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
KMC has a 'Digital ICU roadmap' committing to deploy AI-enabled features such as predictive risk classification, automated clinical scoring and AI-driven discharge summaries, though these remain planned rather than revenue-generating.
“AI-enabled Clinical Support
The Digital ICU roadmap includes AI-enabled discharge summaries, patient-risk classification, automated APACHE II, APACHE IV and GCS scoring and ICU Standardised Mortality Ratio (SMR) tracking to support clinical teams with structured information and risk assessment.”
AI-driven predictive diagnostics (including WILD wheel-impact detection and overhead pantograph monitoring) is a stated growth pillar; revenue described as future and dependent on installed-base expansion.
“Concord is building a predictive diagnostics platform using sensors, monitoring systems and AI to identify abnormal conditions before they become failures.”
+1 more quote from the report
“This transition is supported by four technology platforms: Green Sustainable Mobility, Smart trains with Intelligence, Railway Safety and AI-Driven Diagnostics.”
Ashika Global SecNon Banking Financial Company (NBFC)Announced₹1,702 CrP/E 33.5 vs 18.9
AGSL is developing Dhanush 2.0, an AI-powered wealth and investment platform embedding AI-driven insights, personalised recommendations and goal-based investing, as a committed future launch with no AI revenue yet.
“the launch of Dhanush 2.0— Ashika's next-generation, AI-powered wealth and investment platform”
MIC ElectronicsOther Industrial ProductsAnnounced₹812 CrROCE 7.3%
MIC has committed to acquire a deep-tech platform with AI-driven energy logistics operations, though the acquisition and related revenue exposure were not yet completed as of the report.
“Neo Semi is a Singapore-incorporated deep-tech platform company with operational presence across Singapore, UAE and India, engaged in the businesses of semiconductor intellectual property, AI-driven energy logistics, IoT-based smart grid and climate resilience solutions, and circular electronics.”
+1 more quote from the report
“a Singapore-incorporated deep-tech platform company focused on semiconductor IP, AI-driven energy logistics, IoT-based smart grid solutions, and circular electronics”
Prostarm Info SystemsOther Electrical EquipmentAnnounced₹751 CrP/E 19.0 vs 24.6ROCE 14.9%
Proposed amendment to the Objects Clause of the MOA adds AI/ML to the company's permitted business activities (special resolution at the AGM).
“designing, engineering, consulting, planning, supplying, sourcing, procuring, installing, commissioning, configuring, integrating, testing, operating, maintaining, repairing, upgrading, modernizing, managing and supporting hardware, software, firmware, networking, communication, cloud, data center, cybersecurity, storage, computing, surveillance, audio-visual, automation, Internet of Things (IOT), Artificial Intelligence (AI), Machine Learning (ML)”
Company changed its main objects to AI technology services and is in early-stage development with no significant commercial revenue yet.
“The Company is engaged in the business of AI Data Centers, Semiconductors, and AI Technology Services.”
+1 more quote from the report
“The Company's future strategy is focused on building capabilities and identifying opportunities in high-growth areas associated with AI and digital transformation.”
Career Point lists building AI-driven adaptive learning and diagnostic assessment systems and introducing AI-first courses as growth-strategy initiatives, but AI is not a core revenue driver today; the company is an education user/integrator of AI rather than an AI developer.
“Build AI-driven adaptive learning and diagnostic assessment system”
BPL has flagged AI-enabled production systems, automated CAM and AI-enabled quality assurance as 2–3 year strategic priorities for its PCB manufacturing operations, but no AI deployment or revenue is described as current.
“Over the next 2–3 years, the Company's strategic priorities include expanding to higher layer counts and greater design complexity, deploying AI-enabled production systems, introducing automated CAM, and adopting AI-enabled quality assurance across manufacturing.”
The same proposed MOA amendment lists AI data centres, GPU computing and allied digital infrastructure as new permitted business objects; no current AI operations or revenue exist.
“To carry on the business of establishing, developing, constructing, acquiring, investing in, owning, operating, managing, maintaining and leasing Artificial Intelligence (AI) Data Centres, data centres and related digital infrastructure”
Rose Merc.ltd.Trading & DistributorsAnnounced₹27 CrP/E 4.5 vs 15.8ROCE 20.2%
Rose Merc is engaged in advanced discussions with CATS Technology, which specialises in AI, quantum photonics, big data and surveillance intelligence, signalling a planned entry into AI/deep-tech.
