New Delhi, Jan. 3 -- India's capital expenditure (capex) upcycle is showing early but credible signs of revival, and market strategists believe several investment-linked sectors are poised to benefit the most over the next two to three years.

According to the India Equity Strategy 2026 by Antique Stock Broking, improving macros, policy support, and rising private and household investment are setting the stage for a broad-based capex recovery.

Defence remains one of the strongest structural beneficiaries of the capex push. Higher budgetary allocations, a robust order pipeline, and the government's continued emphasis on indigenisation under the Atmanirbhar Bharat programme are driving multi-year revenue visibility for defence manufacturer...