Vikas Khemani (Carnelian Capital) ka kehna hai ki small-caps mein large-caps se zyada dam hai. Small-caps ki **26.6%** profit growth ki umeed hai, lekin liquidity aur risk ko nazar-andaz nahi kiya ja sakta.
Asli Valuation ka Sach
Market mein charcha hai ki small-caps bahut mehenge ho gaye hain, lekin Vikas Khemani (Carnelian Capital) ka nazariya kuch aur hai. Unka manna hai ki large-cap indices ka sasta dikhna sirf ek illusion hai, kyunki unme zyada weightage banks aur IT ka hai. Jab hum domestic non-financial companies ko compare karte hain, toh large-caps 42x FY27 earnings par trade kar rahe hain, jabki small-caps sirf 30x par. Matlab, asli value abhi chote shares mein chupi hai.
Growth aur Sectoral Gap
Numbers ki baat karein toh, FY26-28 ke beech small-caps ki profit growth 26.6% annual rehne ka estimate hai, jo large-caps ki 18.7% growth se kaafi zyada hai. Electronics, railway, aur healthcare jaise high-growth sectors ka bada hissa mid aur small-cap universe mein hi hai. In sectors ne 2020-2026 ke beech 33% ki median annual profit jump dikhayi hai.
Risk ka Reality Check
Growth achhi hai, par risk factor ko bhoolna nahi chahiye. April 2023 ke baad se small-cap market mein bohot uneven performance rahi hai—kuch stocks 3x ho gaye, toh kuch ne investors ka paisa dubaya hai. Sabse bada khatra hai Liquidity. Market girne par in stocks mein buyers milna mushkil ho jata hai.
Nithin Kamath (Zerodha) ne bhi warn kiya hai ki Margin Trading Facility (MTF) ka bada hissa small-caps mein hai. Agar market mein panic sell-off hua, toh ye debt-funded exposure badi dikkat ban sakta hai. Is saal small-cap mutual funds mein ₹55,000 Crore se zyada ka inflow aaya hai, isliye ab sirf stock picking hi nahi, company ke fundamentals aur debt discipline dekhna bahut zaroori hai.