6 most bought stocks by mutual funds in the past one year

Summary: Mutual funds don’t reveal their thinking but their portfolios do. These six stocks have seen the biggest and consistent jumps in mutual fund ownership over the past one year between September 2024–25. Find the names smart money is doubling down on in the story below.

When mutual funds raise their stake in a company, it’s usually a sign worth tracking. Fund managers don’t build large positions on impulse. They do it when they see improving fundamentals or growth visibility. A rising institutional footprint can therefore act as an early, credible m1arker of where long-term conviction is forming.

To understand where this conviction has concentrated most sharply, we analysed mutual fund shareholding changes over the last four quarters. Below, we have highlighted six companies where mutual fund ownership has risen the most between September 2024 and September 2025.

The list features a mix of newly-listed b1usinesses and established names, yet across most of them, fund ownership has increased steadily through the year. Here’s the breakdown:

6. KEI Industries

KEI Industries is an established player in the cables and wires market and one that has rewarded patient investors for years. Funds continue to accumulate KEI on the back of stron1g demand in cables & wires, expanding distribution, and healthy capital allocation. Its five-year average return on capital is a solid 24 per cent. Rising market share and upcoming capacity additions also spell favourable growth ahead.

5. TBO Tek

A fast-emerging institutional favourite, TBO Tek’s platform allows its suppliers (hotels, airlines, car rentals, etc.,) to display and market inventory to independent travel advisors/agencies, tour operators, travel management companies, etc. The travel-tech marketplace has delivered strong revenue growth of 53 per cent annually in the last three years and its asset-light model may also be ticking the right boxes for fund managers looking for scalable platforms.

4. BlackBuck

Despite being loss-making, this logistics-tech platform has been gaining traction from mutual funds, especially in the last three quarters. As India's largest digital platform for truck operators, Blackbuck primarily enables customers to digitally manage tolling and fueling payments through fuel cards, FASTag services, etc. It is also a marketplace where truck operators connect with businesses to meet their transit needs.

3. Afcons Infrastructure

A Shapoorji Pallonji Group company, Afcons Infra, is an engineering, procurement, and construction (EPC) player with operations in India and overseas. Most of its revenue comes from government infra orders, which also raise concentration risk. The company has registered a sober 4 per cent annual revenue growth in the last three years. Its order book was worth Rs 32,681 crore as of September 2025.

2. TeamLease Services

Already a mutual fund favourite, staffing leader TeamLease has seen another leg of accumulation. Even from a high base, the rise is meaningful, which may be an affirmation of the formalisation-of-workforce theme and the company’s strong position in HR outsourcing and flexi-staffing. However, its operating profit margins remain low (1-2 per cent) due to high employee expenses.

1. Awfis Space Solutions

Co-working no longer seems to be a young upstart sector. Awfis Space is the largest flexible workspace solutions company in India and has seen the largest surge in mutual fund ownership in the past year—fund ownership has also risen in each of the past four quarters. Rapid centre additions and the structural tailwind of hybrid work are likely supporting fund conviction.

Want to see which mutual fund schemes hold these stocks and by how much? Explore our Who Owns What tool. It will show you the exact mutual fund ownership, scheme by scheme, for each of these stocks—a neat way to judge conviction and breadth of buying.

Is fund buying enough?

Rising mutual fund ownership can reveal growing institutional conviction. But conviction alone doesn’t make a stock worth buying. What truly matters is quality of the business, strength of the balance sheet, valuation comfort, and evidence that growth is durable—not cyclical luck.

That’s exactly where Value Research Stock Advisor comes in. Our recommendations don’t rely on who is buying or selling. They’re built on deep, independent analysis of fundamentals, competitive advantage and long-term compounding potential.

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