Dilip Buildcon Ltd Management Discussions

Global Economy Overview

The global economy demonstrated resilience through most of calendar year 2025 despite persistent geopolitical fragmentation, evolving trade dynamics and elevated policy uncertainty. According to the International Monetary Fund (IMF), global output expanded by approximately 3.4%, supported by resilient labour markets, moderating inflation, improving financial conditions and sustained investment in technology, artificial intelligence and digital infrastructure. While growth remained uneven across regions, advanced economies benefited from recovering domestic demand and gradually easing monetary conditions, whereas emerging market and developing economies continued to outperform, underpinned by stronger domestic consumption and public investment.

The relatively stable macroeconomic environment, however, was disrupted towards the close of FY2025-26 following the outbreak of armed conflict in West Asia in late February 2026. The escalation triggered the sharpest monthly rise in crude oil prices since the 1990 Gulf War, with Brent crude increasing from nearly US$72 per barrel to above US$115 per barrel by the end of March. Disruptions to shipping through the Strait of Hormuz, attacks on regional energy infrastructure and heightened geopolitical tensions materially increased freight costs, marine insurance premiums and supply-chain uncertainty across global markets. Although the timing of the shock limited its impact on FY2025-26 economic activity.

Sources:

https://www.imf.org/-/media/files/publications/weo/2026/april/ english/text.pdf https://www.imf.org/-/media/files/publications/weo/2026/april/ english/text.pdf https://www.imf.org/en/blogs/articles/2026/04/14/war-darkens-global-economic-outlook-and-reshapes-policy-priorities

Global Economy Outlook

The International Monetary Fund (IMF), in its April 2026 World Economic Outlook, projects global growth to moderate to 3.1% in 2026 and 3.2% in 2027, assuming the West Asia conflict remains contained. Advanced economies are expected to grow 1.8%, while emerging market and developing economies are projected to slow to 3.9% in 2026 before recovering to 4.2% in 2027, continuing to underpin global economic growth.

The outlook is supported by resilient labour markets, easing monetary conditions and sustained investment in technology and the energy transition. However, elevated energy prices, higher freight costs and continued geopolitical uncertainty are expected to weigh on global growth and keep inflation above pre-conflict expectations through 2026 before gradually moderating. Against this backdrop, emerging markets with resilient domestic demand, prudent macroeconomic policies and sustained public investment are expected to remain relatively well positioned to absorb external shocks.

Indian Economy Overview

India reinforced its position as the world-s fastest-growing major economy in FY2025-26, with real GDP expanding by 7.7% (up from 7.1% in the previous year). According to the Ministry of Statistics and Programme Implementation (MoSPI), real Gross Value Added (GVA) grew by 7.9%, while nominal GDP increased by 8.9% to H346.36 lakh crore, reflecting broad-based expansion across manufacturing, construction and services. The economy continued to benefit from resilient domestic demand, healthy private consumption, sustained government capital expenditure and a gradual recovery in private investment, despite heightened geopolitical uncertainty in the latter part of the fiscal year.

Macroeconomic stability remained a defining feature. Headline inflation moderated considerably from the elevated levels of the previous year, supported by easing food prices and improving supply conditions. Stable financial markets

and a calibrated monetary policy strengthened business confidence and investment activity. Government-led capital formation provided a strong growth impulse through sustained investments in transport infrastructure, railways, urban development, power transmission and logistics. The construction sector remained among the fastest-growing segments, reaffirming infrastructure development as a key pillar of India-s long-term growth strategy.

