Abstract: We analyzed the earnings revision of MS-India index components for April 2026, estimating the index's 2027E EPS at 143.2 as of end-April, down 2.0% month on month from 146.1 in March. The index itself rose 7.4% over the month, from 2,697 to 2,896, with 43 stocks seeing upward EPS revisions versus 106 revised down. Individual stock EPS revisions attributed -1.17 to the index's EPS change. The largest positive contributor to index EPS was Vedanta (VEDL IN), adding +1.05 to index EPS on an 11.5% EPS increase, while HDFC Bank (HDFCB IN) and ICICI Bank (ICICIBC IN) were the top detractors, contributing -0.61 and -0.60 respectively. At the stock level, the steepest EPS cuts were in InterGlobe Aviation (INDIGO IN) at -22.5% and Indian Oil (IOCL IN) at -14.8%, while Oracle Financial Services Software (OFSS IN) led upgrades with a +16.0% EPS revision.
InterGlobe Aviation, UltraTech Cement, Oracle Financial Services Software, SWIGGY, Bharat Petroleum, Bosch
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