Hello Community Members 
All of us at Dhan are excited to bring you more market insights from time to time, be it when it comes on our trading platforms, on ScanX or on our community: MadeForTrade.
Dhan was one of the early digital broking platforms that introduced MTF for our users to hold long-term positions (delivery-based) with small margins, while the rest was funded by us (your trading platform); which was eventually followed by many industry peers, including those who said they would never offer margin trading.
Margin Trading Facility (MTF) continues to gain strong momentum among Indian investors. In this thread, we’ll be exclusively tracking the monthly change in the industry book size, the stocks investors are buying through MTF, and how much is being liquidated.
March 2026 — Industry MTF Key Numbers at a Glance
| Metric | Value |
|---|---|
| 2 Apr 2026 MTF Book | ₹1,05,870.30 Cr |
| 2 Mar 2026 MTF Book | ₹1,15,533.86 Cr |
| Net Book Liquidated | -₹9,663.56 Cr |
The net liquidation of ~₹9,663 Cr tells an important story; March was a risk-off month for leveraged investors, with positions being wound down amid market uncertainty.
What Does This Tell Us?
The negative net book (liquidation > addition) in March reflects the broader market mood — investors were cautious and de-risking.
However, the fact that the industry book still stands at over ₹1 lakh crore signals that long-term conviction in MTF as a tool remains intact. Investors are holding their core positions even while trimming at the edges.
Top Stocks traded in MTF in March 2026:
| Sr.No | Company | Funded Qty in March’26 | Funded Qty Change % | Funded Amount (Cr) | Funded Amount Change % | Margin on Dhan |
|---|---|---|---|---|---|---|
| 1 | HDFC Bank | 16,943,711 | +53.28% | 1,435.84 | +40.93% | 4.55x |
| 2 | Reliance Industries | 9,556,362 | +25.49% | 1,337.55 | +21.07% | 4.55x |
| 3 | Hindustan Aeronautics | 2,852,183 | -19.86% | 1,260.03 | -21.06% | 4.17x |
| 4 | Jio Financial Services | 42,397,205 | -0.75% | 1,193.78 | -4.31% | 4.35x |
| 5 | ITC | 28,056,618 | -6.90% | 960.17 | -9.99% | 4.55x |
| 6 | Tata Consultancy Services | 3,207,941 | -15.06% | 945.12 | -17.28% | 4.55x |
| 7 | Vedanta | 15,162,625 | +6.72% | 926.47 | +8.65% | 4.13x |
| 8 | Nazara Technologies | 33,069,745 | -1.55% | 924.71 | -2.26% | 2.94x |
| 9 | Patanjali Foods | 16,946,003 | +10.19% | 909.65 | +8.40% | 4.35x |
| 10 | Mazagon Dock Shipbuilders | 3,302,551 | -14.30% | 908.59 | -15.94% | 3.36x |
| 11 | Nippon Silver ETF (SILVERBEES) | 35,900,476 | -16.06% | 877.41 | -20.24% | 2.42x |
| 12 | CDSL | 5,887,857 | -5.83% | 850.31 | -8.80% | 3.86x |
| 13 | Dixon Technologies | 676,567 | -5.19% | 822.90 | -8.36% | 3.68x |
| 14 | Bharat Electronics | 18,146,546 | +5.89% | 754.61 | +6.44% | 4.35x |
| 15 | Suzlon Energy | 144,117,745 | -8.92% | 746.99 | -11.14% | 3.77x |
| 16 | Eternal | 27,954,116 | -11.75% | 745.83 | -14.46% | 3.83x |
| 17 | Kaynes Technology India | 1,498,679 | -7.14% | 685.90 | -9.59% | 2.5x |
| 18 | Trent | 1,451,872 | -14.50% | 670.17 | -16.57% | 3.93x |
| 19 | Yes Bank | 312,882,415 | -11.85% | 667.09 | -14.25% | 4.17x |
| 20 | REC | 17,689,765 | -9.21% | 666.80 | -10.89% | 4.04x |
| 21 | Larsen & Toubro | 1,786,366 | +88.46% | 660.43 | +77.17% | 4.55x |
| 22 | Infosys | 4,481,530 | -18.18% | 637.45 | -19.10% | 4.55x |
| 23 | Nippon Gold ETF (GOLDBEES) | 49,797,056 | -34.12% | 619.28 | -36.55% | 3.34x |
| 24 | Sammaan Capital | 40,579,626 | +10.35% | 616.91 | +8.71% | 2.28x |
| 25 | Tata Motors Passenger Vehicles | 13,118,003 | +5.13% | 589.30 | -4.12% | 4.33x |
MTF Positions Added:
| Sr.No | Company | Added Qty | Added Qty Change % | Added Amount (Cr) | Added Amount Change % | Margin on Dhan |
|---|---|---|---|---|---|---|
| 1 | Jubilant FoodWorks | 1,414,595 | +48.44% | 58.63 | +27.80% | 4.33x |
| 2 | Force Motors | 18,324 | +105.39% | 37.11 | +105.02% | 2.86x |
| 3 | Bank of India | 2,032,656 | -3.74% | 27.87 | -7.24% | 4.0x |
| 4 | Reliance Industries | 185,182 | +25.49% | 22.62 | +21.07% | 4.55x |
| 5 | Kalyan Jewellers | 381,308 | -17.99% | 16.20 | -17.87% | 3.49x |
| 6 | BSE | 41,192 | -29.75% | 14.31 | -29.19% | 3.21x |
| 7 | Shyam Metalics & Energy | 166,764 | +54.71% | 13.91 | +46.26% | 3.33x |
| 8 | Indo Thai Securities | 420,598 | +421.86% | 12.43 | +462.21% | 2.0x |
| 9 | Punjab National Bank | 1,168,069 | +22.79% | 11.90 | +18.90% | 4.31x |
| 10 | Mahindra & Mahindra | 38,071 | +13.28% | 11.10 | +7.54% | 4.46x |
MTF Positions Liquidated
Top Stocks Where MTF Positions Were Exited:
| Sr.No | Company | Liquidated Qty | Liquidated Qty Change % | Liquidated Amount (Cr) | Liquidated Amount Change % | Margin on Dhan |
|---|---|---|---|---|---|---|
| 1 | Infosys | -410,502 | -18.18% | -54.29 | -19.10% | 4.55x |
| 2 | Vedanta | -489,263 | +6.72% | -32.35 | +8.65% | 4.13x |
| 3 | Tata Consultancy Services | -107,296 | -15.06% | -27.61 | -17.28% | 4.55x |
| 4 | Bharti Airtel | -150,181 | -10.41% | -27.13 | -12.61% | 4.55x |
| 5 | Wipro | -1,143,924 | -15.80% | -23.76 | -17.53% | 4.55x |
| 6 | Dixon Technologies | -17,872 | -5.19% | -19.60 | -8.36% | 3.68x |
| 7 | Tourism Finance Corporation of India | -2,818,394 | +19.40% | -19.42 | +18.10% | 1.12x |
| 8 | Oil & Natural Gas Corporation | -490,772 | -34.99% | -13.83 | -35.56% | 4.55x |
| 9 | Hindustan Aeronautics | -33,696 | -19.86% | -13.24 | -21.06% | 4.17x |
| 10 | HCL Technologies | -90,949 | -17.75% | -12.77 | -18.37% | 4.55x |
For real-time tracking; weekly changes, stock-level detail, and positions added/liquidated, head over to: 
scanx.trade/insight/mtf-insight
We’ll be back next month with the April 2026 update. Drop your questions or observations below! 
Thank you
Pranita
