 "India Inc put on a disappointing show during the second quarter of financial year 2025 (Q2FY25), with earnings posted by most companies falling short of Street expectations.")
Infrastructure-related sectors such as refineries, telecom services, and iron and steel product manufacturers led capital investments in India during the financial year 2024–25 (FY25), driving an "encouraging" growth.
According to Bank of Baroda's economic research department, refineries had the highest share in fixed assets in FY25 at 31 per cent, followed by telecom services (8.6 per cent), iron and steel products (5.9 per cent), cement (5.4 per cent) and power (4.8 per cent).
"These five industries contributed to around 56 per cent of fixed assets of the sample, thus highlighting how significant these core industries are, which come in the infrastructure space," it said in the report.
Public sector Bbanks (PSBs), private sector banks (PVBs), chemicals, industrial gases and nonferrous metals with a combined share of 14.5 per cent, complete the top 10 list, Bank of Baroda said. READ STOCK MARKET LATEST UPDATES TODAY LIVE
Passenger cars, fast-moving consumer goods, pharmaceuticals, IT software, and steel and sponge iron industries together accounted for 10.4 per cent of total fixed assets in FY25. Along with the top 10 sectors, these industries are expected to be key drivers of capital formation in India from the corporate sector’s perspective, it said.
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The top 15 industries accounted for around 80 per cent of total fixed assets last year, according to the note.
Overall, with a growth rate of 7.6 per cent, the fixed assets investment trend in the corporate sector is encouraging for FY25, the note said. "Most of the leading sectors in terms of being those that drive investment in the country are in the infrastructure space and have registered impressive growth rates."
The picture is diverse for consumer-oriented industries, which should show more traction in the coming year when consumption shows a revival, it said. "Demand in some of these sectors has been mixed, especially in urban areas, and the measures announced by the government, as well as declining inflation, should help to reverse the same."
Sector-wise breakdown
Capital investments in cement and steel were closely linked to government spending on infrastructure, with new capacities established to meet growing demand, the report said. For refineries, the investments were driven by expansion plans.
On the consumer side, the drugs and pharmaceuticals sector saw fresh capacity additions aimed at catering to both domestic and export markets. " Demand conditions did hold back investment growth for the FMCG segment while telecom services registered a low increase." Banks, meanwhile, focused their capital outlays on technology upgrades and the establishment of new, self-owned branches. ALSO READ: Why Sensex fell 869pts, Nifty below 24,550 on May 22? Find out reasons here
In another interesting observation, the report noted that out of the 122 industries observed, 57 had registered growth above the average of 7.6 per cent. Another 15 had growth rates between 5-7.5 per cent, while 23 had growth between 0.1 to 5 per cent.
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