diff --git a/src/cache.rs b/src/cache.rs
index 81252119..5a90a1e0 100644
--- a/src/cache.rs
+++ b/src/cache.rs
@@ -278,6 +278,11 @@ impl CachedPathImpl {
     ctx: &mut Ctx,
   ) -> Option<CachedPath> {
     if let Some(nm) = self.node_modules.get() {
+      // Replay ctx tracking from the cold path: module_directory -> is_dir calls
+      // ctx.add_missing_dependency when node_modules doesn't exist on disk.
+      if nm.is_none() {
+        ctx.add_missing_dependency(self.path.join("node_modules"));
+      }
       return nm.clone();
     }
     self
diff --git a/src/tests/dependencies.rs b/src/tests/dependencies.rs
index 4ba5fa3d..be9fe04f 100644
--- a/src/tests/dependencies.rs
+++ b/src/tests/dependencies.rs
@@ -1,5 +1,60 @@
 //! https://github.com/webpack/enhanced-resolve/blob/main/test/dependencies.test.js
 
+// Warm-cache calls must report the same missing_dependencies as the cold path so that
+// webpack/rspack watchers can track non-existent node_modules dirs across multiple resolves.
+#[cfg(not(target_os = "windows"))]
+mod warm_cache_missing_dependencies {
+  use std::path::PathBuf;
+
+  use super::super::memory_fs::MemoryFS;
+  use crate::{ResolveContext, ResolveOptions, ResolverGeneric};
+
+  fn file_system() -> MemoryFS {
+    MemoryFS::new(&[
+      ("/a/b/c/some.js", ""), // makes /a/b/c and /a/b real dirs; neither has node_modules
+      ("/a/node_modules/module/index.js", ""),
+    ])
+  }
+
+  #[tokio::test]
+  async fn node_modules_missing_deps_same_on_warm_cache() {
+    let resolver = ResolverGeneric::<MemoryFS>::new_with_file_system(
+      file_system(),
+      ResolveOptions {
+        extensions: vec![".js".into()],
+        ..ResolveOptions::default()
+      },
+    );
+
+    let path = PathBuf::from("/a/b/c");
+
+    let mut ctx_cold = ResolveContext::default();
+    let cold = resolver
+      .resolve_with_context(path.clone(), "module", &mut ctx_cold)
+      .await;
+
+    let mut ctx_warm = ResolveContext::default();
+    let warm = resolver
+      .resolve_with_context(path.clone(), "module", &mut ctx_warm)
+      .await;
+
+    assert_eq!(cold.map(|r| r.full_path()), warm.map(|r| r.full_path()));
+
+    assert_eq!(
+      ctx_cold.missing_dependencies, ctx_warm.missing_dependencies,
+      "cold: {:?}\nwarm: {:?}",
+      ctx_cold.missing_dependencies, ctx_warm.missing_dependencies,
+    );
+
+    // enhanced-resolve lists traversed-but-absent node_modules dirs in missingDependencies
+    for dir in ["/a/b/c/node_modules", "/a/b/node_modules"] {
+      assert!(ctx_warm
+        .missing_dependencies
+        .contains(&PathBuf::from(dir).into()));
+    }
+  }
+}
+
 #[cfg(not(target_os = "windows"))] // MemoryFS's path separator is always `/` so the test will not pass in windows.
 mod windows {
   use std::path::PathBuf;