Artificial Intelligence

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
TierAll tiersCore businessGrowingAnnouncedMention-onlySortBy exposureLargest firstNewest evidence12 core · 138 growing · 22 announced · 143 mention
Digilogic SystemsAerospace & DefenseMention-only₹565 CrP/E 28.1 vs 73.9ROCE 12.4%

AI is referenced only as a future engineering direction (diagnostics, digital twin, fault detection) with no current AI products or revenue.

“These include AI-enabled diagnostics, digital twin modelling, real-time fault detection, high-precision gimbal systems, indigenous harness testing and customised single board computers for on-board and ground-based electronics.”

Digilogic Systems Ltd - 544684 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 28
W.s.industries (I)Civil ConstructionMention-only₹406 CrP/E 178.3 vs 14.6ROCE 0.6%

AI is referenced only as part of broad industry context driving digital infrastructure demand; the company does not develop, sell or deploy AI products or services.

“Data consumption, cloud adoption, artificial intelligence, fintech, and digital services are reshaping the economic landscape.”

W. S. Industries (India) Ltd-$ - 504220 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 4
Capital Trade LinksNon Banking Financial Company (NBFC)Mention-only₹323 Cr

Plans to offer AI-powered lending platforms are stated only as future/aspirational business outlook language, not a current product or revenue line.

“The company plans to harness advanced financial technologies to enhance its lending operations, offering AI-powered platforms for personal, business, and bridge loans”

Capital Trade Links Ltd - 538476 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 34
Dreamfolks ServicesAirport & Airport servicesMention-only₹315 CrROCE 4.8%

AI/ML is integrated into DreamFolks' proprietary platform for intelligent, cohort-based service orchestration, but it is a feature of its lifestyle aggregation business rather than a separate product or service line.

“The integration of AI and ML for intelligent service orchestration means our platform can deliver dynamic, personalized benefit experiences that are difficult to replicate.”

Dreamfolks Services Ltd - 543591 - Corrigendum To The Annual Report For The Financial Year 2025-26 · Sept 2026 · p. 12
UcalAuto Components & EquipmentsMention-only₹307 CrROCE -6.5%

AI is referenced as an internal operating capability for engineering, manufacturing and business processes, including AI-enabled process controls; UCAL does not sell AI products or services.

“We have also established a dedicated mandate for artificial intelligence adoption, with a defined remit across engineering, manufacturing and business processes.”

Ucal Ltd - 500464 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 7
AVG LogisticsLogistics Solution ProviderMention-only₹305 CrP/E 11.4 vs 15.7ROCE 3.3%

AI is referenced only as an industry-wide technology trend that AVG says it evaluates for adoption, not as a developed or deployed product/service.

“technologies including cloud-based platforms, Internet of Things (IoT), AI, advanced analytics and automation are recalibrating supply chains, thereby promoting transparency, predictive planning and operational agility.”

AVG Logistics Ltd - 543910 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 34
Trejhara SolutionsLogistics Solution ProviderMention-only₹297 CrP/E 22.9 vs 15.7ROCE 3.5%

AI is referenced as part of the technology stack deployed within the company's SCMProFit supply chain management platform, but it is not positioned as a standalone product, service line, or revenue driver — the company's core business remains logistics services and supply chain software.

“The deployment of AI, IoT and automation across its supply chain management platform is enabling real-time tracking, network optimisation and predictive, data-led decision-making.”

Trejhara Solutions Ltd - 542233 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 16
AtlantaaRoad Assets - Toll Annuity Hybrid-AnnuityMention-only₹285 CrROCE -0.2%

AI is referenced only as broad industry/economic commentary in the Chairman's letter, not as a business activity of Atlantaa Limited.

“The advancements in Artificial Intelligence (AI) continued to drive automation and transformation across industries, while the shifting global tariff regimes and the conflict in West Asia have disrupted supply chains, energy markets and capital flows.”

Atlantaa Ltd - 532759 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 5
Tera SoftwareIT Enabled ServicesMention-only₹275 CrP/E 11.1 vs 18.5ROCE 20.8%

AI is referenced only as industry/environment context in the Board's overview, not as a product or service Tera Software develops or sells.

