IPO stars prepare to topple titans

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roster," said Abhilash Pagaria, head of Nuvama Alternative & Quantitative Research. "This is a strong reflection of India’s evolving market structure—digital, disruptive and high-growth, which is now becoming mainstream,” he added.

The biannual announcement, based on six months of market capitalization, is the official rule-book for every active fund manager in the country. It classifies companies as large-cap, mid-cap, or small-cap.

Several established mid-cap companies are projected to "climb the ladder” and graduate into the large-cap universe, reflecting their robust growth and market performance. These include Muthoot Finance, HDFC AMC, Canara Bank, Bosch, Cummins India, Polycab India and Hero MotoCorp.