Archive · 18 Sep 2025
AMFI Reclassification: Swiggy, HDFC AMC Expected to Upgrade
AMFI, the group that decides stock categories, is reclassifying companies.
This means some companies will move to different categories based on their market value.
Swiggy, HDFC AMC, and Muthoot Finance are likely to become large-cap companies.
Some companies will likely be demoted.
This affects what stocks mutual fund managers buy and sell.
The new rules start in February 2026 and the changes are based on market performance from July to December 2025.
AMFI will reclassify stocks based on six-month market capitalization.
Swiggy, HDFC AMC, and Muthoot Finance are likely to be upgraded to large-cap.
Info Edge (India) and Lupin are among companies at risk of being demoted.
The large-cap cut-off is expected to be around ₹1 lakh crore.
The new classifications will take effect from February 1, 2026.
- Who
- Association of Mutual Funds in India (AMFI)
- What
- Will reclassify stocks based on six-month average market capitalization.
- When
- Announcement in January 2026, effective February 1, 2026
- Where
- India
- Why
- To standardize stock categorization for investors.
Companies Being Demoted
Companies Being Promoted
Impact on Valuation
Companies Being Demoted
Companies losing large-cap status may face reduced liquidity and valuation premiums.
Companies Being Promoted
Companies gaining large-cap status often attract fresh inflows and command higher valuations.
- Large-Cap Cut-Off
- ₹1 lakh crore (approx.)
- Mid-Cap Cut-Off
- ₹33,400 crore (approx.)
- Announcement Date
- First week of January 2026
- Implementation Date
- February 1, 2026
- Governing Body
- Association of Mutual Funds in India (AMFI)
- Review Period
- July 1 to December 31, 2025
