A report by Nuvama Alternative and Quantitative Research estimates the largecap cutoff to surge 15 per cent to ₹1.05 trillion compared to the current threshold of ₹91,572 crore.
The cutoff had exceeded ₹1 trillion once earlier, in January 2025.
Amfi revises the list of largecap, midcap and smallcap stocks at the start of January and July every year based on the previous six-month performance of stocks. The top 100 companies based on the average market-capitalisation (mcap) in the past six months qualify as largecaps, the next 150 become midcaps and the rest smallcaps. A similar rise is expected in the midcap cutoff with multiple new listings set to enter the basket. The report estimates the mcap threshold to rise 13 per cent to ₹34,800 crore compared to the current cutoff of ₹30,756 crore.
The size of the smallest largecap and midcap stocks has gone up during most of the reviews in the post-Covid period owing to the market rally and growing number of listed players.
The largecap and midcap cutoffs have gone up in each of the reviews since January 2023 except July 2025. As a result, the largecap cutoff has more than tripled over the past five years. In the same period, the midcap threshold has climbed more than four-folds.
The higher cutoffs are also expected to lead to churn within the large and midcap baskets.
Midcap stocks such as Muthoot Finance, HDFC AMC and Polycab India are seen as potential entrants into the largecap universe, while some existing largecaps, including Lupin and Mankind Pharma, could slip into the midcap category. The list of potential midcap entries is dominated by new listings such as Groww, Meesho and Lenskart.
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