Private capex takes centre stage as India’s new project pipeline jumps 28%: HSBC

The top 10 projects accounted for around 80 percent of the investment in new projects.

Nuclear and data centres together contributed around 80 percent of the new-announcement value ...

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Nuclear and data centres together contributed around 80 percent of the new-announcement value Khushi Keswani September 24, 2026 / 13:53 IST Share --> --> --> --> Private capex takes centre stage as India’s new project pipeline jumps 28%: HSBC Private sector drives 90% of new project announcements.

New project announcements rose 28% to Rs 14.6 trillion.

Nuclear projects and data centers lead investment.

Market Mastery India’s capex cycle is beginning to see a stronger private-sector contribution, with private companies accounting for 90 percent of new project announcements in the first quarter of FY27, according to HSBC Securities and Capital Markets.

New project announcements rose 28 percent year-on-year to Rs 14.6 trillion in the quarter.

Around 80 percent of the announced investment was driven by nuclear projects and data centres, while around 80 percent of the new project announcements were in Maharashtra, HSBC said in a September 23 report.

The shift comes as government spending remains strong.

But project execution data is more mixed.

Projects under implementation grew only 5 percent year-on-year to around Rs 204 trillion in the quarter.

Project completions fell 17 percent, while shelved projects jumped around 600 percent, mainly because of large railway projects being put on hold.

The private sector accounted for 90 percent of new project announcements in FY27 Q1, compared with a much smaller contribution from the government, HSBC said.