AMFI Review: Swiggy, HDFC AMC, Muthoot Finance likely to be upgraded to large-caps in January reclassification
Bosch, Cummins India, Polycab India, and Dixon Technologies (India) are also seen as potential large-cap entrants, though some of these names, including Swiggy, Canara Bank, Polycab, and Dixon, remain borderline cases.
Swiggy, HDFC Asset Management Company, Muthoot Finance, and Canara Bank are among the stocks expected to move from the mid-cap to large-cap category in the upcoming semi-annual reclassification by the Association of Mutual Funds in India (AMFI), according to estimates by Nuvama Alternative & Quantitative Research.
Bosch, Cummins India, Polycab India, and Dixon Technologies (India) are also seen as potential large-cap entrants, though some of these names, including Swiggy, Canara Bank, Polycab, and Dixon, remain borderline cases.
Largecap to Midcap
On the other hand, several companies currently classified as large caps could slip into the mid-cap segment. These include Info Edge (India), Lupin, Bajaj Housing Finance and Indus Towers. United Spirits, Havells India, Adani Energy Solutions and REC are also on the watchlist as borderline names likely to move down.
Smallcap to Midcap
In the mid-cap space, Nuvama anticipates the inclusion of Endurance Technologies and Cohance Lifesciences, alongside Apar Industries, Poonawalla Fincorp, Delhivery and Gillette India, which are considered borderline entrants. Fresh additions to the list could include HDB Financial Services and Anthem Biosciences.
Midcap to Smallcap
Meanwhile, stocks that risk being downgraded from mid-cap to small-cap include Tata Investment Corporation, Sona BLW Precision Forgings, AIA Engineering and Gujarat Gas. LIC Housing Finance, Ajanta Pharma, Honeywell Automation India and Central Bank of India are also among the borderline names likely to move into the small-cap basket.
Based on current average market capitalisation levels, Nuvama projects the large-cap cut-off at around ₹1 lakh crore, compared to ₹91,600 crore in June 2025. The mid-cap threshold is likely to stand near ₹33,400 crore, up from ₹30,700 crore as of June 2025. The review period spans from July 1 to December 31, 2025, with AMFI expected to release the official list in the first week of January 2026. The new categorisation will take effect from February 1, 2026.
It is important to note that changes in categorisation do not directly result in incremental inflows or outflows. However, active mutual fund managers closely track these classifications to guide investment decisions and portfolio adjustments across schemes.
According to AMFI’s norms, the top 100 companies by six-month average market capitalisation are categorised as large caps, the 101st to 250th companies are classified as mid caps, and firms ranked 251st onwards fall into the small-cap category.
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