Suzlon Energy, IEX, Reliance Power, ZEEL: How stocks with up to 35% retail stakes fared in 2026

A total of 11 out of 15 BSE500 stocks, where retail holding is highest in percentage terms, managed to beat Sensex returns in 2026 so far. This is even as 10 of them failed to generate positive returns.

These outperforming stocks included Suzlon Energy Ltd, HFCL Ltd, Olectra Greentech Ltd. Zen Technologies Ltd and Praj Industries Ltd. Others included Indian Energy Exchange Ltd (IEX), Sterling and Wilson Renewable Energy Ltd and Zee Entertainment Enterprises Ltd (ZEE).

Retail-heavy shares such as Reliance Power Ltd, Tata Elxsi Ltd, Happiest Minds Technologies Ltd, Titagarh Rail Systems Ltd underperformed Sensex, data compiled by Business Today from corporate database AceEquity suggested. Individuals holding up to Rs 2 lakh worth shares accounted for 35.64 per cent stake in IEX, whose shares are down 5.32 per cent in 2026 so far, still outperforming Sensex's 11.6 per cent slide during the same period.  

Sterling and Wilson Renewable Energy Ltd, where retail holding stood at 35.45 per cent, as of March 31, is down 8.21 per cent year-ago date. ZEE shares have fallen 7.09 per cent in 2026. Retail investors have 35.38 per cent take in the media firm.

Olectra Greentech Ltd, where retail holding at 33.95 per cent is fourth-highest among BSE500 companies, has risen 1 per cent this calendar.

Suzlon Energy Ltd, with 26.67 per cent retail ownership, delivered a flattish return. Reliance Power Ltd, which has 29.99 per cent retail stake, delivered the worst performance, falling 22 per cent. Tata Elxsi Ltd plunged 19.56 per cent, Happiest Minds Technologies 19.27 per cent and Titagarh Rail Systems Ltd 31.71 per cent.

Tanla Platforms, Gujarat State Fertilizers & Chemicals Ltd, NCC Ltd declined 2-8 per cent.

Three retail-heavy stocks bucked the trend, rising up to 100 per cent. HFCL Ltd soared 109.59 per cent, Praj Industries Ltd advanced 20.90 per cent while Zen Technologies Ltd added 18 per cent in 2026 so far.

Market outlook

ICICI Securities in a note expects the broader market to relatively outperform the large caps, as the ratio chart of Nifty500 vs Nifty 100 has resolved breakout of past two years consolidation. Such breakout would result into acceleration in midcap and smallcaps outperformance going ahead.