AI and Data Centre Stocks in India

What each company said, word for word

• Bharat Electronics January 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  Aim for data-centre type business	minimum INR 1,000 crore next year onwards	Target (their aim, not a result)

  "Our aim is minimum INR (+1,000) crore next year onwards from data center type of business."Manoj Jain, January 2026 call

• ABB India July 2026 call, from a machine transcript, which may contain errors

  What they gave	Their number	Kind
  Data-centre share of orders in the quarter	almost 15-17%	Share of business

  "Data centers accounted for almost 15-17% of our orders in this quarter."Management, July 2026 call

• CG Power & Industrial Solutions May 2026 call, from a machine transcript, which may contain errors

  What they gave	Their number	Kind
  Power transformer order for a US data centre	₹900 crore	Order

  "CG secured a 900 crore power transformer order, which was substantially large, for a data center in the United States."Management, May 2026 call

• Cummins India May 2026 call, from a machine transcript, which may contain errors

  What they gave	Their number	Kind
  Data-centre share of domestic power-generation revenue, full year	30% to 35%	Share of business
  Hyperscale delivery in the quarter	approximately 250 crores	Reported

  "For the full year, the data center business contributed between 30% to 35% of our overall domestic power generation revenue."Management, May 2026 call

  "Hyperscale delivery this quarter was approximately 250 crores."Management, May 2026 call

• Sterlite Technologies July 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  Data centre + enterprise segment share of revenue this fiscal	50%	Guidance (their forecast)

  "Looking ahead, we expect the combined data center and Enterprise segment to scale up to 50% of the revenues in the current fiscal, well above the 30% guidance provided in our previous earnings call."Ajay Jhanjhari, July 2026 call

• HFCL April 2026 call, from a machine transcript, which may contain errors

  What they gave	Their number	Kind
  Extra revenue from data-centre interconnect, the year to March 2027	about ₹400 crore	Guidance (their forecast)
  Same, the year to March 2028	about ₹800 crore	Guidance (their forecast)

  "It is expected that data center interconnect solutions will contribute about 400 crores of additional revenue in FY27 and about 800 crores in FY28."Management, April 2026 call

• Blue Star August 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  Data-centre MEP order inflow, full year	around Rs.3,000 Crore	Guidance (their forecast)
  Revenue from it	close to around Rs 1,400 Crore	Guidance (their forecast)

  "We expect the order inflow for the full financial year from data center MEP projects to be around Rs.3,000 Crore and in revenue terms, it should translate to close to around Rs 1,400 Crore."Blue Star management, prepared remarks, August 2026 call

• Redington July 2026 call, from a machine transcript, which may contain errors

  What they gave	Their number	Kind
  Large deals in the quarter, mostly India data-centre category	nearly 1,000 crores	Order
  Share of India PC revenue from AI PCs	36%	Share of business

  "There was a good chunk from large deals of nearly 1,000 crores during the quarter, most of these being in India in the data center category with a visibility of a strong deal pipeline for the rest of the year."Management, July 2026 call

  "AI PC penetration into the commercial segment continued to grow, with 36% of the revenues in India coming from AI PCs which are greater than 40 TOPS definition."Management, July 2026 call

• Kirloskar Oil Engines August 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  First hyperscale data-centre order	approximately 192 megawatts	Order

  "Q1 was strategically significant because as you mentioned, we secured our first hyperscale data center order of approximately 192 megawatts."Sachin Kejriwal, August 2026 call

• MTAR Technologies May 2026 call, from a machine transcript, which may contain errors

  What they gave	Their number	Kind
  First-article export orders, AI data-centre assemblies	approximately 35 crores	Order

  "Further, we will be entering into a long-term contract with another international customer to supply key infrastructure assemblies for AI data centers, for which we have already received first article export orders for approximately 35 crores."Management, May 2026 call

• Diamond Power Infrastructure August 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  Expected data-centre sales this year	around INR750 crores	Guidance (their forecast)
  Target share from data centres	20%	Target (their aim, not a result)

  "And in the current year, we are expecting that our data center sales will contribute around INR750 crores before the month of March."Management, August 2026 call

  "So 20% is what we want to get from data center business current and next year."Management, August 2026 call

