Fin Lad Small Cap Index

The benchmark for India's small-cap market.

FLSCI is a rules-based equity index constructed under a documented, transparent methodology to represent the performance of India's small-cap companies.

FLSCI INR
1,842.67
+1.28% today
As of 05 Sep 202615:30 IST
Market data simulationUpdates every 5 sec
Index overview

FLSCI at a glance

A transparent benchmark designed to provide investors, researchers and institutions with a representative view of India's small-cap equity market.

100+
Constituents
₹X tn
Aggregate market cap
XX
Industry groups
2015
Base year
Performance

Index performance

Track the historical performance of the FLSCI benchmark since its 2015 base date.

+18.42%
1 year
+42.18%
3 years
+86.73%
5 years
+14.2%
Annualized return
FLSCI — indexed performance, illustrative
BaseQ2Q3Q4Current
Methodology

Rules-based by design.

FLSCI follows a transparent methodology designed to create a consistent and investable small-cap benchmark.

I.

Universe

Companies are selected from the eligible Indian equity universe based on predefined market capitalization and liquidity criteria.

Learn more
II.

Selection

Constituents are selected using transparent, systematic rules intended to represent the small-cap segment.

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III.

Rebalancing

The index is reviewed periodically to ensure that constituent eligibility and index representation remain current.

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Constituents

Index constituents

Explore companies currently represented in the FLSCI.

4 constituents shown
Company Sector Weight Market cap
Mangalore Refinery and Petrochemicals LtdMRPL Industrials 3.42% ₹306.41 B
Multi Commodity Exchange of India Limited MCX Technology 2.97% ₹833.64 B
Radico Khaitan Limited RADICO Consumer 2.71% ₹602.11 B
Cholamandalam Financial Holdings LtdCHOLAHLDNG Financials 2.52% ₹286.49 B
Research & insights

Research for investors.

Aug 2026

India's small-cap opportunity

Understanding the characteristics and long-term dynamics of India's small-cap market.

Read research
Jul 2026

FLSCI methodology

An overview of the framework used to construct and maintain the index.

Download PDF
Jun 2026

Index review

Latest changes to FLSCI constituents and index composition.

View review
About FLSCI

Built by Fin Lad.

FLSCI is developed by Fin Lad with the objective of providing a transparent, systematic and research-driven benchmark for India's small-cap equity market.

The index is maintained under a documented governance framework and reviewed on a fixed schedule to keep its composition current and investable.

2015
Base date
1,000
Base value
INR
Index currency
Quarterly
Review frequency