India’s infrastructure story is entering a new phase, one that’s not just about mega highways or urban metro lines, but about the ecosystem that powers them. Behind every road construction and mining project lies a network of equipment manufacturers quietly fuelling this momentum. As government and private capital expenditures rise in tandem, these companies, often serving as a proxy play, begin to capture investor attention.

The government allocated Rs 11.11 trillion in the Budget 2025 to support infrastructure development. However, the road construction sector in particular has seen relatively weak momentum, with construction activity slowing due to fewer contracts being awarded. Amid this slowdown, these three proxy plays can be added to the watchlist. Let’s take a look…

#1 BEML

BE

See Full Page