AMFI stock re-categorisation: BSE, Vodafone Idea, Jindal Steel, BHEL among potential large-cap entrants
AMFI stock re-categorisation: Stocks that could potentially move into the large-cap basket include BSE, Jindal Steel & Power, Vodafone Idea, Hitachi Energy India, Indian Bank, Indus Towers and Bharat Heavy Electricals Ltd (BHEL).
The Association of Mutual Funds in India (AMFI) will likely announce its semi-annual stock re-categorisation in the first week of July, a key development that serves as the reference framework for active domestic mutual fund managers.
Based on current average market capitalisation levels, Nuvama Alternative & Quantitative Research estimates the large-cap cut-off at around ₹1.07 lakh crore, marginally higher than ₹1.05 lakh crore in December 2025. The mid-cap cut-off is estimated at approximately ₹32,700 crore, compared with ₹34,800 crore in the previous review period.
The categorisation exercise will be based on the six-month average market capitalisation during the period from January 1 to June 30, 2026, with the revised classification becoming effective from August 1, 2026, said Abhilash Pagaria, Head, Nuvama Alternative & Quantitative Research.
Here are the potential changes in stock classification as per Nuvama:
Likely Large-cap Entrants
Stocks that could potentially move into the large-cap basket include BSE, Jindal Steel & Power, Vodafone Idea, Hitachi Energy India, Indian Bank, Indus Towers and Bharat Heavy Electricals Ltd (BHEL).
Potential downgrade from Large-cap to Mid-cap
The companies which may move from the large-cap to mid-cap category include Lodha Developers, Indian Hotels Company, Mazagon Dock Shipbuilders, Max Healthcare Institute, Bosch, LG Electronics India and GAIL (India).
Mid-cap Entrants
The potential additions to the mid-cap universe include Hindustan Copper, NLC India, Ajanta Pharma, AIA Engineering, Aster DM Healthcare, Sona BLW Precision Forgings, Navin Fluorine International and Delhivery.
Mid-cap to Small-cap
Potential downgrades to the small-cap category include Kaynes Technology India, SJVN, Global Health, PhysicsWallah, Cholamandalam Financial Holdings, KPR Mill, CRISIL and Jubilant FoodWorks.
New Entrants in Small-cap Universe
Several newly listed and emerging companies may enter the small-cap category. These include Bharat Coking Coal, Fractal Analytics, Central Mine Planning & Design Institute (CMPDI), Clean Max Enviro Energy Solutions, Shadowfax Technologies, Amagi Media Labs, Sedemac Mechatronics, Powerica, Kwality Wall’s India, OnEMI Technology Solutions, Aye Finance, and several others.
Why AMFI categorisation matters
While changes in stock categorisation do not directly result in incremental inflows or outflows, active mutual fund managers closely track the revised list while taking fresh positions or rebalancing portfolios across scheme categories.
AMFI reviews stock categorisation on a half-yearly basis using six-month average full market capitalisation data. Under the framework:
Large-cap stocks: Ranked 1st to 100th by six-month average market capitalisation
Mid-cap stocks: Ranked 101st to 250th
Small-cap stocks: Ranked 251st onwards
The existing stock categorisation remains valid for the January–June 2026 period.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
About the Author
Ankit Gohel is the Deputy Chief Content Producer at Livemint, specialising in financial markets, macroeconomics, and regulatory developments. With a strong focus on equity markets, primary issuances, and policy-driven market movements, he brings clarity to complex financial developments for investors and market participants. <br><br> With nine years of experience in business and financial journalism, Ankit’s approach is rooted in the belief that market reporting should go beyond headlines — connecting data, policy, and ground realities to deliver actionable insights. His work consistently bridges the gap between institutional analysis and investor understanding. <br><br> Ankit has spent three years at Livemint, where he currently helps drive market coverage, editorial strategy, and high-impact financial stories. Prior to this, he worked with leading business news networks such as CNBC-TV18, ET Now, TickerPlant News Service where he built deep expertise in stock market analysis, macroeconomic trends, primary markets, and coverage of key regulators including the RBI and SEBI. <br><br> Over the years, he has covered market cycles across bull and bear phases, IPO booms, liquidity shocks, and major policy shifts that reshaped investor sentiment. He has interviewed fund managers, corporate leaders, and policymakers, translating their perspectives into sharp, data-backed narratives. Ankit combines speed with accuracy — ensuring timely, credible, and insight-driven financial journalism that empowers both retail and institutional audiences.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Wait for it…
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.