India’s stock market is approaching a major share-unlock period, with holdings valued at approximately $35 billion set to become eligible for trading across 116 listed companies between November 9, 2026, and February 26, 2027.
The upcoming expiries include prominent names such as Jio Platforms, Shiprocket, Zetwerk Manufacturing Business, the National Stock Exchange of India (NSE) and SBI Funds Management. The schedule could bring these companies into sharper focus as investors assess whether newly tradable shares might increase market supply.
The estimates are based on research by Nuvama Institutional Equities, which examined promoter and non-promoter shareholdings in companies listed up to November 5, 2026.
However, the headline figure needs context: shares becoming eligible for trading are not automatically shares being sold. Many holdings belong to promoters and promoter groups, who may choose to retain their investments.
What does a share lock-in expiry mean?
A share lock-in is a restriction that prevents certain shareholders from selling their holdings for a specified period after a company lists on the stock market. Depending on the applicable rules and the type of shareholder, these restrictions can apply to promoters, pre-listing investors and anchor investors.
When the lock-in period ends, the affected shares become eligible for trading. Shareholders can then sell them, but they are not required to do so.
This distinction matters because the total value of shares being unlocked is not the same as the amount of stock that will actually enter the market. The eventual impact depends on shareholder decisions, the size of the holdings and prevailing market conditions.
Jio Platforms, Shiprocket and Zetwerk among November unlocks
Several companies are scheduled to see their lock-in restrictions expire during November.
| Company | Scheduled expiry | Shares becoming eligible | Share of outstanding equity |
|---|---|---|---|
| Shiprocket | November 16, 2026 | 37 million | 5% |
| Horizon Industrial Parks | November 18, 2026 | 97 million | 3% |
| Zetwerk Manufacturing Business | November 20, 2026 | 75 million | 4% |
| Jio Platforms | November 25, 2026 | 36 million | 0.4% |
Other November expiries include Ardee Industries and OnEMI Technology Solutions on November 9, and LEAP India on November 11.
Jio Platforms’ scheduled unlock involves 36 million shares, equivalent to around 0.4% of its outstanding equity. Shiprocket’s 37 million shares represent approximately 5% of its equity. These percentages offer useful context: the number of shares alone does not show how significant an unlock may be relative to a company’s total share base.
December brings sizeable unlocks in CMR Green and Turtlemint
The calendar includes several substantial shareholding blocks in December.
CMR Green Technologies is scheduled to see 142 million shares, or around 65% of its outstanding equity, become eligible for trading on December 9. Hexagon Nutrition has 67 million shares, representing approximately 54% of its equity, scheduled for December 15.
Turtlemint Fintech Solutions is due to see 160 million shares, equivalent to around 54% of its outstanding equity, become eligible on December 28.
These percentages make the December dates worth monitoring. Still, the actual market effect will depend on the shareholders involved and whether they decide to sell any part of their holdings.
SBI Funds Management has a major January unlock
One of the largest share-unlock events by the proportion of outstanding equity is scheduled for January 18, 2027.
SBI Funds Management is set to see approximately 1.428 billion shares, representing around 70% of its outstanding equity, become eligible for trading on that date.
Other notable January expiries include:
| Company | Scheduled expiry | Shares becoming eligible | Share of outstanding equity |
|---|---|---|---|
| CSM Technologies | January 4, 2027 | 28 million | 55% |
| Knack Packaging | January 11, 2027 | 43 million | 35% |
| Kusumgar | January 14, 2027 | 63 million | 60% |
| Laser Power & Infra | January 18, 2027 | 78 million | 55% |
| SBI Funds Management | January 18, 2027 | 1.428 billion | 70% |
The SBI Funds Management figure stands out because of the size of the shareholding block relative to its total equity. But it should not be interpreted as a forecast that 70% of the company will be sold. It indicates the portion scheduled to become eligible for trading once the restriction expires.
Could the $35 billion unlock trigger market volatility?
A large increase in the number of shares eligible for trading can attract investor attention, particularly when a substantial percentage of a company’s equity is involved. If shareholders decide to sell significant quantities, additional supply could weigh on the stock price, depending on market demand and liquidity.
But a lock-in expiry alone does not establish that selling will happen. Promoters and long-term investors may continue to hold their shares. Some shareholders may also choose to sell only a portion of their holdings or wait for more favourable market conditions.
Investors should therefore avoid treating the entire $35 billion estimate as an impending market sell-off.
What should investors monitor?
As the expiry dates approach, investors may want to keep track of:
- The percentage of equity being unlocked: A large share count can look significant, but its proportion of total outstanding equity provides better context.
- Who holds the shares: Promoter holdings, institutional investments and other pre-listing stakes may have different reasons for being retained or sold.
- Trading volumes and block deals: These can help investors identify whether substantial transactions are taking place after an expiry.
- Company disclosures: Regulatory filings and updated shareholding patterns can provide information about changes in ownership.
- Broader market conditions: Even a sizeable sale may have a different effect depending on liquidity, investor demand and overall sentiment.
The bigger picture
The upcoming lock-in expiries represent a significant event for India’s equity market, with shares valued at an estimated $35 billion across 116 companies becoming eligible for trading over the coming months.
Jio Platforms and Shiprocket feature in the November calendar, while CMR Green Technologies, Turtlemint Fintech Solutions and SBI Funds Management have notable later expiries. The dates provide investors with a useful schedule of potential changes in tradable share supply.
The most important point is to distinguish between an unlock and an actual sale. The market impact will become clearer as shareholders make decisions and companies disclose changes in their ownership patterns.
Disclaimer: This article is for informational and educational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investors should review official company disclosures and consult a qualified financial adviser before making investment decisions.