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Business & Stocks Economic Times Markets • Oct 12, 2026

Smallcap Surge Analysis: Why Carnelian Capital Founder Vikas Khemani Sees INDIA's Next Multibaggers in Small-Cap Stocks Despite 2.3x Rally Since April 2023

💡 Key Takeaways

•Smallcap equities have surged 2.3 times since April 2023, driven by strong retail inflows and expanding domestic economic participation.
•Carnelian Capital founder Vikas Khemani asserts that the asset class still contains high-potential multi-bagger investment opportunities.
•Investors are advised to prioritize strict stock selection, corporate governance, and balance sheet strength amid elevated valuations.

NEW DELHI [NCRBuzz Wire] — **Indian small-cap equities have registered a remarkable 2.3-fold market capitalization surge since April 2023, driven by massive domestic retail participation and expanding corporate earnings.** Despite growing concerns over elevated price-to-earnings valuations, Carnelian Capital founder Vikas Khemani maintains that the asset class continues to house structural multi-bagger investment opportunities for discerning market participants.

**Market analysts note that the broader small-cap segment is benefiting from superior fundamental earnings growth and extensive domestic economic exposure compared to large-cap peers.** Investors navigating this space must prioritize granular stock selection, rigorous forensic balance sheet analysis, and management integrity to mitigate volatility risks.

### Small-Cap Market Performance & Outlook

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