NCL Industries shareholders and shareholding pattern

NSE: NCLINDBSE: 502168Cement & Cement ProductsSmall Cap

NCL Industries Limited · Face value ₹10 · Listed Aug 1983 on BSE, Apr 2007 on NSE

₹165.76₹5.91 (3.70%)BSE ₹163.35

Share price at the NSE close on 27 Oct 2026. Previous close ₹159.85.

27 Oct: open ₹159.00, high ₹167.90, low ₹158.00

52-week range of traded prices to 27 Oct 2026

₹147.50Low, 30 Mar 2026₹214.80High, 8 Jan 2026

Market cap: ₹750 Cr1,583rd largest listed
P/E: 8.11
P/E without one-offs: 5.93
P/B: 0.80
Dividend yield: 2.11%
ROE: 10.3%
ROE without one-offs: 14.1%
ROCE: 10.0%
Debt to equity: 0.25
Volume, NSE: 78,78576.1% delivered

NCL Industries' shareholding pattern for Sep 2026, filed on 7 Oct 2026, with every filing from Dec 2016: who owns its shares by group, its promoters by name and its public holders of 1% or more.

Who owns NCL Industries, filing by filing

Per cent of the company's shares.

Sep 2026 filing

Promoters42.49%
Foreign institutions3.42%
Indian institutions0.03%
Governments0.02%
Individuals and others54.05%

Shareholding pattern, per cent, from Sep 2022

Promoters
Foreign institutions
Indian institutions
Governments
Individuals and others

