Whalesbook
Sector mein Momentum jaari rahega
India ka capital goods industry apna double-digit revenue growth FY27 tak bhi maintain rakhega. Crisil Ratings ko 12-14% expansion ki umeed hai. Iska main reason hai government ka infrastructure par lagaataar kharcha, private sector ki badhti capex (capital expenditure) aur bhari-bharkam order backlogs. Pichhle saal jaisa hi trend hai, bas global mein thoda tension chal raha hai jo thoda challenge ban sakta hai.
Demand ke Drivers Solid hain
Power, mining, oil & gas, metals, aur automobiles jaise sectors mein demand ekdum zabardast rahegi. Naye areas jaise data centers aur EV infrastructure bhi growth ke naye mauke bana rahe hain. Crisil ne kaha hai ki Middle East mein jo chal raha hai, usse zyada fark nahi padega kyunki companies ke order books diverse hain aur unka direct exposure bhi kam hai, most revenue toh India se hi aata hai.
Energy Sector Growth ko Fuel dega
Capital goods sector ki growth mein energy sector ka bada contribution hai, khaas kar renewable energy aur transmission infrastructure mein. Crisil Ratings ke Director, Aditya Jhaver ne kaha, "Humein umeed hai ki capital goods companies is fiscal mein 12-14% ka revenue growth report karengi, jismein power sector, especially renewable energy value chain mein capex spends ka double-digit growth hoga." Railways aur defense mein bhi government ne spending badha di hai (11% aur 5% respectively), jo growth ko aur boost dega.
Infrastructure Investment se Demand badhegi
Crisil ko is fiscal mein 58-62 GW power capacity add hone ki ummeed hai, jismein mostly renewable energy projects honge. Itni badi capacity expansion se heavy engineering equipment aur related infrastructure ki demand badhegi. Transmission infrastructure mein bhi investment mazboot rehne ki ummeed hai, kyunki grid modernization, electricity ki badhti maang aur renewable energy ko integrate karne ke efforts chal rahe hain.
Order Books Badi, Margins Stable
66 rated companies (jo industry revenue ka almost half represent karti hain) ka analysis batata hai ki FY25 mein unka aggregate revenue lagbhag ₹2.1 lakh crore tha. Badi companies ke order books mein zabardast growth hui hai, jo December 2025 tak ₹5.2 lakh crore ho gaya hai, jo do saalon mein 1.5 guna badha hai. Book-to-bill ratio bhi FY24 ke 3.1 times se sudhar kar FY26 mein 3.7 times ho gaya hai, jo strong project inflows ka ishara hai. Geopolitical tensions se costs badh sakti hain, lekin operating margins 12-13% par stable rehne ki ummeed hai, kyunki execution achha hai, client relationships mazboot hain aur operating leverage bhi badha hai. Crisil Ratings ki Associate Director, Joanne Gonsalves ne kaha, "Overall credit outlook stable rahega, jo healthy revenue growth aur strong balance sheets se supported hai." Leverage metrics bhi comfortable rahenge, debt-to-Ebitda ratio lagbhag 0.8 times aur interest coverage ratio 11 times ke aas-paas rahega rated companies ke liye. Lekin, Crisil ne warn kiya hai ki agar geopolitical issues ke karan commodity ya freight prices mein tezi se badhotri hui toh investments delay ho sakte hain aur sector ki profitability par asar pad sakta hai.