Corporate India is entering an investment cycle at a time when capital is becoming more expensive. The National Statistics Office estimates private corporate capital expenditure at Rs 11.44 lakh crore for 2025-26, while companies have indicated Rs 9.55 lakh crore of investment intentions for 2026-27. About 65.35 per cent of the 2025-26 capex is expected to be financed through internal accruals and 23.25 per cent through domestic debt. These numbers make the cost of capital more than a treasury issue. The uncomfortable part is that the global pool of capital is no longer behaving as though money has little opportunity cost.