Per cent	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	49.26%	49.24%	49.26%	49.35%	40.09%	40.11%	40.11%	40.31%	40.33%	40.33%	40.32%	40.33%	41.44%	42.26%	42.33%	43.70%	43.86%	44.06%	43.73%	43.75%	44.00%	45.04%	45.73%	46.14%	46.48%	47.13%	47.27%	44.48%	44.48%	43.71%	42.31%	42.08%	42.11%	42.27%	41.01%	40.92%	40.95%	41.56%	41.67%	42.49%
Indian promoters	48.99%	48.97%	48.99%	49.08%	39.87%	39.89%	39.89%	40.09%	40.11%	40.11%	40.10%	40.11%	41.44%	42.26%	42.33%	43.70%	43.86%	44.06%	43.73%	43.75%	44.00%	45.04%	45.73%	46.14%	46.48%	47.13%	47.27%	44.48%	44.48%	43.71%	42.31%	42.08%	42.11%	42.27%	40.94%	40.86%	40.88%	41.49%	41.60%	42.43%
Foreign promoters	0.27%	0.27%	0.27%	0.27%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	–	–	–	–	–	–	–	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%
	50.74%	50.76%	50.74%	50.65%	59.91%	59.89%	59.89%	59.69%	59.67%	59.67%	59.68%	59.67%	58.56%	57.74%	57.67%	56.30%	56.14%	55.94%	56.27%	56.25%	56.00%	54.96%	54.28%	53.86%	53.52%	52.87%	52.73%	55.52%	55.52%	56.29%	57.69%	57.92%	57.89%	57.73%	58.99%	59.08%	59.05%	58.44%	58.33%	57.51%
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.82%	2.33%	2.38%	3.50%	4.23%	4.88%	5.17%	5.41%	5.33%	5.14%	5.25%	5.77%	4.45%	3.95%	3.87%	3.45%	3.42%
Foreign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.74%	2.33%	2.38%	3.49%	4.23%	4.85%	5.14%	5.35%	5.28%	5.08%	5.21%	5.69%	4.45%	–	3.87%	3.45%	3.39%
Foreign portfolio investors, category II	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.07%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	0.03%	0.03%	0.06%	0.05%	0.06%	0.03%	0.08%	–	Under 0.01%	–	–	0.03%
Foreign venture capital investors	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	–	–	3.95%	–	–	–
Other foreign institutions	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	Under 0.01%	Under 0.01%	Under 0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	–	–	–	–	–	–
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.16%	0.16%	0.03%	0.03%	0.03%	0.03%	0.03%	0.39%	0.03%	0.03%	0.03%	0.09%	0.08%	0.16%	0.19%	0.03%	0.03%
Mutual funds	1.29%	1.49%	2.25%	3.36%	14.99%	14.91%	13.37%	14.51%	13.66%	13.66%	13.56%	12.91%	7.32%	7.17%	7.17%	6.07%	2.78%	2.45%	1.02%	0.18%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Banks	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Alternative investment funds	–	–	–	–	3.26%	3.42%	3.42%	3.43%	3.43%	3.48%	3.48%	3.48%	3.69%	3.78%	0.07%	–	–	–	0.03%	0.03%	0.03%	0.03%	0.03%	0.13%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.36%	0.00%	0.00%	0.01%	0.06%	0.06%	0.13%	0.17%	–	–
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Central government	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	–	–	–	–	–	–
State governments	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%
Government-promoted companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	Under 0.01%	Under 0.01%
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	50.87%	51.01%	50.44%	49.19%	51.25%	50.60%	51.08%	51.88%	52.54%	52.71%	52.44%	53.12%	54.53%	54.93%	54.37%	54.84%	54.05%
