ICICI Securities Highlights Telecom, Defence and Banking as Key Growth Drivers for FY27
- IBEF
- June 12, 2026
According to an ICICI Securities report, corporate India remains optimistic about growth prospects in FY27 despite geopolitical uncertainty and commodity price volatility. The note says corporate managements remained confident about demand trends and capex plans, and that the impact of higher crude-linked input costs could be managed through cost savings and phased price increases. It also says the NSE500 universe posted around 12% profit growth in Q4FY26, driven by broader markets, and that companies did not raise any major red flags on FY27 demand or capex because of the Gulf conflict.
Sector-wise, the report highlights telecom, defence, metals, building materials, power, banking and consumption as the main growth drivers for FY27. Telecom is seen benefiting from AI-linked infrastructure and rising data centre demand, while defence manufacturing is expected to continue its strong run on the back of order pipelines and capacity expansion. Power and capital goods remain a key investment theme, with a favourable capex outlook across generation, transmission and distribution, and new-age demand from data centres and semiconductor manufacturing. Banking is expected to stay resilient, supported by steady credit growth and deposit mobilisation, while consumer sectors are leaning on premiumisation and discretionary spending. The note also points to improving demand in hospitality and real estate, supported by foreign tourist arrivals, hotel additions and healthy residential launches.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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