“The Company is also engaged in advanced discussions with ZCLUS Ltd, an information technology firm, and CATS Technology Pvt. Ltd., which specialises in deep-tech fields including quantum photonics, artificial intelligence, big data analytics, and surveillance intelligence.”
AI/IoT/automation are not part of current operations but are explicitly proposed as new objects of the company via a special resolution to amend the Memorandum of Association — i.e. committed plans with no current revenue.
“To carry on the business relating to Artificial Intelligence, software, information technology, Internet of Things (IoT), automation and digital technology, including the development, manufacture, implementation, operation, maintenance, licensing, marketing, trading, import, export and supply of products, platforms, systems and solutions”
+1 more quote from the report
“The management of the company have decided to diversify the business activities of the company by further expanding its operations, into green and renewable energy, environmental protection and pollution control, Artificial Intelligence, software and digital technologies, and general commodity trading.”
GravityOther Textile ProductsAnnounced₹14 CrP/E 0.5 vs 16.4ROCE 100.5%
AI/ML solutions are explicitly named in the proposed new IT-related main objects clause, representing a committed diversification plan with no current AI revenue.
“information technology, software, hardware, firmware, digital products, artificial intelligence and machine learning solutions, Internet of Things solutions, cloud-based solutions, data analytics, cybersecurity, automation and other technology products and services”
Maruti Suzuki IndiaPassenger Cars & Utility VehiclesMention-only₹3.53 L CrP/E 24.6 vs 28.0ROCE 16.8%
AI is referenced only as a broad industry transformation trend, with no description of any AI product, platform or service the Company itself develops or sells.
“The automotive industry is undergoing a profound transformation driven by decarbonisation, software, artificial intelligence and advanced manufacturing technologies.”
Nestle IndiaPackaged FoodsMention-only₹2.54 L CrP/E 66.8 vs 30.2ROCE 54.7%
Nestlé India operationally deploys AI/ML (including an agentic AI bot called Tejas) within its supply chain and procurement functions, but AI is not a business line or revenue driver.
“AI and ML adoption; including agentic AI and Tejas, the AI enabled order validation bot - improves purchase order hygiene and accelerates operational excellence.”
BoschAuto Components & EquipmentsMention-only₹1.27 L CrP/E 53.9 vs 26.7ROCE 24.1%
AI is positioned as an internal enabler via the VISM.ai framework for software development and shop-floor quality, not as a separately sold AI product or service.
“We have made significant progress in establishing a structured AI ecosystem through the launch of VISM.ai (Value driven Innovation & Strategic Management of AI), creating a strong foundation for AI-driven innovation and scaled adoption of AI across the organization.”
Polycab IndiaCables - ElectricalsMention-only₹1.23 L CrP/E 42.6 vs 26.8ROCE 28.9%
Polycab mentions operational deployment of AI platforms and loyalty apps to drive influencer engagement as part of its 'Digital DNA' retail strategy, but AI is not a business line.
“Advanced AI platforms and our dedicated loyalty apps are currently driving stronger engagement across a vast network of registered influencers.”
Britannia IndustriesPackaged FoodsMention-only₹1.14 L CrP/E 43.9 vs 30.2ROCE 59.8%
Britannia operationally deploys AI/Gen-AI platforms (Google Gemini-based voice recipe experience for Bourbon, Gen AI storytelling for Milk Bikis) as consumer-engagement marketing tools, not as a product or service line.
“Powered by Google Gemini, the platform enabled generative recipe creation through the digital AI avatar of Chef Pooja Dhingra.”
Zydus LifesciencesPharmaceuticalsMention-only₹1.11 L CrP/E 24.8 vs 31.2ROCE 18.0%
Zydus references AI only as an internal productivity and R&D tool, not as a product or service it sells.
“rapidly expanding digital and AI-enabled capabilities across research, manufacturing, and commercial functions. Cutting-edge tools like AI-assisted pathology and clinical risk stratification are already transforming how our scientists innovate.”
Laurus LabsPharmaceuticalsMention-only₹1.08 L CrP/E 98.6 vs 31.2ROCE 17.2%
AI is mentioned only as an internal productivity tool (document summarisation, search, team communication), not as a commercial product or service.
“We continued to advance our digital capabilities through selective adoption of AI-led tools. This included deployment of document management systems with AI-enabled summarisation and search, along with in-house tools to improve communication and productivity across teams.”
