Muthoot Finance, Canara Bank, Polycab set for largecap entry; Bajaj Housing may exit

Stocks such as Muthoot Finance, Canara Bank, Dixon Technologies, Swiggy and Polycab India are likely to enter the largecap list in the next semi-annual categorisation by AMFI. On the other hand, Indus Towers, Lupin, Bajaj Housing Finance and Info Edge may be downgraded to the midcap category in the rejig.

"Based on current average market-cap levels, we anticipate the large-cap cut-off to be approximately Rs 1 lakh crore compared with Rs 91,600 crore as of June 2025) and the midcap threshold to hover around Rs 33,400 crore compared to Rs 30,700 crore as of June 2025," said Abhilash Pagaria, Head – Alternative & Quantitative Research at Nuvama.

The official list will be released by AMFI in the first week of January 2026, based on market-cap data from July 1–December 31, 2025. The categorisation will be effective February 1, 2026, and will act as a reference for domestic fund managers.

As per Nuvama, Bosch and HDFC AMC could also see largecap inclusion, while Adani Energy Solutions and REC may be reclassified as midcaps. 

Among midcap movers, Endurance Technologies, Cohance Lifesciences, Poonawalla Fincorp, Apar Industries and Gillette India are in line for upgrades from smallcap, while HDB Financial Services and Anthem Biosciences may also join the midcap basket. Conversely, Gujarat Gas, Ajanta Pharma, Tata Investment Corporation, Sona BLW, LIC Housing Finance, Honeywell Automation India and Central Bank of India are candidates for a shift to the smallcap category.

Dozens of fresh names could enter the smallcap list, including Vikram Solar, NSDL, Aditya Infotech, JSW Cement, Smartworks Coworking Spaces, Amanta Healthcare and Patel Retail.

While the rejig does not directly result in inflows or outflows, the list is closely tracked by fund managers to adjust positions across schemes. The classification stems from SEBI’s 2017 circular, which mandated uniform categorisation of listed stocks into largecap, midcap and smallcap baskets, based on market capitalisation data from exchanges.