Six midcap stocks — Bosch, Siemens Energy India, Lodha Developers, Zydus Lifesciences, Lenskart Solutions and LG Electronics India — could move into the large-cap segment in AMFI’s H1 CY27 semi-annual reclassification, according to Nuvama Institutional Equities. The brokerage’s latest prediction is based on current average market-cap levels and follows its earlier assessment released on 19 September 2026.
Based on current average market-cap levels, Nuvama estimates the large-cap cut-off at around ₹1.11 trillion, compared with ₹1.06 trillion in June 2026. The mid-cap cut-off is estimated at around ₹365 billion, up from ₹336 billion in June.
According to Nuvama’s early estimates, the potential large-cap entrants include Bosch, Siemens Energy India, Lodha Developers, Zydus Lifesciences, Lenskart Solutions and LG Electronics India. The National Stock Exchange of India is also listed as a new entry.
The brokerage noted that these are preliminary predictions based on current average market-cap levels, and the final categorisation will depend on market-cap rankings during the prescribed review period.
Some largecaps could move into midcap category
Nuvama also expects a few existing large-cap stocks to potentially shift into the mid-cap segment. These include Godrej Consumer Products, Ambuja Cements, Tata Consumer Products, Indus Towers, Vedanta, HDFC Asset Management Company and Indian Railway Finance Corporation.
Among potential mid-cap entrants, the brokerage has identified RBL Bank, Welspun Corp, Ather Energy, Aegis Logistics, Gland Pharma, Aditya Infotech, Sterlite Technologies, JB Chemicals & Pharmaceuticals and Cupid, among others. SBI Funds Management and Manipal Health Enterprises are listed as new entries in the category.
Which midcaps could move to smallcap?
On the other side, several existing mid-cap stocks could move into the small-cap segment, according to Nuvama. The list includes Procter & Gamble Hygiene, UCO Bank, Godfrey Phillips India, Blue Star, Escorts Kubota, Indian Renewable Energy Development Agency, Tata Investment Corporation, Delhivery, Dalmia Bharat, United Breweries and ITC Hotels.
Other potential midcap-to-smallcap shifts include HUDCO, L&T Technology Services, Container Corporation of India, Cochin Shipyard and PI Industries.
Reclassification timeline
Nuvama said the cut-off period runs from 1 July to 31 December 2026, with the final categorisation expected to take effect from 1 February 2027.
Importantly, the brokerage noted that changes in categorisation do not automatically trigger incremental inflows or outflows. However, active mutual fund managers closely monitor the list while taking fresh positions or adjusting holdings across different scheme categories.
The current list is therefore an early prediction and remains subject to changes until the final AMFI classification is announced.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
