HDFC AMC, Dixon, Swiggy may get large-cap tags in 2026 AMFI reclassification

Mumbai: HDFC Asset Management Company, Bosch, Muthoot Finance, Cummins India, Polycab India, Dixon Technologies, Swiggy and Canara Bank are likely to be upgraded from mid-cap to large-cap in the next Association of Mutual Fund in India's semi-annual reclassification in January 2026, according to Nuvama Alternative & Quantitative Research.

The mutual fund industry body announces the reclassification of shares twice a year. AMFI will release the official list in the first week of January.

The brokerage said Info Edge, Lupin, Bajaj Housing Finance, Indus Towers, United Spirits, Havells India, Adani Energy Solutions and REC are likely to be moved from the large-cap category to mid-cap.


Mutual fund managers must keep an eye on the AMFI stock categorisation list, which serves as a rulebook for moving across large-cap, mid-cap and small-cap stocks. While re-categorisation need not lead to fresh inflows or outflows, an active equity fund manager must align their holdings within a month of the new list. The extent of the rebalancing is entirely the fund manager's discretion.

Nuvama said Endurance Technologies, Cohance Lifesciences, Apar Industries, Poonawalla Fincorp, Delhivery, Gillette India, HDB Financial Services and Anthem Biosciences could be moved from small-caps to mid-caps.