8 Midcaps Including Hitachi Energy, Groww May Enter Large-Cap List: Nuvama
Eight midcap stocks including Hitachi Energy, Groww, and BSE may move to large-cap segment in AMFI H2 CY26 rejig, boosting inflows and liquidity.
RUKAIYA KADIVAL 
April 18, 2026: Around eight mid-cap companies, including Hitachi Energy India Ltd and Billionbrains Garage Ventures Ltd, are likely to be upgraded to the large-cap segment in the upcoming AMFI H2 CY26 classification rejig, according to Nuvama Institutional Equities, driven by rising market capitalisation and sustained stock performance.
The potential reclassification could significantly enhance institutional participation, as large-cap funds typically allocate capital based on such classifications. Stocks entering the large-cap category often benefit from improved liquidity, higher index inclusion, and incremental inflows from both passive and active investment strategies.
Stocks Likely to Move Into Large-Cap Category
The list of companies expected to transition from mid-cap to large-cap includes firms across diverse sectors such as telecom, banking, infrastructure, steel, and financial services. Among them are Vodafone Idea Ltd, Indian Bank, BSE Ltd, Jindal Steel & Power Ltd, Indus Towers Ltd, Ashok Leyland Ltd, along with Groww and Hitachi Energy India.
These companies have seen consistent expansion in their market capitalisation, positioning them within the threshold required for large-cap classification under AMFI norms. The classification is typically based on average market capitalisation rankings over a specified period.
Market Capitalisation and Stock Performance
As per the latest available data, several of these companies have crossed the ₹1 lakh crore market capitalisation mark. BSE Ltd leads the group with a market capitalisation of ₹1,44,313 crore, followed by Jindal Steel & Power Ltd at ₹1,29,500 crore and Hitachi Energy India Ltd at ₹1,28,903 crore.
Indian Bank has a market capitalisation of ₹1,26,378 crore, while Billionbrains Garage Ventures Ltd stands at ₹1,24,363 crore. Indus Towers Ltd is valued at ₹1,08,956 crore, and Vodafone Idea Ltd and Ashok Leyland Ltd are also above the ₹1 lakh crore mark.
Share prices for these companies reflect the upward momentum, with BSE trading at ₹3,538.10, Hitachi Energy India at ₹28,920, and Jindal Steel at ₹1,269.50, among others.
Impact of Reclassification on Institutional Flows
Reclassification into the large-cap segment is a critical milestone for companies as it directly influences fund allocation patterns. Large-cap mutual funds and institutional investors often follow strict mandates that limit exposure to companies classified within the top tier by market capitalisation.
As a result, stocks moving into the large-cap category typically witness increased buying interest from institutional investors, including mutual funds and exchange-traded funds (ETFs). This inflow can improve trading volumes and reduce volatility over time.
Additionally, inclusion in large-cap indices enhances visibility among global investors, potentially leading to higher foreign institutional investor (FII) participation.
Sectoral Representation and Growth Drivers
The companies identified for potential upgrade represent a broad cross-section of the Indian economy. Telecom players like Vodafone Idea and infrastructure providers such as Indus Towers reflect ongoing demand for connectivity and digital infrastructure.
Financial institutions like Indian Bank and fintech firms such as Groww highlight the expanding financial services ecosystem, while industrial and manufacturing firms like Jindal Steel and Ashok Leyland indicate strong activity in core sectors linked to economic growth.
Meanwhile, Hitachi Energy India’s inclusion underscores the importance of power and energy infrastructure in supporting industrial expansion and urbanisation.
Broader Market Implications
The anticipated AMFI rejig reflects broader market trends, where sustained price appreciation and improved fundamentals have pushed several mid-cap companies into higher valuation brackets. The shift also indicates a maturing market structure with deeper participation across sectors.
Such upgrades can lead to valuation re-rating as companies gain access to a larger pool of capital and benefit from improved investor confidence. However, the actual impact will depend on market conditions and the pace of institutional inflows following the reclassification.
The final list of reclassified companies will be determined based on AMFI’s official review in the second half of calendar year 2026, which assesses average market capitalisation rankings and sectoral representation.
The potential transition of these companies into the large-cap segment marks a significant development for India’s equity markets, highlighting the evolving landscape of corporate growth and investor participation.