• Happy Forgings May 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  Data-centre-related order book	Rs.250 crores	Order book

  "So out of Rs.950 crores, Rs.250 crores of order book is currently on the heavy businesses related to data center and which is currently in a range of 700 kgs to 1.8 tons."Ashish Garg, May 2026 call

• Black Box August 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  Order from a new global hyperscaler in the US	US$131 million, about INR1,240 crores	Order

  "Equally important, we made significant operational progress during the quarter, adding a new global hyperscaler in the United States through a US$131 million, about INR1,240 crores order while continuing to deepen our relationship with our existing hyperscalers."Sanjeev Verma, August 2026 call

• Clean Max Enviro Energy Solutions August 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  Data and AI customers, share of contracted capacity	about 42%	Share of business

  "So one is, as we talked about, Data and AI continues to be a strong component of our business. It's maintained its position at about 42% of our aggregate contracted capacity and has grown nearly 10 times between start of fiscal 2024 to about now."Kuldeep Jain, August 2026 call

• Kirloskar Brothers May 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  Share of US business from data centres	25%	Share of business

  "So that's the reason why suddenly this product got traction in the data center market and now 25% of our US business comes from data centers."Alok Kirloskar, May 2026 call

• Quality Power Electrical Equipments May 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  Data-centre order book	about INR 520 crores	Order book

  "Quality Power is at this moment focusing on data centers, where we have an order book of about INR 520 crores."Bharanidharan Pandyan, May 2026 call

• KRN Heat Exchanger and Refrigeration August 2026 call, from a machine transcript, which may contain errors

  What they gave	Their number	Kind
  Data-centre business, April to June 2025	around ₹20 crore	Reported
  Data-centre business, last quarter	around ₹65 crore	Reported

  "Regarding data centers, if you look at last year, our Q1 data center business was around 20 crore, whereas in the last quarter we achieved around 65 crore."Santosh Kumar Yadav - Chairman & Managing Director, August 2026 call

• Powerica August 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  Data-centre order book	INR1,100 crores	Order book

  "So, the total order book of a data center as on date is INR1,100 crores."Ritesh Agrawal, August 2026 call

• Rashi Peripherals May 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  AI data centre executed at Yotta	INR2,000 crores, 512-server, 4,000 GPU	Reported

  "So before I answer your point, I just want to take this opportunity to share with all our investor community that Rashi Peripherals was the first company to execute a INR2,000 crores, 512-server, 4,000 GPU AI data center at Yotta very successfully, which included installation as well."Rajesh Goenka, May 2026 call

• Praj Industries August 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  Minimum business under a hyperscale data-centre supply agreement	about US dollar 50 million over the next two and a half years	Order

  "Our team has secured a significant global supply agreement as engineering and manufacturing partner for a critical modular infrastructure for hyperscale data centers. This strategic framework guarantees a minimum business volume of about US dollar 50 million over the next two and a half years, with a potential upside depending on the customer project schedules."Ashish Gaikwad, prepared remarks, August 2026 call

• Venus Pipes & Tubes May 2026 call, from a machine transcript, which may contain errors

  What they gave	Their number	Kind
  Letter of intent for data-centre orders	₹185 crore	Order

  "This capex is backed by a 185 crore LOI for orders in the fast-growing data center segment."Management, May 2026 call

• Aurionpro Solutions July 2026 call, from a machine transcript, which may contain errors

  What they gave	Their number	Kind
  Data centre share of the TIG business	roughly is a third of the TIG business	Share of business
  TIG share of the enterprise business	about 45% of the enterprise business	Share of business
  Recent data-centre growth	40-50%	Reported

  "Data center roughly is a third of the TIG business, which itself is about 45% of the enterprise business."Management, July 2026 call

  "We expect growth to move above the recent 40-50% trajectory that we have had for the data center business into a higher band."Management, July 2026 call

• Bondada Engineering April 2026 call, from a machine transcript, which may contain errors

  What they gave	Their number	Kind
  Data-centre share of revenue this year	7-8%	Guidance (their forecast)

  "Data centers will constitute 7-8% of our revenue this financial year with an expected EBITDA margin of 14-15%."Management, April 2026 call