Resident individuals, up to ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	31.39%	31.38%	30.76%	29.20%	31.59%	28.53%	28.37%	28.66%	29.46%	28.70%	27.60%	26.71%	24.75%	24.50%	24.15%	24.20%	23.90%
Resident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	11.65%	11.98%	11.36%	11.82%	10.99%	10.25%	10.86%	10.83%	11.79%	12.74%	13.18%	14.25%	15.10%	15.54%	14.39%	14.84%	14.56%
Companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	3.35%	3.25%	3.72%	3.38%	4.01%	7.37%	7.29%	7.45%	7.07%	7.14%	7.46%	7.94%	7.92%	7.88%	8.86%	8.93%	8.75%
Non-resident Indians	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.11%	2.12%	2.25%	2.26%	2.08%	1.90%	2.01%	2.18%	1.55%	1.47%	1.49%	1.45%	1.46%	1.59%	1.66%	1.58%	1.58%
Foreign nationals	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	Under 0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	–	–	–	–	–	–
Investor education fund	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.75%	1.75%	1.74%	2.00%	2.02%	2.02%	2.02%	2.13%	2.13%	2.12%	2.18%	2.24%	2.24%	2.28%	2.28%	2.27%	2.27%
Directors and their relatives	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.50%	0.50%	0.50%	0.50%	0.50%	0.50%	0.50%	0.50%	0.50%	0.50%	0.50%	0.50%	–	–	–	–	–
Key managers	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	Under 0.01%	Under 0.01%	Under 0.01%
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.10%	0.02%	0.09%	0.02%	0.05%	0.01%	0.01%	0.12%	0.02%	0.01%	0.01%	0.01%	3.05%	3.12%	3.04%	3.02%	2.98%
Clearing Members	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.04%	Under 0.01%	–	0.11%	–	–	–	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	0.01%	Under 0.01%
Trusts	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.01%	0.01%	–	0.01%	–	–	–	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Hindu undivided families	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.41%	2.43%	2.36%	2.27%	2.21%
LLP	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.62%	0.68%	0.66%	0.73%	0.75%
Promoter shares pledgedShare of the promoters' own shares	100.00%	88.22%	88.18%	88.03%	97.31%	88.47%	48.59%	48.36%	2.67%	2.85%	2.85%	2.58%	3.15%	3.09%	3.45%	2.99%	6.33%	6.30%	6.48%	6.48%	6.44%	7.44%	7.33%	8.52%	9.64%	9.18%	9.93%	19.99%	20.01%	18.87%	18.03%	18.44%	18.30%	17.93%	16.84%	14.76%	14.44%	13.90%	13.66%	4.72%
Shares in issue	3,67,32,790	3,67,32,790	3,67,32,790	3,67,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790	4,52,32,790
Shares locked in	11,75,609	12,37,627	3,06,380	3,06,380	19,19,394	19,19,394	19,19,394	16,75,032	18,06,005	–	–	–	–	–	–	–	–	–	–	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	–	–	–	–	–	–
Promoters' shares locked in	0	12,37,627	3,06,380	3,06,380	19,19,394	19,19,394	19,19,394	16,75,032	18,06,005	–	–	–	–	–	–	–	–	–	–	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	–	–	–	–	–	–

Filings before Sep 2022 are on an older form, which did not split institutions into foreign and Indian and grouped some holders differently, so those columns show only the lines both forms state alike. Pledged is the share of the promoters' own shares given to lenders as security. A dash is a line the filing did not state. “Under 0.01%” is a holding of shares too small to show at two decimals.

