Newly-listed firms set to dominate Amfi's upcoming market cap review

Tata Capital, Tata Motors' commercial vehicle business and LG Electronics India poised for largecap entry

Newly-listed firms are set to dominate the upcoming rebalancing exercise by the Association of Mutual Funds in India (Amfi). Tata Capital, Tata Motors (Commercial Vehicles) and LG Electronics India are poised to enter the large-cap basket in the latest review, according to an analysis by Brian Freitas of Periscope Analytics, published on Smartkarma.

 

With a market capitalisation of Rs 1.37 trillion, Tata Capital is now the country’s 65th most-valued company, while LG Electronics India ranks 86th with a market cap of Rs 1.1 trillion. Following its demerger, Tata Motors’ commercial vehicle business is valued at nearly Rs 1.2 trillion, placing it at 78th.

 

Billionbrains Garage Ventures (Groww), Lenskart Solutions, HDB Financial Services, Knowledge Realty Trust, and Anthem Biosciences are set to join the midcap category. They will be joined by 10 stocks downgraded from large to midcap and three others graduating from small to midcap.

 

Under the Categorisation and Rationalisation of MF Schemes framework, stocks are classified as largecap (ranks 1–100), mid-cap (101–250) and smallcap (251 and below) based on full market capitalisation. These rankings are reviewed every six months, with June 2025 and December 2025 forming the current review window.

 

“The upward-migrating stocks have outperformed the downward-migrating ones over the past few months and in the shorter term too,” said Freitas. His analysis shows sharp outperformance in the midcap to large-cap and smallcap to midcap baskets, compared to those moving downward.

 

“With the review period nearing completion, there could still be some more outperformance given the momentum. But we would look to take profit as the divergence widens,” he added.

 

Domestic mutual funds currently manage around Rs 18.3 trillion across multicap, largecap, large and-midcap, midcap, smallcap, and flexicap equity schemes.    Stocks that will be in focus during the H2CY25 Amfi rebalancing   

From midcap to large cap			From large cap to midcap
Muthoot Finance			Jindal Steel
HDFC AMC			Mankind Pharma
Canara Bank			Indus Towers
Bosch			United Spirits
Polycab India			REC
Cummins India			Zydus Lifesciences
Hero Moto			Havells India
Tata Capital*			Bajaj Housing Finance
Tata Motors*			Lupin
LG Electronics*			Info Edge
			Groww*
			Lenskart*
			HDB Financial*
			Knowledge Realty Trust*
			Anthem Biosciences*

 

From smallcap to midcap

From midcap to smallcap

Endurance Techn     AWL Agri Business Poonawalla Fincorp     Central Bank Apar Industries     Exide Industries Pine Labs*     KPIT Tech

National Securities Depository*

    Honeywell Automation Urban Company*     Ajanta Pharma JSW Cement*     Metro Brands Aditya Infotech*     LIC Housing Finance Travel Food Services*     AIA Engineering Jain Resource Recycling*     Gujarat Gas       Sona BLW Precision       Source: Smartkarma       Note: *Newly listed firms