Synopsis:
Exit polls suggest that the NDA is most likely to retain power in Bihar, thus reassuring the political stability, as the state is still waiting for its election results. Such a scenario would probably be characterized by a strengthened Centre-State collaboration and a more rapid implementation of the infrastructure projects. The infra sector in India could get the much-needed push again with an NDA win.
While Bihar is getting ready for the election results, India’s Infrastructure story is grabbing the spotlight again. In the past, a significant number of new project announcements, along with fund releases and construction activities, have been recorded during the pre- and post-election periods. And now, the focus is on a potential NDA victory, propelling the speed of progress to a higher level.
According to reports, almost 49 major infrastructure projects worth Rs 1.36 lakh crore are currently underway in the state, spanning sectors like railways, oil & gas, water management, aviation, and urban transport. On the housing front, under the Pradhan Mantri Awaas Yojana-Gramin (PMAY-G), over 49 lakh rural houses have been sanctioned and about 38.39 lakh completed as of August 2025, reflecting the government’s strong push toward infrastructure and rural development ahead of the polls.
In case the NDA comes back to power, more efficient Centre-State coordination could result in quicker approvals, rapid release of funds, and fast execution of projects under the PM Gati Shakti, PMAY, and other schemes. This is a good sign for investors in infra companies selectively, who have a strong or growing presence in Bihar as they could see new opportunities and inflow of orders in the coming months.
In this article, we will break down the implications of this for the infrastructure sector and the top 4 publicly traded companies whose stock may rise as a result.
G R Infraprojects
GR Infra stands out as a focused road and highway developer with a growing presence in Bihar and multiple states. The company’s order book exceeds Rs 21,000 crore, with the majority of exposure from Northern and Western India. Also, in July 2025, the company bagged a major Rs 1,248 crore Varanasi–Ranchi–Kolkata Highway project in Bihar under the Bharatmala Pariyojana (HAM) and is in a dominant position to bag further orders.
PNC Infratech
PNC has a solid footprint in North and East India, including several completed projects across Patna, Muzaffarpur, and Darbhanga. It has a robust order book of over Rs 17,000 crore and has won many awards from Bihar. With consistent margins and a strong bidding track record, PNC is one of the few mid-cap infra players that could see immediate upside if Bihar’s road projects accelerate post-elections.
Larsen & Toubro Ltd (L&T)
For those who prioritize safe investment, L&T is still the preferred large-cap in India’s infra sector. It is a diversified project execution company over roads, metros, water, and power, and though the company is not really dependent on Bihar, it is mostly from the stability in national infrastructure spending that L&T is gaining. A rise in capital expenditure under NDA or big mega projects like Bharatmala and Gati Shakt,i therefore is a source of a major increase in L&T’s order inflow pipeline.
NCC
Recently, NCC Ltd has been awarded a contract worth Rs 2,090 crore by the Water Resources Department of Bihar for the Barner Reservoir Scheme in the district of Jamui. Thus, the company is bolstering its water infrastructure portfolio and making its presence more noticeable in the eastern region of India. As the state of Bihar is increasing its infrastructure expenditure, NCC is in a position to benefit from fresh state-led projects.
Moreover, the Bihar Budget 2025–26, with a record expenditure of Rs 3.17 lakh crore, is indicative of the state’s vigorous infrastructural and welfare push, consistent with the NDA’s development agenda.
The major provisions are Rs 60,954 crore for the education sector, Rs 20,335 crore for health, Rs 15,586 crore for Infrastructure and Rural Development, besides Rs 13,483 crore for the energy sector and Rs 5,972 crore under the Saat Nischay-II scheme.
If the NDA remains in power, the expenditure could result in the quicker implementation of projects and the release of funds; thus, infra-focused companies like GR Infra, PNC Infratech, L&T, and NCC that are in a strong position to leverage Bihar’s growing infrastructure pipeline will be the beneficiaries.
Written by Satyajeet Mukherjee
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