Is capex growth in Budget at 10% or 19%? CLSA analyst explains

While capex-linked stocks have seen a sell-off ever since the Union Budget pegged FY26 capex at Rs 11.2 lakh crore, 10% year-on-year (YoY) growth, CLSA said the central government’s ‘real’ FY26 capex is up 19% if one takes into account state capex funding.

“Our deep dive into Budget FY26 points…