Overview of Union Budget 2026
The Union Budget of 2026 has focused heavily on fiscal consolidation, infrastructure capital expenditure, and rural digital expansion. In this report, we break down the winners and losers across key sectors.
Winners: Infrastructure & Renewable Energy
With an additional allocation of ₹11.11 Lakh Crore towards capital expenditure, infrastructure companies, cement suppliers, and construction giants are prime beneficiaries. Grid expansion plans and subsidies for solar pump installations also positive trigger renewable power providers.
Losers: Cigarettes & Luxury Imports
Increases in national calamity contingency duty (NCCD) on tobacco products present short-term volume challenges for FMCG leaders, though historical pricing power remains a robust defense shield.
Our Top Stock Picks
We recommend accumulating top-tier engineering giants and power transmission leaders on market dips, as order book visibility extends beyond 3 years.