Companies whose own annual reports evidence AI exposure — building or selling AI products, not merely mentioning the trend. The tier says how real it is; the quote under each row is the proof.
Core — the theme IS a principal business todayGrowing — real operations, not yet the main businessAnnounced — committed plans or orders, little revenue yetMention-only — appears only as outlook language
Ambuja CementsCement & Cement ProductsGrowing₹88,615 CrP/E 20.1 vs 30.1ROCE 4.3%
Ambuja operationally deploys AI/ML through its CiNOC (Cement Intelligent Network Operations Centre), applying predictive analytics, real-time insights and intelligent automation across its cement manufacturing, logistics and business processes.
“Ambuja is also advancing a digital transformation that embeds an AI-driven operational layer across manufacturing, logistics and business processes. Through CiNOC (Cement Intelligent Network Operations Centre), the Company applies predictive analytics, real-time insights and intelligent automation to enhance reliability”
Max Healthcare has operationally deployed AI-led tools across the patient journey (symptom search, pre-OPD assessments, ICD-11 tagging, discharge summaries, speech-to-text, health-record analysis), but AI is an internal capability supporting its core hospital business rather than a standalone product or service line.
“we are building an ecosystem of evidence-based, scalable AI solutions tailored for the Indian healthcare context. Over the past year, we have deployed practical AI-led tools across the patient journey: advanced symptom search, pre-OPD assessments, ICD-11 tagging”
Ashok Leyland operationally deploys AI-driven predictive maintenance across 170,000+ connected vehicles and uses AI in manufacturing quality control, supply chain optimisation and aftersales, but AI is not a principal revenue-generating product line.
“Our Uptime Solution Centre, which uses live diagnostics and predictive maintenance algorithms to monitor over 170,000 connected vehicles in the field, has matured into a sophisticated operation that measurably improves fleet availability for our customers.”
Info Edge (I)Internet & Catalogue RetailGrowing₹80,404 CrP/E 50.2 vs 15.4ROCE 4.7%
Info Edge operates one of India's largest applied AI labs and has embedded AI-led matching, recommendations and search relevance across all four consumer internet platforms (Naukri, 99acres, Jeevansathi, Shiksha), making AI a substantial operational capability supporting the main classifieds business.
“Building Smarter Platforms with AI Info Edge’s platforms grow more intelligent with every interaction. Millions of daily exchanges between recruiters, jobseekers, buyers, families and students generate rich behavioural signals that continually sharpen search relevance, recommendations and matching accuracy. Backed by over a decade of investment and deep knowledge of AI and one of India’s largest applied AI labs”
HDB Financial ServicesNon Banking Financial Company (NBFC)Growing₹49,657 CrP/E 18.0 vs 18.9
HDBFS is operationally deploying AI/ML across five business initiatives in marketing, customer service and collections functions within its NBFC operations.
“We are currently running five large AI-powered business initiatives across the Company, yielding positive results in marketing, customer service and collections.”
Tata CommunicationsTelecom - Cellular & Fixed line servicesGrowing₹47,353 CrP/E 50.1 vs 40.6ROCE 10.0%
Sells commercial AI products (AI Studio, Vayu AI Cloud, ThreadSpan, Voice AI Platform, Kaleyra AI, Commotion AI OS with NVIDIA) as part of its AI-ready portfolio embedded across the digital fabric.
“Tata Communications AI Studio, built on Tata Communications Vayu AI Cloud* provides enterprises with a secure, governed environment to experiment, develop, deploy and scale AI solutions across distributed, multi cloud environments with confidence.”
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“AI is being increasingly embedded across our Cloud and Cybersecurity portfolio to enhance efficiency, accuracy and responsiveness.”
“ThreadSpan™ is Tata Communications’ AI‑powered observability and orchestration platform that brings unified visibility, control and automation across complex hybrid environments.”
Narayana Health operationally deploys multiple AI-driven platforms across its hospital network, including AIRO enterprise analytics, an AI-powered KES SOP retrieval system, and the AMBER platform for AI-enabled patient safety surveys.
“Knowledge Ecosystem (KES): An AI-powered natural-language SOP retrieval system within our Document Management System, supporting 96% policy familiarisation across the network.”
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“Advances in precision medicine, genomics, robotics, immunotherapy, digital health and artificial intelligence are continually expanding what is possible for patients.”
