Amfi rejig to crown new toppers in market cap

Come January 2026, when the Association of Mutual Funds in India (Amfi) redraws the market capitalization map, new guards will steal the spotlight, and established titans might lose their crowns.

- Mayur Bhalerao & Niti Kiran

The immediate surge will come from newly listed entities projected to leap straight into the large-cap league. LG Electronics India, following its significantly oversubscribed initial public offering (IPO) in October, is a strong candidate. Similarly, Tata Capital, also listed in October, is highly anticipated to join the large-cap ranks according to Nuvama Alternative & Quantitative Research estimates.

Adding to the thrill is the anticipated ICICI Prudential AMC IPO in December, positioning it as a prime candidate for instant large-cap status and challenging existing heavyweights, the report added.

Amfi’s January stock recategorization—expected to be announced in the first week of January and effective 1 February 2026—could see a new guard take over the large-cap 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.