Equity Resource Mobilization in India: A Sector-wise Analysis

Abstract

The primary equity stock market plays a significant role in mobilizing long term financial resources of a country for productive investment and enhancing economic growth. The present study examines the pattern of equity resource mobilization across twenty-four industry sectors, as classified by The Securities and Exchange Board of India (SEBI), over a decade, covering the period from 2016-17 to 2025-26. Taking secondary data from SEBI and stock exchange publications, the study analyses the number of equity issuances, the amount mobilized from equity issuance, average amount per issue, participation of different industrial sectors in equity issuance and ranking of different sectors on the basis of number of equity issues and funds raised from such issues. The analysis indicates a substantial expansion in India’s equity issuance activity during the study period. Equity resource mobilization, however, was found to be unevenly distributed across sectors. The study concludes that issue frequency and funds mobilized do not necessarily move together, as some sectors raised substantial amounts through relatively lesser issues. Overall, the study highlights that there has been expansion of India’s primary equity market but it has remained heterogeneous in sectoral access, transaction size and timing. The findings provide useful insight into the changing structure of equity resource mobilization across Indian industries and suggest the need for sector-level analysis of primary-market financing.