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)
Cemindia Projects
Over the last three months (from the beginning of April to date), the stock has surged 184%, rising from Rs 511 to Rs 1,449. Meanwhile, retail shareholding inched up to 13.87% in March 2026 from 13.85% in December 2025.
Apollo Micro Systems
Over the last three months, the stock has rallied 147%, climbing from Rs 182 to Rs 450. Retail shareholding increased to 33.06% in March 2026 from 31.28% in December 2025.
Lloyds Engineering Works
Over the last three months, the stock has gained 122%, rising from Rs 38 to Rs 84. Retail shareholding edged up to 24.25% in March 2026 from 24.05% in December 2025.
Aegis Logistics
Over the last three months, the stock has rallied 121%, advancing from Rs 599 to Rs 1,325. Retail shareholding increased to 8.68% in March 2026 from 8.57% in December 2025.
MSTC
Over the last three months, the stock has surged 96%, climbing from Rs 366 to Rs 716. Retail shareholding rose to 19.03% in March 2026 from 18.81% in December 2025.
OLA Electric Mobility
Over the last three months, the stock has jumped 95%, rising from Rs 23 to Rs 44. Retail shareholding increased to 22.22% in March 2026 from 21.21% in December 2025.
Avalon Technologies
Over the last three months, the stock has gained 93%, moving up from Rs 928 to Rs 1,788. Retail shareholding climbed to 9.52% in March 2026 from 9.11% in December 2025.
Refex Industries
Over the last three months, the stock has rallied 89%, rising from Rs 189 to Rs 358. Retail shareholding increased marginally to 25.83% in March 2026 from 25.68% in December 2025.
Raymond
Over the last three months, the stock has advanced 89%, climbing from Rs 322 to Rs 608. Retail shareholding rose to 30.11% in March 2026 from 29.37% in December 2025.
Lloyds Enterprises
Over the last three months, the stock has gained 82%, rising from Rs 41 to Rs 75. Retail shareholding increased to 8.94% in March 2026 from 8.65% in December 2025.
Deepak Fertilisers And Petrochemicals Corporation
Over the last three months, the stock has rallied 81%, climbing from Rs 909 to Rs 1,649. Retail shareholding rose to 18.00% in March 2026 from 17.76% in December 2025.
RR Kabel
Over the last three months, the stock has gained 81%, advancing from Rs 1,293 to Rs 2,343. Retail shareholding increased to 4.60% in March 2026 from 4.38% in December 2025.
Hindustan Construction Company
Over the last three months, the stock has rallied 81%, rising from Rs 14 to Rs 25. Retail shareholding edged up to 42.28% in March 2026 from 42.06% in December 2025.