Sources:

https://www.imf.org/-/media/files/publications/weo/2026/april/ nglish/text.pdf https://www.mospi.gov.in

Indian Economy Outlook

India-s medium-term outlook remains favourable, underpinned by strong macroeconomic fundamentals and the Government-s continued emphasis on infrastructure-led growth. The Union Budget for FY2026-27 has budgeted total expenditure of H53.47 lakh crore, including a capital outlay of H12.22 lakh crore (3.1% of GDP), reaffirming the commitment to sustaining public investment amid an evolving global environment. The Ministry of Road Transport and Highways has been allocated approximately H3.10 lakh crore, continuing the strategic focus on expanding the national highway network, enhancing multimodal connectivity and improving logistics efficiency. Parallel emphasis on asset monetisation, public-private partnerships and integrated infrastructure planning is expected to broaden private-sector participation across the infrastructure ecosystem.

Near-term risks have become more pronounced following the escalation of geopolitical tensions in West Asia. Elevated crude oil prices, higher freight costs and persistent supply-side uncertainties are expected to keep input costs elevated across infrastructure and construction value chains. Reflecting these developments, the Reserve Bank of India has revised its FY2026-27 GDP growth forecast to 6.6%, while the International Monetary Fund (IMF) projects growth at 6.4%, indicating a moderation from FY2025-26 while still positioning India as the fastest-growing major economy globally. Despite these near-term challenges, resilient domestic demand, healthy government finances directed toward productive capital expenditure, and a robust multi-year infrastructure pipeline continue to provide a strong foundation for sustained growth, reinforcing a favourable long-term operating environment for the infrastructure and EPC sector.

Sources:

https://prsindia.org/files/budget/budget_parliament/2026/Union_Budget_ Analysis-2026-27.pdf https://infomericstorage.blob.core.windows.net/uploads/roads_and_ highways_0a2da48091.pdf https://economictimes.indiatimes.com/news/economy/indicators/rbi-gdp-growth-forecast-fy-2026-27-mpc-meeting-india-economic-outlook-gdp-forecast-india/articleshow/131519300.cms?from=mdr https://ddindia.co.in/2026/07/india-among-fastest-growing-major-economies-with-6-4-gdp-growth-projected-for-fy27-imf/

Industry Overview

Infrastructure Industry

Infrastructure continued to be the cornerstone of India-s economic growth strategy during FY 2025-26, supported by sustained public investment and structural policy reforms The Government budgeted public capital expenditure of H11.21 Lakh Crore (3.1% of GDP) for FY 2025-26 and further strengthened its infrastructure-led growth agenda in the Union Budget FY 2026-27 by increasing capital expenditure to a record H12.22 Lakh Crore. Complementing this, the Ministry of Finance identified a Public-Private Partnership pipeline exceeding H17 Lakh Crore, reflecting a growing emphasis on mobilising private capital alongside public investment.

Beyond higher capital outlays, the policy focus evolved towards creating a more efficient and sustainable infrastructure ecosystem. Initiatives such as PM GatiShakti, the National Logistics Policy and the National Monetisation Pipeline continued to improve multimodal connectivity and logistics efficiency, while structured asset monetisation, InvITs and blended financing emerged as important funding mechanisms. Although project awarding moderated during parts of the year due to land acquisition challenges, state election cycles and administrative recalibration, these reforms are expected to foster a healthier and more competitive road EPC ecosystem over the medium term.

Sources

Union Budget 2026-27 – Budget Highlights, Ministry of Finance: https://www.indiabudget.gov.in/doc/bh1.pdf

Infrastructure Sector in India, 2026:

https://www.ibef.org/industry/infrastructure-sector-india https :// www . pib.gov in / Press R e l e a s e Page . aspx?PRID=2211843&reg=3&lang=1

Roadways

India-s road sector continued to anchor the country-s infrastructure development agenda during FY 2025-26, supported by sustained public investment and continued focus on improving national connectivity. During the year, the National Highways Authority of India (NHAI) constructed 5,313 km of national highways, exceeding its annual target of 4,640 km by nearly 15 percent, while capital expenditure reached H2.44 Lakh Crore, approximately 2.5 percent higher than the Government-s budgetary support, with the incremental funding met through NHAI-s own resources.

