MSCI rejig: IRCTC out, Aditya Birla Capital, L&T Finance in; 34 stocks removed from Smallcap index
In the MSCI India Domestic Small Cap Index, MSCI added seven stocks such as Canara HSBC Life, JSW Cement, Ashapura Minechem Ltd, Emcure Pharma, NSDL and Thyrocare Technologies.
- Feb 11, 2026,
- Updated Feb 11, 2026 10:28 AM IST
In its February 2026 rejig of the MSCI Global Standard Indexes, index aggregator MSCI on Wednesday made two changes to its India index. As part of the revision, Aditya Birla Capital Ltd and L&T Finance Ltd were added, while Indian Railway Catering & Tourism Corporation Ltd (IRCTC) was removed. The changes are effective from February 27.
As per Nuvama Alternative & Quantitative Research Aditya Birla Capital may attract passive inflows of around $257 million. L&T Finance, on the other hand, may see inflows of about $238 million. Railway stock IRCTC may see outflows t the tune of $142 million following its exclusion.
In the MSCI India Domestic Small Cap Index, MSCI added seven stocks such as Canara HSBC Life, JSW Cement, Ashapura Minechem Ltd, Emcure Pharma, NSDL and Thyrocare Technologies. It removed 34 stocks including Just Dial, Rajesh Exports, Symphony, Zaggle Prepaid, Websol Energy, Kaveri Seed, Gokaldas Exports and Dilip Buildcon, among others. Others included KNR Constructions, HG Infra, Electronics Mart India, Ashoka Buildcon, Juniper Hotels and Jai Balaji Industries Ltd.
Abhilash Pagaria, Head - Nuvama Alternative & Quantitative at Nuvama said India's weightage in the MSCI Standard Index will remain steady at 14.1 per cent, with the total number of represented companies increasing from 164 to 165.
"There are also several changes in the Small Cap Index, which are highlighted in the subsequent slides. As the small-cap universe remained under pressure, the index will see over a dozen exclusions in India, with the stock count reducing from 508 to 480 post-rejig," he said.
Meanwhile, an increase in free float weightage would result in $172 million inflows for AU Small Finance Bank, Nuvama said.
Smallcap stocks such as Premier Energies, NSDL, Emcure Pharma and JSW Cement are seen attracting $5-15 million inflows. L&T Finance, Gokaldas Exports, Sterlite Tech and KNR Constructions may see up to $43 million outflows, as per estimates. Akzo Nobel India is seen attracting $5 million inflows on high weightage.
In its February 2026 rejig of the MSCI Global Standard Indexes, index aggregator MSCI on Wednesday made two changes to its India index. As part of the revision, Aditya Birla Capital Ltd and L&T Finance Ltd were added, while Indian Railway Catering & Tourism Corporation Ltd (IRCTC) was removed. The changes are effective from February 27.
As per Nuvama Alternative & Quantitative Research Aditya Birla Capital may attract passive inflows of around $257 million. L&T Finance, on the other hand, may see inflows of about $238 million. Railway stock IRCTC may see outflows t the tune of $142 million following its exclusion.
In the MSCI India Domestic Small Cap Index, MSCI added seven stocks such as Canara HSBC Life, JSW Cement, Ashapura Minechem Ltd, Emcure Pharma, NSDL and Thyrocare Technologies. It removed 34 stocks including Just Dial, Rajesh Exports, Symphony, Zaggle Prepaid, Websol Energy, Kaveri Seed, Gokaldas Exports and Dilip Buildcon, among others. Others included KNR Constructions, HG Infra, Electronics Mart India, Ashoka Buildcon, Juniper Hotels and Jai Balaji Industries Ltd.
Abhilash Pagaria, Head - Nuvama Alternative & Quantitative at Nuvama said India's weightage in the MSCI Standard Index will remain steady at 14.1 per cent, with the total number of represented companies increasing from 164 to 165.
"There are also several changes in the Small Cap Index, which are highlighted in the subsequent slides. As the small-cap universe remained under pressure, the index will see over a dozen exclusions in India, with the stock count reducing from 508 to 480 post-rejig," he said.
Meanwhile, an increase in free float weightage would result in $172 million inflows for AU Small Finance Bank, Nuvama said.
Smallcap stocks such as Premier Energies, NSDL, Emcure Pharma and JSW Cement are seen attracting $5-15 million inflows. L&T Finance, Gokaldas Exports, Sterlite Tech and KNR Constructions may see up to $43 million outflows, as per estimates. Akzo Nobel India is seen attracting $5 million inflows on high weightage.