Abstract: We analyzed the earnings revision of MSCI India index components for July 2026, with the index rising 2.3% from 2,903 to 2,971 and the 2027E consensus EPS edging up 0.46% month-on-month to 135.1 from 134.5. Revisions were broadly balanced, with 76 stocks revised up and 79 revised down. The largest positive contributors to index EPS were HDFC Bank (+₹0.95), Vedanta (+₹0.41), and ICICI Bank (+₹0.19), while Mahindra and Mahindra (-₹0.17) and Hindustan Petroleum (-₹0.16) were the largest detractors. At the stock level, Vedanta saw the sharpest EPS upgrade at +61.2%, followed by Swiggy (+15.7%) and Oracle Financial Services Software (+15.6%), while Dr. Reddy's Laboratories (-16.6%), Jindal Steel and Power (-15.9%), and Eternal (-14.5%) posted the steepest cuts.
ICICI Bank, Vedanta, Eternal, Mahindra & Mahindra, Oracle Financial Services Software, HDFC Bank
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