Diversified EPC players well placed in March qtr on strong capex momentum

There are also signs of capacity enhancements by large conglomerates which may translate into business for engineering and construction

The infrastructure sector may have done well in the fourth quarter of 2024-25 (Q4FY25) with capital expenditure (capex) by the central government up 48 per cent year-on-year (Y-o-Y) in Q3FY25, and the momentum maintained in Q4FY25.

 

State capex is also going up with a focus on irrigation and water supply with new project announcements by Andhra Pradesh and Maharashtra, for example. New awards across sectors like roads, buildings, marine, metro, minerals, transmission and distribution, water, and telecom seem to have been good for diversified engineering procurement and construction (EPC) plays.

 

The Union Budget for FY26 indicates around 8 per cent