David vs Goliath: 3-year returns in mid- and smallcaps 2x that of Nifty

In 1999-2000, the market cap of Asian Paints was ~$200m, just 2% of the largest consumer company then, Hindustan Unilever. Today Asian Paints’s market cap is $35bn, more than 50% of Unilever’s! Titan was a tiny cap during 2001-4 (the lowest was in 2001, a market cap of $25m, vs $40bn now!) when it entered the jewellery segment and changed the industry.