“The Group has filed grant applications in partnership with the Indian Institute of Science (IISc), entered a partnership with Microsoft for AI-based research.”
Container Corp of IndLogistics Solution ProviderGrowing₹33,637 CrP/E 27.0 vs 16.0ROCE 11.6%
CONCOR has operationally deployed AI/ML-based terminal management and AI-powered rail/wagon mapping and warehouse systems within its logistics operations.
“AI/ML based terminal management system has been put in place at TKD.”
Nuvama operationally deploys multiple AI tools across its wealth management business (Proposal Builder at ~35% of proposals, Lead Enrichment at ~90% RM adoption, Call Audit Intelligence at 100% call coverage, Insight AI, Document Intelligence, etc.) and has applied for an AI-led RIA licence — AI is an embedded capability and enabler, not a standalone revenue line.
“During the year, multiple AI-led initiatives were advanced across sales, service, compliance, relationship management and portfolio oversight, with the objective of improving RM productivity, enhancing governance and enabling more timely, insight-led client conversations.”
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“Today, AI is being embedded across the organisation from client acquisition, sales and servicing to operations, human resources, risk management and technology.”
CrisilOther Financial ServicesGrowing₹33,042 CrP/E 37.4 vs 20.9ROCE 16.1%
CRISIL deploys domain-led AI and GenAI solutions across its analytics, credit risk and research product lines, and was recognised by Chartis as a leader in Risk Technology & AI, but its main business remains ratings, benchmarking and analytics.
“Our AI-led credit solutions are setting new standards in risk assessment and credit decisioning, offering faster, more accurate, and scalable outcomes.”
Dr. Lal Path LabsHealthcare Service ProviderGrowing₹32,620 CrP/E 46.9 vs 24.6ROCE 24.8%
Dr. Lal PathLabs operationally deploys AI across its diagnostics business, launching the Sovaaka AI-powered precision health screening platform and deploying AI across cancer diagnostics, autoimmunity, hematology and other departments, though diagnostics rather than AI is its core business.
“FY26 also marked the launch of Sovaaka, our AI-powered precision health screening and preventive wellness platform. Sovaaka represents an important strategic step towards science-led disease prevention and personalised health management by integrating advanced diagnostics, AI-supported imaging and curated wellness programmes”
RedingtonTrading & DistributorsGrowing₹31,739 CrP/E 18.7 vs 16.9ROCE 15.7%
Redington operates an AI Exchange platform and AI Center of Excellence, distributing and enabling AI solutions as part of its Software Solutions Group, but AI is not the principal business.
“We expanded our reach in tier-2 and tier-3 markets, improving technology access for SMBs, while strengthening our AI capabilities through investments in our AI Center of Excellence and AI Exchange platform.”
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“Capability building in new-age technology like AI, cloud, software & security, which is growing to be a dominant business line in future.”
Angel OneStockbroking & AlliedGrowing₹27,698 CrP/E 5.1 vs 15.8
Angel One has operationally deployed AI/ML across its platform including the 'Ask Angel' chatbot, the in-house Data Analyst Agent (DAA), Agentic AI in engineering workflows, and ML-driven credit decisioning — AI supports but is not itself a separate revenue segment.
“We launched our proprietary AI-powered chatbot, 'Ask Angel', ushering a new era of intelligent client engagement, with the platform resolving >80% of client queries autonomously.”
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“FY26 marked a structural shift toward operationalising artificial intelligence across core workflows, moving beyond pilot initiatives to deploy capabilities that enhance operating leverage, engineering velocity and client engagement.”
“Our deep adoption of emerging technologies such as AI, combined with resilient infrastructure and real-time intelligence, enables stronger engagement, faster build cycles and superior scalability.”
IIFL FinanceNon Banking Financial Company (NBFC)Growing₹24,995 CrP/E 11.9 vs 18.9
IIFL Finance has active operational AI deployment across underwriting, collections, fraud detection and lead generation (with AI-assisted leads generating ~₹1,000 Crores monthly pipeline), but AI is an enabler for its core lending business rather than a principal business line.
“In FY 2025-26, artificial intelligence moved from planning into active deployment — in lead generation, in gold ornament authentication, in credit underwriting, and in collections and customer service.”
