AMFI reshuffle: Swiggy, Dixon Tech likely to move to largecap; HDB Financial may join midcap segment

Swiggy and Dixon Technologies are among eight stocks that could be upgraded to large-cap status, while HDB Financial Services may be classified as a midcap, in the Association of Mutual Funds in India (AMFI) February 2026 rejig, according to a forecast by Nuvama Institutional Equities.

Around eight stocks, including HDFC Asset Management, Bosch, Muthoot Finance, Cummins India, Polycab India, Dixon Technologies, Swiggy, and Canara Bank, may be upgraded to the large-cap segment in AMFI’s upcoming rejig.

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Six stocks may soon get upgraded to the midcap space from smallcap status currently, which includes stocks such as Endurance Technologies, Cohance Lifesciences, Apar Industries, Poonawalla Fincorp, Delhivery, and Gillette India.

Two stocks - HDB Financial Services and Anthem Biosciences may be the new entrants in the midcap segment in the AMFI rejig.

The report also highlights the downgrade of some stocks to midcap and small cap from the largecap and midcap segments, respectively.

Info Edge(India), Lupin, Bajaj Housing Finance, Indus Towers, United Spirits, Havells India, Adani Energy Solutions, and REC may be the eight stocks to be demoted to midcaps from their current status of largecaps.

On the other hand, Tata Investment Corporation, Sona BLW Precision Forgings, AIA Engineering, Gujarat Gas, LIC Housing Finance, Ajanta Pharma, Honeywell Automation India, and Central Bank of India — currently midcap stocks — may be downgraded to the smallcap segment after the upcoming AMFI recategorisation.

Overall, around 30 stocks are expected to gain smallcap status in the AMFI exercise. These include NSDL, Vikram Solar, Vikran Engineering, Amanta Healthcare, Globe Civil Projects, Mangal Electrical Industries, Kalpataru, Indiqube Spaces, Highway Infrastructure, and Aditya Infotech.

Based on current average market-cap levels, AMFI may increase the large-cap cut-off to approximately Rs 1 lakh crore (compared to Rs 91,600 crore as of June 2025) and the mid-cap threshold to be around Rs 33,400 crore (compared to Rs 30,700 crore as of June 2025).

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The change in categorisation does not automatically trigger incremental inflows or outflows. Active mutual fund managers typically monitor the updated list when taking new positions or adjusting holdings across different scheme categories, according to the AMFI release.

The cut-off period for the recategorisation spans from July 1, 2025, to December 31, 2025, with the announcement expected in the first week of January. The new categorisation will take effect from February 1, 2026.