Vodafone Idea and Indus Towers are among the companies likely to be upgraded to the large-cap category in the upcoming semi-annual stock categorisation exercise by the Association of Mutual Funds in India (AMFI), while Lodha Developers and Indian Hotels Company could move down to the mid-cap segment, according to a report by Nuvama Alternative & Quantitative Research.
The report estimates that BSE, Vodafone Idea, Hitachi Energy India, Jindal Steel, Indian Bank, Indus Towers and Billionbrains Garage Ventures are among the potential entrants to the large-cap universe in AMFI's H2 CY26 review. Newly listed Vedanta Aluminium is also expected to qualify as a large-cap stock.
On the other hand, Lodha Developers, Indian Hotels Company, Mazagon Dock Shipbuilders, Max Healthcare Institute, LG Electronics India, Dr. Reddy's Laboratories, Siemens Energy India and Bosch are likely to move from the large-cap to the mid-cap category.
Among potential mid-cap entrants are Hindustan Copper, NLC India, AIA Engineering, Ajanta Pharma and Aster DM Healthcare. Meanwhile, Kaynes Technology India, SJVN, Cholamandalam Financial Holdings, PhysicsWallah and Global Health are among the stocks that could slip from the mid-cap to the small-cap segment.
The report also flagged a number of new small-cap entrants, including Bharat Coking Coal, Fractal Analytics, CMPDI, Clean Max Enviro, Shadowfax Technologies and Amagi Media Labs.
According to Nuvama, the estimated large-cap cut-off based on average market capitalisation during the January-June 2026 period stands at around Rs 1.07 trillion, slightly higher than Rs 1.05 trillion in December 2025. The mid-cap cut-off is estimated at around Rs 328 billion, compared with Rs 348 billion in the previous review.
A key development in this cycle is the inclusion of the demerged Vedanta entities. Vedanta Aluminium, with an estimated market capitalisation of Rs 1.84 trillion, is expected to qualify as a large-cap stock, while Vedanta Power, Vedanta Oil & Gas and Vedanta Iron & Steel are likely to be classified as small-cap companies.
The official AMFI categorisation list is expected to be announced in the first week of July and will take effect from August 1, 2026. While changes in categorisation do not automatically trigger inflows or outflows, active mutual fund managers closely track the list while taking fresh positions and adjusting portfolios across scheme categories.