Synopsis:
BlackRock India Fund focuses on high-growth Indian equities, offering diversified exposure across sectors to maximize total returns for investors. Here are the top 10 holdings of BlackRock as of September 30th, 2025.
The BlackRock India Fund, with a total net asset of USD 483,861,436, aims to maximize total returns for its investors. The fund primarily focuses on equities, investing at least seventy percent of its total assets in companies that are either domiciled in India or derive the predominant part of their economic activity from the country.
This approach allows investors to gain exposure to high-growth Indian companies across diverse sectors. Here are the top 10 holdings of BlackRock India Fund as of September 30th, 2025.
1. HDFC Bank Ltd
HDFC Bank, established in 1994, is a leading provider of banking and financial services in India. The bank operates across retail banking, wholesale/corporate banking, and treasury segments.
Its offerings include commercial and investment banking for corporate clients, branch banking for retail customers, and housing loans for property purchases. Internationally, HDFC Bank has branches in Hong Kong, Bahrain, Dubai, and a unit in Gujarat International Finance Tech City, along with representative offices in Kenya, Abu Dhabi, Dubai, London, and Singapore.
The company has a market cap of Rs. 15,54,345.38 crore. Its current market price is Rs. 1011.70, with a weightage in the fund of 9.44 percent. Based on this, the value of the BlackRock India Fund’s holding in HDFC Bank amounts to approximately USD 45,641,125.
2. ICICI Bank Ltd
Incorporated in 1994, ICICI Bank offers a comprehensive range of banking and financial services. It caters to corporate and retail customers through commercial banking, treasury operations, and specialized subsidiaries in investment banking, insurance, venture capital, and asset management. ICICI Bank serves diverse customers, including corporates, SMEs, salaried and self-employed individuals, farmers, senior citizens, and non-resident Indians.
ICICI Bank has a market cap of Rs. 9,90,356.09 crore. The current market price stands at Rs. 1,386.10, and it holds an 8.17 percent weightage in the fund. The corresponding value of the holding is approximately USD 39,514,563.
3. Reliance Industries Ltd
Founded as Reliance Commercial Corporation by Dhirubhai Ambani in 1966, Reliance Industries has expanded into energy, oil & gas, refining, petrochemicals, retail, digital services, media, and entertainment through Jio.
The company operates in textiles, polymers, polyesters, fiber intermediates, aromatics, and elastomers while exploring new energy, innovative materials, and bioenergy. Reliance Industries has a presence in over 100 countries worldwide.
Reliance Industries has a market cap of Rs. 19,97,528.29 crore. Its current market price is Rs. 1,476.10, with a weightage of 6.67 percent in the fund. The value of the fund’s holding is approximately USD 32,255,064.
4. Mahindra and Mahindra Ltd
Founded in 1945 in Ludhiana, Mahindra & Mahindra has grown into a global conglomerate operating in over twenty industries. Its operations span automobiles (including SUVs, LCVs, electric vehicles, trucks, buses, and motorcycles), farming (India’s largest tractor manufacturer), and services through Mahindra Finance and Tech Mahindra. The group is also involved in hospitality, real estate, renewables, logistics, steel manufacturing, auto recycling, defense, and aerospace, serving urban and rural customers globally.
Mahindra & Mahindra has a market cap of Rs. 4,51,736.72 crore and a current market price of Rs. 3,632.70. Its weightage in the fund is 5.57 percent, which translates to a holding value of approximately USD 26,938,309.
5. Kotak Mahindra Bank Ltd
Kotak Mahindra Bank, established in 1985, is the flagship company of the Kotak Group and a diversified financial services conglomerate. The bank provides commercial banking, investment banking, stock broking, vehicle finance, advisory services, asset management, life and general insurance.
Its operations include four strategic business units: Consumer, Corporate, Commercial Banking, and Treasury. Kotak Mahindra Bank has an overseas presence with a branch in Dubai International Financial Center, UAE.
The company has a market cap of Rs. 4,27,349 crore and a current market price of Rs. 2,223.65. Its weightage in the fund is 4.89 percent, giving it a holding value of approximately USD 23,643,460.
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6. Bharti Airtel Ltd
Established in 1995, Bharti Airtel is a leading telecommunications company in India. Its offerings include 2G, 3G, 4G, and 5G services, Airtel Xstream Fiber, digital TV, DTH, streaming, digital payments, and enterprise ICT solutions including cloud services, cybersecurity, IoT, AdTech, and cloud-based communication solutions.
Bharti Airtel has a market cap of Rs. 11,67,791.17 crore and a current market price of Rs. 2,048. Its weightage in the fund is 4.78 percent, with the holding valued at approximately USD 23,128,380.
7. UltraTech Cement Ltd
UltraTech Cement, the flagship company of the Aditya Birla Group, manufactures and sells cement and related products. Its offerings include Ordinary Portland Cement, Portland Pozzolana Cement, Composite Cement, White Cement, Wall care putty, Ready-mix concrete solutions, Dry mix mortars, plasters, mortars, industrial grouts, and waterproofing solutions. UltraTech also offers white cement under the Birla White brand and provides UltraTech Building Solutions for individual home builders.
The company has a market cap of Rs. 3,61,331.18 crore and a current market price of Rs. 12,261.85. Its weightage in the fund is 4.72 percent, translating to a holding value of approximately USD 22,823,438.
8. Larsen & Toubro Ltd
Incorporated in 1946, Larsen & Toubro (L&T) specializes in engineering, procurement, and construction projects, high-tech manufacturing, and services. Operating in over 50 countries, L&T provides end-to-end capabilities across sectors and manufactures construction and mining equipment, products for electricity distribution, and control systems. The company also offers rural, wholesale, housing, and infrastructure finance, general insurance, and advisory services.
Larsen & Toubro has a market cap of Rs. 5,40,249.62 crore and a current market price of Rs. 3,927.40. Its weightage in the fund is 4.61 percent, with a holding value of approximately USD 22,296,926.
9. HDFC Life Insurance Company Ltd
HDFC Life Insurance is a joint venture between HDFC and Standard Life Aberdeen. Founded in 2000, it offers a range of individual and group products, including Protection, Pension, Savings, Investment, Annuity, and Health.
Its customers include salaried individuals, self-employed individuals with dependents, and companies managing gratuity, superannuation, and leave encashment funds. HDFC Life operates through branches and partnerships nationwide, including NBFCs, MFIs, and small finance banks.
HDFC Life has a market cap of Rs. 1,61,426.18 crore and a current market price of Rs. 748.70. Its weightage in the fund is 3.64 percent, which makes the holding worth approximately USD 17,606,640.
10. TVS Motor Company Ltd
Founded in 1979, TVS Motor Company is India’s third-largest two-wheeler manufacturer. Its portfolio includes mopeds, scooters, commuter motorcycles, and performance bikes like the Apache series and RR310.
It operates four manufacturing plants—three in India (Hosur, Mysore, and Nalagarh) and one in Indonesia (Karawang). TVS Motor has a strong presence in the Middle East, Africa, Southeast Asia, Indian subcontinent, and Latin & Central America.
The company has a market cap of Rs. 1,73,846.25 crore and a current market price of Rs. 3,659.25. Its weightage in the fund is 3.42 percent, giving a holding value of approximately USD 16,528,324.
Written by Manan Gangwar
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