The combined capital expenditure by CPSEs and other central agencies (including Indian Railways and National Highways Authority of India) rose by 13% year-on-year in April–October 2025–26.

In this April–October period, the total capex was about ₹4.4 lakh crore, compared with about ₹3.9 lakh crore in the same period last year.

This spending accounts for 56.5% of the full-year target of ~₹7.85 lakh crore.

However, the pace of investment slowed in October: capex growth in October alone was ~6% year-on-year, with spending of ~₹58,327 crore.

Major drivers: Railways + NHAI account for ~₹4.4 lakh crore — about 56% of the total FY26 target for CPSEs & central agencies.

For FY25: These entities invested ₹7.86 lakh crore) by ~3%.

Interpretation / significance

A 13% year-on-year growth in capex suggests continuing momentum in government-led investment.

Achieving over half the full-year target within the first seven months is a positive indicator for meeting or exceeding FY26 targets.

The slowdown in October (growth only ~6%) might signal some caution: high base effects (for example, a strong September), or project execution bottlenecks.

Heavy dependence on rail & highways means any delay or slowdown in those sectors could impact overall capex execution.

Given that public investment is a key driver of growth in India, strong capex performance is supportive of broader economic momentum.

Caveats / things to watch

While the growth looks decent, the base was moderately high last year, so sustaining higher growth may be challenging.

Execution risks: large-scale spend needs timely clearances, land acquisition, supply chain etc. Any delays could slow down capex.

Sectoral concentration: With so much of the capex concentrated in rail & highways, the risk is less diversification — if those segments slow, the aggregate may suffer.

The article notes moderation in October — important to monitor whether that trend continues into the remaining months of the fiscal.