Data Centers, AI Infra & Cloud Enablers
Powering India's hyperscale computing, digital sovereignty, and enterprise AI transformation
Top 5 to study first
Strongest mix of business quality and market momentum in this theme.
Aggressively expanding its Nxtra data center business with major renewable power integration to serve global cloud providers.
Direct domestic designer and manufacturer of high-end computing systems, AI server nodes, and private cloud architectures.
Delivers global connectivity fabric, subsea cable landing stations, and hybrid multi-cloud orchestration solutions.
Critical vendor for high-voltage substations, power transformers, and grid connections required to power high-megawatt computing campuses.
Produces high-performance optical fiber cables, fire-survival power cables, and structured communications cabling systems.
Theme thesis
India is emerging as a critical APAC hub for compute capacity, driven by stringent data localization mandates, accelerating enterprise cloud adoption, and soaring generative AI workloads. Meeting this demand requires a massive expansion in IT and physical infrastructure, creating significant tailwinds for localized supercomputing OEMs, power distribution equipment makers, and industrial cooling specialists. The convergence of substantial private capex and supportive digital public infrastructure underpins a multi-year structural investment cycle across the data infrastructure value chain.
Tailwinds
- Data localization policies, Digital Personal Data Protection (DPDP) Act compliance, and sovereign AI compute initiatives.
- Exponential growth in rack power density driven by AI/HPC workloads requiring advanced precision liquid and air cooling.
- Massive hyperscale capacity additions from global cloud providers outsourcing colocation and turnkey engineering to domestic partners.
Risks
- Grid stability limitations and delays in securing dedicated high-capacity green power access.
- Supply chain bottlenecks in specialized hardware including advanced GPU allocations and specialized switchgear.
- High initial capital intensity and potential margin compression if capacity utilization lags aggressive expansion timelines.
All 14 companies
| Bharti Airtel BHARTIARTL · Telecom - Cellular & Fixed line services Aggressively expanding its Nxtra data center business with major renewable power integration to serve global cloud providers. | Anchor | 81Q1 FY2027 | 67 | ₹11,19,975 Cr | +18.4% | +37.3% | +5.5% | -3.0% | High |
| Netweb Technologies India Limited NETWEB · IT Enabled Services Direct domestic designer and manufacturer of high-end computing systems, AI server nodes, and private cloud architectures. | Anchor | 71Q1 FY2027 | 75 | ₹27,812 Cr | +172.1% | +179.9% | +0.2% | -12.3% | — |
| Tata Communications Limited TATACOMM · Telecom - Cellular & Fixed line services Delivers global connectivity fabric, subsea cable landing stations, and hybrid multi-cloud orchestration solutions. | Anchor | 74Q2 FY2027 | 61 | ₹54,263 Cr | +9.6% | +86.3% | +5.2% | -3.9% | High |
| Hitachi Energy India Limited POWERINDIA · Heavy Electrical Equipment Critical vendor for high-voltage substations, power transformers, and grid connections required to power high-megawatt computing campuses. | Supply Chain | 76Q1 FY2027 | 59 | ₹1,54,733 Cr | +68.6% | +123.5% | -5.3% | -9.3% | High |
| Polycab India Limited POLYCAB · Cables - Electricals Produces high-performance optical fiber cables, fire-survival power cables, and structured communications cabling systems. | Supply Chain | 76Q2 FY2027 | 56 | ₹1,44,459 Cr | +52.8% | +42.6% | -0.4% | -15.0% | Exceptional |
| ABB India Limited ABB · Heavy Electrical Equipment Provides end-to-end electrification packages, automated power quality hardware, and uninterruptible power systems to hyperscalers. | Supply Chain | 66Q1 FY2027 | 60 | ₹1,47,839 Cr | +21.0% | +3.0% | +0.3% | -11.3% | Average |
| Black Box Limited BBOX · IT Enabled Services Specialized global system integrator providing core data center infrastructure design, cabling, and borderless networking services. | Ancillary | 68Q1 FY2027 | 87 | ₹18,023 Cr | +23.9% | +17.9% | +1.7% | +7.6% | Average |
| Techno Electric & Engineering Company Limited TECHNOE · Civil Construction Pivoting from pure-play substation EPC to developing and operating hyperscale, green-powered captive data centers. | Anchor | 59Q1 FY2027 | 22 | ₹12,621 Cr | +19.8% | -31.4% | -0.9% | +3.5% | High |
| Cummins India Limited CUMMINSIND · Compressors, Pumps & Diesel Engines Dominant supplier of mission-critical high-horsepower standby diesel and gas power generation solutions for data reliability. | Supply Chain | 61Q1 FY2027 | 51 | ₹1,58,629 Cr | +17.9% | +0.9% | -4.6% | -6.8% | Exceptional |
| Anant Raj Limited ANANTRAJ · Residential, Commercial Projects Converting vast commercial real estate footprints into multi-megawatt tier-3/tier-4 data centers across north India. | Anchor | — | 36 | ₹19,469 Cr | +6.6% | +18.9% | -10.3% | -0.8% | High |
| Schneider Electric Infrastructure Limited SCHNEIDER · Heavy Electrical Equipment Capturing substantial market share in medium-to-low voltage power distribution and intelligent switchgear for data halls. | Supply Chain | 43Q1 FY2027 | 73 | ₹28,248 Cr | +4.8% | -69.8% | -1.6% | -1.3% | Average |
| Blue Star Limited BLUESTARCO · Household Appliances Supplying custom-engineered precision air conditioning and liquid chiller systems capable of managing dense server heat loads. | Supply Chain | — | 47 | ₹33,373 Cr | +13.3% | -15.3% | -0.4% | +3.7% | High |
| Larsen & Toubro LT · Civil Construction Executes turnkey civil construction and complex MEP engineering contracts for tier-4 data center parks. | Ancillary | 55Q1 FY2027 | 58 | ₹5,76,719 Cr | +6.7% | +14.0% | -2.1% | -7.0% | High |
| Kaynes Technology India Limited KAYNES · Industrial Products Manufacturing printed circuit board assemblies and embedded system electronics destined for server boards and edge telecom equipment. | Ancillary | 55Q1 FY2027 | 27 | ₹21,297 Cr | +40.5% | -24.4% | +0.5% | -5.0% | Average |
Qtr score is the latest quarterly business score (0–100); Rel. strength is the 0–100 market strength score vs the index. Growth is the latest reported quarter vs the same quarter last year. Returns are weekly and monthly closes. Research information only — not investment advice.