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India’s mainboard IPO market raised the most money from financial-services companies in FY2025–26, but capital-goods companies had the most listings. The distinction matters: the data show finance leading by proceeds, not engineering or industrial issuers disappearing. The latest complete sector comparison available here covers April 2025 through March 2026—not calendar 2026.
What changed in India’s IPO sector mix?
In FY2025–26, financial-services companies raised ₹59,822 crore across 12 mainboard IPOs, more than any other sector. Capital goods led by listing count, with 19 IPOs. SEBI reported 11 each for services and healthcare, and 12 for financial services. These figures describe different measures of activity: proceeds indicate the amount raised, while listing counts indicate how many companies came to market. SEBI’s April 2026 bulletin reports total FY2025–26 mainboard IPO proceeds of ₹1,77,029 crore.
Financial services therefore accounted for about 33.8% of total proceeds, a calculation using SEBI’s reported ₹59,822 crore and ₹1,77,029 crore totals. SEBI attributes the sector’s fundraising concentration to large offerings by NBFCs and asset-management companies, naming Tata Capital, HDB Financial Services, ICICI Prudential AMC and Canara Robeco.
Which sectors raised the most money?
The full-year SEBI figures show a broad spread beyond financial services. The table retains SEBI’s sector labels rather than recasting them as “engineering” or manufacturing.
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| SEBI mainboard sector, FY2025–26 | IPO proceeds |
|---|---|
| Financial services | ₹59,822 crore |
| Consumer services | ₹25,891 crore |
| Other sectors | ₹23,799 crore |
| Consumer durables | ₹16,878 crore |
| Capital goods | ₹14,865 crore |
| Automobile and auto components | ₹10,274 crore |
| Services | ₹9,464 crore |
| Healthcare | ₹9,007 crore |
| Information technology | ₹7,021 crore |
These categories and proceeds are from SEBI’s FY2025–26 mainboard chart. IPO proceeds can include shares sold by existing shareholders as well as newly issued shares. The Ministry of Finance’s Economic Survey summary noted the prominence of offer-for-sale components in the market through December 2025; proceeds should not automatically be read as money flowing into the issuing company.
Did financial services take over from engineering?
That wording overstates what the figures establish. SEBI’s category is “Capital Goods,” not “engineering,” and capital goods remained a substantial proceeds category at ₹14,865 crore while recording the highest number of mainboard IPOs. The evidence supports a shift in fundraising weight toward financial services, not the disappearance of engineering-related or industrial businesses from IPOs.
The distinction also depends on the classification system. NSE’s “Industrials” category is not interchangeable with SEBI’s “Capital Goods,” and NSE’s consumer categories are broader. For FY2025–26 through November 2025, NSE reported that mainboard fundraising was 34% consumer discretionary and 33% financials; on the SME platform, industrials led at 36%, followed by consumer discretionary at 24%. Those are interim figures using NSE classifications, so they should not be treated as a direct full-year comparison with SEBI’s sector chart. NSE Market Pulse provides the exchange’s breakdown.
How did the mix develop during the fiscal year?
SEBI’s interim snapshots show financial services at the top of proceeds shares as FY2025–26 progressed. The reported percentages are cumulative through each month, not separate monthly totals.
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| Period covered | Financial services | Other reported sector shares |
|---|---|---|
| Through January 2026 | 36% | Consumer services 16%; consumer durables 10%; capital goods 9%; automobiles 6% |
| Through February 2026 | 35% | Consumer services 15%; consumer durables 10%; capital goods 8%; automobiles 5%; healthcare 5%; services 4%; IT 4% |
| Full FY2025–26 | ₹59,822 crore, about 33.8% of total proceeds (calculated) | SEBI’s April bulletin reports the full-year sector proceeds in the preceding table |
The January and February percentages come from SEBI’s respective bulletins: February 2026 and March 2026. The February bulletin also said six of the ten largest issuances to that point were from financial services. Small changes between snapshots reflect the cumulative period expanding; they are not evidence on their own of a sudden monthly reversal.
What does the broader IPO activity tell investors?
The sector shift occurred amid a busier market, but broad activity figures do not establish which sector will perform best after listing. The Economic Survey 2025–26 summary published by the Press Information Bureau said IPO volumes through December FY2025–26 were 20% higher and proceeds 10% higher than in the corresponding FY2024–25 period. Over the same comparison, SME listings rose to 217 from 190, and SME funds mobilized increased to ₹9,635 crore from ₹7,453 crore. These are through-December comparisons, not full-year sector totals. The PIB summary of the Economic Survey also highlights the role of offer-for-sale shares.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Does this describe IPOs in calendar 2026?
No. FY2025–26 ended on March 31, 2026; calendar 2026 runs through December. The full-year sector comparison above is therefore a fiscal-year result, not a claim about all IPOs in calendar 2026 or the current FY2026–27 mix.
SEBI’s publication index lists a bulletin dated September 23, 2026, but its linked annexure is not available in a readable form among the cited material. A current FY2026–27 or calendar-year 2026 sector leader is consequently not established here. Readers checking newer figures should confirm the period, whether the numbers cover mainboard or SME issues, and the classification used. SEBI’s statistics page is the official starting point for its market-statistics publications.
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