Number of NCL Industries shareholders

Shareholders on the company's register in each filing.

Shareholders, filing by filing

Shareholders	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
All shareholders	41,392	40,410	40,174	39,721	32,513	35,976	35,579	36,461	35,949	34,736	34,182	34,620	35,917	34,556	38,493	43,854	44,949	43,552	45,803	53,557	59,460	60,487	62,072	60,736	59,635	58,052	53,817	54,341	52,972	53,734	56,142	58,855	58,121	56,558	53,412	50,910	49,403	48,817	48,540	48,577
	51	50	51	52	52	50	50	51	51	52	50	52	52	52	52	46	52	52	52	45	45	45	46	46	46	45	45	43	42	42	43	43	43	42	41	41	41	51	42	42
Indian promoters	50	49	50	51	51	49	49	50	50	51	49	51	52	52	52	46	52	52	52	45	45	45	46	46	46	45	45	43	42	42	43	43	43	42	40	40	40	50	41	41
Foreign promoters	1	1	1	1	1	1	1	1	1	1	1	1	–	–	–	–	–	–	–	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	1	1	1	1	1
	41,302	40,360	40,123	39,669	32,461	35,926	35,529	36,410	35,898	34,684	34,132	34,568	35,865	34,504	38,441	43,808	44,897	43,500	45,751	53,512	59,415	60,442	62,026	60,690	59,589	58,007	53,772	54,298	52,930	53,692	56,099	58,812	58,078	56,516	53,371	50,869	49,362	48,766	48,498	48,535
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	39	36	34	45	46	49	53	54	54	56	57	57	43	45	40	38	38
Foreign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	35	34	32	43	44	46	51	52	52	53	54	54	43	–	40	38	37
Foreign portfolio investors, category II	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	3	1	1	2	2	3	2	2	2	3	3	3	–	1	–	–	1
Foreign venture capital investors	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0	0	0	0	0	0	0	0	0	0	0	–	–	44	–	–	–
Other foreign institutions	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	1	1	0	0	0	0	0	0	0	0	–	–	–	–	–	–
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	14	14	13	13	13	13	13	13	12	12	13	13	12	11	11	9	9
Mutual funds	6	6	8	8	12	13	12	12	11	11	9	9	6	4	4	3	3	3	2	2	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Banks	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	12	12	12	12	12	12	12	11	11	11	11	10	9	8	8	8	8
Alternative investment funds	–	–	–	–	2	2	2	3	3	3	3	3	3	3	1	–	–	–	1	1	1	1	1	1	1	0	0	0	0	0	1	0	0	1	2	2	2	2	–	–
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Central government	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2	0	0	0	0	0	0	0	0	0	0	–	–	–	–	–	–
State governments	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0	2	2	2	2	2	2	2	2	2	2	2	2	2	2	1	1
Government-promoted companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	1
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	60,635	59,537	57,958	53,712	54,237	52,866	53,624	56,030	58,744	58,008	56,444	53,299	50,812	49,304	48,713	48,449	48,486
Resident individuals, up to ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	59,350	58,291	56,726	52,533	53,081	51,753	52,508	54,784	57,444	56,717	55,150	52,058	48,755	47,218	46,666	46,429	46,459
Resident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	83	89	78	73	67	68	78	85	94	92	90	90	93	95	87	91	90
Companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	276	271	269	262	278	268	252	285	287	282	275	275	238	232	234	231	228
Non-resident Indians	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	875	867	860	830	797	765	775	862	905	903	916	862	841	883	871	845	835
Foreign nationals	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	0	0	0	0	0	0	0	0	0	0	–	–	–	–	–	–
Investor education fund	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Directors and their relatives	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	3	3	3	3	3	3	3	3	3	3	3	3	–	–	–	–	–
Key managers	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2	2	2	1	1	1	1	1	1	2	2	2	2	2	1	1	1
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	44	13	19	9	9	7	6	9	9	8	7	8	882	873	853	851	872
Clearing Members	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	6	4	–	6	–	–	–	1	4	3	2	2	1
Trusts	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	3	3	–	3	–	–	–	1	4	4	4	4	4
Hindu undivided families	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	848	842	825	825	843
LLP	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	26	24	22	20	24