“The financial year 2025-26 represented a transitional year amid spread of generative artificial intelligence wherein data centres have become a critical part of infrastructure that supports a digital society”

Tera Software Ltd - 533982 - Notice Of AGM To Be Held On 26-09-2026 Alongwith Annual Report · Sept 2026 · p. 27
Telge ProjectsCivil ConstructionMention-only₹237 CrP/E 27.8 vs 14.6ROCE 16.3%

AI-enabled engineering is listed as one of eight strategic growth priorities for FY27-FY30, but Telge does not develop or sell AI products — it uses AI tools within its BIM/engineering service delivery.

“3. AI-Enabled Engineering Leverage artificial intelligence, automation, and advanced analytics to improve productivity, quality, and project outcomes.”

Telge Projects Ltd - 544544 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 9
Khadim IndiaFootwearMention-only₹207 CrP/E 74.8 vs 47.6ROCE 1.7%

AI is mentioned only as part of broader global economic commentary about technology-led investments supporting economic activity; not a business of Khadim.

“stable labour markets, continued fiscal support and technology-led investments, particularly in Artificial Intelligence (AI), supported economic activity, while supply chain diversification and energy security measures helped strengthen resilience.”

Khadim India Ltd - 540775 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 35
Glittek GranitesOther Construction MaterialsMention-only₹204 CrP/E 232.4 vs 29.1ROCE -3.6%

Artificial intelligence appears only as one item in a long list of emerging-technology application areas within the proposed new objects clause, with no concrete AI products or operations described.

“robotics, artificial intelligence, energy transition technologies and other emerging technologies and its derived products”

Glittek Granites Ltd - 513528 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 21
Rikhav SecuritiesStockbroking & AlliedMention-only₹192 CrP/E 3.5 vs 15.8ROCE 10.5%

The company has only begun evaluating AI-led applications across research, analytics and process automation in a controlled manner, with no deployment or revenue disclosed.

“The Company has begun evaluating AI-led applications across research, data gathering, analytics and process automation. Adoption is being undertaken in a controlled manner, with human validation and source verification remaining integral to ensure the accuracy and credibility of information generated through such systems.”

Rikhav Securities Ltd - 544340 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 15
SRG Housing FinanceHousing Finance CompanyMention-only₹190 CrP/E 5.5 vs 11.1

The company uses AI only as an incidental operational tool (AI calling for reminders) within its rural housing finance business; it is not an AI product, platform, or revenue line.

“Geo-tagged field visits, automated credit reports, AI calling for reminders: none of it is glamorous, but together it is what lets a lean team keep a large and growing book clean.”

SRG Housing Finance Ltd - 534680 - Notice Of The 27Th Annual General Meeting Of The Company And Annual Report For The Financial Year 2025-26. · Sept 2026 · p. 22
Capitalnumbers Infotech LimitComputers - Software & ConsultingMention-only₹186 CrP/E 4.8 vs 15.6ROCE 17.6%

Capital Numbers lists AI among its software service capabilities, alongside cloud, data and quality engineering, but the excerpt provides no evidence of AI being a principal or material revenue driver.

“We grew across software engineering, cloud, data, AI, quality engineering, and global delivery, and achieved ISO 27001 certification.”

Capitalnumbers Infotech Ltd - 544343 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 23
Zodiac Clothing Co.Garments & ApparelsMention-only₹182 CrROCE -14.8%

AI is mentioned as a tool leveraged across the apparel value chain (forecasting, inventory, consumer engagement), but is not a business line or revenue driver for the company.

“Digital agility remains integral to our strategy, with data analytics and Artificial Intelligence being leveraged across our value chain—from demand forecasting and inventory management to consumer engagement.”

Zodiac Clothing Company Ltd - 521163 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 12
Speciality MedicinesPharmaceuticalsMention-only₹167 CrP/E 15.2 vs 31.2ROCE 17.0%

AI is mentioned only as general industry commentary about pharmaceutical R&D trends, not as any operational activity by this distributor/trader company.

