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Informist, Friday, Feb. 27, 2026

MUMBAI – Shares of capital goods companies are expected to be range-bound next week as most of the positives are already priced in, analysts said. Any improvement in capital expenditure from private players can help stock prices rise, but the likelihood of any sharp improvement in capex is unlikely, they said.

Capital goods companies are expected to benefit from the strong demand for data centres from private players. "... expect the data center capex to shift towards hyperscalers from colo (colocation) data centers, which can result in larger ticket-size of data center orders," Nomura said in a report on Tuesday. "We expect power ancillary companies and solar equipment manufacturers to sustain their robust earnings growth momentum."

Analysts are positive on the December quarter earnings, which concluded recently. The transmission and distribution companies in the high voltage segment have seen the strongest earnings within the sector. Execution of these companies was up 39% in the December quarter and operating margins were up more than 5 basis points, Nuvama Wealth Management said in a report. 

"We remain watchful on whether GoI's (government of India's) measures (tax cuts, GST reforms, PLIs, rate cuts and liquidity support) can trigger a broader, sustained private-investment cycle beyond the current pockets," Nuvama said in a report on Wednesday.

Shares of most of the capital goods companies were higher this week, with the BSE Capital Goods index rising 1.2%. The sectoral index ended higher for the fifth straight week, gaining 14% during the period. However, the index is only up 1.6% over the past three months. 

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Following are the resistance and support levels for key capital goods stocks for next week as per calculations based on their prices on the National Stock Exchange:

End

Reported by Anshul Choudhary

Edited by Saji George Titus

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