NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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.
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
Also Read: Bajaj Auto Shares Gets Nirmal Bang’s Buy Upgrade On Strong Q3 Beat — Check Hiked Target Price
Also Read: Bharat Electronics In Focus: Morgan Stanley Hikes BEL Target Price On Higher Earnings Estimates
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Comprehensive Budget 2026 coverage,
LIVE TV analysis,
Stock Market and
Industry reactions,
Income Tax changes and
Latest News on NDTV Profit.
