New Delhi: Swiggy and Dixon Technologies are among eight companies expected to be upgraded to large-cap status in the Association of Mutual Funds in India’s (AMFI) February 2026 reshuffle, while HDB Financial Services may be added to the mid-cap list, according to a forecast by Nuvama Institutional Equities, reported
Economic Times.
Other potential large-cap entrants include HDFC Asset Management, Bosch, Muthoot Finance, Cummins India, Polycab India, and Canara Bank. Six stocks could move from small-cap to mid-cap: Endurance Technologies, Cohance Lifesciences, Apar Industries, Poonawalla Fincorp, Delhivery, and Gillette India. HDB Financial Services and Anthem Biosciences may also enter the mid-cap category.
The rejig may see demotions as well. Info Edge (India), Lupin, Bajaj Housing Finance, Indus Towers, United Spirits, Havells India, Adani Energy Solutions, and REC could be downgraded to mid-cap from large-cap. Mid-cap stocks that might fall into small-cap status include Tata Investment Corporation, Sona BLW Precision Forgings, AIA Engineering, Gujarat Gas, LIC Housing Finance, Ajanta Pharma, Honeywell Automation India, and Central Bank of India.
Additionally, about 30 companies are expected to gain small-cap status, including NSDL, Vikram Solar, Vikran Engineering, Amanta Healthcare, Globe Civil Projects, Mangal Electrical Industries, Kalpataru, Indiqube Spaces, Highway Infrastructure, and Aditya Infotech.
Based on current market-cap averages, AMFI may raise the large-cap threshold to about Rs 1 lakh crore from Rs 91,600 crore in June 2025, while the mid-cap limit could increase to Rs 33,400 crore from Rs 30,700 crore.
The reclassification, covering July 1 to December 31, 2025, will be announced in early January and take effect from February 1, 2026. While categorisation does not directly trigger inflows or outflows, mutual fund managers typically adjust portfolios in line with AMFI’s updated list.