MSCI India rejig: Adani Green, Groww, Adani Energy among 12 likely inclusions; $2.3 bn inflows seen
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As many as 12 stocks could be added to the MSCI India Standard Index in its August 2026 rebalancing, with Adani Green Energy, Groww and Adani Energy Solutions emerging as the strongest candidates for inclusion, according to the latest report by JM Financial. The brokerage estimates the reshuffle could trigger net passive inflows of around $2.3 billion into Indian equities.
The MSCI India Standard Index review announcement is scheduled for August 12, 2026, after market hours, while the revised index composition will become effective from August 31, 2026.
“The Aug'26 rejig could see as many as 12 inclusions and three exclusions with an estimated inflow of $2.3 billion,” the brokerage said in the report.
JM Financial has identified Adani Green Energy, Groww (Billionbrains Garage Ventures) and Adani Energy Solutions as high-probability candidates for fresh inclusion in the benchmark index. Ather Energy has been assigned a medium probability, while Lenskart and Steel Authority of India (SAIL) are seen as low-probability inclusion candidates, depending on their free-float adjusted market capitalisation during the remaining observation period.
Apart from fresh additions, the brokerage expects several companies to migrate from the MSCI India Small Cap Index to the Standard Index. Laurus Labs and Biocon are the leading contenders, with a high probability of migration. Coforge and Uno Minda are classified as medium-probability candidates, while Glenmark Pharmaceuticals is seen as a low-probability entrant.
On the other hand, Astral is the most likely stock to be removed from the MSCI India Standard Index, followed by SBI Cards and Payment Services with a medium probability and Balkrishna Industries with a low probability of exclusion, according to the report.
$2.3 billion inflows on cards
The report noted that Groww is expected to attract the highest passive inflows of about $821 million if included in the index, followed by Adani Green Energy at $773 million. Adani Energy Solutions could see inflows of around $342 million, while Ather Energy may receive approximately $244 million.
Among the migration candidates, Coforge could attract passive inflows of around $567 million, followed by Laurus Labs at $554 million and Biocon at $285 million. Uno Minda and Glenmark Pharmaceuticals could receive inflows of about $206 million and $330 million, respectively, if they move to the Standard Index.
On the flip side, Astral and SBI Cards could witness passive outflows of around $138 million and $146 million, respectively, if they are excluded from the benchmark. Balkrishna Industries could see outflows of nearly $167 million if removed.
The MSCI India Standard Index currently comprises around 165 constituents with a combined market capitalisation of nearly $3.2 trillion. The semi-annual review is closely watched as MSCI-tracking passive funds and ETFs rebalance their portfolios, often triggering sharp trading volumes around the implementation date.