Only one company among the new entrants — Anthem Biosciences — was categorised as a mid-cap, while others such as Aditya Infotech, JSW Cement, Urban Company, and Bluestone Jewellery and Lifestyle were listed as small caps.
| Company | Market value (₹ crore) | Category |
| Anthem Biosciences | 2,754 | Mid Cap |
| Aditya Infotech | 1,272 | Small Cap |
| JSW Cement | 1,039 | Small Cap |
| Travel Food Services | 793 | Small Cap |
| Urban Company | 777 | Small Cap |
| Bluestone Jewellery & Lifestyle | 452 | Small Cap |
| Saatvik Green Energy | 383 | Small Cap |
| National Securities Depository | 363 | Small Cap |
| Indiqube Spaces | 340 | Small Cap |
| Vikram Solar | 326 | Small Cap |
The study also suggested that nine mid-cap companies could move into the large-cap category, while six small-cap firms may be reclassified as mid-caps in the next market capitalisation update by the Association of Mutual Funds in India (AMFI).
Broader investment trends
The September quarter saw a mixed performance in equity markets. The Nifty 50 index declined by 3.6%, while the BSE Midcap and Small-Cap indices fell by 4.1% and 4.6%, respectively. Foreign Institutional Investors (FIIs) were net sellers of equities worth ₹7,662 crore, while Domestic Institutional Investors (DIIs) were net buyers with inflows of ₹22,111 crore.
Between April and September 2025, FIIs recorded net outflows of ₹3,790 crore, whereas DIIs invested ₹36,270 crore during the same period.
Mutual fund flows
Equity mutual funds registered inflows of ₹1.06 lakh crore in the September quarter, higher than ₹66,869 crore in the previous quarter. Systematic Investment Plan (SIP) contributions reached a record ₹29,361 crore in September 2025, up from ₹27,269 crore in June.
Debt-oriented schemes saw outflows of ₹3,156 crore, while hybrid funds received inflows of ₹45,570 crore. The study noted that growth in small-cap and mid-cap fund assets slowed to 0.6% and 0.4%, respectively, compared to double-digit expansion in the previous quarter, reflecting the broader market correction.