Chart 3: Distribution of Allocated Fund under the Ministry of Roads and Highways in Budget 2026-27

The Government continued to reinforce the sector-s long-term growth trajectory through the Union Budget FY 2026-27, allocating H3.10 Lakh Crore to the Ministry of Road Transport and Highways, including H1.22 Lakh Crore for roads and bridges. India-s National Highway network has now expanded to over 1.46 Lakh km, representing an increase of nearly 61 percent over the past decade, reflecting sustained progress in strengthening the country-s transport infrastructure.

Towards the close of the fiscal year, escalating geopolitical tensions in West Asia resulted in higher crude oil prices, increasing cost pressures on key construction inputs such as bitumen and diesel. While contractual price-escalation mechanisms helped cushion the immediate impact on EPC contractors, commodity price volatility remains an important monitorable for the sector. Nevertheless, supported by continued policy emphasis, sustained public investment and a robust infrastructure pipeline, the long-term outlook for India-s road sector remains favourable.

Sources

? MoRTH Year End Review 2025, PIB:

https://www.pib.gov.in/PressReleasePage.aspx?PRID=2209837

? IBEF Roads and Highways in India, May 2026: https://www.ibef^:.ora/industrv/roads-india

https://inFomericstoraae.blob.core.windows.net/upioads/roads and highways 0a2da48091.pdF

https://www.pib.gov. in/PressReleasePage. asDxRs.PRID=2272639&^ea=48&lana=2

Metro

India-s metro rail sector continued to strengthen its position as a key pillar of urban infrastructure during FY 2025-26. As of Mid of 2026 with the operational Metro and Regional Rapid Transit System (RRTS) network expanded to approximately 1,159 km across 26 cities, reinforcing India-s position as the world-s third-largest metro rail network. The sector is increasingly transitioning from rapid network creation towards capacity augmentation, multimodal integration and regional connectivity, reflecting the growing maturity of India-s urban transit ecosystem.

Government support for urban mass transit remained robust. Under the Union Budget FY 2026-27, the Mass Rapid Transit System (MRTS) and Metro Project scheme MoHUA-s largest was allocated H28,796 Crore in the Budget Estimates, continuing from an allocation of H34,807 Crore in FY 2025-26 (BE). The Ministry of Housing and Urban Affairs later informed Parliament during the Monsoon Session 2026 that the Central Government has earmarked H30,942 Crore for metro rail projects for FY 2026-27, reaffirming continued investment in urban mobility infrastructure. For infrastructure players with

tunnelling, viaduct construction and station development capabilities, the metro pipeline offers meaningful multi-year visibility as several corridors progress from design to award through FY 2026-27.

Sources

? Ministry of Housing and Urban Affairs, Metro Rail Report, 2026:

https://www.resaov.ora/contents/reports/140 MoHUA.pdF

httDs://metrorailnews.in/trackina-indias-metro-network-

via-mohuas-report/

https://metrorailnews.in/metro-rail-Droiects-in-india/

? Metro Rail News, Metro Projects in India 2026 - Status Update:

https://prsin dia.org/bud get s/par lament/demand-for-g ran ts-2026- 27-analvsis-housing-and-urban-aFFairs

Railways

Indian Railways continued to accelerate its transformation during FY 2025-26 through sustained investment in network modernisation, capacity enhancement and technology-led infrastructure development. The broad-gauge network achieved 99.6 percent electrification, while passenger traffic reached a record 741 Crore, reflecting continued improvements in operational efficiency and network utilisation. The expansion of semi-high-speed rail also gathered pace, with 164 Vande Bharat and 60 Amrit Bharat Express services operational by year end, alongside the launch of the first Vande Bharat Sleeper service, marking another milestone in modernising India-s passenger rail network.

