The fourth quarter results are being released, and one key element many investors are focusing on is the shareholding pattern. An insightful way to study market sentiment is by analyzing who is accumulating and who is reducing their stake in listed companies.

A commonly used strategy in the market is the PDF strategy – where Promoters, Domestic Institutional Investors (DIIs), and Foreign Institutional Investors (FIIs) are all increasing their holdings. This often indicates a positive outlook for a stock, as these entities typically have better access to information than the general public.

However, there’s also the reverse side of this strategy: the Reverse PDF. In this scenario, Promoters, FIIs, and DIIs are all seen selling their stakes, while public shareholding increases. This may indicate risk, as informed investors are exiting and only the public is buying. Below are several companies showing this trend based on the Q4 FY25 shareholding data.

1. Netco Tiles
Business: Tiles and Marbles
Market Cap: ₹1,000 crore+
Promoter holding dropped from 46.78% to 16.23%
FII stake dropped from 1.97% to 0.41%
DII stake dropped from 5.98% to 1.88%
Public holding increased from 45% to 81%

2. Sunrrop (Snacks & Sunrrop Oil)
Business: Ready-to-eat snacks and edible oil
Promoter holding dropped from 51.77% to around 33-34%
FII stake dropped from 1.26% to 0.57%
DII stake dropped from 7.93% to 5.13%
Public holding increased from 39% to 60%

3. Vodafone Idea (VI)
Business: Telecom
Promoter holding dropped from 38% to 25%
FII stake dropped from 10% to 6.5%
DII stake dropped from 4.90% to 3.41%
Note: Despite government intervention and support, financial distress continues, with a major ₹18,000 crore repayment due by March 2026.

4. Salasar Techno Engineering Ltd
Business: Engineering and infrastructure
Promoter holding decreased from 53.41% to 50.95%
FII stake reduced from 5.62% to 5.21%
DII stake fell to zero from 0.09%
Public holding increased from 40% to 43%

5. Vananda Learning Solutions
Business: EdTech platform for competitive and professional exams
Promoter holding dropped from 54.78% to 53.43%
FII stake reduced from 1.12% to 0.87%
DII stake dropped from 0.36% to 0.14%
Public holding increased from 43.74% to 45.57%

6. Sana Systems Ltd
Business: IT services, digital marketing, and software development
Promoter holding dropped from 58% to 57.15%
FII stake dropped from 0.21% to 0.20%
DII stake reduced from 0.89% to 0.56%
Public holding increased from 40.49% to 42.09%

7. R Pharma Labs
Business: Pharma (demerged from R Industries)
Promoter holding dropped from 44.65% to 44.29%
FII stake decreased from 8.64% to 7.36%
DII stake fell from 10.36% to 7.53%
Public holding increased from 36.33% to 40.81%

8. Utkarsh Small Finance Bank
Business: Banking
Promoter holding dropped from 68.93% to 62%
FII stake decreased from 1.33% to 1%
DII stake dropped from 8.23% to 7%
Public holding increased from 21.50% to 23.04%

These trends indicate caution, as key institutional investors and promoters are exiting while public investors are increasing their positions. It’s crucial for investors to analyze not only the shareholding pattern but also the fundamentals and future prospects of such companies before making any investment decisions.

Disclaimer: 
This blog is for educational and informational purposes only and does not constitute financial advice or stock recommendations. Please consult with a qualified financial advisor before making any investment decisions. The data presented is based on publicly available information as of Q4 FY25 and may change in future quarters.