AMFI Rejig 2025: 11 Mid-Caps Set to Join Large-Cap Club, Says Nuvama

According to Nuvama Quantitative and Alternative Research, up to 11 stocks—including Mazagon Dock Shipbuilders, Solar Industries India, Mankind Pharma, and Lupin—are poised to transition from the mid-cap to the large-cap category in the upcoming semi-annual stock reclassification by AMFI, scheduled for July 2025.

Key Corporate Demergers Set to Influence Categorisation

Two significant demergers in 2025 are expected to impact classification directly:

• Siemens Energy: Expected to enter the large-cap segment post-demerger.
• ITC Hotels: Likely to qualify as a mid-cap stock.

Based on Nuvama’s analysis, Hexaware Technologies stands out as the only direct listing that is expected to meet the mid-cap criteria.

Other Stocks That May Join the Large-Cap League

In addition to the four leading names, several others are on track to enter the large-cap space:

• Indian Hotels Company
• Max Healthcare Institute
• Shree Cement
• Apollo Hospitals Enterprise
• Union Bank of India
• Jindal Steel and Power

Likely Downgrades: Large-Cap to Mid-Cap

Stocks potentially moving downward from the large-cap to mid-cap category include:

• Rail Vikas Nigam Ltd (RVNL)
• Hero MotoCorp
• Indian Overseas Bank
• Cummins India
• Swiggy
• Polycab India
• Bosch
• Dabur India
• NTPC Green Energy

Mid-Cap Stocks Poised for Inclusion

Nuvama has also highlighted a batch of stocks likely to qualify as mid-caps, including:

• Godfrey Phillips India
• Laurus Labs
• Multi Commodity Exchange (MCX)
• Hexaware Technologies (via direct listing)
• ITC Hotels (post-demerger)

From Mid to Small: Potential Downgrades

Several mid-cap stocks may slide into the small-cap segment, such as:

• Ola Electric Mobility
• Punjab & Sind Bank
• Aditya Birla Fashion and Retail
• Indraprastha Gas
• Deepak Nitrite
• Inventurus Knowledge Solutions
• Syngene International
• The New India Assurance Company
• Apar Industries
• Endurance Technologies
• Tata Technologies
• IRB Infrastructure Developers

Updated Market Cap Thresholds for Classification

Nuvama estimates the following revised cut-offs based on average market capitalisation:

• Large-cap: ~₹91,600 crore (down from ₹1 lakh crore in December 2024)
• Mid-cap: ~₹30,700 crore (down from ₹33,200 crore in December 2024)

Also Read: Best Investment Plan for Monthly Income in India for July 2025

Timeline for Implementation

• Evaluation period: January 1 to June 30, 2025
• Final list announcement: Expected in the first week of July
• Effective date for new categorisation: August 1, 2025

Impact on Mutual Fund Investments

While these reclassifications are closely tracked by active mutual fund managers, Nuvama notes that they do not guarantee fund inflows or outflows. The list serves more as a reference for portfolio positioning rather than a trigger for immediate action.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.