The Union Budget FY 2026-27 allocated a record H2.93 Lakh Crore to the Ministry of Railways, reaffirming the Government-s continued commitment to expanding railway infrastructure and strengthening multimodal logistics. Key priorities include the development of three new Dedicated Freight Corridors spanning over 4,300 km, accelerated rollout of the Kavach automatic train protection system, and redevelopment of more than 1,300 railway stations under the Amrit Bharat Station Scheme. These initiatives, together with continued investment in bridges, tunnels, signalling systems and high-capacity rail corridors, are expected to improve freight efficiency and support the objectives of the National Rail Plan 2030, which aims to increase rail-s share of freight transportation from approximately 27 percent to 45 percent.

Sources

? Union Budget 2026-27 - Ministry of Railways Allocation: https://www.indiabudget.gov.in

https://www.pib. gov. in/PressReleasePage. aspxRs.PRID=2245694&reg=3&lang=.

? IBEF Indian Railways Update, April 2026:

https://www.ibeF.orQ/news/indian-railways-evolves-From-steam-to-

speed-with-99-6-electriFication-record-passenQer-reaches-and-hiQh-

speed-corridor-expansion

Airports

India-s aviation sector continued to expand its operational footprint through FY 2025-26. The commissioning of Navi Mumbai International Airport in December 2025 and Noida International Airport at Jewar in mid-June 2026 established dual-airport architectures for the Mumbai Metropolitan Region and the National Capital Region. The country-s operational airport count rose to 165, more than double the 74 airports operational in 2014, with over 21 additional greenfield airports at various stages of planning approval. Full-year domestic passenger traffic reached approximately 167.7 Million, and combined domestic and international throughput was tracking a mid-single-digit growth range at year end.

Airport operator revenues remained an area of strength, with the sector projected to record 18 to 20 percent revenue growth for FY26, aided by tariff revisions and rising non-aeronautical income. In March 2026, however, the outlook was revised to Negative on account of hardening aviation turbine fuel prices, disruption to certain international airspaces following the West Asia escalation, and rupee depreciation. Over the medium term, IATA projects India as the world-s third largest air passenger market by 2030 and fleet size to reach 1,100 aircraft by 2027, sustaining a technically differentiated pipeline of runway, terminal and landside construction opportunities for capable infrastructure builders.

Sources

? ICRA Aviation Sector Update, April 2026:

https://www.icra.in/Research/ViewResearchReport/6898

? Modified UDAN: Strengthening India-s Regional

Aviation Network

https://www.pib.gov.in/PressNoteDetails.

aspxRs.NoteId=159240&ModuleId=3&rea=24&lana=15

- IBEF Indian Aviation Industry Update, 2026:

httos://www.ibeF.ora/industrv/indian-aviation

Irrigation

India-s irrigation sector witnessed a distinct shift in orientation during FY 2025-26, with allocations and policy attention pivoting from headline command area creation toward efficiency- led interventions, watershed rejuvenation, and river-linking preparatory works. Under the Per Drop More Crop component of the Pradhan Mantri Krishi Sinchayee Yojana, cumulative area coverage under micro-irrigation crossed 96 Lakh hectares by year end. The PM-KUSUM initiative for solarisation of agricultural pumps has continued to scale, with more than 10 Lakh standalone solar pumps deployed nationwide.

The Ken-Betwa Link Project, the first scheme executed under the National Perspective Plan for interlinking of rivers, continued to advance through preparatory works, with a targeted annual irrigation coverage of 10.62 Lakh hectares across Bundelkhand. The Modernisation of Command Area Development and Water Management sub-scheme, launched during the year with an initial outlay of H1,600 Crore, will graduate into a full national programme from April 2026 in alignment with the Sixteenth Finance Commission cycle. The FY 2026-27 Union Budget allocated H6,587 Crore to the umbrella PMKSY programme, offering multi-year revenue visibility for contractors with dam, canal, pumping station and micro-irrigation execution capabilities.

