The YoY performance of as many as seven of the 11 investment-related indicators reported an improvement in Q4 FY2026 vis-à-vis Q3, including finished steel consumption, stamp duty collections of state governments, capital goods output (largely driven by machinery and equipment), infrastructure credit, and engineering goods’ exports. 

Moreover, the Centre’s capex expanded by ~12% YoY in January-February 2026, as against the 23.4% contraction in Q3 FY2026.

~States’ capital outlay and stamp duty collections data is for 23 states during Jan-Feb 2026 excluding Arunachal Pradesh, Bihar, Goa, Manipur, and Nagaland; YoY growth for infra credit has been taken as per outstanding data at end of a quarter; NL: Net lending; *Data available only till February 2026; Source: NSO; JPC; MoRTH; RBI; CGA; Ministry of Commerce and Industry, GoI; CEIC; ICRA Research