KMI 30 Index Companies List 2026: All 30 Shariah-Compliant Stocks, Weights and What Changed

The KMI 30 Index companies list for 2026 includes 30 Shariah-compliant companies selected from the Pakistan Stock Exchange (PSX). The index tracks actively traded Islamic stocks and weights them according to free-float-adjusted market capitalization, subject to a 12% individual-company weight cap.

According to the official PSX recomposition notice dated May 15, 2026, the revised constituent list took effect on May 25, 2026. The list below follows that official announcement and is cross-checkable against the exchange’s live KMI 30 index page.

The full KMI 30 index companies list (October 2026)

Weights below come from the PSX data portal on October 9, 2026, and move every trading day with prices. Sectors are grouped in plain terms for readability.

Source for weights: PSX data portal, KMI30 constituents page. Membership matches the 30 names in PSX notice PSX/N-610.

Where the weight sits by sector

Grouping the table shows how lopsided the index is:

Energy-linked stocks (exploration, power, refining, oil marketing and gas utilities) add up to about 38.5%. Someone buying a KMI-30 tracker fund is, in practice, making a large bet on Pakistan’s energy chain and fertilizer makers.

KMI-30 Companies by Business Sector

The 30 constituent companies operate in several parts of Pakistan’s economy. Grouping them by their principal business helps readers understand the index’s broad exposure.

The following is an indicative business-category guide, not an official PSX sector-weighting table.

The index’s sector exposure matters because economic events do not affect every business equally. Changes in energy prices, interest rates, industrial demand, agricultural activity, exchange rates and consumer spending can affect different constituents in different ways.

Investors should verify each company’s current business classification and the index’s actual weights before making sector-allocation decisions.

What changed in the May 2026 recomposition

Three companies came in and three went out. Nishat Mills, Treet Corporation and Honda Atlas Cars were added, while Cnergyico PK, GlaxoSmithKline Pakistan and Millat Tractors left because they did not rank in the top 30 Shariah-compliant companies.

None of the three exits was a Shariah failure. In the screening table attached to the same notice, Cnergyico, GSK and Millat Tractors are all still marked Compliant. They simply lost on ranking. That distinction matters: a stock leaving the KMI-30 is not necessarily a stock that became non-compliant.

Both Honda Atlas Cars and Nishat Mills are returning names. Honda Atlas Cars was dropped in the November 2025 recomposition, and Nishat Mills was removed in the December 2024 update. The index churns its smallest slots often.

The previous change, for context

The November 2025 notice (based on June 30, 2025 accounts) was bigger. Six companies joined: Sui Southern Gas, Fauji Fertilizer, GlaxoSmithKline Pakistan, National Refinery, Air Link Communication and Citi Pharma. Octopus Digital, Pioneer Cement, Honda Atlas Cars, NetSol Technologies, Faysal Bank and Avanceon left on ranking grounds.

ENGROH is the old Dawood Hercules listing. The May 2026 screening table lists the ticker as Engro Holdings with Dawood Hercules Corporation in brackets, following the Engro group restructuring.

What Is the KMI 30 Index in Pakistan?

The KMI-30, or KSE-Meezan 30 Index, is an Islamic equity benchmark maintained by the Pakistan Stock Exchange. It represents 30 of the most liquid Shariah-compliant companies listed on the exchange.

The index was developed to help investors assess the performance of selected Pakistani stocks that meet the applicable Shariah screening requirements. It is a market benchmark, not a fund or a list of guaranteed profitable investments.

Three features distinguish the index:

• Shariah screening: Companies must meet the applicable financial and business-activity criteria.

• Liquidity-based selection: The index focuses on eligible companies that meet its selection methodology.

• Market-capitalization weighting: Companies influence the index according to their adjusted market value, subject to the applicable weight limits.

The KMI-30 can help investors follow Islamic equities without having to review every eligible company on the exchange individually. However, index membership alone does not establish that a stock is suitable for every investor.

How a company gets into the KMI-30

Selection happens in two stages: a Shariah screen, then a ranking.

Stage one: the Shariah screen

PSX’s KMI-30 methodology brochure lists six tests a stock must pass. The core business must be halal, which rules out conventional banks, insurers, leasing firms, alcohol, gambling and similar businesses. Then come five financial ratios:

Source: PSX KMI 30 index methodology brochure. Meezan Bank’s Shariah Supervisory Board approves these criteria, according to the notice.

Also Read: Halal Investment Options

Stage two: technical filters and ranking

Passing the screen is not enough. The brochure also requires at least 5% free float, trading on 75% of days, a listing history of two months, one year of operations, and no defaulter-counter or suspension history in the past six months. Mutual funds are excluded.

Eligible stocks are then ranked half on free-float market capitalization and half on impact cost (a measure of how much a trade moves the price). The top 30 by that combined score enter the index, and no single stock may exceed 12% of the index at recomposition, with any excess redistributed to the others.

That 12% cap explains why FFC currently shows 12.12%. The cap is applied only on recomposition day. Between reviews, a stock that rises faster than the rest can drift above it.

