CPSE Capex set to exceed the target for fourth year in a row

Capital expenditure by the large central public sector enterprises (CPSEs) and four key government entities—Railway Board, National Highways Authority of India (NHAI), Delhi Metro Rail Corporation, and Damodar Valley Corporation—touched Rs 7.39 lakh crore till February this fiscal year, accounting for 99.03% of the annual target of Rs 7.47 lakh crore, Officials said.

Each of these entities has an annual capex target of at least Rs 100 crore.

With one month remaining in the fiscal, the cumulative spending is set to exceed the annual target for the fourth consecutive year, supporting the public capex push to drive economic growth.


In February alone, capex stood at Rs 72,381.55 crore, up 9.69% year-on-year, indicating steady investment momentum towards the end of the fiscal.

Big spenders

The Railway Board and the National Highways Authority of India (NHAI) remained two strong spender, with NHAI spending approximately 120% of its target and the Railway Board reaching 90%.

Other major spenders include NTPC, Indian Oil Corporation, ONGC, Bharat Petroleum Corporation, and Coal India.

Public capex, including that of CPSEs, remains critical to India’s economic growth in FY26, as uncertainties caused by US tariffs and other geopolitical risks including ongoing war weighed on domestic private investments for most of the year.

The total capital expenditure incurred by centre reached ₹8.42 lakh crore as on February, the latest data released by CGA reveals.