
After a weak 2025 and a not-so-great January-February 2026, the Indian mid- and small-cap segments followed the market as it headed south in March, the month of most intense activity in the US-Israel-Iran war. But while the broader indices continue to remain confused and volatile, these segments have seen an uptick since April, as evidenced in the movement of indices like the Nifty Smallcap 100 and the Nifty Midcap 100. So, is it time for investors to revisit these segments? Yes, but with several caveats.