Official AMFI categorisation of 5,427 listed Indian companies into Large Cap, Mid Cap and Small Cap as per SEBI circular dated 6th October 2017. Data as of January-June 2026. Updated every January and July.
These questions compare the January–June 2018 AMFI list (when SEBI first introduced this categorisation) with the current January-June 2026 list. Only companies with the same ISIN in both periods are compared — ensuring like-for-like accuracy. Growth multiples show how market cap changed between these two periods.
SEBI introduced a uniform definition of large cap, mid cap and small cap companies through circular SEBI/HO/IMD/DF3/CIR/P/2017/114 dated 6th October 2017. The purpose was to eliminate ambiguity in fund categorisation — before this circular, different mutual fund houses defined large cap and mid cap differently, making fund comparisons unreliable.
Under the SEBI framework, AMFI (Association of Mutual Funds in India) prepares a list of companies twice a year based on their 6-month average market capitalisation across BSE, NSE and MSEI. The list is released in January and July each year. Companies are ranked from largest to smallest by average market cap, and the classification is assigned as follows:
The classification is purely mechanical — based entirely on relative market cap rank, not on business fundamentals, profitability, or growth prospects. A company that was Mid Cap last year may become Large Cap this year simply because its stock price rose faster than others, or because companies ranked above it declined.
SEBI mandates minimum exposure requirements for equity mutual funds based on this classification. Large Cap funds must invest at least 80% of their corpus in Large Cap stocks. Mid Cap funds must invest at least 65% in Mid Cap stocks. Small Cap funds must invest at least 65% in Small Cap stocks. Large & Mid Cap funds must invest at least 35% each in Large Cap and Mid Cap stocks.
This creates direct portfolio consequences when a stock changes category. When a stock upgrades from Mid Cap to Large Cap, Mid Cap funds that hold it are no longer counting it towards their mandatory 65% Mid Cap exposure — they may need to reduce its weight or replace it with a genuine Mid Cap stock. Simultaneously, Large Cap fund managers may now include it in their buy list. This institutional rebalancing is one reason why stocks that enter the top 100 often see increased mutual fund buying in the months after the AMFI list is updated.
Mutual funds are given one month from the effective date of the new list to rebalance their portfolios to comply with the revised classification. The new list is effective from 1st February (for the January release) and 1st August (for the July release).
The cutoff for Large Cap and Mid Cap classification changes every six months. As of January-June 2026, the Large Cap cutoff (minimum average market cap of the 100th ranked company) is approximately ₹106,346 crore. The Mid Cap lower boundary (minimum average market cap of the 250th ranked company) is approximately ₹33,664 crore. Any company ranked 251st or below — regardless of absolute market cap — is classified as Small Cap.
The current cutoffs are valid from February 2026 until July 2026 when AMFI will release the next revised list. Until then, these are the official numbers used by all SEBI-registered mutual funds for portfolio compliance.
These cutoffs have moved significantly over the years. As Indian equity markets have grown, the minimum size to qualify as Large Cap has risen substantially since 2018 when SEBI first introduced this framework. Companies that were comfortably Large Cap in 2018 may now be classified as Mid Cap simply because many new companies have grown larger. The Quick Insights section above shows which companies have moved between categories since 2018.
It is important to note that Small Cap does not mean small company. India has over 5,000 listed companies, and the 251st largest listed company in India is still a significant business. Small Cap simply means it falls outside the top 250 by average market capitalisation.
See which stocks changed SEBI category this period → SEBI Market Cap Category Changes