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How big is a large cap now?
To count as a large cap in the Jan-Jun 2026 list, a company needed an average market cap of ₹1.06 lakh crore. In Jul-Dec 2017, AMFI's first list, ₹29,304 crore was enough. A company of that size would rank 269th today, well inside small-cap territory.
Written for mutual fund investors and advisers reading fund categories, and anyone tracking how India's listed market has grown. Latest list covers Jan-Jun 2026 (to 30 Jun 2026).
The lines that define a fund's universe
SEBI's 2017 rules tie fund categories to a ranked list: the top 100 companies by full market cap are large caps, the next 150 mid caps, and the rest small caps. Between Jul-Dec 2017 and Jan-Jun 2026 the 100th company grew 3.6 times, the 250th 3.9 times and the 500th 4.4 times. Total listed market cap grew 3.3 times.
Average market cap of the company at each boundary
Each point is a six-month averaging window, dated by its last day. Log scale: equal steps are equal percentage changes.
How to read it. The three lines rise roughly together, so the whole size ladder has moved up, not just the top. The flat stretch to 2020 and the steep climb from 2021 follow the market.
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After inflation
Consumer prices rose 47% between the two windows, so most of the rise is real. In Jan-Jun 2026 rupees the large-cap line went from ₹43,093 crore to ₹1,06,346 crore, 2.5 times.
The cut-offs in today's rupees
Deflated by the all-India CPI (combined), averaged over each list's own six months.
How to read it. The real large-cap line bottomed at ₹35,481 crore in Jan-Jun 2020 and is 3.0 times that now. A fund that stays large cap is buying ever larger companies in real terms.
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Where old cut-offs would rank today
The Jul-Dec 2017 mid-cap line, ₹8,584 crore, would rank 599th in the Jan-Jun 2026 list. Yesterday's mid caps are today's small caps, and a small-cap fund now holds companies that would once have been large.
Rank today of a company the size of each past cut-off
Lower is larger. The two horizontal rules are today's boundaries: rank 100 and rank 250.
How to read it. A point above the rule at 250 means a company that size would now be a small cap. 7 of the 18 past large-cap lines sit there, the latest from Jul-Dec 2020.
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| List | Large-cap line | In Jan-Jun 2026 rupees | Rank today | Mid-cap line | In Jan-Jun 2026 rupees | Rank today | More |
|---|---|---|---|---|---|---|---|
| Jul-Dec 2017 | ₹29,304 cr | ₹43,093 cr | 269 | ₹8,584 cr | ₹12,624 cr | 599 | |
| Jan-Jun 2018 | ₹30,609 cr | ₹44,617 cr | 264 | ₹9,984 cr | ₹14,554 cr | 562 | |
| Jul-Dec 2018 | ₹28,333 cr | ₹40,377 cr | 278 | ₹8,590 cr | ₹12,241 cr | 599 | |
| Jan-Jun 2019 | ₹28,920 cr | ₹41,010 cr | 273 | ₹8,858 cr | ₹12,561 cr | 590 | |
| Jul-Dec 2019 | ₹26,291 cr | ₹35,788 cr | 294 | ₹8,243 cr | ₹11,221 cr | 620 | |
| Jan-Jun 2020 | ₹26,677 cr | ₹35,481 cr | 293 | ₹6,956 cr | ₹9,251 cr | 677 | |
| Jul-Dec 2020 | ₹28,897 cr | ₹36,896 cr | 273 | ₹8,389 cr | ₹10,711 cr | 608 | |
| Jan-Jun 2021 | ₹37,746 cr | ₹47,703 cr | 231 | ₹11,819 cr | ₹14,937 cr | 509 | |
| Jul-Dec 2021 | ₹47,757 cr | ₹58,044 cr | 201 | ₹16,165 cr | ₹19,647 cr | 401 | |
| Jan-Jun 2022 | ₹47,461 cr | ₹56,161 cr | 201 | ₹16,441 cr | ₹19,455 cr | 397 | |
| Jul-Dec 2022 | ₹48,898 cr | ₹55,773 cr | 199 | ₹16,814 cr | ₹19,178 cr | 387 | |
| Jan-Jun 2023 | ₹49,687 cr | ₹55,787 cr | 198 | ₹17,409 cr | ₹19,547 cr | 380 | |
| Jul-Dec 2023 | ₹67,018 cr | ₹72,180 cr | 160 | ₹21,994 cr | ₹23,688 cr | 325 | |
| Jan-Jun 2024 | ₹84,325 cr | ₹90,175 cr | 128 | ₹27,564 cr | ₹29,476 cr | 287 | |
