AMFI market cap classification: large, mid, small

The AMFI market cap classification is the single list that decides which Indian listed companies count as large cap, mid cap or small cap for mutual fund purposes. It is a pure ranking on full market capitalisation: ranks 1 to 100 are large cap, 101 to 250 are mid cap, 251 onwards are small cap. The current list is the one for the six months ended 30 June 2026, and read on 22 September 2026 it ranks 5,427 companies, split 100 large cap, 150 mid cap and 5,177 small cap. This page explains how the AMFI market cap classification is built, where the current cut-offs sit, and what moves when a company changes band. It is not investment advice.

How is the AMFI market cap classification built?

SEBI defined the three bands in its circular dated 6 October 2017, numbered SEBI/HO/IMD/DF3/CIR/P/2017/114, so that every equity scheme works off one investment universe rather than each fund house drawing its own line. AMFI prepares the list in consultation with SEBI and the stock exchanges, using data from the BSE, the NSE and the MSEI.

The mechanics:

The published file is one sheet, one row per company, and each row carries the company name, its ISIN, its BSE, NSE and MSEI symbols, the six-month average market capitalisation on each exchange where it trades, the average of all exchanges, and a column headed "Categorization as per SEBI Circular dated Oct 6, 2017" that says Large Cap, Mid Cap or Small Cap. The categorisation is in the file itself, so nothing has to be inferred from the rank.

Where do the current cut-offs sit?

In the list for the six months ended 30 June 2026, read on 22 September 2026, the large cap band ends at rank 100 with GAIL (India) Ltd at an all-exchange average of about Rs 106,346 crore, and the mid cap band opens at rank 101 with Bosch Ltd at about Rs 106,278 crore. The gap between the two is roughly Rs 68 crore, under 0.1 percent of either number.

The mid cap boundary is just as tight. Rank 250, the last mid cap, is Godrej Industries Ltd at about Rs 33,664 crore, and rank 251, the first small cap, is Navin Fluorine International Ltd at about Rs 33,442 crore. Both boundaries are decided by well under one percent of the cut-off itself, Rs 68 crore at the large-to-mid line and about Rs 222 crore at the mid-to-small line, in a market where daily moves are larger than that. That is why band membership can change without a company doing anything.

A provenance note, because the file has moved. AMFI publishes the list on the page titled "Categorization of Large Cap, Mid Cap and Small Cap Stocks", now at amfiindia.com/otherdata/categorisation-of-stocks, and the PDF and Excel for the current period are served from portal.amfiindia.com rather than the older downloads path that earlier periods still use. Read on 22 September 2026, the previous URL returns a 404. Pull the file from the current page, note which period it covers, and do not take a cut-off from a secondary summary.

Full market cap, not free float

The ranking uses full market capitalisation, which counts every outstanding share including promoter holdings. Index weights are a different calculation: the Nifty 50 and the Sensex weight constituents on free float, the portion available to trade. So a company with a very high promoter stake can rank higher on AMFI's list than its index weight suggests. For that distinction see what is free float, and for where promoter holding is disclosed each quarter, how to read a shareholding pattern.

What happens when a stock moves band

This is the part with observable consequences. Category minimums are tied to the band, so a scheme cannot ignore a reclassification. A large cap fund has to hold at least the mandated share of its assets in large cap stocks, and mid and small cap funds have their own floors, all set by the categorisation framework rather than by the fund. When a stock crosses from rank 101 to rank 100, or falls the other way, schemes on both sides of the line may have to adjust. SEBI's framework allows one month to realign portfolios to a new list.

Two things worth keeping straight. First, the list is a ranking, so a stock can change band without its own market capitalisation changing much, simply because other companies moved around it. Second, the band is an input to a mandate, not a quality label: the classification says where a company sits by size, and nothing else.

Where the bands feed into scheme rules is covered in mutual fund scheme categorisation, which SEBI reset by circular dated 26 February 2026. To see which schemes actually hold a given stock, the monthly portfolio disclosures are the source: how to find which mutual funds are buying a stock.

Reading the AMFI market cap classification carefully

The AMFI market cap classification is dated by construction. Any list you are looking at was built on the previous six months of data and is replaced roughly every six months, so a screenshot of band membership goes stale on a known schedule. Check which period your copy covers, the current one is the six months ended 30 June 2026, and pull the file from AMFI rather than a secondary summary. Flock reports public filings with every claim sourced and dated. What any of it means for your money is your call to make.