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
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