LIC’s NSE Holding Set To Rank Fifth Among Its Largest Equity Investments

Life Insurance Corporation of India (LIC) is set to add the National Stock Exchange (NSE) to its list of top equity holdings, with the exchange expected to become the insurer’s fifth-largest listed investment once it enters the stock market.

Based on LIC’s shareholding as of the March 2026 quarter and an assumed NSE share price of ₹2,100, the insurer’s stake in the exchange is estimated to be worth about ₹56,105 crore. According to data analysed by Moneycontrol, this would place NSE ahead of several blue-chip companies in LIC’s equity portfolio, including HDFC Bank, Infosys, Tata Consultancy Services (TCS) and ICICI Bank.

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LIC held 26.53 crore shares in NSE at the end of the March quarter, representing a 10.72% stake in the exchange.

Reliance Continues To Lead LIC’s Portfolio

Reliance Industries remains LIC’s largest listed equity investment. As of the March 2026 quarter, the insurer owned a 6.8% stake in the company, valued at around ₹1.18 lakh crore based on the current market price.

State Bank of India occupies the second position, with LIC’s 8.78% holding valued at ₹83,219 crore. Larsen & Toubro follows with a stake worth ₹70,927 crore, while ITC ranks fourth with an estimated value of ₹57,672 crore. If valued at ₹56,105 crore, NSE would move into fifth place in LIC’s portfolio.

NSE Would Overtake Several Large Companies

The estimated value of LIC’s investment in NSE places it ahead of several long-held investments.

LIC’s stake in HDFC Bank is valued at ₹49,738 crore, while its investment in Bharti Airtel stands at ₹44,850 crore. The insurer’s holdings in Infosys and ICICI Bank are valued at ₹44,871 crore and ₹44,220 crore, respectively. Its investment in TCS is worth ₹41,846 crore, while the stake in ONGC is valued at ₹29,935 crore.

The reshuffling reflects changes in valuation rather than fresh purchases, with NSE’s expected listing increasing the visibility of LIC’s holding in the exchange.

Performance Of Major Holdings Has Been Mixed

According to Prime Database data cited by Moneycontrol, LIC’s largest investments have delivered varied returns since the beginning of 2024. Reliance Industries has gained around 2% during the period, while Larsen & Toubro has advanced 20%. State Bank of India has risen 62%, Bharti Airtel has gained 89%, ICICI Bank has increased 35% and ONGC has added about 20%.

In contrast, ITC has declined nearly 38%, Infosys has fallen around 32%, TCS has dropped approximately 44% and HDFC Bank has slipped 8%. During the same period, the Sensex and Nifty gained 6.3% and 10.4%, respectively.

Portfolio Share Sees Minor Change

Prime Database data showed that LIC’s share by value in NSE-listed companies stood at 3.71% as of March 31, 2026, compared with 3.72% in the previous quarter. The total value of the insurer’s holdings declined 13.63% quarter-on-quarter to ₹15.11 lakh crore.

However, LIC’s share based on free-float market capitalisation increased marginally to 7.42% from 7.39% in the preceding quarter. Its average ownership by number of shares across all NSE-listed companies remained unchanged at 0.61%.

The anticipated listing of NSE is expected to bring one of LIC’s largest unlisted investments into the listed portfolio, further reshaping the composition of its equity holdings without altering its overall investment strategy.