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“Launched agentic customer support Deployed Business Loan Referral Agent Achieved 30% cost reduction through automation Reduced CAC by 25% via AI lead generation”
AI/ML is operationally deployed across the platform for customer support (85% auto-resolved), partner voice queries, real-time image-based SOP auditing (23.5M images in Q4 FY26), fraud detection, IoT diagnostics and AI-assisted code generation (>90% of codebase), but AI is an enabler of their home-services business rather than a product they sell.
“Our AI-powered conversational agents now resolve 85% of customer queries end-to-end without human intervention.”
Jyoti CNC AutomationIndustrial ProductsGrowing₹24,334 CrP/E 75.7 vs 28.8ROCE 19.2%
Company has launched AI-integrated CNC machine products with collision-prevention and automated repetitive-functioning features.
“the company had launched sophisticated products aligning with Industry 4.0 and AI Integrated geared towards automatic sophisticated and repetitive functioning as well as has collision prevention technology.”
Kaynes operationally deploys AI/ML in its Sensonic rail safety products and Kavach-aligned systems, and offers AI/ML services as part of its digital engineering capabilities.
“AI-led rail safety deployed (Sensonic)”
Metro BrandsFootwearGrowing₹22,486 CrP/E 55.3 vs 48.6ROCE 16.3%
Metro Brands operationally deploys AI/ML-based planning for inventory management, demand forecasting, replenishment, location intelligence and is developing in-house AI assistants across its retail network.
“Inventory management is one of our key focus areas. We are using AI- and machine-learning-based planning to strengthen demand forecasting, initial allocation and replenishment”
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“The Company is also leveraging AI-enabled search, digital discovery platforms and data-driven customer engagement initiatives to improve online visibility, strengthen customer acquisition and drive incremental revenue through digital channels.”
Prime FocusPFOCUSGrowing₹22,130 CrP/E 185.1ROCE 9.8%
Prime Focus has multiple AI-focused subsidiaries, including Brahma AI Limited and Brahma AI Services UK Limited (formerly Metaphysic Limited), indicating real AI operations as part of its business portfolio.
“13. To approve material related party transaction(s) between Brahma AI Limited, a subsidiary of the Company and certain Identified Related Parties of the Company.”
NBCCCivil ConstructionGrowing₹20,763 CrP/E 28.1 vs 14.6ROCE 29.7%
NBCC is operationally deploying AI/ML for design optimization, predictive project monitoring, risk assessment and quality assurance across its construction and PMC projects.
“NBCC has begun integrating Artificial Intelligence across key areas of operations. AI-driven solutions are being deployed for design optimization, predictive project monitoring, risk assessment, and quality assurance.”
The Ramco CementsCement & Cement ProductsGrowing₹20,015 CrP/E 31.1 vs 30.1ROCE 7.1%
Ramco operationally deploys AI tools in its cement operations — including AI-enabled bank reading, purchase bill scanning, and cheque data extraction — though this is internal process automation, not a revenue-generating AI business.
“AI-enabled purchase bill scanning and automated cheque data extraction has significantly reduced manual dependency.”
EIHHotels & ResortsGrowing₹18,570 CrP/E 26.1 vs 28.1ROCE 14.9%
EIH operationally deploys AI in its hospitality business via an AI-powered HCM platform (Darwinbox) and Oberoi Assist (powered by Glowing.io) for automated, personalised guest communications.
“AI-enabled check-in prompts and departure communications further enhance convenience, creating a seamless and thoughtfully curated experience from arrival to departure.”
Computer Age MNGT SerDepositories Clearing Houses and Other IntermediariesGrowing₹17,225 CrP/E 18.0ROCE 43.8%
CAMS has built and operationally deploys AI products (CAMSAi suite, CAMSLens) and, through its Think360.ai subsidiary, runs a full-stack data-science and AI solutions business serving 190+ BFSI clients, but AI remains secondary to its core mutual fund RTA services.
“Powered by Specialised Language Models (SLMs), CAMSAi tackles the last-mile challenges that generic AI cannot handle, such as multi-intent interactions, multilingual handwriting, nuanced compliance, and real-time fraud detection – effectively improving service quality, operational agility, and compliance while optimising costs and risk.”
