Global index provider MSCI has added four Indian companies and removed three as part of its August review, according to a note by Nuvama Alternative & Quantitative Research. The changes will be implemented after the close of trading on August 31, 2026.
Laurus Labs, Lenskart Solutions, Adani Energy Solutions, and Billionbrains Garage Ventures, the owner of digital investment and broking platform Groww, will enter the index. Balkrishna Industries, SBI Cards and Payment Services, and Astral will be excluded.
India’s weight in the index will increase marginally to 11.9 per cent from 11.8 per cent, while the number of constituents will rise to 166 from 165.
The inclusions are expected to trigger significant buying by exchange-traded funds and other passive investors that replicate MSCI benchmarks.
Nuvama estimates potential inflows of about $598 million for Laurus Labs, $352 million for Lenskart Solutions, $310 million for Adani Energy Solutions, and $256 million for Groww.
Among the exclusions, Balkrishna Industries is expected to see outflows of about $169 million, SBI Cards and Payment Services $143 million, and Astral $138 million.
Eternal is expected to attract the largest incremental passive inflow, at around $674 million, following an increase in its index weight. Adani Enterprises and Adani Ports could receive about $202 million and $77 million, respectively. JSW Energy is expected to attract $34 million, Adani Power $28 million, GMR Airports $22 million, and Swiggy $13 million.
Reliance Industries, meanwhile, is estimated to face outflows of roughly $523 million, while Jio Financial Services may see outflows of about $61 million.
Separately, the MSCI Small Cap Index saw 19 exclusions and 13 inclusions from India, taking the number of constituents to 455 from 461. India’s weight in the index also increased to 22.2 per cent from 22.0 per cent.
