Corporate India Bets Big On Energy, Infrastructure, Manufacturing And Digital Growth Despite Global Uncertainty

A recent report by ICICI Securities highlighted that Indian companies continue to prioritise long-term capacity expansion despite global geopolitical tensions, slowing international growth and trade uncertainties.

The report noted that listed companies collectively spent nearly ₹10.5 trillion in FY26, reflecting a strong 15 per cent year-on-year rise in investments. Analysts believe the sustained capex cycle indicates growing confidence in India’s long-term economic growth story and rising domestic demand.

Geopolitical Tensions Trigger Fresh Investment Cycle

According to the brokerage, ongoing geopolitical conflicts such as the Russia-Ukraine war and tensions involving Iran, Israel and the US have significantly increased global demand for defence equipment, energy security and critical raw materials.

As a result, companies operating in defence, energy, mining, power and metals are accelerating investments to strengthen manufacturing capacity and supply chains.

Major companies including Hindustan Aeronautics Limited, Bharat Electronics Limited, Power Grid Corporation of India Limited, Tata Power, JSW Steel and Coal India Limited have announced substantial expansion plans for FY27 and beyond.

Adani Green And Power Companies Lead Investment Plans

Among the largest investment announcements, Adani Green Energy Limited has guided for a massive capex of ₹40,000–42,000 crore during FY27 as it continues to expand renewable energy generation capacity.

Meanwhile, Power Grid Corporation of India Limited has maintained a ₹37,000-crore capex plan for FY27 and expects investments to rise further to ₹40,000–45,000 crore in FY28.

In the oil and gas sector, Indian Oil Corporation Limited has earmarked ₹32,700 crore for refining, pipeline infrastructure and renewable energy projects, while Bharat Petroleum Corporation Limited plans to invest ₹25,000 crore across refining, petrochemicals and city gas distribution networks.

Coal India And Metal Giants Expand Capacity

Mining and metals companies are also entering a fresh phase of large-scale investments.

Coal India Limited has announced a long-term ₹1 trillion capex roadmap for FY27–FY31, with annual spending expected between ₹18,000 crore and ₹25,000 crore in FY27 alone.

In the steel sector, JSW Steel plans capex of ₹22,000–24,000 crore in FY27 and has outlined a broader investment pipeline exceeding ₹1.26 trillion over the next several years.

Similarly, Tata Steel Limited has planned ₹20,000 crore of investments for FY27, with more than 60 per cent focused on Indian operations.

Hindalco Industries Limited has also announced domestic capex plans worth ₹12,000 crore alongside overseas investments through Novelis.

Data Centres, EVs And Quick Commerce Become New Growth Drivers

Beyond traditional industries, India’s emerging digital economy is also witnessing a strong investment boom.

The report highlighted rapid expansion in data centres, electric vehicles, green energy, semiconductor manufacturing and quick commerce infrastructure.

Companies such as Bharti Airtel Limited and Reliance Industries Limited are continuing to expand data centre capacity and digital infrastructure to support rising internet consumption and cloud computing demand.

In telecom, Bharti Airtel plans to maintain capex of nearly ₹45,500 crore in FY27 while strengthening fibre networks and edge data centre infrastructure.

Meanwhile, quick commerce platform Blinkit is planning to add nearly 1,000 dark stores during FY27, reflecting rising confidence in India’s fast-growing instant delivery ecosystem.

Mid-Cap And Small-Cap Companies Join Investment Rally

The investment momentum is not limited to large corporations alone.

Among mid-cap companies, NTPC Green Energy Limited has announced capex plans worth ₹35,800 crore, while JSW Energy Limited plans investments of ₹20,000 crore.

State-run companies including Steel Authority of India Limited and NHPC Limited have also outlined capex plans of ₹15,000 crore each.

Among small-cap firms, Apollo Tyres Limited plans investments of ₹3,500 crore, mainly focused on domestic capacity expansion.

Other companies including Shyam Metalics and Energy Limited, Indraprastha Gas Limited and CEAT Limited have also announced sizeable expansion plans.

Investment Cycle Signals Confidence In India’s Growth Story

Market experts believe the broad-based capex expansion reflects strong corporate confidence in India’s long-term economic outlook.

With government-led infrastructure spending, rising domestic consumption, manufacturing incentives and energy transition initiatives continuing to support growth, India Inc appears focused on building long-term capacity rather than delaying investments amid global volatility.

Analysts expect sectors linked to energy transition, infrastructure, digitalisation and manufacturing to remain key beneficiaries of the ongoing investment cycle over the next several years.