07/07/2025
Title: India's Capex Engine – Corporates Taking the Lead
India is witnessing a significant transformation in capital expenditure trends. According to I-Sec Research, by FY26, the combined capex of state, centre, and listed corporates is likely to breach the ₹30 trillion mark.
What’s striking is the rapid acceleration in corporate capex, now outpacing even central government spending. This reflects:
A revival in private sector confidence post-pandemic
Strong balance sheets
Robust demand outlook in core sectors
While public investments have played a critical role in infrastructure and growth, it is now the private sector that is stepping up to drive the next leg of India’s growth story.
🔹 FY26E Capex Breakdown:
Listed Corporates: ₹12.3T
Centre: ₹11.2T
States: ₹9.3T
This shift underlines the growing role of entrepreneurial capital and private enterprise in shaping India’s economic future.