Even as smallcap stocks are feeling left behind with Nifty and Sensex racing towards all-time record high levels, foreign institutional investors (FIIs) are quietly rewriting the smallcap playbook. Fresh shareholding data for the September quarter shows that FIIs have increased their stakes in 292 smallcap stocks, signaling renewed conviction in India’s riskier yet high-reward segment. What’s more striking — 131 of these names have already delivered multibagger returns over the past three years, turning early bets into exponential wealth creators.