SBI Small Cap: 3 most bought stocks this FY. Do you own any?

SBI Small Cap Fund, one of India’s largest and most-watched small-cap funds, has kicked off the new financial year with aggressive stock picks and decisive exits. Its latest portfolio shuffle reveals a clear tilt toward emerging industries, including a company that recently had an IPO. Not just that, the fund quietly trimmed exposure to a once-popular retail play. Want to know which stocks made the cut? Let’s jump right in.

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SBI Small Cap Fund, India’s third-largest small-cap fund with net assets topping Rs 34,000 crore, has started the new financial year with a mix of bold bets and selective exits.

The fund’s April and May 2025 portfolio movements reveal growing conviction in new-age and infrastructure plays, while shedding weight from underperformers.

Here’s a look at three stocks the fund added, and one it reduced, in the opening months of FY26.

1. Ather Energy

New addition: 5.4 per cent weight in May 2025 | IPO in 2025

In a bold move into the electric mobility space, SBI Small Cap took a fresh position in Ather Energy — the EV scooter manufacturer that has seen a steady rise in market share and investor interest. With a 5.4 per cent allocation in May 2025, it’s clear the fund sees long-term promise in India’s transition away from ICE vehicles.

2. Afcons Infrastructure

From 0.05 per cent in April to 0.97 per cent in May | Increase: 0.92 per cent | IPO in late 2024

The fund sharply increased its stake in Afcons Infrastructure, a key player in engineering and construction. This comes at a time when government capex continues to rise and rail/metro projects gather steam.

3. Navin Fluorine International 

From 2.39 per cent in April to 3.02 per cent in May | Increase: 0.63%

Value Research Rating: 4 stars | Quality: 6/10 | Growth: 7/10 | Valuation: 3/10 | Momentum: 10/10

SBI Small Cap also added to its position in Navin Fluorine, a specialty chemicals whose numbers are looking exciting — with strong growth in revenue (17 per cent year-on-year growth), a 35 per cent jump in profit after tax (PAT) and expansion in EBITDA margin, rising from 18.3 per cent to 25.5 per cent during the same period.

There seems to be a real opportunity in their HFC (hydrofluorocarbon) expansion.

The company recently commissioned a new plant in Dahej with an investment of Rs 540 crore, with a further injection of Rs 450 crore investment lined up for the second quarter of FY2025-26.

Stock trimmed: V-Mart Retail

From 1.78 per cent in April to 0.82% in May | Reduction: -0.95%

On the exit side, V-Mart Retail — a value fashion retailer — saw a significant cut. Whether this reflects concerns about discretionary consumption or stock-specific performance is unclear, but the near 1 per cent drop suggests lowered conviction.

So, how many stocks do you own?

Also read: HDFC Flexi Cap: 5 most-bought stocks. Do you own any?