Retail investors placed their bets on small-cap stocks last March ’26 quarter—and the market rewarded many of them in a big way. Shareholding data shows that retail investors increased their stake in nearly 195 stocks in the Nifty Smallcap 500 Index compared with the previous December ’25 quarter. (Note: Retail investors refer to resident individuals holding nominal share capital of up to Rs 2 lakh.)

The move proved rewarding, with more than half of these companies delivering strong returns. Around 100 small-cap stocks rallied between 25% and 185% in just over three months, from the start of April to date. Among the biggest winners, 10 stocks skyrocketed 80% to 185%, while four emerged as multibaggers, more than doubling investors’ wealth in a little over three months. (Data Source: ACE Equity)