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
A monthly review of consensus earnings revisions for MSCI India constituents. Each issue estimates how the index's forward EPS changed over the month, and tabulates the stocks with the largest impact on index EPS alongside their EPS and revenue revisions. All issues of Index Earnings Revision Monthly →
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