With a total of 18 states (hereon referred as S-18) already having announced their budgets till date, Elara Capital said, growth in capital outlay is projected to normalize to 15.9 per cent YoY in FY26B versus prior two years’ average growth of 23.4 per cent YoY, mimicking the trend seen in the central budget this year. However, as a rate of GSDP, the capital outlay has been steady at 2.8 per cent, a tad above 2.7 per cent in FY25RE. “Yet, with only 54.3 per cent of the revised estimates being spent till January this financial year, it seems unlikely that the target for FY25RE will be achieved,” it said.