Census on Foreign Liabilities and Assets of Indian Direct Investment Entities 2025-26

November 06, 2026

Census on Foreign Liabilities and Assets of Indian Direct Investment Entities for 2025-26

Today, the Reserve Bank released the provisional results of the 2025-261 round of the annual census on foreign liabilities and assets (FLA) covering cross-border liabilities and assets of the Indian entities [viz., companies, limited liability partnerships (LLPs), alternative investment funds (AIFs) and partnership firms] with inward/outward direct investment. The FLA census captures detailed information on foreign liabilities and assets in terms of direct investment, portfolio investment and other investments comprising of trade credit, loans, currency & deposits and other payables and receivables accounts, activity sector, sales, purchase, exports, and imports. The variations in outstanding foreign assets / liabilities between the beginning and end of a financial year would be different from flows recorded in India’s balance of payments (BoP) statistics during the year, as the former would also include valuation changes due to price and exchange rate movements.

Key highlights:

• Of the total number of Indian entities reporting foreign direct investment (FDI) and/or overseas direct investment (ODI), around 97 per cent entities were unlisted as at end-March 2026, and also held a major share in total FDI equity capital (at face value) in India (Tables 1 and 2A).

• Non-financial companies accounted for more than 90 per cent of the FDI equity at face value (Table 2B).

• In terms of market value, listed and unlisted companies had almost equal share in total FDI equity capital as at end-March 2026, however, 96.6 per cent of the FDI debt is held by unlisted companies (Table 3A).

• In rupee terms, the ratio of inward FDI to ODI moderated to 4.2 times as on end-March 2026 from 5.5 times a year ago (Table 3B).

• Other investment liabilities [viz., trade credit, loans, currency and deposits, and other payables with unrelated (third party) non-resident entities] recorded a growth of 11.9 per cent (y-o-y) in rupee terms as on end-March 2026; other investment assets with unrelated non-residents also rose by 16.1 per cent during the same period (Table 4).

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1 The previous data release in the series, covering 2024-25 census round, was published on October 29, 2025, on the RBI website.

प्रेस प्रकाशनी PRESS RELEASE

भारतीय ǐरज़वर् बैंक

RESERVE BANK OF INDIA

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• The United States of America (16.5 per cent) followed by Mauritius (14.5 per cent), Singapore (13.7 per cent) and the United Kingdom (10.8 per cent) were the top sources of outstanding FDI. In case of ODI, Singapore, the United Arab Emirates and the United States of America were the top destinations together accounting for more than 50 per cent share (Tables 5 and 6).

• Manufacturing sector accounted for the highest share in the total outstanding FDI equity capital at market value (50.1 per cent), while 45 per cent share was held by services sector (Tables 7 and 8).

(Brij Raj) Press Release: 2026-2027/1463 Chief General Manager

Table 1: Coverage in FLA Census, 2025-26

Note: 43,123 entities reported FDI and/or ODI as on end-March 2026. Of these entities, 36,127 had also reported in the previous round of FLA census. 36,168 Indian entities reported inward direct investment, out of which about 75 per cent companies were subsidiaries of foreign companies. Indian entity is defined as foreign subsidiary if a single foreign investor holds more than 50 per cent of total equity of Indian entity. 1 LLP: Limited Liabilities Partnership; 2 Includes entities who have only overseas direct investment

Table 2A: Foreign Equity Participation of FDI Entities – Listed and Unlisted (amount in ₹ crore at face value, end-March 2026)

Note: 1. Numbers in parenthesis indicate the number of entities in the respective category. 2. Components may not add up to the total due to rounding off (applicable for all tables).

Table 2B: Foreign Equity Participation of FDI Entities – Financial and Non-Financial (amount in ₹ crore at face value, end-March 2026)