Sources

? Ministry of Jal Shakti Year End Review 2025:

https://www.ibeF.ora/aovemment-schemes/Dm-kusum-voiana

? Ministry of Jal Shakti Year End Review 2025:

https://Dib.gov.in/PressReleaseIFramePaqe.asDxRs.PRID=2085127

? IBEF PMKSY Programme Update, May 2026:

httDs://www.ibeF.org/govemment-schemes/Dradhan-mantri-krishi-

sinchayee-yoiana

Water Distribution Sector

The Jal Jeevan Mission crossed a defining milestone during FY 2025-26 and moved into its next phase of evolution. Functional tap water connections were extended to approximately 15.83 Crore rural households by 31 March 2026, taking national coverage to close to 81.6 percent of the addressable universe of 19.36 Crore households. The Union Cabinet, in March 2026, formally extended and enlarged the mission as Jal Jeevan Mission 2.0, raising the total programme outlay to H8.69 Lakh Crore including an additional central share of H1.51 Lakh Crore, with the extended timeline running through December 2028.

The enlarged programme places a stronger emphasis on water quality assurance, non-revenue water reduction, source sustainability and utility-grade service delivery, signalling the transition from a household connection sprint into a structured service architecture. The residual pipeline, particularly across the eight states still below the 80 percent coverage mark, together with continued urban water investments under AMRUT 2.0 (H66,750 Crore outlay across 500 cities), represents a durable multi-year opportunity for players with expertise in

trunk pipelines, water treatment plants, storage systems and district-level distribution networks.

Sources

? Jal Jeevan Samvad, March 2026:

https://ialieevanmission.gov.in/sites/deFault/Files/2026-05/Jal-

Jeevan-Samvad-march-2026.pdF

? Union Cabinet Decision on JJM 2.0, March 2026:

https://Dib.aov.in

InvIT

Infrastructure Investment Trusts have transitioned during FY 2025-26 from an alternative funding channel into a foundational component of India-s infrastructure financing architecture. Combined Assets Under Management across the InvIT category stood at approximately H6.3 Lakh Crore in 2025 and are projected by industry participants to expand to approximately H21 Lakh Crore by FY 2029-30, implying a CAGR of the order of 27 percent. Road InvITs, a segment in which the Company is now an active participant through Anantam Highways, are among the fastest-growing sub-segments.

SEBI-s regulatory refinements during the year further deepened institutional participation. In November 2025, SEBI reclassified listed REITs as equity for mutual fund allocation purposes, while retaining InvITs within the hybrid category. Additional consultation processes were also initiated on greenfield eligibility for private InvITs and on a glide path for index inclusion of REITs. For sponsors with mature Hybrid Annuity Model portfolios, InvIT-led divestment now represents the most efficient route to a capital-light balance sheet and the recycling of equity into new construction opportunities, a framework the Company has actively utilised through the listing of Anantam Highways Infrastructure Investment Trust in October 2025.

Sources

? Avendus Capital InvIT Market Report, June 2026:

httDs://www.Drokerala.com/news/articles/a1776004.html

? Business Standard, IRA Q2 FY26 REIT Data, November2025:

https://www. business-standard.com/markets/news/india-reits-g2- Fy26-distributions-aum-ma^ket-caD-growth-125112000626 1.html

Coal Mining Industry

India-s coal sector delivered a second consecutive year of record output during FY 2025-26. Aggregate domestic production sustained the 1.05 Billion tonne threshold, while production from captive and commercial mines alone reached a record 210.46 Million tonnes, up 10.22 percent year on year. Twelve captive and commercial blocks were operationalised through Mine Opening Permissions during the year, adding approximately 86 Million tonnes of annual capacity, with seven blocks commencing production within the same fiscal. Coal India Limited closed the year with production of approximately 768 Million tonnes and offtake of 745 Million tonnes.

