns: ADIA's Indian portfolio grew by 30% in CY26, reaching a valuation of Rs 4,817 crore by mid-June.
  • Defense Sector Alpha: High-growth defense stocks like Paras Defence (+106%) and Data Patterns (+84%) were the standout performers.
  • Mixed Results in New Picks: While the portfolio saw massive gains, new additions like Firstsource Solutions experienced sharp corrections of over 25%.