PSU Capex
Large PSUs spent INR 8.64 tln as capex in FY26, 16% above Budget target
This story was originally published at 15:53 IST on 4 May 2026
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NEW DELHI – Large state-owned companies spent INR 8.64 trillion as capital expenditure in 2025-26 (Apr-Mar), accounting for 116% of the full-year target of INR 7.47 trillion, government data showed. This is the highest ever achievement, with the government releasing data since FY21.
The finance ministry tracks the capital expenditure of public-sector companies with an annual investment target of over INR 1 billion. The Union Budget has revised the cumulative capital expenditure target for all public sector undertakings in FY26 to INR 9.12 trillion. Of the total, state-owned companies with annual capital expenditure over INR 1 billion account for INR 7.47 trillion.
Though capital expenditure in FY26 was higher than in previous years, the trend in sectoral spending was pretty much the same. State-owned companies under the railways, road, oil, and power sectors led the way.
Indian Railways and public sector companies under the railway ministry together spent INR 2.64 trillion, 102% of their target. This was followed by the National Highway Authority of India, which spent INR 2.44 trillion, 144% of its target.
Within the energy sector, Indian Oil Corp. Ltd. spent 105% of its target, or INR 363 billion. Oil and Natural Gas Corp. Ltd. and Bharat Petroleum Corp. Ltd. spent INR 352 billion and INR 217 billion in FY26, 110% and 117% of their target, respectively. Hindustan Petroleum Corp. Ltd. and Oil India Ltd. spent INR 194 billion and INR 116 billion in FY26, 168% and 132% of their target, respectively.
Within the power sector, NTPC Ltd. and Powergrid Corp. of India Ltd. spent INR 469 billion and INR 376 billion in FY26, 162% and 134%, respectively.
The government has been trying to increase capital expenditure by public-sector companies to spur private investment and drive economic growth. The Narendra Modi government has increased capital expenditure by more than sixfold since FY15. The Union Budget has projected capital expenditure by public sector companies at INR 10.19 trillion in FY27, up 11.8% from the revised estimate of INR 9.12 trillion for FY26.
According to the Budget document, the highest capital expenditure will be by the Indian Railways at INR 2.63 trillion, followed by the National Highways Authority of India at INR 1.87 trillion. These two entities will together spend 44% of the total capital expenditure by public sector companies in FY27.
Below are the details about the large public sector companies' capital expenditure in FY26 in INR billion:
| Public Sector Enterprise | Target | Achievement | ?hieved |
| Railway Board | 2,600 | 2,640 | 102 |
| National Highway Authority of India | 1,703 | 2,444 | 144 |
| Indian Oil Corporation Ltd. | 347 | 363 | 105 |
| Oil & Natural Gas Corporation Ltd. | 320 | 352 | 110 |
| NTPC Ltd. | 290 | 469 | 162 |
| Powergrid Corporation of India Ltd. | 280 | 376 | 134 |
| Nuclear Power Corporation of India Ltd. | 205 | 188 | 92 |
| Bharat Petroleum Corporation Ltd. | 185 | 217 | 117 |
| Coal India Ltd. | 160 | 163 | 102 |
| NHPC Ltd. | 125 | 137 | 110 |
| Hindustan Petroleum Corporation Ltd. | 115 | 194 | 168 |
| Steel Authority of India Ltd. | 100 | 92 | 92 |
| GAIL (India) Ltd. | 89 | 102 | 114 |
| Oil India Ltd. | 88 | 116 | 132 |
| Numaligarh Refinery Ltd. | 81 | 83 | 103 |
| SJVN Ltd. | 75 | 63 | 84 |
| Bharat Sanchar Nigam Ltd. | 74 | 58 | 79 |
| Delhi Metro Rail Corporation | 73 | 40 | 55 |
| ONGC Videsh Ltd. | 61 | 65 | 106 |
| NMDC Ltd. | 60 | 34 | 56 |
| NLC India Ltd. | 51 | 91 | 180 |
| Airports Authority of India | 47 | 55 | 117 |
| Dedicated Freight Corridor Corp. of India Ltd. | 44 | 48 | 110 |
| Rashtriya Ispat Nigam Ltd. | 36 | 4 | 10 |
| THDC India Ltd. | 35 | 25 | 72 |
| Damodar Valley Corporation | 34 | 34 | 100 |
| Hindustan Aeronautics Ltd. | 18 | 21 | 119 |
| National Aluminium Company Ltd. | 17 | 20 | 118 |
| North Eastern Electric Power Corporation Ltd. | 15 | 17 | 116 |
| Rashtriya Chemicals and Fertilisers Ltd. | 14 | 9 | 65 |
| Solar Energy Corporation of India | 13 | 13 | 100 |
| Shipping Corporation of India Ltd. | 13 | 15 | 119 |
| Newspace India Ltd. | 10 | 2 | 16 |
| Mangalore Refinery & Petrochemicals Ltd. | 8 | 13 | 159 |
| Bharat Electronics Ltd. | 8 | 8 | 98 |
| Munitions India Ltd. | 7 | 6 | 75 |
| Central Warehousing Corporation | 7 | 9 | 128 |
| Kolkata Metro Rail Corporation Ltd. | 6 | 4 | 66 |
| MOIL Ltd. | 6 | 3 | 54 |
| Mazagon Dock Shipbuilders Ltd. | 5 | 4 | 85 |
| Chennai Petroleum Corporation Ltd. | 4 | 7 | 165 |
| Hindustan Copper Ltd. | 4 | 4 | 122 |
| National Fertilisers Ltd. | 4 | 3 | 84 |
| Edcil (India) Ltd. | 3 | 1 | 23 |
| Advanced Weapons and Equipment India Ltd. | 3 | 2 | 57 |
| Bharat Heavy Electricals Ltd. | 3 | 4 | 144 |
| Cochin Shipyard Ltd. | 3 | 3 | 106 |
| Armoured Vehicles Nigam Ltd. | 3 | 4 | 162 |
| Yantra India Ltd. | 2 | 1 | 53 |
| BEML Ltd. | 2 | 3 | 150 |
| Bharat Dynamics Ltd. | 2 | 2 | 117 |
| Bharatiya Nabhikiya Vidyut Nigam Ltd. | 2 | 2 | 136 |
| Hindustan Shipyard Ltd. | 2 | 3 | 169 |
| NMDC Steel Ltd. | 2 | 2 | 118 |
| IREL (India) Ltd. | 1 | 1 | 71 |
| KIOCL Ltd. | 1 | 0.2 | 17 |
| Grid Controller of India Ltd. | 1 | 1 | 110 |
| Fertilisers & Chemicals (Travancore) Ltd. | 1 | 1 | 81 |
| ITI Ltd. | 1 | 0 | 0 |
| Telecommunications Consultants (India) Ltd. | 1 | 0.008 | 1 |
End
Reported by Priyasmita Dutta
Edited by Saji George Titus
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