India’s listed equity universe witnessed a meaningful reshuffle in the latest AMFI market-cap classification between December 2025 and June 2026. During this time several companies moved across categories even as the overall composition of the large, mid and small-cap segments remained unchanged.
Cafemutual’s analysis of AMFI’s market capitalization data shows that there has been a considerable churn within these categories driven by changes in market valuations, new listings and corporate actions.
During this period of six months, the listed universe expanded to have 5427 companies in June 2026 compared to 5372 companies in December 2025.
Large cap stocks witness 9 new entrants
According to the analysis, 9 stocks entered the large cap space in June 2026 compared to December 2025. 8 of these 9 companies were promoted from the mid-cap segment into the large-cap universe.
These include BSE Ltd., Vodafone Idea, Hitachi Energy India, Jindal Steel, Indian Bank, Indus Towers, Billionbrains Garage Ventures (Groww) and Bharat Heavy Electricals (BHEL).
This development indicates strong market-cap expansion across sectors ranging from capital markets and public sector enterprises to telecom and industrials.
In addition, the recently listed Vedanta Aluminium Metal Ltd. entered the large-cap universe as a new entrant, which highlights the growing presence of newly listed companies capable of debuting directly among India’s biggest listed firms.
Some established names lose large-cap status
The reshuffling of stocks also saw nine companies fall out of the top-100 rankings and move into the mid-cap segment. These include Bosch Ltd., Siemens Energy India, Hero MotoCorp, Dr. Reddy’s Laboratories, LG Electronics India, Max Healthcare Institute, Mazagon Dock Shipbuilders, Indian Hotels Company and Lodha Developers.
Mid-cap also witnesses churn
The mid-cap segment experienced movement at both ends where it witnessed some of the companies moving from small caps to mid-caps while some of them slipped from large cap status to mid-caps.
As per the recent data, six companies graduated from the small-cap universe into mid-cap, which include Hindustan Copper, NLC India, AIA Engineering, Ajanta Pharma, Aster DM Healthcare and Sona BLW Precision Forgings.
At the same time, ten companies slipped from mid-cap to small-cap, including Tata Investment Corporation, reflecting weaker relative market-cap performance.
Several sizeable new listings also entered directly into the mid-cap category. These include Knowledge Realty Trust, Embassy Office Parks REIT and Bagmane Prime Office REIT, signalling continued diversification of India’s listed investment products beyond traditional operating companies.
New entrants outpace exits
The listed universe continued to expand during the six-month period.
The analysis identified 148 apparent new entrants and 93 exits based on ISIN matching. After adjusting for companies that underwent ISIN changes due to corporate actions, the data points to 110 genuine new entrants against 55 real exits.
Among the notable companies exiting the universe were Piramal Enterprises, Inox Wind Energy, V2 Retail, E2E Networks and TANFAC Industries, either due to delisting, mergers, restructuring or falling below the classification threshold.
Average company size shrinks across all market-cap segments
The latest AMFI market-cap classification also indicates that the average market capitalization of companies declined across all three categories between December 2025 and June 2026, suggesting a broad-based moderation in equity valuations.
The decline was most pronounced in the small-cap universe, where the average company lost nearly 9% of its market capitalization over the six-month period. This suggests that smaller companies bore the brunt of the market correction, with valuations compressing significantly more than their larger peers.
In comparison, the large-cap segment saw only a 2.37% decline, while mid-caps slipped 1.48%, indicating that larger companies remained relatively resilient amid the broader market weakness.
Total Average Market Cap (Rs. Cr.)
Jun-26
Dec-25
Change %
Large Cap
275198
278505
-2.37447
Mid Cap
62453
62918
-1.47865
Small Cap
1806
1888.8
-8.79812
Source: AMFI
Other trends
Capital market infrastructure, industrials and public sector companies continued gaining market-cap strength, resulting in multiple promotions to the large-cap category
New-age businesses and newly listed companies are increasingly entering the upper tiers of AMFI’s classification much sooner than in previous years
REITs and other alternative listed investment vehicles are becoming more prominent within the mid-cap universe
The narrow gap between companies around the large-cap cut-off is leading to more frequent reshuffling between the top 100 and the mid-cap segment
While overall market capitalization softened across categories, the continued expansion in the number of listed companies indicates that India’s equity market continues to deepen despite near-term valuation moderation
Here are the key details of the analysis by Cafemutual:
Universe size
Companies in Dec-2025 list
5372
Companies in Jun-2026 list
5427
Common companies (matched by ISIN)
5279
Source: AMFI
Entrants & Exits (based on ISIN match)
Apparent new entrants (ISIN not in Dec-25)
148
Apparent exits (ISIN not in Jun-26)
93
ISIN changed due to stock split/bonus/consolidation
38
REAL new entrants (genuinely new to list)
110
REAL exits (genuinely dropped – delisted/merged/below cutoff)
55
Source: AMFI
Category shifts among common companies (33 total)
Large Cap -> Mid Cap (dropped out of top 100)
9
Mid Cap -> Large Cap (promoted to top 100)
8
Mid Cap -> Small Cap (dropped out of top 250)
10
Small Cap -> Mid Cap (promoted into top 250)
6
Source: AMFI
Click here to see the details of full analysis.