Fifteen weeks after the low
From its lowest close in March to Thursday, 9 July 2026, the median small-cap fund's NAV rose 25.53%. Every fund that was running in March gained at least 16.37%; the best gained 38.54%.
The Nifty Smallcap 250 moved almost exactly the same distance: from 14,232.85 on 23 March to 17,875.70 on 9 July, a rise of 25.59%.
For the year, the median small-cap fund is now up 10.91%. In mid-March it was down 9.16%. It is the strongest of the diversified equity categories in 2026 so far:
| Median, to 9 July 2026 | Small Cap | Mid Cap | Flexi Cap | Large Cap |
|---|---|---|---|---|
| Past 3 months | 15.65% | 9.46% | 7.06% | 3.06% |
| 2026 so far | 10.91% | 5.01% | −1.00% | −4.53% |
| 1 year | 7.29% | 6.78% | 0.43% | −2.23% |
| Below all-time high | −0.71% | −1.02% | −3.25% | −5.82% |
All figures are for the Direct plan, Growth option, from daily NAVs to 9 July 2026. Returns under a year are absolute; a year or more, annualised.
Past the old peaks, ahead of the index
In March, 23 small-cap funds were still below highs they had set between September 2024 and January 2025. That has changed. Of the 34 funds running before March, 24 have set a new all-time high since then, the first of them in April. On 9 July, 23 were above their highest pre-March NAV.
The index has not got there. The Nifty Smallcap 250's record close is 18,623.15, from 23 September 2024, and on 9 July it was 4.01% below it. Most funds have recovered further than the index they are measured against.
Who bounced most, and who is still short
| Fund (Direct, Growth) | Rise from March low | 2026 so far | 1 year | vs pre-March peak |
|---|---|---|---|---|
| JM Small Cap | 38.54% | 19.26% | 12.21% | +5.29% |
| Bank of India Small Cap | 36.25% | 21.81% | 16.32% | +7.25% |
| TrustMF Small Cap | 34.90% | 20.81% | 24.69% | +16.02% |
| Motilal Oswal Small Cap | 34.07% | 17.22% | 15.81% | +9.25% |
| ITI Small Cap | 31.80% | 16.47% | 13.41% | +8.98% |
| … | ||||
| Kotak Small Cap | 22.83% | 7.29% | 0.36% | −6.33% |
| Franklin India Small Cap | 22.09% | 7.81% | 0.53% | −4.82% |
| ICICI Prudential Small Cap | 18.79% | 3.05% | 0.13% | −3.45% |
| HDFC Small Cap | 16.37% | −0.57% | −2.43% | −5.02% |
| Tata Small Cap | 24.83% | 3.02% | −6.61% | −13.75% |
"vs pre-March peak" compares the 9 July NAV with the highest NAV before 1 March 2026.
HDFC Small Cap rose the least from its low and is the only fund still down for 2026. Tata Small Cap rose by about the median from its low, but its low came after a deeper fall, and it remains 13.75% below its peak, the furthest of any fund.
The eleven funds still below their pre-March peaks include six of the twelve whose Direct plans date from 2013 or 2014: Kotak, Franklin India, ICICI Prudential, HDFC, SBI and Nippon India.
Against the Nifty Smallcap 250
Using our estimate of the index's total return, which adds the daily dividend yield to its price:
| Period to 9 July 2026 | Index, estimated total return | Funds that beat it |
|---|---|---|
| 1 year | 1.24% | 26 of 31 |
| 3 years | 19.32% a year | 9 of 23 |
| 5 years | 16.46% a year | 15 of 20 |
| 10 years | 15.46% a year | 11 of 12 |
The three-year window is again the one where most funds trail the index, as it was in April.
What this does not tell you
A fast recovery is not a forecast. A 25% rise in fifteen weeks follows a fall of a similar size. It says nothing about the next fifteen.
New highs are measured on NAV. A fund above its old peak has made back its losses for someone who held through. Someone who invested at a different time has a different result.
Survivors only, and no advice. Funds that merged away are not counted, and nothing here is advice to buy or sell any fund.
Where to go from here
Every fund is on the small-cap fund page. For where the category stood at the worst of the fall, see small-cap funds in the March fall, and for the first leg of the recovery, small-cap fund returns in April.
For the valuation of the index after the rebound, see the Nifty Smallcap 250 P/E in June, and for the whole first half, the first-half 2026 market recap. Recency bias is worth reading after a quarter like this one.
Frequently asked questions
How much have small-cap funds recovered since March 2026?
The median small-cap fund (Direct plan, Growth option) rose 25.53% from its lowest March close to 9 July 2026, across 34 funds. The smallest rise was 16.37% and the largest 38.54%. The Nifty Smallcap 250 rose 25.59% from its 23 March low over the same stretch.
Are small-cap funds back at their highs?
Most are. On 9 July 2026, 23 of the 34 small-cap funds that were running before March had NAVs above their highest NAV from before March, and 22 of all 36 funds were within 1% of their all-time high. The Nifty Smallcap 250 was still 4.01% below its record of 23 September 2024.
What are small-cap fund returns as of July 2026?
To 9 July 2026 the median small-cap fund was up 10.91% for 2026, and returned 7.29% over one year (31 funds), 17.62% a year over three years (23 funds), 17.79% a year over five (20 funds) and 17.74% a year over ten (12 funds).
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
Keep reading
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The Nifty 50 fell 13.4% from 31 December 2025 to 30 September 2026. The median balanced advantage fund lost 1.7%, and its worst dip was 8.7%.
Direct vs regular plans: the 1.16-point equity fee gap
A regular equity plan costs a median 1.16 points a year more than its direct twin, on AMFI's September 2026 data. Over ten years, direct ended 10.2% ahead.