Abstract: We analyzed earnings revisions for MSCI India index constituents in September 2026, estimating the index's 2027E EPS at 134.7, up 0.57% month-on-month from 134.0 in August, while the index itself fell 6.3% to 2,766. Individual stock EPS revisions contributed a net +0.28 to index EPS, with 65 stocks revised up versus 71 revised down. By index EPS impact, the top positive contributors were SWIGGY (+0.34), HDFC Bank (+0.28), and Axis Bank (+0.17), while Reliance Industries (-0.17) and Bharti Airtel (-0.12) were the largest detractors. By individual EPS revision magnitude, Adani Enterprises led gainers at +29.9% and Indian Oil at +22.2%, while Hindustan Petroleum fell the most at -48.5% and GMR Airports at -24.9%.
Reliance Industries, REC, InterGlobe Aviation, Bharat Petroleum, Adani Energy Solutions, ICICI Lombard General Insurance
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