“Pharmaceutical companies have increased investments in AI for faster innovation and the reduction of drug development timelines and expenses. 85% of biopharma companies are planning to invest heavily in data, digital, and AI in R&D by 2025.”

Speciality Medicines Ltd - 544738 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 34
AlphageoOffshore Support Solution DrillingMention-only₹160 CrROCE -7.4%

AI is referenced only as an industry-level tool being adopted by exploration operators, not as a product or service Alphageo develops or sells.

“Operators scaled up spending on high-resolution seismic acquisition, advanced imaging and interpretation, basin modelling, subsurface analytics, digital workflows, and deepwater drilling and reservoir evaluation. Rising adoption of artificial intelligence, data analytics, and integrated geoscience interpretation is expected to lift drilling success rates and sharpen planning across frontier basins.”

Alphageo (India) Ltd-$ - 526397 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 20
Winsome Textile IndustriesOther Textile ProductsMention-only₹159 CrP/E 5.8 vs 16.4ROCE 7.8%

AI is referenced only as part of general Indian textile industry outlook commentary, not as Winsome's own deployed technology or business line.

“The Indian textile industry is increasingly embracing smart manufacturing technologies to enhance operational efficiency, product quality, and competitiveness. The adoption of automation, artificial intelligence (AI), Internet of Things (IoT), and data-driven production systems enables manufacturers to optimize resource utilization, reduce waste, and improve production accuracy.”

Winsome Textile Industries Ltd-$ - 514470 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 23
K. V. Toys IndiaLeisure ProductsMention-only₹158 CrP/E 30.5ROCE 17.4%

AI is referenced only as an industry-level trend in the toy sector, not as part of K.V. Toys' own products or operations.

“Manufacturers are increasingly incorporating AI, connectivity, adaptive learning capabilities and interactive applications into toys, creating engaging and personalised play experiences while enhancing developmental outcomes.”

K. V. Toys India Ltd - 544641 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 26
Intrasoft Tech.E-Retail/ E-CommerceMention-only₹158 CrP/E 11.5 vs 13.3ROCE 5.1%

AI/analytics are discussed as tools the company evaluates and uses internally for pricing, forecasting, catalogue, advertising and service workflows, but the company does not sell or license AI products and the language is largely aspirational about future use cases.

“Artificial intelligence is rapidly moving from experimentation to practical use in digital commerce.”

Intrasoft Technologies Ltd - 533181 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 16
Parnax LabPharmaceuticalsMention-only₹130 CrP/E 11.0 vs 31.2ROCE 12.1%

AI is referenced only as an external technological development/threat to the healthcare industry, not as any activity or deployment by the company.

“The technological developments in healthcare as a whole, such as artificial intelligence and 3D printing and their impacts on business models, operations, workforce needs and cybersecurity risks need careful understanding as obsolescence can quickly steal in.”

Parnax Lab Ltd - 506128 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 36
Vishwaraj Sugar IndSugarMention-only₹117 CrROCE -12.7%

The report mentions AI and machine-learning yield and water-use programs in cane-growing hubs, but does not identify them as a Vishwaraj business line.

“The scaling of artificial intelligence and machine learning networks (such as AI-driven yield and water-use programs) across major cane-producing hubs like Maharashtra and Karnataka is helping improve overall sugar recovery rates at the farm level.”

Vishwaraj Sugar Industries Ltd - 542852 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 17
Duroply IndustriesPlywood Boards/ LaminatesMention-only₹113 CrP/E 12.9 vs 26.0ROCE 3.8%

AI is referenced solely as part of macroeconomic commentary on global technology-cycle demand drivers, with no indication of Duroply's own operational deployment or business in AI.

“the global technology cycle, powered by advances in artificial intelligence (AI) and its adoption”

Duroply Industries Ltd - 516003 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 35
Vibrant Global CapitalNon Banking Financial Company (NBFC)Mention-only₹110 CrP/E 6.2 vs 18.9

AI is referenced only as industry commentary in the MD&A's global economic outlook; the company is an NBFC focused on capital market investments with no operational AI exposure.

