2 mid caps both Goldman Sachs and Nomura own

Summary: Despite widespread FPI selling this year, a handful of stocks continue to draw conviction from foreign heavyweights. Two mid caps, for instance, feature on both Goldman Sachs’ and Nomura’s buy lists—a signal worth paying attention to.

Foreign investors may be offloading Indian equities, but they’re not walking away entirely. Even in a year when foreign portfolio investors (FPIs) have sold Rs 1.52 lakh crore worth of shares—being net sellers in six of the last 10 months—two of the world’s biggest money managers, Goldman Sachs and Nomura Asset Management, continue to share conviction in two mid-cap stocks, each holding more than 1 per cent stakes in them, as per data on Finology Ticker.

When two heavyweight FPIs overlap in their Indian portfolios, it’s worth a closer look. We spotlight the two mid-cap companies that feature on both their buy lists and explain why they may merit a place on your watchlist.

1) Amber Enterprises: India’s manufacturing play

As of the September 2025 quarter (Q2 FY26), Goldman Sachs India Equity Portfolio owned 1.67 per cent of Amber Enterprises—5.86 lakh shares worth about Rs 411 crore. Nomura India Investment Fund was a new entrant, picking up a 1.07 per cent stake or 3.76 lakh shares valued near Rs 264 crore. That’s substantial foreign money riding on a stock that sits at the intersection of two powerful themes: India’s manufacturing push and the rising demand for cooling solutions.

Amber Enterprises makes air conditioners and components for almost every major brand in India. From split and window ACs to compressors, motors, and heat exchangers, Amber quietly powers a large part of India’s room air-conditioner market—where it holds nearly 24 per cent share.

Over time, it has also branched into electronics manufacturing—assembling circuit boards and devices for consumer and industrial use—and even supplies HVAC systems and components to the railways and defence sectors. With 30 factories, Amber’s scale gives it an edge as global and local manufacturers look to “Make in India” for the world.

2) Five-Star Business Finance: A bet on small entrepreneurs

The second overlap couldn’t be more different. Goldman Sachs held a 1.18 per cent stake in Chennai-based NBFC Five-Star Business Finance as of Q2 FY26—about 34.6 lakh shares worth Rs 219 crore. Nomura owned 2.06 per cent, or 60.5 lakh shares valued at Rs 383 crore.

And they’re not alone. The company’s shareholder list also includes the Government Pension Fund of Norway (1.44 per cent) and Fidelity’s India Focus Fund (2.61 per cent), signalling broader foreign interest in this niche lender.

Five-Star Business Finance lends to the kind of borrowers most banks don’t touch—small shop owners, traders, and self-employed workers in semi-urban and rural India.

Its loans are small—around Rs 3–4 lakh on average—but backed by collateral such as a small piece of land or home. For many borrowers earning Rs 25,000–40,000 a month, this is often the only source of business capital.

That niche focus has helped the company become one of South India’s fastest-growing lenders, with its assets under management rising to Rs 12,850 crore in Q2 FY26, up 18 per cent year-on-year. Profitability has held up, though bad loans inched higher in Q2, with gross NPA jumping to 2.64 per cent from 1.47 per cent a year ago.

What global investors see in India

Both Goldman and Nomura consider India as one of the most attractive long-term markets in the world. For Goldman, the appeal lies in “smaller, early-stage companies trading at inexpensive valuations”. Nomura, meanwhile, sees India as “a large, fast-growing economy where market inefficiencies create opportunities for active managers”.

In other words, India’s breadth and relative inefficiency make it a playground for patient investors who can identify long-term compounders early.

Amber and Five-Star, different as they are, share one common thread—they are beneficiaries of India’s domestic growth engines: manufacturing and small enterprise credit.

What investors should remember

Just because these names feature in the portfolios of global fund managers doesn’t make them automatic buys. Institutional portfolios are shaped by mandates, diversification needs, and investment horizons that may differ from individual investors.

Instead, treat such overlaps as signals to dig deeper. They highlight where smart global money is quietly taking exposure in India—but not where you should blindly follow.

Which Indian mutual funds hold the two stocks?

If you’d like to see which Indian mutual funds also hold these two names, check our Who Owns What tool. Simply enter the stock name and the tool will throw up the full list of mutual fund schemes with their respective holdings in the company.

And if you want to go beyond what big global funds are buying, explore Value Research Stock Advisor—where we don’t just track where the smart money is moving; we dig deeper into why—identifying companies built to create wealth across cycles, not just quarters.

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