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Budget 2026: Govt likely to ramp up infra spending—5 stocks that could benefit
Budget 2026: Govt likely to ramp up infra spending—5 stocks that could benefit most
Budget 2026: All eyes will be on Finance Minister (FM) Nirmala Sitharaman on Sunday, February 1, as she presents the Union Budget for the financial year 2026–27, with expectations of higher infrastructure spending to spur economic growth, generate jobs, and cushion the economy against challenges posed by US tariffs and global uncertainties.
In Budget 2025, the FM allotted a record ₹11.21 lakh crore for India's infrastructure needs, up from the previous year's ₹11.11 lakh crore.
For the coming financial year, experts expect a 10-15% increase in government capex to ₹12-12.5 lakh crore.
"Infrastructure will be the key theme in the Union Budget 2026. Every ₹1 spent on infrastructure yields a GDP impact of ₹3, making it crucial for long-term resilience. A 10-15% increase in government capex to ₹12-12.5 lakh crore is projected. This includes a potential ₹25,000 crore fund to revive stalled infrastructure projects, benefiting sectors like highways and urban development," said Vinit Bolinjkar, Head of Research at Ventura.
Budget 2026: Key expectations for the infrastructure sector
Bolinjkar expects a sustained growth in capital expenditure (capex). Besides, he also anticipated the National Infrastructure Pipeline (NIP) 2.0."The launch of an updated infrastructure pipeline covering 2026-2032 (successor of NIP 2020-25), potentially scaling up from the original ₹111 lakh crore plan to address emerging needs like high-speed rail and logistics corridors, is expected," said Bolinjkar.
The government is also expected to offer clarity on the plan to monetise ₹10 lakh crore in sick PSU land banks through FY30. According to Bolinjkar, this could significantly improve the construction activity on such land banks and enhance ordering activities.
Financing innovations, such as green bonds, credit enhancement for bond markets, and land-value capture as formal tools could improve credit access and fund flow, said Bolinjkar.
5 infra stocks to buy for the long term
As expectations of a stronger focus on the infrastructure sector rise, Bolinjkar recommends five infrastructure stocks for the long term, betting that they may be among the biggest beneficiaries of the government's infra push.Larsen & Toubro (L&T) | Target price: ₹4,849
According to Bolinjkar, L&T is entering a high-growth phase supported by a record-breaking order book, improving operational efficiencies, and strategic exits from non-core, debt-heavy assets.The consolidated order book stands at a record ₹7,332 billion (30% YoY growth), which is approximately 2.9 times its annual project and manufacturing revenue.
The company maintains a robust near-term prospects pipeline of ₹5.92 trillion, driven by surges in CarbonLite Solutions and Precision Engineering.
The net working capital (NWC) to revenue ratio improved significantly to 8.2% from 12.7% the previous year, reflecting intense customer collection efforts.
Management expressed high confidence in current momentum, stating that full-year order inflows will exceed the initial 10% guidance. They reaffirmed the 15% revenue growth target and the 8.5% P&M margin goal for the full year.
NBCC | Target price: ₹167
Bolinjkar highlighted that NBCC has a unique asset-light business model, a massive order book, and a quasi-monopoly in government redevelopment projects.As of September 2025, the consolidated order book reached ₹1.28 lakh crore. Management is targeting an order book of ₹2 lakh crore. With conservative estimates, we are projecting a backlog of ₹1.45 lakh crore by FY28E.
Bolinjkar highlighted that NBCC is the only meaningful player in India's General Pool Residential Accommodation (GPRA) redevelopment ecosystem, where it handles 76% of the GPRA seven-colony package in Delhi, worth approximately ₹24,682 crore.
“The company maintains a zero-debt balance sheet and funds its growth entirely through internal accruals and customer advances. Because it operates on a consultancy fee model (PMC) where projects are customer-funded, it enjoys negative working capital,” said Bolinjkar.
Additionally, NBCC is the primary beneficiary of the government's plan to monetise ₹10 lakh crore in sick PSU land banks through FY30, Bolinjkar said.
IRB Infrastructure | Target price: ₹87
Bolinjkar said with 44% market share in the awarded toll-operate-transfer (TOT) space and 10% contribution to India's National toll revenue, IRB is one of India's leading and largest integrated private road developers.It manages an asset base of approximately ₹94,000 crore spread across 13 Indian states, covering roughly 17,500 operational lane kilometres.
On the balance sheet front, IRB uses a unique model involving two listed Infrastructure Investment Trusts (InvITs) to optimise its balance sheet.
This structure allows IRB to transfer matured assets to the InvITs, freeing up capital for new projects while retaining management fees and dividend income.
In addition, the group is supported by global investors, including GIC Singapore and the Ferrovial Group (Cintra), which bolsters its growth potential.
Interarch Building Solutions | Target price: ₹2,633
Bolinjkar highlighted that Interarch is the second-largest player in India's PEB sector and is perfectly positioned to capitalise on a market that is expected to triple in value to ₹47,000 crore by 2033.PEB structures are built 40–50% faster than traditional methods, making them the preferred choice for industrial and infrastructure construction.
The company's current backlog is ₹1634 crore (as of September 2025) and the management aims to scale it to over ₹2000 crore in the near future.
The company has a high repeat order ratio of nearly 81%, serving marquee clients like Asian Paints, Unilever, and Grasim.
“To meet surging demand, Interarch is significantly increasing its manufacturing footprint. The company plans to increase installed capacity from 161,000 MTPA to 200,000 MTPA by FY28,” said Bolinjkar.
“Two new plants in Andhra Pradesh and Chennai are expected to be operational by 2026, supporting higher execution volumes. Despite capacity expansion and significant growth, the company remains 100% debt-free,” Bolinjkar said.
HCC | Target price: ₹64
Bolinjkar believes HCC has entered a renewal phase characterised by a massive project pipeline, successful debt resolution, and a projected turnaround in profitability.The company has a dominant legacy in complex engineering, having built 60% of India's installed nuclear power capacity and 26% of its hydro power capacity.
As of September 2025, the order book stood at ₹13,152 crore, well-diversified across transportation (63%), hydro (22%), and water (12%).
Additionally, the company currently holds L1 (lowest bidder) positions worth nearly ₹6,000 crore and has a massive bid pipeline of nearly ₹57,000 crore under evaluation for FY26.
The order book is projected to surge to nearly ₹31,000 crore by FY28E, providing multi-year revenue visibility.
On the balance sheet front, a landmark resolution plan moved significant liabilities to a separate entity (PRPL), cutting consolidated debt and improving gearing.
Management plans to reduce debt by another nearly ₹900 crore in FY26 through internal accruals and a rights issue.
Disclaimer: This story is for educational purposes only. The views, stock recommendations, and investment rationale expressed are those of the expert, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
Source: LiveMint
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