“demand-driven momentum in the global technology cycle arising from advances in artificial intelligence and its wider adoption.”

Vibrant Global Capital Ltd - 538732 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 34
Compucom SoftwareEducationMention-only₹102 CrP/E 34.9 vs 23.9ROCE 2.5%

Company states it is actively developing and validating AI-based solutions for internal application across its education, media and enterprise verticals, with no current AI revenue or specific products disclosed.

“The Company is actively developing AI-based solutions and evaluating their application across education, media, enterprise processes and other areas relevant to its business.”

Compucom Software Ltd-$ - 532339 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 6
T & I GlobalIndustrial ProductsMention-only₹101 CrP/E 11.5 vs 28.5ROCE 9.6%

T&I Global sells one AI-enabled tea colour sorter (ANCOO) as part of its broader tea processing machinery portfolio; AI is a product feature rather than a business line.

“our AI-enabled ANCOO digital intelligent tea colour sorter”

T & I Global Ltd - 522294 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 12
Duke OffshoreOil Equipment & ServicesMention-only₹95 CrROCE -14.8%

The company is proposing to add AI/ML as authorised objects in its MOA via Clause III(B), but no current AI business, revenue or operations are described.

“To research, develop, design, engineer, manufacture, fabricate, assemble, integrate, implement, deploy, operate, maintain, license, lease, sell, distribute, import, export and otherwise deal in artificial intelligence, machine learning, deep learning, generative artificial intelligence, large language models, artificial intelligence agents, computer vision”

Duke Offshore Ltd - 531471 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 23
Jet Freight LogisticsLogistics Solution ProviderMention-only₹89 CrP/E 11.8 vs 15.7ROCE 13.3%

The Chairman's letter only references AI in aspirational/outlook language — preparing for AI-enabled capabilities — with no operational deployment today.

“We are investing in integrated ERP and CRM platforms while preparing for AI-enabled logistics capabilities that will deliver real-time shipment visibility, predictive insights, enhanced operational efficiency and superior customer experience.”

Jet Freight Logistics Ltd - 543420 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 11
+1 more quote from the report

“The industry witnessed accelerated adoption of digital technologies, including automation, artificial intelligence, data analytics, digital documentation and real-time cargo tracking solutions, enabling logistics service providers to improve operational efficiency, cargo visibility and customer experience.”

Jet Freight Logistics Ltd - 543420 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 21
Emiac TechnologiesWeb based media and serviceMention-only₹76 CrP/E 82.4ROCE 21.7%

EMIAC references AI only as part of an industry-outlook statement and as a future capability to combine with its existing digital marketing, content and branding services — no AI products, platforms or revenue are disclosed.

“With the increasing adoption of digital platforms, data-driven marketing, artificial intelligence and automation across industries, the Company believes that the evolving digital ecosystem presents significant opportunities for expansion and value creation.”

Emiac Technologies Ltd - 544747 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 24
Jetking InfotrainE-LearningMention-only₹73 CrROCE -2.6%

Jetking is an IT education company; AI is referenced only as an aspirational direction for integrating into their learning delivery, not as a developed/sold AI product or service.

“We intend to increasingly integrate technology and artificial intelligence into how students learn, practise, receive feedback and prepare themselves for the workplace.”

Jetking Infotrain Ltd - 517063 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 6
Arman HoldingsInvestment CompanyMention-only₹71 CrP/E 56.2 vs 21.5ROCE 17.2%

Company altered its object clause via postal ballot on 26 March 2026 to permit future activity in IT, software development, robotics and AI, but there is no current revenue or operational deployment of AI.

“Information Technology, software development, robotics, artificial intelligence, etc.”

Arman Holdings Ltd - 538556 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 26
C G V A K Software & EXComputers - Software & ConsultingMention-only₹70 CrP/E 7.3 vs 15.6ROCE 15.0%

Software services company states future plans to increase investments in AI, AI-enabled software development, and Agentic AI solutions, but no current AI revenue or committed capex is disclosed.