Coal continued to account for over 55 percent of India-s primary commercial energy mix and fuel more than 74 percent of thermal power generation. Policy actions through the year, notably the Revised SHAKTI Policy 2025, further reduced import dependence. Coal imports by imported-coal-based power plants declined by approximately 27 percent in April YoY comparison, and Coal India has articulated a ten year roadmap to eliminate substitutable coal imports of approximately 243 Million tonnes by 2036. Industry expectations, corroborated by CareEdge, place FY 2026-27 domestic coal production in the range of 1.15 Billion tonnes. For Mine Developer and Operator businesses with proven execution credentials, an owned equipment fleet and long-tenure relationships with public sector coal companies, the sector remains a source of durable revenue visibility and consistent cash flow.

Sources

? Ministry of Coal Year End Review 2025:

httDs://coal.aov.in/sites/deFault/Files/2026-01/Pib-120126.pdF

? CareEdge, India Coal Production Outlook for FY26:

https://www.ca rera tings. com/uploads/newsFiles/1751630969 India%20Set%20to%20Hit%201.15B%20Tonnes%20Coal%20 Production%20in%20FY26%20-%20CareEdae%20Advisorv%20 Report.pdf

Opportunities and Challenges

India-s infrastructure sector enters FY 2026-27 supported by record public capital expenditure, a structurally healthier bidding environment and deepening asset monetisation markets. For established, well capitalised operators such as Dilip Buildcon, these tailwinds are complemented by a set of near term monitorables that continue to shape execution and returns. The primary opportunities and challenges the Company sees across the operating landscape are set out below.

Opportunities

Record Public Capex and Multi-Year Visibility

The FY 2026-27 Union Budget-s H12.22 Lakh Crore capex envelope, coupled with the anticipated National Infrastructure Pipeline 2.0 covering FY27 to FY32, provides an unusually long runway of ordering visibility across roads, railways, water, metro, airports and mining.

Structurally Healthier Bidding Environment

MoRTH-s revised prequalification framework, introduced in H1 FY 2025-26 with an assessed net worth criterion and rationalised package sizes, has moderated participation of undercapitalised bidders. The rebalanced landscape favours experienced operators with strong balance sheets.

Deepening Asset Monetisation Markets

The maturation of InvIT structures, SEBI-s regulatory refinements during FY26, and expanded participation from retail and institutional investors have significantly enhanced the capital recycling options available to EPC developers with mature operational asset portfolios.

Adjacent Vertical Diversification

The scale up of mining MDO across coal and bauxite, alongside emerging opportunities in solar energy, transmission and water Hybrid Annuity, offers established players an expanding set of adjacencies in which to deploy proven capabilities and generate long duration returns.

Specialisation and Backward Integration Premium

The increasing complexity of urban tunnelling, metro, water treatment and specialised structural projects continues to favour integrated players with in house design, manufacturing, equipment ownership and specialised product capability.

Challenges

Input Cost Volatility

The sharp rise in global crude prices arising from the West Asia conflict in the closing weeks of February 2026 has translated into elevated bitumen, diesel and freight costs. Contractual escalation clauses provide partial protection; full pass through remains an execution monitorable through FY 2026-27.

Award-Pace Variability

Sector specific ordering can be uneven, reflecting policy transitions, state election cycles, land acquisition timelines and DPR readiness. FY26 illustrated this variability, with national roadway awarding lagging expectations through H1 before improving in H2 as revised norms took effect.

Working Capital Intensity

Long cycle infrastructure execution continues to demand disciplined receivable and inventory management. Certain segments such as Jal Jeevan Mission projects, with milestone payments linked to hydro testing, involve extended cash conversion timelines that require calibrated financial management.

Concentration in Government Counterparties

Reliance on Central and State Government contracts is a sector reality that exposes players to payment cycle variability and political priority shifts. Diversification across ministries, states and vertical mix remains the primary risk mitigation lever.

Geopolitical and Macroeconomic Uncertainty

External developments including the West Asia conflict, global commodity volatility and shifts in trade policy can indirectly affect input costs, financing and demand assumptions. Continuous monitoring and business mix diversification remain central to resilience.

