RBI Releases 2025-26 Census on Foreign Liabilities and Assets

The Reserve Bank of India (RBI) has released the provisional results of its annual Census on Foreign Liabilities and Assets (FLA) for 2025-26, offering insights into India's foreign investment position, overseas investments and cross-border financial exposure. The data, released on 6 November 2026, covers Indian companies, Limited Liability Partnerships (LLPs), Alternative Investment Funds (AIFs) and partnership firms having inward and/or outward direct investment.

The latest census highlights the growing role of unlisted companies in India's foreign investment landscape, identifies the leading countries contributing to Foreign Direct Investment (FDI), and provides a detailed picture of Indian entities' overseas investments and other international financial obligations.

Key Highlights of RBI's FLA Census 2025-26

The RBI's latest findings reveal several important trends in India's foreign investment position as of the end of March 2026.

• 43,123 Indian entities reported Foreign Direct Investment (FDI) and/or Overseas Direct Investment (ODI).
• Around 97% of the entities reporting FDI and/or ODI were unlisted companies and other entities.
• Non-financial companies accounted for more than 90% of FDI equity at face value.
• The ratio of inward FDI to outward ODI moderated to 4.2 times, compared with 5.5 times in the previous year.
• Other investment liabilities with unrelated non-residents increased by 11.9% year-on-year.
• The United States remained India's largest source of outstanding FDI, followed by Mauritius, Singapore and the United Kingdom.
• Manufacturing accounted for the largest share of outstanding FDI equity capital at market value.

1. Unlisted Entities Account for 97% of FDI/ODI Reporting Entities

One of the significant findings of the RBI census is the substantial participation of unlisted entities in India's foreign investment ecosystem.

Out of the total 43,123 entities reporting FDI and/or ODI as of the end of March 2026, approximately 97% were unlisted entities.

The census also recorded 36,168 Indian entities with inward direct investment. Around 75% of these companies were subsidiaries of foreign companies.

The findings indicate that foreign investment activity in India extends well beyond publicly listed companies, with unlisted businesses accounting for a substantial part of the reporting base.

2. Non-Financial Companies Hold More Than 90% of FDI Equity at Face Value

The RBI data highlights the dominant position of non-financial companies in India's FDI equity structure.

As of March 2026, the total FDI equity capital at face value stood at approximately ₹11.08 lakh crore.

Non-financial companies accounted for around ₹10.06 lakh crore of this amount, representing more than 90% of the total FDI equity capital.

Financial companies, on the other hand, accounted for approximately ₹1.02 lakh crore.

This indicates that foreign investment continues to have a significant presence in India's non-financial business sector.

3. Listed and Unlisted Companies Have Nearly Equal Shares in FDI Equity at Market Value

While unlisted entities dominate in terms of the number of reporting entities and FDI equity at face value, the picture is different when investments are measured at market value.

According to the RBI census, the outstanding FDI equity capital at market value increased from approximately ₹63.04 lakh crore in March 2025 to ₹68.45 lakh crore in March 2026, registering growth of 8.6%.

The corresponding figures were:

• Listed companies: ₹33.26 lakh crore in March 2026.
• Unlisted companies: ₹35.19 lakh crore in March 2026.

The data shows that listed and unlisted companies held almost equal shares of total FDI equity capital at market value.

However, the distribution of FDI debt was considerably different. Unlisted companies accounted for approximately 96.6% of total FDI debt as of March 2026.

4. Inward FDI to ODI Ratio Moderates to 4.2 Times

Another important observation from the RBI report is the moderation in the ratio of inward Foreign Direct Investment to Overseas Direct Investment.

In rupee terms, the ratio declined to 4.2 times as of the end of March 2026, compared with 5.5 times in the previous year.

The data indicates that India's overseas investment position has expanded relative to inward investment, although inward FDI continues to remain significantly higher than outward direct investment.

At market value, total inward direct investment stood at approximately ₹70.72 lakh crore, while outward direct investment reached around ₹16.71 lakh crore as of March 2026.

5. Other Foreign Investment Liabilities Rise by 11.9%

The RBI census also captures financial relationships beyond direct equity investments, including trade credit, loans, currency and deposits, and other receivables and payables involving unrelated non-resident entities.

As of March 2026, other investment liabilities increased by 11.9% year-on-year in rupee terms, reaching approximately ₹34.33 lakh crore.

During the same period, other investment assets with unrelated non-residents increased by 16.1% to approximately ₹17.26 lakh crore.

The figures reflect the growing scale of financial and commercial transactions between Indian entities and overseas counterparties.

6. United States Remains the Largest Source of FDI in India

The United States continued to be the largest source of India's outstanding FDI as of March 2026.

The country-wise distribution of outstanding FDI reveals the following leading investment sources:

The United States was followed by Mauritius and Singapore, highlighting the continued importance of these countries in India's foreign investment structure.

Together, these countries represent a significant portion of India's outstanding foreign direct investment.

7. Singapore, UAE and USA Lead India's Overseas Investments

The RBI report also provides insights into the destinations of India's Overseas Direct Investment (ODI).

Singapore, the United Arab Emirates (UAE) and the United States were the top destinations for Indian overseas investments, together accounting for more than 50% of total ODI.

The country-wise distribution of ODI was as follows:

Singapore emerged as the largest destination, followed by the UAE and the United States.

These figures underline the importance of international expansion and cross-border investment by Indian businesses.

8. Manufacturing Sector Accounts for 50.1% of Outstanding FDI Equity

The sector-wise distribution of FDI also reveals the strong presence of foreign investment in India's manufacturing sector.

As per the RBI census, manufacturing accounted for 50.1% of total outstanding FDI equity capital at market value as of March 2026.

The services sector accounted for another 45% share.

This means that manufacturing and services together represented more than 95% of India's outstanding FDI equity capital at market value, highlighting their importance in attracting overseas investment.

What Does the RBI's FLA Census Indicate?

The 2025-26 FLA census provides a comprehensive view of India's foreign investment position and the international financial exposure of Indian businesses.

The findings highlight three important developments:

1. Greater participation by unlisted entities: The overwhelming share of unlisted entities in the reporting base demonstrates that foreign investment activity is not limited to listed companies.

2. Changing cross-border investment patterns: The moderation in the inward FDI-to-ODI ratio indicates a relatively stronger expansion in India's outward investment position.

3. Continued importance of manufacturing and services: These sectors remain the major destinations for foreign equity investment in India.

The report is particularly relevant for businesses, finance professionals, policymakers and researchers tracking India's international investment position, foreign capital flows and cross-border financial relationships.