Corporate India is set to double the capital expenditure to as much as $850 billion over the next five years, according to a report by S&P Global Ratings.

The report said the Indian power, electricity transmission lines, airlines, and green hydrogen sectors will spearhead the spending spree.

Advertisement

It highlighted the top 100 listed companies, with a combined revenue of $1 trillion and $150 billion in EBITDA in fiscal.

Driven by strong balance sheets, robust operating cash flows, and favourable government policy, Indian companies are aiming to scale up operations in what could be a defining expansion phase.

Barring execution mistakes or negative macro changes, these investments should boost business scale without driving up leverage, the report noted.

“Corporate India is chasing growth opportunities. In our view, Indian companies are well positioned for a growth run. Balance sheets are the leanest they’ve been in years. Companies are investing to meet demand underpinned by favourable government policies and a positive economic outlook,” according to the credit rating agency.