According to Brickwork Ratings’ analysis of central infrastructure projects worth INR 150 crore and above, monitored by the Ministry of Statistics and Programme Implementation (MoSPI), projects worth INR 19,184 crore were commissioned in September 2026. This marks the highest monthly commissioning value during Q2FY27. The month’s two projects commissioned were the 1,320-MW Buxar Thermal Power Project, valued at INR 13,757 crore, and the NMDC Slurry Pipeline Project Phase I, valued at INR 5,427 crore.
In comparison, four notable projects worth INR 7,402 crore were commissioned in July, while three projects worth INR 3,237 crore were commissioned in August. July’s completions included the Srikakulam–Angul Gas Pipeline, the Aligarh–Kanpur road package, the Dwarka Expressway package and a power transmission project in Gujarat. September’s higher commissioning value was primarily attributable to the Buxar thermal power asset.
Railways leads project onboardings in September
New project onboarding increased from 36 in July to 37 in August and 83 in September. Railways accounted for 57 September additions, followed by Road Transport and Highways with 16 and Power with seven. In August, Petroleum and Natural Gas led with 15 additions, followed by Road Transport and Highways with 10. July’s largest departmental addition was Telecommunications, with 16 projects, followed by Steel with nine.
According to Brickwork Ratings, the largest named projects onboarded also varied through the quarter. July’s examples included the INR 38,358-crore Meja Thermal Power Project Stage II and Jaipur Metro Rail Phase II, estimated at INR 13,038 crore. August’s examples featured the INR 6,444-crore Western Region–Eastern Region network expansion scheme, alongside oil and gas projects valued at INR 6,274 crore and INR 5,519 crore. September’s examples included the INR 7,627-crore Krishnagiri renewable energy zone transmission project and the INR 1,839-crore Hosur–Omalur railway project. These are selected examples, not aggregate onboarding values.
Transport and Logistics comprised the largest share of estimated project costs
Brickwork Ratings’ analysis indicates that Transport and Logistics remained the largest monitored category throughout Q2FY27, accounting for approximately 48–53% of estimated project costs across the quarter. Energy accounted for approximately 29–32%. September’s onboarding was particularly concentrated in Railways, while commissioning included significant power and steel assets. For credit assessment, commissioning can mark the transition towards operating cash flows, but revenue generation and debt-servicing capacity depend on utilisation, contractual arrangements, project costs and financing structures. These factors require project-level assessment.
“The commissioning of infrastructure assets is an important milestone because it can enable a transition from the construction phase to revenue-generating operations. However, the pace at which these projects translate into cash flows will depend on utilisation, tariff and offtake arrangements, operating costs and the financing structure. From a credit-rating perspective, the focus remains on whether projects can generate predictable cash flows sufficient to meet their debt-servicing obligations. The rating upgrades are possible where the projects generate cash flows as per the estimates,” says K. H. Patnaik, Chief Ratings Officer, Brickwork Ratings.
Of the 1,853 projects tracked by MoSPI, 780 are Mega projects where project outlay is INR 1,000 crore or more, and 1,073 are Major projects where project outlay is under INR 1,000 crore. As of September 2026, the amount spent on these projects is INR 17.73 lakh crore, or 47.21% of the latest project cost. Notably, more projects have crossed 80% physical progress (654, or about 35%) than 80% financial progress (338, or about 18%), which is a healthy sign, according to the ratings agency.
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