Thematic index · Research preview

Kerala Performance Index.

An index of Kerala-based and Malayali-promoted listed companies — 28 constituents, from Muthoot and Federal Bank to Kitex and Wonderla. Backtested July 2016 → today, base 1000.

AS OF · PRICES: YAHOO FINANCE · TICKERS VERIFIED VS NSE/BSE

Performance

Growth of ₹1,000 · quarterly rebalanced · hover for values, drag nothing — it's all live below

BOTTOM PANEL: DRAWDOWN FROM PEAK — KPI CAP (GREEN FILL) VS NIFTY 50 (LINE)

Yearly returns

Price-return variants vs price-return benchmarks — apples to apples. The alpha is lumpy.

Constituents

Click a column to sort · weight = cap-weighted variant, 20% single-stock cap · liquid moderate micro-cap

Methodology & caveats

How the sausage is made, and where it might be lying to you

Construction

Universe. Broad basis: Kerala-headquartered companies, Kerala PSUs (Cochin Shipyard, FACT), and Malayali-promoted companies HQ'd elsewhere (MRF, Sobha, Aster DM). All 28 tickers verified against the Zerodha instrument master.
Two weighting schemes. KPI-Cap: market-cap weighted with a 20% single-stock cap (NSE thematic convention — otherwise Muthoot dominates). KPI-EQ: equal weight.
Quarterly rebalance on the first trading day of Jan / Apr / Jul / Oct.
Dynamic universe. Stocks enter at the first rebalance after listing — Kalyan (2021), ESAF / Fedbank Fin / Muthoot Microfin (2023), Popular Vehicles (2024).
Total return uses dividend-and-split-adjusted closes; price return is split-adjusted only and is the fair comparison vs Nifty 50 / 500 (price indices).

Caveats

Survivorship bias. The universe is companies alive and listed today; delisted Kerala names aren't here. Historical returns are flattered.
Cap-weight proxy. Today's share counts applied backwards — ignores past QIPs and dilutions (Federal Bank, SIB both raised equity in the window).
Liquidity. Eight BSE micro-caps are <1.5% of cap weight but ~29% of the EQ variant — the EQ index isn't replicable with real money.
Judgment calls. Apollo Tyres (Kochi registered office, Kanwar-promoted) and Wonderla (Bengaluru HQ, Chittilappilly family) are debatable inclusions.
The unlisted giants are missing. Lulu, Synthite, UST, IBS Software, Joyalukkas, Malabar Gold, Muthoot Fincorp — none are listed, so "Malayali business" is under-represented.