AMFI’s Stock Categorization Update (Jan 2026): Tracking Large, Mid & Small Cap Shifts
Financial Report
Market Cap Cutoffs Surge in AMFI’s Jan 2026 Categorisation :-AMFI’s latest stock categorisation (Jan 2026) signals a clear step-up in market size thresholds. The Large Cap cutoff—based on average market capitalisation over the last six months—has risen sharply to ₹1,05,000 crore, up from ₹91,500 crore. The Mid Cap cutoff has also moved higher to ₹34,700 crore from ₹30,700 crore, reflecting the broader expansion in market valuations witnessed through H2 CY2025.
AMFI’s Latest: 10 Stocks Elevated to Large Cap:- In AMFI’s latest stock categorisation, seven names have been upgraded from Mid Cap to Large Cap—Bosch, Canara Bank, Cummins India, HDFC AMC, Hero Motocorp, Muthoot Finance and Polycab India—as their six-month average market capitalisation moved above the Large Cap threshold (~₹1.05 lakh crore). Alongside these upgrades, ICICI Prudential AMC, LG Electronics India and Tata Capital have been newly included in the Large Cap bucket based on market-cap eligibility.
Rising Cutoffs Reflect H2CY25 Market Momentum :- The sharp rise in Large Cap and Mid Cap cutoffs in AMFI’s latest categorisation is a clear marker of the strong market rebound during Jul–Dec 2025, after a relatively sluggish and selective rally in early 2025. The second-half rally was powered by a more supportive domestic backdrop—government reforms including GST 2.0, resilient GDP momentum and easing inflation—which collectively strengthened risk appetite and expanded market capitalisations across sectors. Importantly, the lower base of H1 CY25 also amplified the move, making the Jul–Dec recovery look sharper and helping the broader market finish 2025 with renewed traction.
Key Downgrades: 10 Stocks Shift from Large Cap to Mid Cap:- On the flip side, 10 stocks have been reclassified from Large Cap to Mid Cap in AMFI’s latest update. The list includes Bajaj Housing Finance, Havells India, Indus Towers, Info Edge (India), Lupin, Mankind Pharma, REC, Shree Cements, United Spirits and Zydus Lifesciences. This downgrade signals that their six-month average market capitalisation has slipped below the Large Cap threshold (~₹1.05 lakh crore), resulting in a relative drop in market-cap ranking and a consequent shift in categorisation.
Small to Mid Cap Upgrades Gain Momentum:- In AMFI’s latest stock categorisation, 11 stocks have climbed from Small Cap to Mid Cap after their six-month average market capitalisation crossed ₹34,700 crore. Key upgrades from the existing universe include Apar Industries, Endurance Technologies, Piramal Finance, Poonawalla Fincorp and Tata Investment Corporation, underscoring strengthening market positioning and improved valuation traction. Notably, the Mid Cap basket has also been energised by new-age/IPO entrants—Anthem Biosciences, Billionbrains Garage Ventures (GROWW), Lenskart Solutions, Meesho, Physicswallah and HDB Financial Services—pointing to deeper market breadth, stronger investor participation and rising institutional interest in emerging leaders.
Mid to Small Cap Downgrades Reflect Market Pressure:- Meanwhile, a set of stocks has been reclassified from Mid Cap to Small Cap as their six-month average market capitalisation slipped below ₹34,700 crore, indicating relative market-cap pressure versus the broader mid-cap universe. The names in this list include ACC, AIA Engineering, Ajanta Pharma, AWL Agri Business, Central Bank of India, Exide Industries, Gujarat Gas, Honeywell Automation India, KPIT Technologies, LIC Housing Finance, Metro Brands, NLC India, Sona BLW Precision Forgings, and Tata Elxsi.
Fresh Entrants: 214 New Stocks Added in AMFI’s H2CY2025 Categorisation :-AMFI’s Jul–Dec 2025 stock categorisation expanded meaningfully, with 214 new stocks entering the coverage universe versus the prior Jan–Jun 2025 list.
For a comprehensive understanding and more insights, please go through our detailed report.