MSCI India August Review May Add 12 Stocks, Trigger $2.3 Billion Passive Inflows

The benchmark of MSCI India Standard Index might witness major changes in the upcoming review with possibly 12 stocks added and three removed. The index changes are scheduled to be announced after market hours on August 12 and, if confirmed, will take effect from August 31, 2026.

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Adani Green Energy, Groww and Adani Energy Solutions have been identified as high-probability candidates for inclusion, according to a JM Financial report. Ather Energy is considered a medium-probability candidate, with its inclusion dependent on further improvement in its free-float adjusted market capitalisation during the remaining observation period.

Lenskart and Steel Authority of India (SAIL) have been classified as low-probability candidates for inclusion.
If Groww were to be part of the MSCI India Standard Index, it would attract the biggest passive inflows of $821 million among the stocks, followed by Adani Green Energy and Adani Energy Solutions with $773 million and $342 million each. Ather Energy could see inflows of around $244 million, while the estimates for Lenskart and SAIL stand at $176 million and $170 million, respectively.

Laurus Labs, Biocon May Move From Small Cap Index

The August review could also result in the migration of stocks from the MSCI India Small Cap Index to the Standard Index. Laurus Labs and Biocon are considered high-probability candidates for the move, while Coforge has been classified as a medium-probability candidate.

Glenmark Pharma and Uno Minda remain low-probability candidates, with their potential migration dependent on sustained gains in free-float adjusted market capitalisation.

JM Financial estimates passive inflows of $567 million for Coforge if it moves to the Standard Index. Laurus Labs could attract $554 million, followed by Glenmark Pharma at $330 million, Biocon at $285 million and Uno Minda at $206 million.

Astral, SBI Cards Among Possible Exclusions

On the other side, Astral has been identified as a high-probability candidate for removal from the MSCI India Standard Index. SBI Cards is considered a medium-probability exclusion candidate, while Balkrishna Industries has been placed in the low-probability category.

Potential passive outflows are estimated at $167 million for Balkrishna Industries, $146 million for SBI Cards and $138 million for Astral if the stocks are removed from the index.

The final list of inclusions, exclusions and any changes in index weights will be known after MSCI announces the August review results. The effective date for the announced changes is August 31, 2026.