Ashish Kacholia, Mukul Agrawal, other ace investors sell smallcaps again in Q1. Should you worry?

Four prominent smallcap investors — Ashish Kacholia, Mukul Agrawal, Dolly Khanna, and Madhusudan Kela — trimmed or exited several smallcap holdings in Q1FY27, even as the Nifty Smallcap index surged 24% and Nifty Midcap rose over 17% during the quarter. Kacholia cut stakes in Yasho Industries (down to 2.08%) and Fineotex Chemicals (down to 2.06%), and likely exited SG Finserv after it rallied 52% in 2026. Khanna appears to have exited Rain Industries and Sharda Cropchem, while Agrawal reduced exposure to J Kumar Infraprojects and Surya Roshni, and Kela trimmed positions in Rashi Peripherals and Windsor Machines.