“the Company remains focused on strengthening its position as a preferred technology partner and increasing its investments in Artificial Intelligence (AI), including AI-enabled software development and Agentic AI solutions”

CG Vak Software & Exports Ltd - 531489 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 23
AccelComputers - Software & ConsultingMention-only₹67 CrP/E 13.1 vs 15.6ROCE 1.5%

AI is referenced only as a forward-looking capability area in the Chairman's message and priorities list, not as a current developed or deployed AI product/service.

“At Accel, we have responded to these changes by strengthening our portfolio across Managed Services, Digital Transformation and Cybersecurity, while progressively enhancing our capabilities in cloud and AI-led solutions.”

Accel Ltd - 517494 - CHANGE IN COVER PAGE AND DESIGN OF THE ANNUAL REPORT OF THE COMPANY FOR THE FINANCIAL YEAR 2025-26, WITH NO CHANGE IN CONTENT - IN CONTINUATION OF DISCLOSURE MADE UNDER SEBI (LISTING OBLIGATIONS & DISCLOSURE REQUIREMENTS) REGULATIONS, 2015. · Sept 2026 · p. 12
Mizzen VenturesDiversified Commercial ServicesMention-only₹62 CrP/E 59.0 vs 13.6ROCE 2.9%

Company's core business is traditional rule-based maritime SaaS; AI integration is stated only as a future intention and aspirational outlook, with no current AI products or revenue.

“The Company intends to progressively evaluate and integrate appropriate AI-led capabilities into its products, technology architecture and workflows with a view to improving operational efficiency, strengthening its product offerings, enhancing customer experience, creating scalable technology solutions and capturing future revenue opportunities across existing as well as new business segments.”

Mizzen Ventures Ltd - 531537 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 17
Amkay ProductsMedical Equipment & SuppliesMention-only₹59 CrP/E 15.3 vs 21.9ROCE 11.8%

AI appears only as part of a generic medical-device industry outlook; the company does not develop, sell or operationally deploy AI/ML products.

“Technological developments such as digital healthcare, connected medical devices, artificial intelligence, remote monitoring, wearable technologies and advanced diagnostics are creating new opportunities for manufacturers and healthcare product companies.”

Amkay Products Ltd - 544169 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 14
SGL ResourcesIT Enabled ServicesMention-only₹59 CrROCE 0.4%

AI is mentioned only in the broadened Objects Clause approved via postal ballot as future diversification scope; no current AI/ML products, platforms or revenue are described.

“The revised Objects Clause encompasses activities relating to Information Technology, Geomatics, GIS, data and analytics, artificial intelligence, automation, digital media and marketing, cloud solutions, business solutions, payment systems and other allied technology-enabled services.”

SGL Resources Ltd - 526544 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 30
Vishal BearingsAuto Components & EquipmentsMention-only₹55 CrROCE -1.2%

AI is referenced only as part of broader Government of India policy initiatives supporting manufacturing; Vishal does not develop or deploy AI.

“EV-focused incentives and investments in infrastructure, digitalization, technology and Artificial Intelligence.”

Vishal Bearings Ltd - 539398 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 26
Handson GBL MNGMNTIT Enabled ServicesMention-only₹50 CrROCE -3.0%

AI is referenced only in the Opportunities/Outlook section as an industry-wide trend the company hopes to leverage; no evidence of AI products, models, or deployed AI services.

“The rapidly changing global business environment, coupled with advancements in informaƟon technology, arƟficial intelligence and data-driven soluƟons, conƟnues to reshape industry dynamics and create significant growth opportuniƟes”

HandsOn Global Management (HGM)Ltd - 532761 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 22
OrchaspComputers - Software & ConsultingMention-only₹47 CrP/E 45.0 vs 15.6ROCE 0.9%

Orchasp is an IT services and digital transformation partner that lists AI as a capability it strengthened; AI is described as an internal feature of its platforms (e.g., induskare) rather than a standalone productized business.

“we strengthened our capabilities across Artifi cial intelligence & cloud computing, data analytics, application development, mobile application, support and managed services.”

Orchasp Ltd - 532271 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 30
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How this list is built

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”.

MarketPing publishes facts, filings and measured history only — nothing on this page is investment advice, a recommendation or a rating.