AMFI rejig: IRFC, Vedanta shares may move to midcap list, SBI Funds' largecap entry likely

Nuvama Institutional Equities in a fresh note said it expects largecap stocks such as Indian Railway Finance Corporation Ltd (IRFC) and  Vedanta Ltd to move to midcap list, while seeing entry of SBI Funds Management Ltd in the largecap category. AMFI is expected to announce the re-categorisation in the first week of January 2027 and, as per prevailing average market capitalisation levels, the domestic brokerage estimated the largecap cut-off at Rs 1.12 lakh crore, up from Rs 1.06 lakh crore in June 2026. The midcap cut-off is seen at Rs 36,800 crore against Rs 33,600 crore in June 2026.

The cut-off period will run from July 1 to Dec 31, 2026, with the final categorisation taking effect from February 1, 2027. As per Nuvama, Bosch, Siemens Energy India, Lodha Developers, Zydus Lifesciences; Lenskart Solutions and GE Vernova T&D India are some of the midcap stocks that can be recategorised as largecaps. Recent debutant SBI Funds could be a new entry to the largecap basket.

Among largecaps that could be categorised as midcaps include Godrej Consumer Products, Ambuja Cements, Indus Towers, Tata Consumer Products Ltd, Vedanta Ltd, HDFC Asset Management Company Ltd and Indian Railway Finance Corp Ltd (IRFC).

RBL Bank, Welspun Corp, Ather Energy, Aegis Logistics, Gland Pharma, Aditya Infotech, JB Chemicals & Pharma Ltd and Sterlite Technologies were seen as potential midcap entrants. Manipal Health and Indo-MIM are seen as new entries.

Stocks such as Procter & Gamble Hygiene; UCO Bank, Godfrey Phillips India, IREDA.; Blue Star; Escorts Kubota, ITC Hotels and Tata Investment Corporation are seen as midcap stocks that may be categorised as smallcap.

Stocks such as Dhoot Transmission, Milky Mist Dairy Food, ESDS Software Solution,  Lalithaa Jewellery Mart; Horizon Industrial Parks, Juniper Green Energy, Molbio Diagnostics, among others, could be new smallcap entrants.