Constituents closest to the Shariah limits

Competing lists rarely show this, but the December 2025 screening ratios in notice PSX/N-610 reveal which members sit near a threshold. These are the ones most likely to face questions at a future review:

• Hub Power (HUBC): non-compliant investments at 42.35% and non-compliant income at 7.16%, both above the limits. It stays in under a stated exception tied to circular debt in the power sector.
• OGDC: non-compliant income at 6.62%, above the 5% limit. The index committee granted an exception for this review period, again citing circular debt and an improving ratio.
• Fauji Fertilizer (FFC): non-compliant income at 4.97%, just under 5%, and investments at 30.30% against a 33% ceiling.
• Treet (TREET): debt at 34.64% against the 37% ceiling.
• Air Link (AIRLINK): debt at 32.66%.
• SNGP and SSGC: illiquid assets at 21.46% and 22.17%, below the 25% floor. They remain compliant through a relaxation based on AAOIFI Shariah Standard No. 59.

Exceptions are granted per review, not permanently. An investor relying on a stock’s Shariah status should check each new notice rather than assume last year’s status carries forward.

How much each stock actually moves the index

Weight tells you how much influence a company has on the index. A rough way to estimate it:

Index point change ≈ index level × stock weight × stock’s % move

The KMI-30 closed at 240,418.14 on October 8, 2026, according to the PSX indices page.

• A 1% rise in FFC (weight 12.12%): 240,418 × 0.1212 × 0.01 ≈ 291 points
• A 1% rise in Treet (weight 0.18%): 240,418 × 0.0018 × 0.01 ≈ 4 points

So FFC moving 1% has roughly 70 times the effect of Treet moving 1%. Ten stocks carry about 79% of the index, which is why the KMI-30 can rise on a day when most of its members fall.

The same weights shape tracker funds. As an illustration, Rs100,000 invested strictly in proportion to today’s weights would put about Rs12,120 in FFC and about Rs180 in Treet. Real funds hold some cash, so actual amounts differ.

Also Read: How to buy Buy Halal Stocks

KMI-30 vs KMI All Share vs KSE-30

These three indices get mixed up often.

The May 29, 2026 notice brought the KMI All Share index to 309 companies, with 42 added and 19 removed, effective June 5, 2026. A later corrigendum reinstated BRRG from July 16, 2026.

If the question is whether a stock is Shariah-compliant, the KMI All Share list (or the full screening table attached to the KMI-30 notice) is the right reference. The KMI-30 only shows the 30 biggest and most tradable compliant names. A stock missing from the KMI-30 may still be compliant.

How investors use the KMI-30

The KMI-30 is the standard benchmark for Shariah-compliant equity funds in Pakistan. Al Meezan’s KSE Meezan Index Fund (KMIF), launched in May 2012, is an open-end tracker that aims to follow the KMI-30 by holding index companies in proportion to their weights, keeping at least 85% of net assets in index securities.

The index is calculated on a total-return basis, which means cash dividends are adjusted for rather than causing a drop in the index. That makes it a fair yardstick for funds that reinvest dividends, but it also means KMI-30 returns are not directly comparable with a price-only index.

For scale: the KMI-30 closed FY24 (June 30, 2024) at 126,424 points. The October 8, 2026 close of 240,418 is about 90% higher. Past performance does not predict future returns.

Holding all 30 stocks yourself also does not make your income fully clean. PSX’s screening table marks many purification rates as provisional, and most compliant companies still earn a small share of non-compliant income that Shariah scholars typically ask shareholders to purify.

Also Read:Halal Investment in Pakistan

Is the KMI 30 Index Suitable for Islamic Investors?

The KMI-30 can be a useful starting point for investors who want to research Shariah-screened Pakistani equities. It provides a defined group of stocks and a benchmark for examining their collective performance.

Before investing in an individual constituent, investors should consider:

• Shariah status: Check the most recent applicable screening information.

• Financial health: Review financial statements, debt, cash flow and profitability.

• Valuation: Compare the stock’s price with its earnings, assets and growth prospects.

• Dividend history: Review actual distributions and whether they are sustainable.

• Business risks: Consider industry conditions, regulation, currency exposure and economic changes.

• Portfolio concentration: Avoid assuming that owning several stocks automatically provides adequate diversification.

A company can qualify for an index while still being expensive, financially weak or exposed to substantial business risks. Shariah compliance and investment quality are related but separate questions.

This information is for educational purposes only, not individualized investment advice. Investors should assess their own circumstances and consult qualified advisers when needed.

Final Thoughts

The KMI-30 Index provides a focused view of 30 Shariah-compliant companies listed on the Pakistan Stock Exchange. Its 2026 constituent list includes businesses from energy, fertilizers, cement, banking, automobiles, technology, pharmaceuticals and other industries.

The May 2026 recomposition is particularly relevant to readers using older lists because Nishat Mills, Treet Corporation and Honda Atlas Cars entered the index, replacing Cnergyico, GlaxoSmithKline Pakistan and Millat Tractors.

For accurate, current information, investors should use the official PSX constituent list and review each company’s financial position, valuation and latest Shariah status before making investment decisions.