Ace investors Ashish Kacholia, Mukul Agrawal, Dolly Khanna, and Madhusudan Kela were net sellers of small-cap stocks in Q1 FY27, booking profits after a strong market rally and trimming weaker holdings. Analysts remain selectively bullish, recommending fundamentally strong small- and mid-cap stocks while cautioning that elevated valuations leave limited room for disappointment.