Private sector capex may decline by 25% in FY26: Government survey

30 Apr 2025 Evaluate

A government survey report has stated that the intended capital expenditure of the private corporate sector is estimated to decline by about 25 per cent to Rs 4.88 lakh crore in 2025-26 (FY26) from Rs 6.56 lakh crore in FY25. According to the Forward-Looking Survey on Private Sector CAPEX Investment Intentions between November 2024 and January 2025, conducted by the Ministry of Statistics & Programme Implementation, the actual capex in the private corporate sector was Rs 3.94 lakh crore in 2021-22, Rs 5.72 lakh crore in 2022-23 and Rs 4.22 lakh crore in 2023-24. A data of total 2,172 enterprises showed an overall increase of 66.3 per cent in aggregate capex (unweighted) over the four-year period from 2021-22 to 2024-25. However, the data indicated that the enterprises have taken a cautious approach in declaring their capital expenditure plans. The report noted that the Capex data for 2025-26 should be interpreted with caution, considering the conservative approach and apprehension shown by the responding enterprises in reporting these figures. However, the results showed an overall increase of 23.9 per cent in aggregate capex (unweighted) from 2021-22 to 2025-26 for this fixed panel of 2,172 enterprises.

As per the report, the average gross fixed asset (GFA) per enterprise in the private corporate sector was estimated at Rs 3,151.9 crore in 2021-22. It increased by 4 per cent to Rs 3,279.4 crore in 2022-23 and further grew by 27.5 per cent to reach Rs 4,183.3 crore in 2023-24. The report highlighted that the highest GFA per enterprise, exceeding Rs 14,000 crore, was observed in the industry category of 'Electricity, Gas, Steam, and Air Conditioning Supply', followed by 'Manufacturing' enterprises with GFA per enterprise of Rs 7,000 crore to Rs 10,000 crore. It also highlighted that the enterprises principally engaged in manufacturing activities accounted for more than 65 per cent of the total GFA in the private corporate sector over the past three years from 2021-22 to 2023-24, followed by enterprises engaged in 'Electricity, Gas, Steam, and Air Conditioning Supply' which accounted for 8 per cent-10 per cent.

According to it estimates, nearly 40.3 per cent of enterprises plan to undertake capex on core assets during 2024-25. Additionally, 28.4 per cent intend to invest in value addition to existing assets, while around 11.5 per cent focus on opportunistic assets, and 2.7 per cent on debt strategies. The report pointed out that less than one-half of a per cent of enterprises had adopted the strategy of investing in distressed assets and non-performing loans, while about 16.9 per cent allocated their capex towards other diverse investment strategies. It also indicated that nearly 49.6 per cent of private corporate sector enterprises undertook capex primarily for income generation in 2024-25.

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