Synopsis: In Q4 FY26, the Government of Singapore made strategic adjustments to its portfolio, including a fresh stake in Eternal Limited, increased holdings in HDFC Bank, and reduced stakes in Apollo Hospitals and Shriram Finance.
In Q4 FY26, the Government of Singapore made notable adjustments to its portfolio, including both increases and reductions in its equity holdings across various sectors in Indian-listed companies. These changes reflect ongoing strategic reallocation decisions, with the sovereign investor responding to evolving global market conditions, sectoral trends, and shifting valuation dynamics.
While such portfolio adjustments typically attract market attention, they should not be interpreted as direct signals of fundamental concerns but rather as part of the broader, dynamic approach to capital management and investment diversification. Here are the Q4 adjustments to the Government of Singapore’s portfolio
Fresh Stake
Eternal Limited
Eternal Limited (formerly Zomato Limited) is a prominent Indian multinational technology company headquartered in Gurugram, which rebranded in February 2025 to reflect its evolution from a food delivery service into a diversified consumer-internet conglomerate. The company operates a multi-vertical ecosystem including its flagship food delivery platform Zomato, quick-commerce service Blinkit, B2B restaurant supplier Hyperpure, and the “going-out” platform District.
In the March quarter of 2026, the Government of Singapore picked a fresh stake of 1.1 percent in the company, which has a holding value of Rs. 2,593.8 crore with ownership of 1,073.76 lakh shares.
The company’s revenue rose by 202 percent from Rs. 5,405 crore in December 2024 to Rs. 16,315 crore in December 2025. Meanwhile, the Net profit rose from Rs. 59 crore to Rs. 102 crore during the same period.
Vishal Mega Mart Ltd
Vishal Mega Mart Ltd is a leading Indian value-retail chain operating as a fashion-led hypermarket, with many stores and a strong online presence. Catering primarily to middle and lower-middle-income consumers, it offers an extensive range of fashion apparel, general merchandise, and FMCG products at affordable prices.
In the March quarter of 2026, the Government of Singapore picked a fresh stake of 2.8 percent in the company, which has a holding value of Rs. 1,503.9 crore with ownership of 1,313.42 lakh shares.
The company’s revenue rose by 17.04 percent from Rs. 3,136 crore in December 2024 to Rs. 3,670 crore in December 2025. Meanwhile, the Net profit rose from Rs. 263 crore to Rs. 313 crore during the same period.
Increase Stake
HDFC Bank Limited
HDFC Bank Limited is one of India’s leading private-sector banks, offering a wide range of financial products and services to individuals, businesses, and corporations. Established in 1994, the bank provides services such as retail banking, corporate banking, treasury, and wealth management. With a strong presence in urban and rural markets, HDFC Bank is known for its customer-centric approach, technological innovations, and robust digital banking services.
In the March quarter of 2026, the Government of Singapore increased its 0.1 percent stake in the company from 2.3 percent in December 2025 to 2.4 percent in March 2026, which has a current holding value of Rs. 25,812.1 crore with ownership of 3,187.67 lakh shares.
The company’s revenue rose by 2.38 percent from Rs. 85,040 crore in December 2024 to Rs. 87,067 crore in December 2025. Meanwhile, the Net profit rose from Rs. 18,340 crore to Rs. 20,691 crore during the same period.
Decrease Stake
Apollo Hospitals Enterprise Ltd
Apollo Hospitals Enterprise Ltd. is one of India’s largest and most trusted healthcare providers, established in 1983. The company operates a vast network of hospitals, clinics, and diagnostic centers across India and internationally. Known for its advanced medical technologies and world-class patient care, Apollo offers a range of services, including tertiary and quaternary healthcare, emergency services, and wellness programs.
In the March quarter of 2026, the Government of Singapore decreased its 0.2 percent stake in the company from 2.3 percent in December 2025 to 2.1 percent in March 2026, which has a current holding value of Rs. 2,281.1 crore with ownership of 30.21 lakh shares.
The company’s revenue rose by 17.20 percent from Rs. 5,527 crore in December 2024 to Rs. 6,477 crore in December 2025. Meanwhile, the Net profit rose from Rs. 379 crore to Rs. 516 crore during the same period.
Shriram Finance Ltd
Shriram Finance Ltd is a leading non-banking financial company (NBFC) in India, primarily offering a range of financial services including vehicle loans, business loans, and personal loans. It caters to both urban and rural markets, with a strong presence in financing commercial vehicles and two-wheelers. The company has a robust customer base and is known for its deep penetration into semi-urban and rural areas.
In the March quarter of 2026, the Government of Singapore reduced its stake in the company from 4.7 percent in December 2025 to less than 1 percent or exited in March 2026.
The company’s revenue rose by 13.76 percent from Rs. 10,698 crore in December 2024 to Rs. 12,171 crore in December 2025. Meanwhile, the Net profit declined from Rs. 3,249 crore to Rs. 2,530 crore during the same period.
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