Abstract: We analyzed the consensus earnings revisions of MS-India component stocks for March 2026, covering 107 stocks of which 37 saw 2027E EPS revised up and 70 revised down. The MS-India index declined 10% in March (from 2,951 to 2,652), while the index's aggregate 2027E EPS rose 5.2% month-on-month to ₹140.2. Among individual stocks, Oil & Natural Gas led EPS upgrades (+9.07%), followed by Oil India (+2.29%) and DLF (+1.75%), while Eternal (-7.31%), Balkrishna Industries (-5.25%), and InterGlobe Aviation (-5.13%) saw the largest EPS downgrades. By absolute impact on index EPS, Tata Motors Passenger Vehicles (+₹1.7), Tata Motors (+₹0.84), and HDFC Bank (+₹0.43) were the top positive contributors, driven primarily by weighting changes amid the broad market selloff.
Oil & Natural Gas Corporation Limited, Trent Limited, FSN E-Commerce Ventures Limited, Coal India Limited, ICICI Bank Limited, HDFC Bank Limited
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