AMFI stock re-categorisation: Stocks that could potentially move into the large-cap basket include BSE, Jindal Steel & Power, Vodafone Idea, Hitachi Energy India, Indian Bank, Indus Towers and Bharat Heavy Electricals Ltd (BHEL).
The Association of Mutual Funds in India (AMFI) will likely announce its semi-annual stock re-categorisation in the first week of July, a key development that serves as the reference framework for active domestic mutual fund managers.
Based on current average market capitalisation levels, Nuvama Alternative & Quantitative Research estimates the large-cap cut-off at around ₹1.07 lakh crore, marginally higher than ₹1.05 lakh crore in December 2025. The mid-cap cut-off is estimated at approximately ₹32,700 crore, compared with ₹34,800 crore in the previous review period.
The categorisation exercise will be based on the six-month average market capitalisation during the period from January 1 to June 30, 2026, with the revised classification becoming effective from August 1, 2026, said Abhilash Pagaria, Head, Nuvama Alternative & Quantitative Research.
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Here are the potential changes in stock classification as per Nuvama:
Likely Large-cap Entrants
Stocks that could potentially move into the large-cap basket include BSE, Jindal Steel & Power, Vodafone Idea, Hitachi Energy India, Indian Bank, Indus Towers and Bharat Heavy Electricals Ltd (BHEL).
Potential downgrade from Large-cap to Mid-cap
The companies which may move from the large-cap to mid-cap category include Lodha Developers, Indian Hotels Company, Mazagon Dock Shipbuilders, Max Healthcare Institute, Bosch, LG Electronics India and GAIL (India).
Mid-cap Entrants
The potential additions to the mid-cap universe include Hindustan Copper, NLC India, Ajanta Pharma, AIA Engineering, Aster DM Healthcare, Sona BLW Precision Forgings, Navin Fluorine International and Delhivery.
Mid-cap to Small-cap
Potential downgrades to the small-cap category include Kaynes Technology India, SJVN, Global Health, PhysicsWallah, Cholamandalam Financial Holdings, KPR Mill, CRISIL and Jubilant FoodWorks.
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New Entrants in Small-cap Universe
Several newly listed and emerging companies may enter the small-cap category. These include Bharat Coking Coal, Fractal Analytics, Central Mine Planning & Design Institute (CMPDI), Clean Max Enviro Energy Solutions, Shadowfax Technologies, Amagi Media Labs, Sedemac Mechatronics, Powerica, Kwality Wall’s India, OnEMI Technology Solutions, Aye Finance, and several others.
Why AMFI categorisation matters
While changes in stock categorisation do not directly result in incremental inflows or outflows, active mutual fund managers closely track the revised list while taking fresh positions or rebalancing portfolios across scheme categories.
AMFI reviews stock categorisation on a half-yearly basis using six-month average full market capitalisation data. Under the framework:
Large-cap stocks: Ranked 1st to 100th by six-month average market capitalisation
Mid-cap stocks: Ranked 101st to 250th
Small-cap stocks: Ranked 251st onwards
The existing stock categorisation remains valid for the January–June 2026 period.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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