The MSCI Smallcap Index will see 15 additions and 6 deletions, with Sona BLW and Thermax appearing in both lists.
MSCI has announced changes to its Global Standard and Smallcap Indexes as part of its August 2025 review. The changes will go into effect at the close of trading on August 26.
MSCI’s latest index rebalancing has reduced India’s weight by roughly 2% – 2.5%, potentially leading to outflows of around $20–25 billion, said SEBI-registered analyst Varunkumar Patel.
However, he believes that nearly 70% of this selling pressure has already been absorbed over the past month.
MSCI India Index Changes
In the MSCI India Standard Index, Swiggy, Vishal Mega Mart, Waaree Energies India, and Hitachi Energy India have been added, while Sona BLW Precision Forgings and Thermax have been removed.
According to reports, IIFL Alternate Desk estimates that Swiggy could see passive inflows of $289 million upon inclusion, followed by Vishal Mega Mart at $258 million, Waaree Energies at $233 million, and Hitachi Energy at $230 million. On the flipside, Sona BLW and Thermax could face outflows of $163 million and $121 million, respectively.
MSCI Smallcap Index Revisions
The MSCI Smallcap Index will see the inclusion of 15 stocks, including Belrise Industries, Brainbees Solutions, Capri Global Capital, CSB Bank, India Glycols, Inventurus Knowledge Solutions, Lloyds Enterprises, Lumax Auto Technologies, Nexus Select Trust, Privi Specialty Chemicals, Sona BLW Precision Forgings, Thermax, Transrail Lighting, Yatharth Hospitals, and Zinka Logistics Solutions.
IIFL projects Sona BLW to lead inflows with $40 million, followed by Thermax at $30 million and Nexus Select Trust at $25 million.
Six stocks, including Bharat Dynamics, Easy Trip Planners, Hikal, Jain Irrigation Systems, MSTC, and Protean e-Gov Technologies, will be removed from the Smallcap index. Bharat Dynamics could see the most significant outflows at $31 million.
Additionally, CG Power and Industrial Solutions will see an increased weight in the Standard Index, potentially attracting $55 million in inflows. Meanwhile, the weight of Asian Paints, Eternal, Jindal Steel & Power, and Havells India will be reduced.
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