Infrastructure – Sector Update – Infra capex cycle to support EPC companies growth
Published on 03 Sep 2026
We attended Crisil webinar on EPC companies in infrastructure. Key takeaways is infrastructure capex growth to moderate to 8–10% CAGR over FY26-28, from the stronger growth seen over FY24–26, but the base remains healthy. Earlier, the government was driving the capex, but private capital is increasingly playing a larger role, led by the power sector. Railways remain primarily central-government driven, and irrigation, largely state-led. Urban infrastructure is also seeing increased state allocation alongside central support. HAM in railways, which is in the discussion stage, could also spur capex led by the private sector.
