Amfi's next rejig may reshuffle over 30 stocks across m-cap tiers

More than 30 stocks are expected to shift across largecap, midcap and smallcap categories in Amfi's upcoming half-yearly market-capitalisation reclassification

 The large, mid, and smallcap investment universe of mutual funds is headed for a reshuffle, with over 30 stocks expected to change their market capitalisation (mcap) category when the Association of Mutual Funds in India (Amfi) releases its half-yearly reclassification in the first week of July.

 

According to an analysis by Nuvama Wealth Management Alternative and Quantitative Research, the largecap cutoff is estimated at around ₹1.06 trillion in the upcoming reclassification — a marginal increase from ₹1.05 trillion during the previous rejig in January 2026. The midcap cutoff, however, is expected to decline to around ₹32,300 crore from ₹34,800 crore. The predictions are as on May 5, 2026.

 

Potential upgrades from midcap to largecap include BSE, Jindal Steel & Power, and Hitachi Energy India. Among current largecaps, Indian Hotels Company, Lodha Developers, and Max Healthcare Institute are expected to slip into the midcap category.

 

Meanwhile, Hindustan Copper, NLC, AIA Engineering, Ajanta Pharma, and Delhivery are seen moving from smallcap to midcap, while midcaps such as Kaynes Technology India, SJVN, Global Health and PhysicsWallah may move into the smallcap basket.

 

In addition, the smallcap space will see the addition of at least 20 names. These stocks are new listings on the exchanges.

 

Amfi revises the stock classification list every January and July. The top 100 stocks by 

six-month average mcap are categorised as largecaps, the next 150 as midcaps, and the rest as smallcaps. The revised list will take effect from August 1, 2026.

 

While category changes do not automatically trigger fund inflows or outflows, active fund managers closely monitor the revisions while recalibrating portfolio allocations and investment mandates.