Swiggy May See $289 Mn Inflow On Inclusion In MSCI India Index

SUMMARY

MSCI has rejigged its flagship MSCI India Domestic Index to add foodtech major Swiggy, Vishal Mega Mart and Waaree Energies to it

Notably, MSCI has reduced the weightage of Swiggy's competitor Eternal to 2.49%, which could lead to an outflow to the tune of $607 Mn from the company’s stock

Meanwhile, MSCI has removed travel tech major EaseMyTrip from its small cap index while adding BlackBuck to the list

MSCI has rejigged its flagship MSCI India Domestic Index to add foodtech major Swiggy, Vishal Mega Mart and Waaree Energies to it.

The inclusion of Swiggy to the index is expected to bring in a passive inflow of $289 Mn to the stock, according to IIFL Alternate Desk. The inclusions are expected to come into effect on August 26, 2025.

Meanwhile, MSCI has reduced the weightage of Swiggy’s competitor Eternal to 2.49%. As per an analysis by IIFL Alt Desk, this will result in outflow to the tune of $607 Mn.

Notably, MSCI was expected to cut the weightage of the Zomato parent due to its proposal to convert to an Indian-owned and controlled company (IOCC), capping foreign ownership to 49.5%.

For reference, Eternal’s IOCC move, which was announced in April, allows it to move its high burn quick commerce vertical Blinkit to an inventory-led model. Under it, the company will buy products in bulk from brands and suppliers, store them in its dark stores, and then sell them directly to customers.

It is pertinent to note that like Eternal, Swiggy also saw its quick commerce vertical post a rise in loss in Q1 FY26. Instamart’s loss almost tripled to INR 797 Cr during the quarter from INR 280 Cr a year ago. With the hefty burn, Swiggy’s overall loss for the quarter ballooned 96% YoY to INR 1,197 Cr.

Besides the rejig for the foodtech majors in the index, MSCI included logistics company BlackBuck in its MSCI India Small Cap Index. The inclusion may lead to an inflow of $5 Mn in BlackBuck parent Zinka Logistics.

The logistics major released its Q1 report card earlier this week, posting a near 17% YoY jump in its net profit to INR 34 Cr. BlackBuck’s operating revenue also zoomed 56% YoY to INR 143.6 Cr in Q1 FY26.

Meanwhile, MSCI has removed travel tech major EaseMyTrip from the small cap index. This could potentially lead to an outflow of $3 Mn from the travel tech company.

While EaseMyTrip is yet to report its Q1 FY26 numbers, its shares have plunged significantly in the run up to the disclosures. The stock touched an all-time low of INR 9.1 yesterday. Overall, the stock has declined nearly 43% year to date.