Smallcaps have surged 2.3x since April 2023. Why Vikas Khemani still sees India’s next multibaggers here

Economic Times - Oct 12, 2026

Smallcaps have surged 2.3 times since April 2023, but Carnelian Capital founder Vikas Khemani believes the segment still offers India’s next multibaggers. Despite elevated valuations, stronger earnings growth, greater domestic exposure, and a wider pool of high-growth businesses could create opportunities for investors who focus on stock selection and management quality.

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