• Xtranet Technologies August 2026 call, from the transcript the company filed. Industry: IT - Software. Not in the weekly price scan

  What they gave	Their number	Kind
  Data centre, infrastructure and IT operations share of revenue	approximately 48%	Share of business

  "Moving towards business mix, data center, infrastructure and IT operations continued to be our largest segment, contributing approximately 48% of our revenue during the quarter. Enterprise applications contributed 26%, proprietary platforms contributed 14% and digital services contributed 12%."Chetan Anand, August 2026 call

• Dynacons Systems & Solutions August 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  NPCI data-centre augmentation project	INR267 crores	Order
  CBI mandate for AI-ready infrastructure	INR125 crores	Order

  "a INR267 crores project from NPCI for the data center augmentation, a INR125 crores mandate from CBI involving AI-ready infrastructure and containerization platforms"Dharmesh S. Anjaria, August 2026 call

• Parth Electricals & Engineering May 2026 call, from a machine transcript, which may contain errors

  What they gave	Their number	Kind
  Order for the Reliance data centre in Jamnagar	₹45.4 crore	Order

  "Another significant win is the 45.4 crore order for MV block compact substations for the Reliance data center AI factory in Jamnagar."Parth management, prepared remarks, May 2026 call

What each company said, word for word

• Tata Consultancy Services July 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  Annualised AI services revenue	US$2.6 billion	Reported

  " Annualized AI services revenue crossed US$2.6 billion."K Krithivasan - CEO (closing remarks), July 2026 call

• Infosys July 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  AI services share of revenue, April to June 2026	8.2%	Share of business

  "Our AI services revenue was 8.2% of overall revenue in Q1. Our large deals, $3.6 bn at 61% net new, operating margin at 21.1%, free cash flow at $955 mn."Salil Parekh - CEO (results press conference), July 2026 call

• HCL Technologies July 2026 and April 2026 calls, from the transcript the company filed

  What they gave	Their number	Kind
  Advanced AI revenue, April to June 2026	$171 million	Reported
  Annualised Advanced AI revenue for the year to March 2026	$620 million	Reported

  "Advanced AI revenue for the quarter stood at $171 million, marking 10.6% QoQ and 62.1% YoY growth."C. Vijayakumar - CEO, July 2026 call

  "Our annualized Advanced AI revenue for the fiscal reached $620 million."C. Vijayakumar - CEO, April 2026 call

• LTM July 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  AI revenue, quarterly run rate	approximately USD 150 million	Reported

  "I am happy to share that our AI revenue across Creative, Industrial and Business AI together contributed approximately USD 150 million on a quarterly run rate basis."Venu Lambu, prepared remarks, July 2026 call

• Mphasis July 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  Share of April to June 2026 deal wins that were AI-led	63%	Share of business

  "63% of our TCV wins in Q1 were AI-led."Mphasis management, prepared remarks, July 2026 call

• E2E Networks July 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  GPUs in its cloud	5,000, another 1,000 coming	Capacity
  India AI revenue share, previous quarter	about 20%, 21%	Share of business

  "I think at certain point of time, at a certain scale, probably it would start making sense. Today at 5,000 GPUs and another 1,000 coming in, still the size is too small to start talking about these metrics is what we believe."Tarun Dua, July 2026 call

  "So, with regards to capacity building, we have already said that we intend to be more judicious as well as aggressive. Now from a revenue composition in the previous quarter, I think India AI revenue was about 20%, 21%. And international was closer to 37% or so."Tarun Dua, July 2026 call

• Zensar Technologies January 2026 call, from a machine transcript, which may contain errors

  What they gave	Their number	Kind
  Share of this year's order book that is AI influenced	20%	Share of business

  "Guided by a strong execution framework, nearly 60% of our workforce is AI certified, and 20% of this year's order book is AI influenced, demonstrating the tangible value we deliver through our strategic investments across the entire AI stack from experience to engineering to engagement."Management, January 2026 call

• Sonata Software May 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  AI-led order book, January to March 2026	$16.9 million	Order book
  AI-led order book, full year	$49 million	Order book
  Share of overall order book	around 18%	Share of business