Mankind PharmaPharmaceuticalsMention-only₹98,294 CrP/E 48.1 vs 31.2ROCE 10.8%
Mankind deploys AI tools internally (Superman 2.0, SuperAI, Super Coach, 30+ function-specific agents) with Microsoft/OpenAI and a Denovo AI drug-discovery partnership, but AI is not a sold product or revenue line — it supports the pharma business.
“Over the last two years, our digital journey marked a decisive shift, with AI evolving from pilot initiatives into enterprise-wide capabilities delivering measurable business impact.”
Hero Motocorp2/3 WheelersMention-only₹97,179 CrP/E 17.8 vs 32.2ROCE 29.9%
Executive Chairman flags AI as an area of investment for internal digital/connected-mobility capabilities; no AI product, platform or service is sold.
“we are also accelerating investments in artificial Intelligence & digital infrastructure and platforms, data-led decision making, intelligent manufacturing, and emerging technologies that will define the next generation of mobility experiences.”
HDFC AMCAsset Management CompanyMention-only₹96,234 CrP/E 26.2 vs 28.8
HDFC AMC describes embedding AI across research, analytics, investor engagement and operations as a strategic enabler of its asset management business, but AI is not a separate revenue-generating product or service line.
“Artificial intelligence is being embedded across functions as a force multiplier. From enhancing research and investment processes to enabling personalised investor engagement and improving operational efficiency, our focus is on augmenting human judgement rather than replacing it.”
Bharti HexacomTelecom - Cellular & Fixed line servicesMention-only₹75,000 CrP/E 41.1 vs 41.1ROCE 17.3%
AI is embedded internally across telecom networks and customer journeys as an operational capability, but is not sold as a standalone AI product or service line.
“At the same time, our AI-led transformation gained significant momentum. By embedding AI across networks, operations and customer journeys, we are improving agility, elevating customer experiences and building a stronger competitive advantage.”
NHPCPower GenerationMention-only₹71,973 CrP/E 19.0 vs 20.4ROCE 2.7%
AI is positioned only as part of the CMD's future vision for emerging technologies — no operational AI products, platforms or services are described.
“The vision also emphasizes meeting sustainable energy targets through the integration of Artificial Intelligence (AI), along with the adoption of other new and emerging technologies such as: EV integration into the grid, cybersecurity and digital protection, green hydrogen, bioenergy and energy storage.”
AI is referenced as an emerging technology HPCL is leveraging for operational efficiency, but not positioned as a principal business or product line.
“Emerging technologies such as artificial intelligence, advanced analytics, machine learning and predictive maintenance are increasingly transforming the way we operate and create value.”
Dabur IndiaPersonal CareMention-only₹66,844 CrP/E 33.9 vs 35.6ROCE 19.8%
Dabur has rolled out an enterprise-wide AI platform and established a centralized AI framework for internal use across sales, marketing, commercial, and supply chain functions; AI is an internal capability supporting its FMCG business, not a revenue-generating business line.
“A major focus during the year was the structured and responsible adoption of artificial intelligence across key business functions. A centralized AI framework was established to identify, prioritize, and scale AI-led use cases across Sales, Marketing, Commercial, and Supply Chain operations.”
Yes BankPrivate Sector BankMention-only₹64,186 CrP/E 17.2 vs 12.1
YES BANK uses AI-powered chatbots across customer journeys and AI-driven catchment analysis for its digital banking service (IRIS platform), but AI is an embedded capability supporting its core banking business rather than a standalone AI product, platform or service offering.
“AI-powered chatbots deployed across customer journeys are improving service efficiency, accessibility, and personalisation, while advancing our commitment to paperless and green banking, and operational excellence.”
AI is referenced only as industry commentary about how the broader pharmaceutical R&D landscape is changing, not as an operational deployment or business line.
“AI and data science are reshaping how targets are identified, trials are designed, and evidence is generated.”
AI is referenced only as part of aspirational future technology investment plans in the business outlook, not as a developed or sold product.
“Swiggy will continue investing in technology capabilities, AI-led solutions, automation and logistics infrastructure to improve scalability, operational productivity and customer experience.”
Schaeffler IndiaAuto Components & EquipmentsMention-only₹58,417 CrP/E 46.7 vs 26.7ROCE 14.1%
AI is referenced as an internal lighthouse activity (Operations Strategy) and as an external analytics platform collaboration, but not sold as a product/service.