NCL Industries promoters

Promoters are the founders, families and companies that control the company, as its filings name them. Every member of the promoter group holding shares in the filing for Sep 2026; the largest is RAVI KALIDINDI, 7.31%. The filing names 9 more members with no shares.Promoter buying and selling

Holder
RAVI KALIDINDIIndividuals and Hindu undivided families	7.31%	33,05,757	0.00%
GAUTAM KALIDINDIIndividuals and Hindu undivided families	6.16%	27,87,201	0.00%
ROOPA KALIDINDIIndividuals and Hindu undivided families	5.98%	27,04,419	0.00%
KALIDINDI POOJAIndividuals and Hindu undivided families	4.20%	18,97,669	0.00%
ANURADHA KALIDINDIIndividuals and Hindu undivided families	3.31%	14,98,760	0.00%
KAKATIYA INDUSTRIES PRIVATE LIMITEDIndian companies, trusts and others	1.47%	6,64,189	0.00%
GORADIA VINODRAI VACHHARAJ GORADIA CHARULATA VINODRAIIndividuals and Hindu undivided families	1.38%	6,22,318	0.00%
DIVYA PENUMACHAIndividuals and Hindu undivided families	1.28%	5,79,857	0.00%
NCL HOLDINGS (A&S) LIMITEDIndian companies, trusts and others	1.15%	5,18,961	0.00%
NCL BUILDTEK LIMITEDIndian companies, trusts and others	1.08%	4,90,545	0.00%
GORADIA CHARULATA VINODRAI GORADIA VINODRAI VACHHARAJIndividuals and Hindu undivided families	0.83%	3,73,981	0.00%
NARASIMHA RAJU PENMETSAIndividuals and Hindu undivided families	0.83%	3,75,500	99.87%
BIMAL VINODRAI GORADIA MEERA BIMAL GORADIAIndividuals and Hindu undivided families	0.77%	3,46,547	0.00%
ASHVEN DATLAIndividuals and Hindu undivided families	0.74%	3,32,555	100.00%
NCL HOMES LIMITEDIndian companies, trusts and others	0.65%	2,96,088	0.00%
SUBBA RAJU BHUPATIRAJUIndividuals and Hindu undivided families	0.57%	2,59,605	0.00%
BLUE VALLEY DEVELOPERS PRIVATE LIMITEDIndian companies, trusts and others	0.50%	2,26,485	0.00%
KALIDINDI MADHU HUFIndividuals and Hindu undivided families	0.44%	1,99,229	0.00%
VARALAKSHMI PENMETSAIndividuals and Hindu undivided families	0.39%	1,76,355	99.23%
GOTTUMUKKALA JYOTHIIndividuals and Hindu undivided families	0.37%	1,66,992	0.00%
UTKAL BIMALKUMAR GORADIA BIMAL VINODRAI GORADIAIndividuals and Hindu undivided families	0.35%	1,58,143	0.00%
GEETA GORADIA NIRHMAL V GORADIAIndividuals and Hindu undivided families	0.31%	1,39,015	0.00%
MEERA BIMAL GORADIA BIMAL VINODRAI GORADIAIndividuals and Hindu undivided families	0.29%	1,29,135	0.00%
GOKUL SRINIVASARAGHAVANIndividuals and Hindu undivided families	0.21%	96,399	0.00%
MADHAVI PENUMASTAIndividuals and Hindu undivided families	0.20%	92,402	0.00%
NIRHMAL V GORADIAGEETA NIRHMAL GORADIAIndividuals and Hindu undivided families	0.20%	92,463	0.00%
ASHWIN GORADIA BHARTI GORADIAIndividuals and Hindu undivided families	0.19%	86,859	0.00%
KANUMILLI SUDHEERIndividuals and Hindu undivided families	0.19%	87,307	0.00%
PADMA GOTTUMUKKALAIndividuals and Hindu undivided families	0.19%	85,225	0.00%
VENKATA SATYA PADMAVATHI GOTTUMUKKALASUVARNA ALLURUSUREKHA GOTTUMUKKALAIndividuals and Hindu undivided families	0.16%	72,445	0.00%
BHARTI GORADIA ASHWIN GORADIAIndividuals and Hindu undivided families	0.12%	53,191	0.00%
MADHU KALIDINDIIndividuals and Hindu undivided families	0.11%	50,000	0.00%
N JANAKIIndividuals and Hindu undivided families	0.10%	45,155	0.00%
VEGESANA SAILAJAIndividuals and Hindu undivided families	0.09%	40,152	0.00%
K MALLIKAIndividuals and Hindu undivided families	0.08%	36,263	0.00%
NISHI ASHWIN GORADIAIndividuals and Hindu undivided families	0.07%	30,000	0.00%
DITI ASHWIN GORADIANon-resident and foreign individuals	0.07%	30,000	0.00%
G.T.SANDEEPIndividuals and Hindu undivided families	0.05%	23,722	100.00%
VIKRAM CHEMICALS P LTDIndian companies, trusts and others	0.04%	18,764	0.00%
MEENA SHAHIndividuals and Hindu undivided families	0.03%	12,474	0.00%
SATYANARAYANA RAJU PENMETCHAIndividuals and Hindu undivided families	0.02%	10,000	0.00%
KANUMILLI MALATHIIndividuals and Hindu undivided families	0.02%	8,493	0.00%

