New Delhi, Sept. 3 -- India's private capital expenditure (capex) cycle moderated in FY26 after touching a record high in the previous fiscal, with private capex rising 2.4 times over the broader FY15-FY26 period but declining 2.8 per cent to Rs 11.9 lakh crore in FY26 from Rs 12.3 lakh crore in FY25, according to a research report by Union Bank of India.

The report said the moderation reflects tariff-related concerns and geopolitical uncertainty, even as the post-pandemic revival has significantly strengthened private investment activity.

"Private capital expenditure experienced a pronounced revival after FY22, expanding 2.4x over the broader FY15-FY26 horizon and peaking at a record Rs 12.3 lakh crore in FY25," the report said.

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