Infrastructure & Capex — India
NHAI roads + metros + PLI capex + private-capex revival.
The thesis
India is in a multi-year capex cycle — government-led (NHAI, Vande Bharat, metro) plus a private-capex revival that was absent for 8-10 years. Listed exposure clusters into (1) EPC/construction — L&T, KEC, KNR, HG Infra, (2) cement + building materials — UltraTech, Ambuja, Shree, JK, (3) capital goods — Siemens, ABB, Thermax, Cummins, (4) logistics + ports — Adani Ports, Concor.
Listed constituents
The textbook names with pure-play or meaningful exposure. Not a weighted index — sort by market-cap on /scanner.
| Symbol | Company | Role |
|---|---|---|
| LT | Larsen & Toubro | EPC conglomerate + Hyderabad Metro + Sanand Semicon |
| ULTRACEMCO | UltraTech Cement | Cement #1 |
| AMBUJACEM | Ambuja Cements | Cement, Adani group |
| SHREECEM | Shree Cement | Cement, cost-leader |
| ADANIPORTS | Adani Ports & SEZ | Ports + logistics monopoly |
| CONCOR | Container Corp of India | Rail-container logistics PSU |
| SIEMENS | Siemens | Industrial automation + grid |
| ABB | ABB India | Electrification + motion + robotics |
| THERMAX | Thermax | Industrial heating + water |
| CUMMINSIND | Cummins India | Diesel + genset + industrial engines |
| KNRCON | KNR Constructions | Roads EPC |
| HG INFRA | HG Infra Engineering | Roads EPC mid-cap |
| KEC | KEC International | Transmission EPC + railway |
Tailwinds
- • NHAI targeting ~45 km/day execution
- • ₹11.11 lakh cr capital outlay in Union Budget FY26
- • Private capex revival — capacity utilisation >75% triggering fresh orders
- • Cement demand growth 7-9% on infra + housing
Risks
- • Working-capital heavy businesses — margin + cashflow cyclicality
- • Order execution delays common in Indian infra
- • Cement hyper-competitive; pricing discipline breaks regionally
- • Commodity + diesel input cost volatility squeezes margins
Stress-test the narrative
Use these tools on the constituents above to sanity-check the thesis before you size exposure.
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Primary sources
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Research tool · not investment advice.
Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Theme snapshot as of 2026-04. Constituent weights shift; cross-check live index composition before sizing. Tailwinds + risks are editorial summaries of publicly reported trends, not forecasts. Past performance does not predict future returns. Not investment advice.