  "We clocked AI-led order book of $16.9 million in Q4 2026 and for the whole year it was $49 million of order book, AI-led order book and now contributed to around 18% of overall order book."Jagannathan CN, May 2026 call

• Mastek July 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  AI transformation deal	$25 million	Deal

  "North America again saw a strong order book performance for the third consecutive quarter led by a $25 million AI transformation deal in Salesforce Agent force, which is one of our largest deals in the recent quarters."Umang Nahata, July 2026 call

• Latent View Analytics August 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  the year to March 2026 work positively affected by AI	about half	Share of business
  Of that, primary AI work	28%	Share of business

  "So last year, if you recall, we had reported that for the full year for FY26, we had about half of our work, which were getting impacted by AI in a positive manner. And 28% of that work was primary AI work for the last year."Rajan Sethuraman, August 2026 call

• Happiest Minds Technologies February 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  GBS and AI services revenue growth, quarter on quarter	close to 50%	Reported

  "GBS and AI services saw strong momentum, with revenues growing close to 50% quarter-over- quarter as customers move decisively from pilots to production deployments."Joseph Anantharaju, February 2026 call

• Datamatics Global Services August 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  Share of deals won that were AI-led	about 60%	Share of business

  "If you look at the current financial year, about 60% of the deals we won have been AI-led or largely AI-driven."Rahul Kanodia, August 2026 call

• NIIT Learning Systems July 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  Revenue from AI-enabled solutions	13%	Share of business

  "So, on AI, I pointed out that 13% of our revenue came from AI-enabled solutions."Sapnesh Lalla, July 2026 call

• One Point One Solutions May 2026 and September 2026 calls, from a machine transcript, which may contain errors

  What they gave	Their number	Kind
  Customers that have deployed its AI solutions	About 15%	Share of business
  AI revenue signed, still to be deployed	more than $3 million	Order

  "About 15% of our customers have actively deployed our AI solutions in one or multiple levels of their LOBs."Management, May 2026 call

  "Starting in January, we are already sitting on close to more than $3 million worth of AI revenue on the table there to be deployed, and that will begin contributing."Rajiv Desai - Co-founder of Resolex, September 2026 call

• InfoBeans Technologies July 2026 call, from a machine transcript, which may contain errors

  What they gave	Their number	Kind
  Share of revenue from AI-augmented software development	43%	Share of business

  "Here, 43% of our revenue comes from AI-augmented software development services as of March 2026."InfoBeans management, prepared remarks, July 2026 call

• Expleo Solutions May 2026 call, from a summary of the call, not word for word

  What they gave	Their number	Kind
  AI revenue penetration	15%	Share of business

  Summary of the May 2026 call: AI revenue penetration reached 15% through expleo.ai platform. 70% of workforce AI-certified by quarter end, targeting 95-100% by September-October. (our summary, not their exact words)

• NIIT July 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  Revenue from AI programs	9% of total revenue	Share of business

  "AI is now embedded across a larger share of our portfolio and revenue from AI programs has grown to 9% of total revenue."Pankaj Jathar, July 2026 call

• Digitide Solutions July 2026 call, from a machine transcript, which may contain errors

  What they gave	Their number	Kind
  AI interactions handled	around 5.7 million	Volume

  "International and AI-led revenue is the largest lever of our mix. We now have around 5.7 million AI interactions at an 80-85% containment rate."Suraj Prasad - CFO, July 2026 call

• Veranda Learning Solutions February 2026 call, from the transcript the company filed. Industry: Computer Education. Not in the weekly price scan

  What they gave	Their number	Kind
  AI course revenue, share of Edureka revenue	40%	Share of business

  "But as Aditya mentioned just a few minutes ago, our revenue numbers from AI and agentic AI courses that we have launched today is 40% of Edureka's total revenue."Suresh Kalpathi, February 2026 call

What each company said, word for word

• Info Edge August 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  Customers with AI-Rex live	more than 4,000	Volume
  Converted to paying	over 10%	Share of business

  "As of the end of June, AI-Rex was live across more than 4,000 enterprise customers and recruitment firms, with over 10% already converted into paying customers."Hitesh Oberoi, August 2026 call