Sources

? Union Budget 2026-27 - Budget Highlights, Ministry of Finance:

https://www.indiabudget.gov.in/doc/bh1.pdF

? NHAI Policy Circulars 11.68/2025 and 11.70/2025 revising HAM and EPC qualification criteria (via Lexology, August 2025):

https://www.lexology.com/library/detail.aspxRs.g=84Fa513F-87F1-4beF-b917-946562a7Fec8

? Structurally Healthier Bidding Environment https://www.lexology.com/library/detail.aspxRs.g=872d8d47-82c5-4104-b2FF-a78b1c104b93 (EPC circular, Aug 8, 2025)

Government Initiatives

Policy continuity across the FY 2025-26 and FY 2026-27 Budget cycles has translated into a set of programmes and frameworks that collectively shape the medium term trajectory of India-s infrastructure sector. The key initiatives most relevant to the Company-s operating environment are summarised below.

Initiative	Description
PM GatiShakti National Master Plan	Integrated GIS based platform coordinating multimodal connectivity across railways, roads, ports, airports and logistics, enabling faster project sequencing and real time coordination between central and state agencies.
National Infrastructure Pipeline 2.0	Anticipated multi year framework covering FY27 to FY32, expected to expand and deepen ordering visibility across core infrastructure segments and Public Private Partnership models.
Infrastructure Risk Guarantee Fund	Announced in the Union Budget 2026-27, intended to catalyse private investment by mitigating specific project stage risks and improving the bankability of PPP mandates.
Revised NHAI Qualification Framework	Assessed net worth based prequalification, enlarged package sizes and rationalised package counts introduced in H1 FY 2025-26, aimed at improving bidder quality and moderating unqualified competitive intensity.
SEBI REIT and InvIT Framework Refinements	Reclassification of listed REITs as equity for mutual fund allocation (November 2025), enhanced flexibility around asset holding and leverage, deepening institutional and retail participation in infrastructure monetisation vehicles.
National Monetisation Pipeline 2.0	Second phase targeting H10 Lakh Crore of asset monetisation over five years, with the road sector expected to contribute the highest share at an estimated H4.42 Lakh Crore, supported by expanded InvIT and TOT frameworks.
Jal Jeevan Mission 2.0	Extended until December 2028 with a total outlay of H8.69 Lakh Crore, pivoting from infrastructure creation toward utility grade service delivery, water quality assurance and last mile assurance.
Dedicated Freight Corridors and High Speed Rail	Three new Dedicated Freight Corridors covering over 4,300 km and seven new High Speed Rail corridors announced in the FY 2026-27 Budget, backed by a record H2.93 Lakh Crore railway capital outlay.
Commercial Coal Mining Reforms	100 percent FDI, ongoing block auctions and streamlined clearances continue to drive private participation, output growth and Mine Developer and Operator opportunities across coal and adjacent minerals.
Asset Monetisation Plan 2.0 for Roads	Continued NHAI monetisation of operational road assets via Toll Operate Transfer bundles and InvIT rounds, closing FY26 at approximately H28,307 Crore of proceeds against a H30,000 Crore full year target.

Sources

? Union Budget 2026-27 - Budget Highlights, Ministry of Finance:

httDs://www.mdiabudaet.aov.in/doc/bh1.DdF

? KPMG Public Infrastructure POV Union Budget 2026-27: httDs://assets.kDma.com/content/dam/kDmasites/in/DdF/2026/02/Dublic-inFrastructure-Dov-union-budaet-2026-27.DdF

? Revised NHAI Qualification Framework httDs://www.lexoloav.com/lib^a^v/detail.asDxRs.a=872d8d47-82c5-4^04-b2FF-a78b^c^04b93

? National Monetisation Pipeline 2.0

https://ddnews.qov.in/en/Finance-minister-sitharaman-launches-national-monetisation-DiDeline-2-0-estimates-%E2%82%B916-72-trillion- asset-potential/