Amfi rejig: Indian Hotels, Mazdock set for largecap tag; Swiggy to bow out

Amfi semi-annual categorisation is expected in the first week of July, and will take effect from August 1, 2025, according to Nuvama

Indian Hotels Co, Mazagon Dock Shipbuilders, and Max Healthcare are among 11 companies likely to be reclassified as large caps in the upcoming semi-annual stock categorisation by the Association of Mutual Funds in India (Amfi).

 

According to Nuvama Institutional Equities, Solar Industries, Shree Cements, Apollo Hospitals, Union Bank of India, Lupin, Mankind Pharma, Jindal Steel, and Dixon Technologies are the other stocks to move from mid-caps to large caps in the upcoming changes. 

 

Following the 11 additions to the large-cap index, companies like Rail Vikas Nigam, Hero MotoCorp, Indian Overseas Bank, Cummins India and Swiggy will move from large to mid-cap universe. Polycab India, Bosch, ICICI Prudential Life Insurance, Dabur India, JSW Energy and NTPC Green are the other names.  

What broader market changes are expected in Amfi review? 

Among the potential entrants to the midcap category from the small-cap universe are Godfrey Phillips India, K.P.R. Mill, Narayana Hrudayalaya, Laurus Labs, and Cholamandalam Financial Holdings. Also in the fray are Global Health, Radico Khaitan, Authum Investment & Infrastructure, and two new entries, Hexaware Technologies and ITC Hotels. Several of these names, marked as borderline cases, may be subject to final cut-off metrics.

 

Conversely, a set of midcap stocks may be downgraded to the small-cap category. These include Punjab & Sind Bank, Ola Electric Mobility, Aditya Birla Fashion and Retail, Indraprastha Gas, and Inventurus Knowledge Solutions. Others in this list are The New India Assurance Company, Syngene International, Deepak Nitrite, Apar Industries, and Endurance Technologies, many of which are also considered borderline candidates. 

When will the rejig come into effect? 

The announcement is expected in the first week of July, and the categorisation will take effect from August 1, 2025, Nuvama said in a note on Wednesday. It also added that the large-cap cut-off will be approximately ₹90,800 crore, compared to ₹1 trillion in December 2024. Similarly, the mid-cap cut-off level will be around ₹29,800 crore against ₹33,200 crore in December. 

 

Ahead of the announcement, the research house’s potential list of changes, it said, may serve as a reference for active domestic fund managers to make changes to the portfolios under their management.

Incremental flows expected?

Nuvama cautioned that the changes in the categorisation don’t lead to incremental inflows or outflows. "The active mutual fund

managers keep an eye on the list while taking fresh/modifying positions in stocks in different categories of schemes."

 

As the stocks move up from lower categorisation to higher, it increases their visibility, the report added.