Pledged is the share of the holder's own shares pledged to a lender.

Largest public holders of NCL Industries, filing by filing

Per cent, on the same shares as the split above.

Holder	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
ANAND RATHI GLOBAL FINANCE LIMITEDCompanies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.79%	2.79%	2.79%	2.79%	2.79%	2.79%	2.79%	2.79%	2.79%	2.79%	2.79%	2.79%
INVESTOR EDUCATION AND PROTECTION FUND AUTHORITY MINISTRY OF CORPORATE AFFAIRSInvestor education fund	–	–	–	–	1.46%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.24%	2.28%	–	2.27%	2.27%
INTEGRATED INSURANCE BROKING SERVICES PRIVATECompanies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.57%
BHARAT C JAINResident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.12%
BYNA MURALIResident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.03%	–	–	–	–	–	1.11%
BYNA MURALI BYNA SAILAJA NARASIMHA RAJU BYNAResident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.00%	1.02%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.06%	1.06%	1.08%	1.11%	1.11%	–
BHARAT C JAIN AMIT BHUTRAResident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.02%	1.05%	–
Investor Education and Protection Fund (IEPF)Investor education fund	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.75%	1.75%	1.74%	–	–	2.02%	–	–	–	2.12%	–	–	–	–	2.28%	–	–
ASHOK JAINResident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.20%	–	–	–	–	–	–	–
INVESTOR EDUCATION AND PROTECTION FUNDInvestor education fund	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.02%	–	–	–	–	–	–	–	–	–	–	–	–
PREM KUMAR BHAJANKAResident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.26%	1.51%	–	–	–	–	–	–	–	–	–	–	–	–
BYNA MURALInBYNA SAILAJAnNARASIMHA RAJU BYNAResident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.07%	1.02%	–	–	–	–	–	–	–	–	–	–	–	–	–
DOLLY KHANNAResident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.07%	1.70%	1.75%	1.77%	1.73%	1.60%	1.53%	1.31%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
IEPF AuthorityOther non-institutions	–	–	–	–	–	1.46%	1.46%	1.46%	1.46%	1.58%	1.58%	1.58%	1.58%	1.76%	1.76%	1.76%	1.76%	1.75%	1.75%	1.75%	1.75%	1.75%	1.75%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
CHANDRAVADAN DESAIResident individuals, over ₹2 lakh at face value	1.29%	1.29%	1.29%	1.04%	1.05%	1.05%	1.05%	–	–	–	–	–	1.42%	1.18%	1.18%	1.18%	1.10%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
B SUMANTHKUMAR REDDYResident individuals, over ₹2 lakh at face value	2.06%	1.92%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.01%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE OF HSBC INDIA INFRASTRUCTURE EQUITY MOTHER FUNDInstitutions Foreign Portfolio Investor	–	–	–	–	–	1.05%	1.05%	–	–	–	–	–	–	–	1.17%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
HSBC INDIAN EQUITY MOTHER FUNDInstitutions Foreign Portfolio Investor	–	–	–	–	1.14%	1.14%	1.14%	–	–	–	–	–	1.14%	1.11%	1.11%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
SUNDARAM ALTERNATIVE OPPORTUNITIES FUND - NANO CAP SERIES I IN30179910084199Alternative investment funds	–	–	–	–	–	–	–	2.56%	2.56%	2.56%	2.56%	2.56%	2.73%	2.83%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE OF HSBC INDIA INFRASTRUCTURE EQUITY MOTHER FUND IN30014210679066Institutions Foreign Portfolio Investor	–	–	–	–	–	–	–	1.05%	1.20%	1.20%	1.20%	1.20%	1.20%	1.17%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
SUMANTHA KUMAR REDDY BResident individuals, over ₹2 lakh at face value	–	–	2.19%	2.19%	1.78%	1.78%	1.78%	–	1.78%	–	–	–	1.03%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
SUMANTHA KUMAR REDDY B IN30021412246081Resident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	1.78%	–	1.78%	1.78%	1.56%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
CHANDRAVADAN DESAI 1202770000390929Resident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	1.05%	–	–	1.18%	1.18%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
HSBC INDIAN EQUITY MOTHER FUND IN30014210540671Foreign venture capital investors	–	–	–	–	–	–	–	1.14%	1.14%	1.14%	1.14%	1.14%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
RAJNEESH JHAWAR IN30021417884257, IN30021416911914Other non-institutions	–	–	–	–	–	–	–	–	–	–	–	1.11%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
RAJNEESH JHAWAR IN30021416911914, IN30021417884257Other non-institutions	–	–	–	–	–	–	–	–	1.11%	1.11%	1.11%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
CHANDRAVADAN DESAI 1202770000021644, 1202770000390929Resident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	1.18%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
CD EQUIFINANCE PRIVATE LIMITED 1202770000027192, 1202770000027061Other non-institutions	–	–	–	–	–	–	–	–	–	1.03%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
CD EQUIFINANCE PRIVATE LIMITED 1202770000027061, 1202770000027192Other non-institutions	–	–	–	–	–	–	–	1.15%	1.15%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
SUNDARAM ALTERNATIVE OPPORTUNITIES FUND - NANO CAP SERIES IAlternative investment funds	–	–	–	–	2.47%	2.56%	2.56%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
CD EQUIFINANCE PRIVATE LIMITEDOther non-institutions	–	–	1.31%	1.31%	–	1.25%	1.25%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
NOMURA SINGAPORE LIMITEDInstitutions Foreign Portfolio Investor	–	–	–	–	1.20%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
CD EQUITYFINANCE PRIVATE LIMITEDOther non-institutions	–	–	–	–	1.06%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
SUBRAMANIAN PResident individuals, over ₹2 lakh at face value	1.16%	1.16%	1.15%	1.14%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
PRANAY DESAIResident individuals, over ₹2 lakh at face value	–	–	1.03%	1.05%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–

A filing names every holder above one per cent, in the company's own words: an insurer's holding can carry one of its funds' names. A dash is a filing that did not name the holder, which includes holding under one per cent.

Who moved in the Sep 2026 filing

Against the Jun 2026 filing. A filing names a public holder only at 1% or more, so a holder no longer named fell under 1% or sold out.

Individuals and others: INTEGRATED INSURANCE BROKING SERVICES PRIVATE newly named at 1.57%; BHARAT C JAIN newly named at 1.12%; BYNA MURALI newly named at 1.11%; 2 more moved