Capital expenditure growth by Corporate India could moderate sharply to just around 4% annually over the next two years, Moody’s Ratings said in a report on Monday, signalling a further delay in the long-awaited investment cycle and a serious blow to the country’s medium-term economic growth. Between FY22 and FY26, capex by the non-financial corporate sector recorded a compounded annual growth rate of 11%. While large companies have appeared overly cautious and risk-averse in recent years despite strong cash flows, the situation could now worsen as earnings are also set to be hit, the report implies.