India, Sept. 30 -- Small-cap companies often reach an inflection point when they move beyond their traditional operations and start investing in larger capacities, new products and adjacent businesses. Such moves can change their revenue mix and expand their addressable markets over time. In this list, we look at five small caps undertaking meaningful business expansion, with investments aimed at increasing manufacturing capabilities, entering new segments and creating additional avenues for long-term business scale.

1. Viviana Power Tech Viviana Power Tech has moved beyond the Rs500 crore revenue mark, reporting Rs531 crore consolidated turnover in FY26. More importantly, the company is transitioning from a pure-play EPC business towa...