Shadowfax TechnologiesLogistics Solution ProviderGrowing₹17,108 CrP/E 106.3 vs 16.0ROCE 5.7%
Shadowfax operationally uses AI across software development, logistics routing, rider acquisition, and network simulation, although it is not the company's principal business.
“In FY 26, artificial intelligence stopped being something we were experimenting with and became the way we operate. It now writes a super-majority share of our code, and it has reshaped the systems that matter most: routing, rider acquisition, and network simulation.”
TCL is operationally deploying AI, IIoT and automation across its manufacturing plants and safety processes as part of its smart manufacturing focus area, but AI is not a product or service it sells.
“Scaling AI, IIoT and automation across manufacturing and safety use cases”
Apollo Micro SystemsAerospace & DefenseGrowing₹15,310 CrP/E 119.1 vs 76.4ROCE 10.4%
AI is one of AMS's three stated R&D technology pillars, operationally deployed in its products such as AI-sensor-fused anti-tank mines and autonomous underwater platforms, though it is sold embedded in defence systems rather than as a standalone AI business.
“Embedded AI for sensor fusion, autonomous targeting, threat classification, and battlefield analytics, a multiplier on every algorithm we design.”
Vijaya Diagnostic CenHealthcare Service ProviderGrowing₹14,975 CrP/E 79.8 vs 24.6ROCE 16.8%
The company operationally deploys AI-enabled radiology platforms and AI-powered imaging solutions across its diagnostic network to enhance workflow efficiency and detection accuracy, supporting its core radiology business.
“we deployed AI-powered solutions in urology and dental imaging, enabling faster, more precise detection and richer diagnostic insights while ensuring every report remains under the supervision of our expert radiologists.”
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“Artificial intelligence is becoming an integral part of our diagnostic ecosystem, enhancing clinical workflows through advanced image analysis, case assessment and clinical evaluation.”
Syngene InternationalHealthcare Research Analytics & TechnologyGrowing₹14,610 CrP/E 65.8ROCE 7.5%
Syngene operationally deploys AI/ML across drug discovery workflows via its 'Syn.AI' platform to accelerate research and decision-making for clients, but this is an embedded capability rather than a standalone product.
“We integrate artificial intelligence (AI) and machine learning (ML) capabilities across drug discovery workflows to support faster data analysis, improved decision-making and accelerated research timelines for clients.”
Zen TechnologiesAerospace & DefenseGrowing₹14,239 CrP/E 78.7 vs 76.4ROCE 15.1%
AI is operationally embedded across Zen's product portfolio - Hawkeye AI camera, AI-powered RCWS, AI-enabled simulators - with a dedicated Software and AI Development Centre and associate AI Turing Technologies, but not a standalone revenue line.
“Hawkeye, an AI-powered multi-sensor camera that lifts drone detection to 15 km, up from the earlier 7 to 8 km, with tracking accuracy of plus or minus 0.5 mrad.”
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“BRANCH OFFICE (Software Division and AI Devlopment Centre) D. No: 2-91/77/2/ST/11&12, Signature Towers, Opp. Botanical Gardens, Kondapur, Serilingampally, Hyderabad, Telangana - 500084, India.”
Cartrade TechE-Retail/ E-CommerceGrowing₹14,017 CrP/E 60.2 vs 13.2ROCE 10.5%
AI/ML is operationally deployed across CarTrade Tech's platforms (personalised recommendations, AI-powered search, dealer CRM, dynamic valuation, chatbot) and embedded in SaaS products sold to dealers, OEMs and financial institutions, though it is not the core business.
“From predictive pricing and AI-driven listing automation to intelligent chatbots and dealer CRM tools, the Lab is already delivering measurable outcomes.”
GPIL currently operates AI-enabled surveillance for plant security, access control, geofencing and PPE compliance.
“Centralised Integrated Control Room (ICR) established for 24×7 monitoring of plant operations, PPE compliance, geo-fencing, and unauthorised access, powered by AI-enabled surveillance cameras”
Intl Gemological InstDiversified Commercial ServicesGrowing₹13,728 CrP/E 22.5 vs 13.9ROCE 58.1%
IGI has developed and operationally deployed an AI-powered diamond origin analyzer (IGI Origin) used in its certification workflow, and recorded its first commercial sale to an independent retailer.
