Abstract: We analyzed the earnings revision of MS-India index constituents for May 2026, with the index declining 0.60% from 2,896 to 2,879 and the 2027E consensus EPS falling 4.2% month-on-month from 142.7 to 136.7, with 46 stocks revised up versus 104 revised down. Individual stock EPS revisions contributed an estimated -₹2.49 to the index EPS change. The largest drag came from Vedanta (VEDL IN, index EPS impact -₹4.71, driven by weight drift), Hindustan Petroleum (HPCL IN, -₹1.13, 2027E EPS -80.6%), and Bharat Petroleum (BPCL IN, -₹0.49, 2027E EPS -42.8%), while Hindalco Industries (HNDL IN, +₹0.45) and Oil and Natural Gas (ONGC IN, +₹0.39) were the top positive contributors. On a percentage basis, Grasim Industries (GRASIM IN) led EPS upgrades at +198% month-on-month, while Hindustan Petroleum (-80.6%), Bharat Petroleum (-42.8%), and Indian Oil (-24.6%) saw the steepest EPS cuts.
Ambuja Cements, Oil & Natural Gas, Vedanta, Oil India, Hindustan Petroleum, Indian Oil
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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