“Smart use of data, digitalisation and Al, flexible production concepts, and new technologies.”
AI is referenced as a transformative force in the life insurance industry (underwriting, distribution, customer experience), but only as industry commentary, not as a stated Max Financial business line or revenue driver.
“Technology, including data analytics and artificial intelligence, is playing a transformative role in underwriting, distribution, and customer experience.”
Tube Invest of IndiaAuto Components & EquipmentsMention-only₹43,386 CrP/E 71.5 vs 26.7ROCE 12.4%
TII is piloting AI internally for manufacturing optimization (machine throughput, prescriptive maintenance, computer vision quality inspection), but AI is a tool for internal efficiency rather than a commercial AI product or service.
“Having built this robust digital capital, the Company is now fully prepared to transition from monitoring to active, AI-driven intervention. This year marked a shift to leveraging AI compute power for real-time decision-making, significantly enhancing global competitiveness and operational agility.”
Bharat DynamicsAerospace & DefenseMention-only₹38,507 CrP/E 73.9 vs 73.9ROCE 7.2%
AI is referenced only as part of future outlook/aspiration (AI-driven countermeasures), with no current AI products or revenue described.
“Concurrently, your company is investing in next-generation platforms like drone ammunition, directed energy weapons, and AI-driven countermeasures to address the shifting dynamics of modern warfare.”
JK CementCement & Cement ProductsMention-only₹38,326 CrP/E 40.5 vs 29.8ROCE 10.3%
JK Cement mentions using AI-driven manufacturing intelligence to optimise production efficiency, but this is internal operational deployment within its core cement business, not a separate AI product or service.
“Advanced analytics and AI-driven manufacturing intelligence optimise our production efficiency.”
Indian Rail Tour CorpTour Travel Related ServicesMention-only₹35,936 CrP/E 25.8 vs 25.8ROCE 40.8%
IRCTC operationally deploys AI-enabled CCTV surveillance and AI monitoring agents within its War Room to oversee base kitchens for food safety, but this is an internal operational tool rather than a product or service line.
“The War Room further strengthened operational oversight through 24×7 AI-enabled CCTV surveillance of IRCTC Base Kitchens across nine AI-powered monitoring agents, enabling real-time detection of operational deficiencies, ensuring food safety compliance, and facilitating prompt corrective action by field units.”
Syrma SGS TechnologyIndustrial ProductsMention-only₹32,374 CrP/E 87.3 vs 28.5ROCE 13.4%
AI deployed internally for production-line analytics, engineering documentation, supply chain, cybersecurity and within smart-IoT/health-wearable products — operationally useful but not a standalone revenue line.
“Our partnership with Arch Systems brought an AI-driven manufacturing intelligence platform onto the production floor in FY26, turning live production data into real-time insight”
PI IndustriesPesticides & AgrochemicalsMention-only₹31,920 CrP/E 27.3 vs 19.6ROCE 14.5%
AI appears only as one of 15 material topics in PI's Double Materiality Assessment framework, with no evidence of AI products, services or operational deployment.
“Emerging technologies/AI”
Cochin ShipyardShip Building & Allied ServicesMention-only₹31,570 CrP/E 46.4ROCE 15.3%
AI appears only as a topic for executive training programmes (IIM courses), not as a deployed product, service or business line.
“senior executives of the Company were nominated for various programmes on divergent topics such as ESG, climate change, and building future ready organisations and artificial intelligence strategy by IIM Bangalore, AI for managers, high impact leadership”
Blue StarHousehold AppliancesMention-only₹31,231 CrP/E 61.4 vs 41.6ROCE 18.9%
AI is mentioned aspirationally as one of several technologies the company is beginning to leverage internally for efficiency; no AI products, services or revenue are described.
“We are beginning to leverage data analytics, artificial intelligence, automation, and connected technologies to drive efficiency and agility across the organisation.”
PNB Housing FinHousing Finance CompanyMention-only₹29,968 CrP/E 12.9 vs 11.1
PNB Housing Finance deploys AI internally across the loan lifecycle (intelligent calling, pre-delinquency management, lead conversion, re-KYC) for its own housing finance operations, not as a commercial AI product or service.
“We also advanced our use of artificial intelligence across key areas, enabling smarter decision-making and greater operational agility.”
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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