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DRChoksey Report
Budget 2026-27 Key Highlights:
- The total budget size for FY 2026-27 is estimated at Rs 53.4 lakh crore.
- The fiscal deficit is targeted at 4.3% of GDP, continuing the glide path toward fiscal consolidation.
- Nominal GDP is projected to reach Rs 3.93 lakh crore, assuming a growth rate of 10%.
- Capital expenditure has been increased by 8.9% to reach Rs 12.2 lakh crore for the upcoming fiscal year.
- Effective capital expenditure, which includes grants for asset creation, is set at a record Rs 17.1 lakh crore (4.4% of GDP).
- The debt-to-GDP ratio is estimated to decline to 55.6%, down from 56.1% in the previous year's revised estimates.
- Interest payments remain a significant outlay, consuming Rs 14 lakh crore, or roughly 20% of the total budget.
- Net market borrowings from dated securities are estimated at Rs 11.7 lakh crore to finance the fiscal deficit.
Sector Impact and related stocks
Biopharma and Healthcare
- Biocon — Biopharma SHAKTI (RS 10,000 cr over five years) pushes biologics/biosimilars scale‑up; upgrades to NIPERs deepen talent.
- Syngene — Contract R&D/manufacturing levered to biologics‑focused incentives.
- Sun Pharma — Large‑cap proxy for biologics/complex pharma as domestic capability scales.
Infrastructure and Railways
- Larsen & Toubro — Prime beneficiary of the continued public capex push (Rs 12.2 lakh crore) and the new Infrastructure Risk Guarantee Fund, supporting order intake and private project financing.
- Titagarh Rail Systems — Order book leverage from rolling stock focus; wagons/EMUs well placed in the rail capex mix.
- Jupiter Wagons — Freight‑led rail investments sustain wagon demand momentum.
Mining and critical minerals
- IREL, NMDC , Vedanta — Rare‑earth corridors (e.g., Odisha/Kerala) to spur domestic mining, processing for new‑age techs.
Click on the attachment to read the full report:
Drchoksey Budget 2026 Highlights.pdf
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