Shareholder Returns · Intermediate · Pro filter
Capex / depreciation: what it means and how to read it
Capital spending ÷ depreciation. Above 1 means the company spends more than the wear and tear on its assets, so it's investing to grow.
What is Capex / depreciation?
Capital spending ÷ depreciation. Above 1 means the company spends more than the wear and tear on its assets, so it's investing to grow.
A worked example
Depreciation of ₹100 Cr and capital spending of ₹250 Cr gives 2.5: the company is building well beyond replacing what wore out. Below 1 it is shrinking its asset base.
Why does Capex / depreciation matter?
Shows whether a company is growing its asset base or letting it run down.
How do you read Capex / depreciation?
Around 1 is maintenance. Well above 1 is expansion.
Neither high nor low is good by itself; it depends on the business.
What is a typical Capex / depreciation in India today?
The median across the 3701 listed companies that report it, as of 12 Oct 2026. Half sit above each figure and half below.
By company size
Median
Large Cap · 70 companies1.51
Mid Cap · 118 companies1.81
Small Cap · 3513 companies1.64
By industry
Median, largest industries first
Pharmaceuticals · 1751.83
Computers - Software & Consulting · 550.61
Refineries & Marketing · 81.31
Power Generation · 293.24
Heavy Electrical Equipment · 424.02
Auto Components & Equipments · 1061.73
Cement & Cement Products · 321.46
Civil Construction · 1031.68
Aerospace & Defense · 312.43
2/3 Wheelers · 92.34
Compare a company with its own industry before the whole market. Every industry, and each company's rank within it, is in the screener.