I would say yes. If you would increase the grounds : water then more caffeine would dissolve in the water. Caffeine is an extremely soluble compound; however, more caffeine does not mean a "better" test. It could become unpleasantly bitter. Cup A will have more caffeine than B. let's say you use 1/2 the water in Cup A compared to Cup B, theoretically Cup B will have close to double the caffeine saturation than A; however, the sum total caffeine will remain the same, . This is given all other factors are constant such as the temp, rate of extraction etc. I could go on and on. Shivers in Chemistry Labs.
A simplistic way of thinking of this is:
Let's say you were making a instant cuppa (not to scale. Please don't use this ratio). Moreover, you can also decrease the water what matters here is the ratio.
cup w/ 1 tbsp coffee --> slightly weak in Taste and caffeine
cup w/ 2 tbsp coffee --> Perfect in Taste and More Caffeine
cup w/ 3 tbsp coffee --> Bitter as Hell and **Too much caffeine*
if you like it at this level then seek help and have your cardiologist on speed dial