AMFI‘s latest market-cap categorisation, based on the average market capitalisation of listed companies during January–June 2026, has resulted in several changes across the large, mid and small-cap universe.
The revised classification is significant because mutual fund schemes are required to invest according to AMFI’s categorisation while defining their investment universe.
Large-cap cutoff inches higher
According to Mata Securities, the market-cap thresholds have largely remained elevated despite moderation in average market capitalisation across segments.
“The large-cap cutoff has edged up to approximately ₹1,06,300 crore from ₹1,05,000 crore in January 2026. In contrast, the mid-cap cutoff has moderated slightly to around ₹33,500 crore from ₹34,700 crore,” Mata Securities said in a report.
Average market capitalisation softens
Mata Securities also highlighted that average market capitalisation declined across all three segments in the latest review.
“The average large-cap market cap eased to ₹2,75,198 crore from ₹2,78,505 crore, while mid-caps moderated to ₹62,454 crore from ₹62,919 crore. The sharpest moderation was seen in small caps, where the category average fell to ₹1,806 crore from ₹1,889 crore,” the report noted.
Stocks upgraded in AMFI’s market-cap review
The latest AMFI review saw several companies move up the market-cap ladder during the January–June 2026 period.
Upgraded from Small-cap to Mid-cap
| Company | Market Cap ( ₹ crore) |
| Hindustan Copper | 52,824 |
| NLC India | 39,990 |
| AIA Engineering | 37,379 |
| Ajanta Pharma | 36,652 |
| Aster DM Healthcare | 34,943 |
| Sona BLW Precision Forgings | 33,742 |
*Data as on 30 June, 2026; Source: Value Research
Hindustan Copper, NLC India, and AIA Engineering are among the prominent stocks that have moved into the mid-cap category.
Upgraded from Mid-cap to Large-cap
| Company | Market Cap ( ₹ crore) |
| BSE | 1,34,291 |
| Vodafone Idea | 1,23,358 |
| Hitachi Energy India | 1,21,538 |
| Jindal Steel | 1,19,288 |
| Indian Bank | 1,18,259 |
| Indus Towers | 1,13,369 |
| Billionbrains Garage Ventures | 1,12,113 |
| Bharat Heavy Electricals (BHEL) | 1,09,929 |
*Data as on 30 June, 2026; Source: Value Research
BSE, Vodafone Idea, and Hitachi Energy India have entered the large-cap universe.
Stocks downgraded in AMFI’s market-cap review
The review also witnessed several companies move to lower market-cap categories.
Downgraded from Large-cap to Mid-cap
| Company | Market Cap ( ₹ crore) |
| Bosch | 1,06,278 |
| Siemens Energy India | 1,06,265 |
| Hero MotoCorp | 1,06,193 |
| Dr. Reddy’s Laboratories | 1,05,965 |
| LG Electronics India | 1,02,833 |
| Max Healthcare Institute | 99,174 |
| Mazagon Dock Shipbuilders | 98,569 |
| The Indian Hotels Company | 94,199 |
| Lodha Developers | 92,580 |
*Data as on 30 June, 2026; Source: Value Research
Bosch, Siemens Energy India, and Hero MotoCorp have slipped to the mid-cap from the large-cap category.
Downgraded from Mid-cap to Small-cap
| Company | Market Cap ( ₹ crore) |
| Tata Investment Corporation | 33,335 |
| Hexaware Technologies | 32,737 |
| K.P.R. Mill | 31,798 |
| Jubilant FoodWorks | 31,408 |
| CRISIL | 31,192 |
| Global Health | 30,821 |
| PhysicsWallah | 30,702 |
| Cholamandalam Financial Holdings | 30,450 |
| SJVN | 29,117 |
| Kaynes Technology India | 24,537 |
*Data as on 30 June, 2026; Source: Value Research
Tata Investment Corporation, Hexaware Technologies, and KPR Mill are among the companies that have moved into the small-cap segment.
Disclaimer: This is purely for educational/ informational purposes and should not be taken as any sort of investment advice. Always consult a SEBI-registered advisor before making any investment decisions.
