Corporate India has stepped up capital spending, signaling a strong investment cycle in the first half of FY26. Data from leading listed companies shows a clear rise in fixed asset creation during April–September 2025.
Fixed assets of major listed firms grew 13.1 per cent year-on-year in H1FY26. This marks the fastest growth in six years and reflects renewed confidence among companies.
Fixed Asset Creation Reaches Six-Year High
The combined fixed assets of listed companies, excluding banks, financial services, insurance, and oil and gas firms, stood at ₹37.78 trillion at the end of September 2025. This was up from ₹33.41 trillion a year earlier and ₹36.33 trillion at the end of March 2025.
In comparison, fixed assets grew 7.9 per cent in H1FY25 and 6.9 per cent in H2FY25. The sharp rise in H1FY26 highlights a clear acceleration in corporate investment.
Capital-Intensive Sectors Drive Capex Growth
Capital-intensive sectors led the investment push during the period. These included cement, power, construction and infrastructure, mining and metals, and automobiles.
Companies in these sectors expanded capacity, upgraded plants, and invested in new projects. Strong demand outlook and government infrastructure spending also supported higher investments.
Top Companies Lead the Investment Push
Grasim Industries emerged as the largest contributor to overall capex growth in H1FY26. It was followed by Adani Enterprises, NTPC, Tata Steel, and Power Grid Corporation.
Together, these five companies accounted for nearly 30 per cent of total capital expenditure among the 702 firms in the sample.
Broad-Based Recovery in Corporate Investment
The Business Standard sample of 702 listed companies shows that the capex recovery is broad-based. More firms are now committing funds to long-term assets after a period of cautious spending.
Experts say rising capacity utilisation, improving balance sheets, and stable interest rates have encouraged companies to invest again.
Positive Outlook for FY26
The strong start to H1FY26 suggests that the corporate capex cycle has entered a stronger phase. If current trends continue, investment activity could remain firm in the second half of the financial year.
Sustained capex growth is also expected to support job creation, industrial output, and overall economic growth in India.