Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.</li>
<li>As things stand, there could be one index change for the BSE SENSEX index in December 2026.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.
As things stand, there could be one index change for the BSE SENSEX index in December 2026.


Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Highly Likely; Room for One More Too

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.</li>
<li>As things stand, we see only one ADD/DEL but there are other names lurking close to the border.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.
As things stand, we see only one ADD/DEL but there are other names lurking close to the border.


Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Shriram Finance approves a INR 39,618 crore preferential issue to MUFG Bank, giving MUFG a ~20% stake.</li>
<li>The deal materially strengthens capital, lowers funding risk, improves rating upgrade probability, and supports sustainable AUM growth.</li>
<li>Beyond capital, MUFG’s entry validates Shriram Finance’s franchise and improves medium-term growth, margins, and balance sheet quality.</li>
</ul>


Shriram Finance approves a INR 39,618 crore preferential issue to MUFG Bank, giving MUFG a ~20% stake.
The deal materially strengthens capital, lowers funding risk, improves rating upgrade probability, and supports sustainable AUM growth.
Beyond capital, MUFG’s entry validates Shriram Finance’s franchise and improves medium-term growth, margins, and balance sheet quality.


The Beat Ideas: Shriram Finance-MUFG Deal Strengthening Capital and Long-Term Strategy

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Shriram Finance posted 11.4% YoY PAT growth, beating consensus estimates by 3-5%. The beat was driven by lower credit costs and a surprise 35bp sequential drop in Stage 2 assets.</li>
<li>The results validate the post-merger efficiency thesis: operating expenses are flat , the cost-to-income ratio is improving, and liability management is becoming more astute</li>
<li>While some remain cautious on CV macro headwinds, SHFL's internal execution, productivity gains, cross-selling, and a laser focus on a credit rating upgrade is the more dominant and compelling narrative.</li>
</ul>


Shriram Finance posted 11.4% YoY PAT growth, beating consensus estimates by 3-5%. The beat was driven by lower credit costs and a surprise 35bp sequential drop in Stage 2 assets.
The results validate the post-merger efficiency thesis: operating expenses are flat , the cost-to-income ratio is improving, and liability management is becoming more astute
While some remain cautious on CV macro headwinds, SHFL's internal execution, productivity gains, cross-selling, and a laser focus on a credit rating upgrade is the more dominant and compelling narrative.


The Beat Ideas: Shriram Finance - Steering Steady Through Change, Poised for the Next Growth Wave

Thematic (Sector/Industry)

<ul>
<li>With Nifty 50 earnings growth barely 3% YoY in CY25, companies that voluntarily offer specific, multi-metric guidance signal not just confidence, but accountability. </li>
<li>Management-Backed targets are a meaningful filter in a market where execution risk dominates.</li>
<li>Twenty Indian mid and small-cap companies have issued explicit quantitative growth guidance for FY26–FY27, spanning revenue, EBITDA, and AUM metrics across sectors from specialty chemicals to power systems to CRDMO.</li>
</ul>


With Nifty 50 earnings growth barely 3% YoY in CY25, companies that voluntarily offer specific, multi-metric guidance signal not just confidence, but accountability. 
Management-Backed targets are a meaningful filter in a market where execution risk dominates.
Twenty Indian mid and small-cap companies have issued explicit quantitative growth guidance for FY26–FY27, spanning revenue, EBITDA, and AUM metrics across sectors from specialty chemicals to power systems to CRDMO.


India's Guided Growth Playbook: 20 Companies Telling You Exactly Where They're Going

India

Shriram Finance Limited provides consumer finance services. The Company offers automobile, commercial vehicle, business, and gold loan services. Shriram Finance serves customers in India.

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Shriram Finance (SHFL IN)

Quiddity Leaderboard BSE SENSEX Dec26: One Change Highly Likely; Room for One More Too

We see at least one change. However, there could be more changes, if the top potential DEL Tech Mahindra underperforms other names in the next few...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Our expected ADD and DEL could have more than 8x ADV to trade. More importantly, the ranks can still change before the end of the reference period...

Janaghan Jeyakumar, CFA

The Beat Ideas: Shriram Finance-MUFG Deal Strengthening Capital and Long-Term Strategy

Shriram Finance approves INR 39,618 crore preferential issue to MUFG Bank, strengthening capital, lowering funding risk, and supporting...

Sudarshan Bhandari

The Beat Ideas: Shriram Finance - Steering Steady Through Change, Poised for the Next Growth Wave

Shriram Finance beats estimates with 11.4% PAT growth, driven by lower credit costs and improved asset quality. Post-merger efficiencies...

Nimish Maheshwari

India's Guided Growth Playbook: 20 Companies Telling You Exactly Where They're Going

These are 20 Indian Companies offering specific, multi-metric guidance signal confidence and accountability in a market dominated by execution risk.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Highly Likely; Room for One More Too

We see at least one change. However, there could be more changes, if the top potential DEL Tech Mahindra underperforms other names in the next few...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Our expected ADD and DEL could have more than 8x ADV to trade. More importantly, the ranks can still change before the end of the reference period...

Janaghan Jeyakumar, CFA

The Beat Ideas: Shriram Finance-MUFG Deal Strengthening Capital and Long-Term Strategy

​Shriram Finance approves INR 39,618 crore preferential issue to MUFG Bank, strengthening capital, lowering funding risk, and supporting...

Sudarshan Bhandari

The Beat Ideas: Shriram Finance - Steering Steady Through Change, Poised for the Next Growth Wave

​Shriram Finance beats estimates with 11.4% PAT growth, driven by lower credit costs and improved asset quality. Post-merger efficiencies...

Nimish Maheshwari

India's Guided Growth Playbook: 20 Companies Telling You Exactly Where They're Going

​These are 20 Indian Companies offering specific, multi-metric guidance signal confidence and accountability in a market dominated by execution risk.

Sudarshan Bhandari

Quiddity Leaderboard BSE SENSEX Dec26: One Change Highly Likely; Room for One More Too

Quiddity Leaderboard BSE SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Shriram Finance approves INR 39,618 crore preferential issue to MUFG Bank, strengthening capital, lowering funding risk, and supporting...

Shriram Finance beats estimates with 11.4% PAT growth, driven by lower credit costs and improved asset quality. Post-merger efficiencies...

These are 20 Indian Companies offering specific, multi-metric guidance signal confidence and accountability in a market dominated by execution risk.