Largecaps such as Bajaj Housing Finance, Lupin, Info Edge and Jindal Steel may moved to midcap category in the forthcoming AMFI rejig, while stocks such as Muthoot Finance and Canara Bank may make it to the largecap club, Nuvama Institutional Equities said on Thursday. The domestic brokerage estimated the largecap cut-off at about Rs 1.05 lakh crore for the forthcoming AMFI classification, compared with Rs 91,600 crore in the June 2025 review. The midcap cut-off was pegged at Rs 34,800 crore against Rs 30,700 crore earlier.
The assessment period runs from July 1 to December 31, 2025, with the final list taking effect on February 1, 2026.
Nuvama said Muthoot Finance, HDFC AMC, Canara Bank and Bosch are likely to enter the largecap category. Cummins India, Polycab India and Hero MotoCorp are viewed as borderline additions. LG Electronics and Tata Capital may also join the largecap list, while the upcoming IPO of ICICI Prudential MF could qualify as well.
Largecaps that may move into the midcap category included Bajaj Housing Finance, Info Edge, Lupin, Havells India, Zydus Lifesciences, REC and Indus Towers. United Spirits, Mankind Pharma, Jindal Steel and Shree Cements are flagged as borderline names that could shift to midcaps.
Potential midcap entrants included Endurance Technologies, Poonawalla Fincorp, Apar Industries, Billionbrains Garage, Lenskart Solutions, HDB Financial Services, Meesho, Anthem Biosciences and PhysicsWallah.
Midcaps that may slip to the smallcap category included Sona BLW, Gujarat Gas, LIC Housing Finance, AIA Engineering, Metro Brands, Ajanta Pharma and Honeywell Automation. Other possible exits included Exide Industries, KPIT Technologies, Central Bank of India, AWL Agri Business, NLC India and Tata Elxsi.
AMFI is expected to announce the reclassification in the first week of January 2026. Nuvama said the list serves as a reference for active domestic fund managers. While categorisation changes do not directly trigger flows, managers track them closely when adjusting positions within scheme mandates.
As per a SEBI circular issued in October 2017, listed stocks must be classified into clearly defined largecap, midcap and smallcap categories. This ensures uniformity in the investment universe for equity mutual fund schemes. SEBI has mandated that AMFI prepare the official list of stocks for this purpose.
Accordingly, AMFI, in consultation with SEBI and stock exchanges, compiles the list based on market capitalisation data from BSE, NSE and MSEI. The existing categorisation for H2 CY25 is valid from July 2025 to January 2026.