• Netweb Technologies India July 2026 call, from a machine transcript, which may contain errors

  What they gave	Their number	Kind
  AI segment revenue, April to June 2026	₹5,105.70 million (₹510.6 crore)	Reported
  Share of revenue	62%	Share of business
  Growth	484% year-over-year	Reported

  "The performance reflects sustained demand momentum coupled with disciplined execution across our business. Our AI segment continues to be a key growth driver, contributing 5,105.70 million, which is 62% of revenue from operations, and growing at a significant rate of 484% year-over-year."Management, July 2026 call

• Newgen Software Technologies July 2026 call, from the transcript the company filed

  What they gave	Their number	Kind
  Order for an AI-enabled loan origination and collection system	INR15.6 crores	Order

  "an order from Annapurna Finance Private Limited in India for the implementation, maintenance of AI-enabled loan origination and collection system valued at INR15.6 crores"T. S. Varadarajan, July 2026 call

Why each one made the top 10

• Bharti Airtel: Score 71 of 100. 2.6 points ahead of the Nifty 500 over 3 months. On the August 2026 call: data-centre capacity now, 120 to 130 megawatts. Watch: earnings per share fell 22% in the last 12 months.
• Quality Power Electrical Equipments: Score 70 of 100. Earnings per share up 88% in the last 12 months. 27.9 points ahead of the Nifty 500 over 3 months. On the May 2026 call: data-centre order book, about INR 520 crores. Watch: the Sangli plant has slipped twice and approvals are still pending.
• KRN Heat Exchanger and Refrigeration: Score 69 of 100. Earnings per share up 79% in the last 12 months. On the August 2026 call: data-centre business, last quarter, around ₹65 crore. Watch: the share is 6.0 points behind the Nifty 500 over 3 months.
• MTAR Technologies: Score 67 of 100. Earnings per share up 125% in the last 12 months. 19.5 points ahead of the Nifty 500 over 3 months. On the May 2026 call: first-article export orders, AI data-centre assemblies, approximately 35 crores. Watch: the P/E is 58% above its own long-run usual.
• Railtel Corporation of India: Score 64 of 100. Earnings per share up 9% in the last 12 months. On the July 2026 call: facility next year, 10 MW. Watch: the share is 11.5 points behind the Nifty 500 over 3 months.
• Diamond Power Infrastructure: Score 63 of 100. Earnings per share grew 4 times or more in the last 12 months. 65.8 points ahead of the Nifty 500 over 3 months. On the August 2026 call: expected data-centre sales this year, around INR750 crores (a guidance). Watch: past losses have pushed the shareholders' money below zero, so the company owes more than it.
• Datamatics Global Services: Score 63 of 100. Earnings per share up 2% in the last 12 months. On the August 2026 call: share of deals won that were AI-led, about 60%. Watch: the share is 3.9 points behind the Nifty 500 over 3 months.
• One Point One Solutions: Score 62 of 100. Earnings per share up 27% in the last 12 months. 58.8 points ahead of the Nifty 500 over 3 months. On the May 2026 call: customers that have deployed its AI solutions, About 15%. Watch: the AI product earns about ₹4 crore a year and borrowings rose to ₹220 crore.
• HFCL: Score 62 of 100. Earnings per share grew 4 times or more in the last 12 months. 22.9 points ahead of the Nifty 500 over 3 months. On the April 2026 call: extra revenue from data-centre interconnect, the year to March 2027, about ₹400 crore (a guidance). Watch: the P/E is 130% above its own long-run usual.
• E2E Networks: Score 61 of 100. Earnings per share grew 4 times or more in the last 12 months. 74.4 points ahead of the Nifty 500 over 3 months. On the July 2026 call: GPUs in its cloud, 5,000, another 1,000 coming. Watch: the quality score is 37 of 100, below the middle of its industry.

Left the top 10 since September 2026: Rashi Peripherals, Netweb Technologies India, Veranda Learning Solutions. See the October 2026 top 10 · See the September 2026 top 10.

"Passes weekly test" below means a 3-month return at least 5 points above the Nifty 500, checked at each weekly scan.

AI stocks beating the Nifty 500, week by week