Swiggy, HDFC Asset Management Company, and Muthoot Finance are among the stocks likely to be categorised as large-cap in the upcoming semi-annual review by the Association of Mutual Funds in India (AMFI). The official list is expected to be released in the first week of January 2026, and will remain effective from February 2026 to July 2026.
The AMFI classification serves as a benchmark for active domestic fund managers while constructing or rebalancing portfolios.
According to estimates by Abhilash Pagaria, Head – Nuvama Alternative & Quantitative Research, the large-cap cut-off is expected to be around ₹1 lakh crore, up from ₹91,600 crore as of June 2025. The mid-cap threshold may hover around ₹32,900 crore, compared to ₹30,700 crore in the previous review period.
The cut-off period for market-cap computation runs from July 1, 2025, to December 31, 2025, with the categorisation taking effect from February 1, 2026.
Potential Large-cap Entrants and Exits
Based on Nuvama’s analysis, potential entrants to the large-cap category include HDFC AMC, Muthoot Finance, Bosch, and Polycab India, while Canara Bank, Cummins India, Swiggy, and Hero MotoCorp are considered borderline cases.
Stocks that may move out of the large-cap list and into the mid-cap category include Info Edge (India), Lupin, Indus Towers, and Bajaj Housing Finance, with Havells India, United Spirits, Zydus Lifesciences, and REC seen as borderline names.
Mid-cap and Small-cap Reclassification
Potential entrants from the small-cap to mid-cap category include Endurance Technologies, Poonawalla Fincorp, Cohance Lifesciences, Apar Industries, and Delhivery. New entrants such as HDB Financial Services and Anthem Biosciences may also feature in the upcoming list.
Meanwhile, stocks that could move from mid-cap to small-cap include Sona BLW Precision Forgings, AIA Engineering, Gujarat Gas, Ajanta Pharma, LIC Housing Finance, KPIT Technologies, and Honeywell Automation India, according to Nuvama estimates.
While AMFI’s classification is closely tracked by fund managers, a change in category does not automatically trigger inflows or outflows. Active managers use the list primarily as a reference point for adjusting positions within their respective fund mandates.
AMFI’s Stock Categorisation Framework
As per AMFI, the categorisation of stocks is based on full market capitalisation and reviewed semi-annually:
Large-cap: 1st to 100th companies (six-month average market cap)
Mid-cap: 101st to 250th companies (six-month average market cap)
Small-cap: 251st company onwards (six-month average market cap)
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