“During FY 2025-26, we introduced IGI Origin, an advanced AI-powered diamond origin analyser designed to elevate speed, precision, and consistency in diamond screening.”
Fujiyama has built and operationally deployed UTL AI, an in-house AI platform powering omnichannel sales, intelligent service, dealer coordination, predictive inventory and network expansion across its distribution-led energy business.
“Crucially, UTL AI is built in-house. This gives Fujiyama ownership of the intelligence that increasingly differentiates us- the data, the models and the workflows are our own, tuned to our products, our customers and our markets.”
CEATTyres & Rubber ProductsGrowing₹13,216 CrP/E 22.6 vs 25.7ROCE 12.8%
CEAT has operationally deployed a generative AI-powered chatbot on its website to handle customer interactions, lead generation and product discovery, contributing to a 50% increase in dealer footfalls.
“A significant digital milestone during the year was becoming the first tyre brand to deploy an agentic, Generative AI-powered chatbot on its website.”
KPIT is operationally deploying AI across engineering projects for clients and is progressively shifting toward solutions and AI-driven services within its automotive/mobility software integration business.
“we initiated AI deployment across engineering areas in applicable projects during the year. Several key solutions were designed, piloted and deployed across projects delivering early success across multiple projects.”
+1 more quote from the report
“Extended AI Landscape: To further strengthen AI adoption across the organization and extend its capabilities to customers, the Company has established a hybrid AI infrastructure.”
JBM AutoAuto Components & EquipmentsGrowing₹12,938 CrP/E 42.3 vs 27.0ROCE 12.2%
JBM operationally deploys AI-enabled digital twins and AI-powered EMS in its Battery Management Systems and Energy Storage Systems for predictive maintenance and performance tracking.
“Custom-built for each application with advanced diagnostics, AI-enabled digital twins, and adaptive logic for extended lifecycle and safety”
Varroc EngineeringAuto Components & EquipmentsGrowing₹12,627 CrP/E 64.0 vs 27.0ROCE 15.0%
Varroc Smart Mobility platform deploys AI-powered algorithms and AI-driven analytics for fleet tracking, driver behavior monitoring, and video telematics as part of its connected products business.
“Our Smart Mobility solutions harness connected technologies, AI-powered analytics and cloud-native platforms to deliver real-time intelligence that enhances fleet efficiency, operational visibility and road safety.”
Amagi Media LabsIT Enabled ServicesGrowing₹12,143 CrP/E 123.4 vs 18.9ROCE 4.8%
Amagi sells a media-industry cloud platform with an embedded AI/intelligence layer; NEWSPULSE is its first paying agentic AI product, and the company is building a broader portfolio of agentic AI products across the media supply chain.
“NEWSPULSE, our first agentic AI product, moved from trials to its first paying customer during the year. This is an early but important proof point that our AI investments are beginning to commercialize.”
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“Amagi AI focuses on leveraging artificial intelligence in the development of innovative media solutions, enhance data analysis and consumer insights, optimize media planning and execution, and improve overall efficiency in media operations and services.”
Home First operationally deploys AI/ML across its lending value chain — ML-based customer scoring, AI-enabled document interpretation, and voice-enabled capabilities in underwriting and collections — but AI is an enabler of its core housing finance business, not a standalone revenue line.
“AI and voice-enabled capabilities are now embedded across core platforms, driving efficiencies across lead generation, verification, underwriting, collections, and customer service.”
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“Strengthen digital infrastructure and operational workflows to ensure seamless service continuity, while leveraging advanced AI/ML frameworks governed by ethical standards and data privacy protocols.”
Aptus operationally deploys ML-based bounce prediction models and proprietary ML credit scoring within its underwriting and collections technology stack, supporting its affordable housing finance business.
“We further strengthened our technology platform by implementing ML-based bounce prediction models, real-time delinquency dashboards, and integrating the Unified Lending Interface (ULI) into our underwriting process.”
Definition used: Develops, sells or operationally deploys AI/ML models, platforms or AI-driven products and services. Generic "digital transformation" or aspirational AI language does NOT qualify. Membership is extracted from each company’s newest annual report; every quote is validated against the report page before publishing, and core/growing tiers are confirmed by a second independent read (marked ). Companies whose reports our corpus hasn’t read yet simply aren’t listed — absence means unread, not “no exposure”.
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