Budget 2026: What Experts Liked, Which Sectors They’re Watching As The Winners?

As the Union Budget 2026 refrains from headline-grabbing giveaways, market experts are instead homing in on its strong structural signals. With a nearly 10% jump in capital expenditure to Rs 12.2 lakh crore, a clear thrust on high-speed rail corridors, logistics infrastructure, power-sector financing reforms and specialised capital goods, analysts believe the Budget reinforces the government's commitment to infrastructure-led growth.

According to experts at SAMCO Securities, the measures announced this year prioritise execution, balance-sheet repair and long-term capacity creation-setting the stage for sustained order inflows across railways, EPC, capital goods, logistics and power-linked financial institutions, even as near-term market reactions remain measured.

Apurva Sheth, Head of Research - Samco Securities & Divyam Mour, Research Analyst, SAMCO Securities

The capex target for FY26 has been set at Rs 12.2 lakh crore. This is a significant jump over 11.1 lakh crore set for FY25. This translates to a jump of 9.9% over FY25. This is a positive for infrastructure development which remains of the key focus areas of the government.

Divyam Mour, Research Analyst, SAMCO Securities

The proposal announced by Finance Minister Nirmala Sitharaman to develop seven high-speed rail corridors, including key economic routes such as Mumbai-Pune, Pune-Hyderabad, Hyderabad-Bengaluru and Bengaluru-Chennai, represents a structural push toward decongested, high-capacity rail infrastructure.

Dedicated high-speed corridors are likely to accelerate project execution, improve asset utilisation, and unlock large EPC order inflows across track laying, electrification, signalling and station development. This is materially positive for railway infrastructure players such as Rail Vikas Nigam Limited and IRCON International Limited, while electrification and civil contractors like KEC International Limited, NCC Limited and Ashoka Buildcon Limited should see sustained order momentum. Financing support from Indian Railway Finance Corporation further strengthens funding visibility for long-term rail expansion.

Divyam Mour, Research Analyst, SAMCO Securities

The government's push to promote tourism through the development of mountain train networks is set to unlock significant economic activity across hilly destinations, particularly in regions such as Jammu and Kashmir. Beyond tourism-led consumption, the initiative is structurally positive for the railway manufacturing and capital goods ecosystem, as specialised rolling stock, high-gradient locomotives and enhanced safety systems will be required.

Wagon and coach manufacturers such as Titagarh Rail Systems Limited, Jupiter Wagons Limited, Bharat Heavy Electricals Limited and Texmaco Rail & Engineering Limited should benefit from niche orders, while high-powered locomotive and propulsion demand creates opportunities for Cummins India Limited and ABB India Limited, supporting sustained infrastructure-led earnings growth.

Divyam Mour, Research Analyst, SAMCO Securities

The Rs 10,000 crore allocation for container manufacturing reflects the government's strategic focus on strengthening India's railway-led logistics ecosystem by improving cargo mobility, lowering freight costs, and enhancing supply chain efficiency. Higher availability of modern containers will accelerate modal shift from road to rail, enabling faster turnaround times and more economical bulk transportation for industries such as manufacturing, agriculture, and exports.

This is structurally positive for rail-linked logistics and equipment players, particularly Texmaco Rail & Engineering Limited, which is well positioned in rail infrastructure and fabrication, and Container Corporation of India Limited, the country's dominant container freight operator. Over time, improved rail freight economics should drive higher volumes, stronger revenue visibility for logistics providers, and incremental monetisation opportunities for the broader railway network.

Raj Gaikar, Research Analyst, SAMCO Securities

The Finance Minister's proposal to restructure PFC and REC underscores a strategic pivot in strengthening India's financial institutions backing the power sector. This move aims to address legacy balance-sheet stress, improve capital allocation efficiencies, and elevate the credit profile of these key NBFC lenders. From a sectoral perspective, a well-executed restructuring can unlock capital for fresh lending into transmission, distribution, and renewable projects while reducing systemic risk.

Divyam Mour, Research Analyst, SAMCO Securities

The government's focus on high-lift systems for multi-storey infrastructure, tunnel boring equipment for metro projects, and specialised machinery for high-altitude road highlights a clear intent to accelerate complex urban and strategic infrastructure development across India. This scheme would directly benefit capital goods companies such as Action Construction Equipment , Elecon Engineering , Crown Lifters which are in the business of supplying such tunnel boring equipments and such specialized machinery.

This scheme reflects government aims to eventually strneghten the metro networks in India and increase connectivity to high altitude regions in India. This may result into faster and higher tendering of metro projects and complexed bridge projects . This may benefit EPC companies such as Ceigall , Afcons Infrastructure, NCC , KEC international , GR Infraprojects and H.G Infra companies which have high expertise in metro and high complex projects.

Divyam Mour, Research Analyst, SAMCO Securities

The government's focus on high-lift systems for multi-storey infrastructure, tunnel boring equipment for metro projects, and specialised machinery for high-altitude road highlights a clear intent to accelerate complex urban and strategic infrastructure development across India. This scheme would directly benefit capital goods companies such as Action Construction Equipment , Elecon Engineering , Crown Lifters which are in the business of supplying such tunnel boring equipments and such specialized machinery.

This scheme reflects government aims to eventually strneghten the metro networks in India and increase connectivity to high altitude regions in India. This may result into faster and higher tendering of metro projects and complexed bridge projects . This may benefit EPC companies such as Ceigall , Afcons Infrastructure, NCC , KEC international , GR Infraprojects and H.G Infra companies which have high expertise in metro and high complex projects.

Raj Gaikar, Research Analyst, SAMCO Securities

The Finance Minister's proposal to raise STT on futures to 0.05% is structurally negative for the capital market ecosystem, particularly F&O-driven businesses. Higher transaction costs are likely to reduce trading volumes, dampen short-term momentum, and lower profitability for active market participants. FII participation in derivatives may also moderate as post-tax trading efficiency declines, impacting overall liquidity.

This can create a cascading effect on revenue streams of broking companies, exchanges, AMCs, and depositories, which are closely linked to market turnover. With derivatives volumes already shrinking in recent months, the hike may further pressure near-term earnings visibility. While fiscally supportive, the measure poses headwinds for capital-market-linked stocks.