NSO Survey Finds Strong Private Corporate CAPEX Momentum

25 Mar 2026 CW Team

The National Statistics Office (NSO) released a forward-looking survey on private corporate sector capital expenditure intentions covering October to December, 2025. The survey frame comprised 14,257 enterprises and the sample size was 7,486 enterprises, of which 5,366 operational enterprises responded and 4,203 reported plans for 2026–27. The exercise retained a fixed panel of 3,819 enterprises that provided complete information for the three-year reference period.\n\nThe NSO report used million (mn) as the unit for per enterprise values. At the enterprise level the estimated intended capital expenditure for 2024–25 was Rs 1,802 mn while actual expenditure was Rs 1,735 mn, yielding a realisation ratio of 96.3 per cent. The high realisation ratio indicates actual spending was broadly in line with previously reported intentions.\n\nAt the aggregate level provisional capital expenditure on acquisition of new assets for 2025–26 is estimated at Rs 11,438.79 bn and aggregated intentions for 2026–27 are estimated at Rs 9,552.81 bn, reflecting robust planned activity despite typical reporting conservatism. The NSO reported that internal accruals accounted for 65.35 per cent of CAPEX financing in 2025–26 while domestic debt contributed 23.25 per cent and equity raised within the country three point seven eight per cent. Foreign direct investment financed one point zero four per cent and foreign debt two point three eight per cent of the total.\n\nRegarding strategy close to 48.63 per cent of enterprises focused on core asset creation and 38.36 per cent planned investments for value addition to existing assets, while less than four per cent followed debt-related strategies and about one per cent pursued distressed asset approaches. Investment objectives predominantly included income generation for 60.13 per cent of enterprises and upgradation of capacity for 42.12 per cent, with diversification and other reasons accounting for smaller shares. The NSO highlighted the survey's value for policymakers and businesses and noted that the detailed booklet is available on the Ministry website, with unit-level data withheld to preserve confidentiality.

Infrastructure Urban

25 Mar 2026

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