| Jul-Dec 2024 | ₹1.0 lakh cr | ₹1.0 lakh cr | 111 | ₹33,221 cr | ₹34,089 cr | 253 | |
| Jan-Jun 2025 | ₹91,572 cr | ₹94,801 cr | 120 | ₹30,756 cr | ₹31,841 cr | 263 | |
| Jul-Dec 2025 | ₹1.1 lakh cr | ₹1.1 lakh cr | 105 | ₹34,758 cr | ₹35,272 cr | 246 | |
| Jan-Jun 2026 | ₹1.1 lakh cr | ₹1.1 lakh cr | 100 | ₹33,664 cr | ₹33,664 cr | 250 |
How concentrated the top is
The top 100 held 68.0% of all ranked market cap in Jul-Dec 2017, peaked at 74.0% in Jan-Jun 2020, and held 59.5% in Jan-Jun 2026. The number of companies averaging over ₹1 lakh crore went from 28 to 110.
Share of total market cap held by the largest companies
Share of the summed six-month average market cap of every ranked company.
How to read it. A falling line means the companies below the top grew faster. Since 2021 mid and small companies have gained share, so a large-cap fund covers less of the market than it did.
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Who moves between categories
Across the 17 lists since Jan-Jun 2018, 166 companies moved up from small to mid cap and 117 from mid to large. 227 fell from mid to small and 137 from large to mid. Category funds must realign within a month of each list, so these are the stocks that funds are pushed to buy or sell.
Promotions at each list
Companies in a lower category in the previous list and a higher one in this list.
How to read it. On average 9.8 companies cross into mid caps each half-year and 6.9 into large caps. New listings that enter directly are not counted here.
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Demotions at each list
Companies in a higher category in the previous list and a lower one in this list.
How to read it. Demotions at the mid-cap line (227) outnumber promotions (166) because new listings take places in the top 250 directly and push others down.
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Whether a promotion moves the stock's price, around the date AMFI publishes the list, is a separate question. It needs a pre-registered event study with the price data, which we have not run yet. This page describes; it does not test.
What happened to the 2017 large caps
Of the 100 companies that were large caps in Jul-Dec 2017, 62% are in the top 100 of the Jan-Jun 2026 list and 96% are still in the list under the same ISIN or NSE symbol. So most of the leavers are still listed and have simply been overtaken; only a few were merged away or delisted.
Share of the Jul-Dec 2017 leaders still at the top
Matched by ISIN, then NSE symbol.
How to read it. Turnover is steady rather than sudden: 38% of the first list's top 100 has been overtaken in 8.5 years. The top 250 has turned over at a similar pace (63% remain).
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How the list works
AMFI averages each company's full market cap (not free float) over six calendar months, on every exchange where it trades, and ranks the averages. It publishes the list in the first week of January and July, and funds have a month to bring their portfolios in line. The list is binding on large-, mid- and small-cap funds and the hybrid categories that use the same terms.
Cut-offs here are the average market caps printed against ranks 100, 250 and 500. Real values use the all-India CPI (combined), averaged over the same six months as the list. Rank 500 is not a SEBI boundary; it is shown as the edge of a broad 500-company market. AMFI's ranks are used as printed, including four rows in the Jan–Jun 2021 list that are slightly out of market-cap order in the source.
The workings
Data
Every chart has a table view, a CSV download and a link to its published JSON. Bundles are listed in data status.