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
Poonawalla FincorpNon Banking Financial Company (NBFC)Announced₹38,307 CrP/E 46.0 vs 18.9
Poonawalla Fincorp operationally deploys AI/ML across its NBFC lending business with 42 AI projects fully deployed, 50+ ML models across acquisition to debt management, AI-led underwriting/collections/customer service, and a dedicated Head of AI — but AI supports lending rather than being a separate revenue line.
“AI token consumption growing more than 100x Y-o-Y, reflecting deeper integration of AI into our daily workflows and decision-making.”
+1 more quote from the report
“Poonawalla Fincorp scaled multiple AI-led initiatives across underwriting, collections, compliance, HR, and finance to create an insight-driven operating model.”
UCO BankPublic Sector BankAnnounced₹28,803 CrP/E 11.2 vs 7.5
AI is listed as one of five strategic imperatives for FY 2026-27, representing a committed investment plan with no current AI revenue or product line.
“Accelerating investment in cybersecurity, Artificial Intelligence, and data analytics to future-proof our operations”
Manappuram FinanceNon Banking Financial Company (NBFC)Announced₹28,570 CrP/E 14.4 vs 18.9
Manappuram has stated plans to deploy AI-powered branch security systems for surveillance and risk management, but this is not yet operational and is ancillary to its gold-loan NBFC business.
“Plans to roll out AI-powered branch security systems to strengthen surveillance and risk management capabilities.”
Central Depo Ser (I)Depositories Clearing Houses and Other IntermediariesAnnounced₹26,292 CrP/E 55.8ROCE 29.9%
CDSL has signed an MoU with IIM Mumbai to build ML/data-analytics based market intelligence, representing a committed partnership with no revenue yet.
“Strategic MoU signed with IIM Mumbai to advance data analytics and machine learning–based market intelligence”
+1 more quote from the report
“Initiated exploration of Artificial Intelligence (AI) to improve operational efficiency and system security”
The GE SHPG.LTDShippingAnnounced₹21,822 CrP/E 5.8 vs 11.7ROCE 16.7%
GE Shipping is piloting an AI-powered engine management system on one vessel for fuel efficiency, with plans to scale across the fleet pending trial results.
“The second pilot project features an AI-powered engine management system designed to maintain constant main engine shaft power and/or vessel speed to optimize fuel efficiency. Pending the successful outcome of these trials, the Company plans to scale these technologies across the fleet.”
City Union BankPrivate Sector BankAnnounced₹21,819 CrP/E 12.5 vs 12.1
Bank has set up an AI Centre of Excellence with SASTRA University, Centific Global Solutions and Univerg to evaluate and deploy AI use cases, but no AI-driven products or revenue yet.
“we have created a centre of Excellence in collaboration with SASTRA University and Industry partners - Centific Global Solutions, Inc. and Univerg to provide AI support.”
KIOCL is commissioning two in-house vision-based AI systems for plant-floor process monitoring as part of its digital transformation programme, but AI is not a business line.
“two in-house artificial intelligence systems under implementation”
IRB Infra DevCivil ConstructionAnnounced₹21,100 CrP/E 16.2 vs 14.6ROCE 2.5%
IRB has initiated AI-driven solutions across its highway O&M activities for preventive maintenance, asset monitoring, safety management and decision-making, but the text states these initiatives are still being rolled out with no revenue attribution yet.
“Artificial Intelligence now represents the next frontier of this journey. IRB is pleased to share that it has initiated the implementation of AI-driven solutions across its Operations and Maintenance activities, aimed at enhancing preventive maintenance, improving asset monitoring, strengthening safety management and enabling more data-driven decision-making. While these initiatives are still being rolled out”
TridentOther Textile ProductsAnnounced₹11,160 CrP/E 28.1 vs 16.4ROCE 8.6%
Textile/paper manufacturer is integrating AI-driven projects into manufacturing operations under a 'Digital Trident' agenda, with patent activity tied to AI initiatives, but AI is not a revenue-generating business line.
“Looking ahead, AI-driven projects are being integrated into our operations as part of our broader Digital Trident agenda, building the capabilities we need to compete and grow in a technology-led world.”
+1 more quote from the report
“Digital platforms support production planning, process monitoring, quality control and performance tracking across our manufacturing operations. AI/ML-enabled quality systems, advanced planning tools and real-time dashboards improve decision-making, optimise resource utilisation and support responsive manufacturing.”
Shukra AI Private Limited, a subsidiary incorporated on 21/06/2026, is set up to design, develop and supply AI/ML, deep learning, data analytics and related advanced technology solutions, but has no revenue yet.
“For the business of designing, developing, researching, innovating, engineering, manufacturing, licensing, acquiring, implementing, integrating, operating, maintaining, marketing, supplying, exporting, importing, distributing, and dealing in Artificial Intelligence (AI), Machine Learning (ML), Deep Learning, Data Analytics”
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”
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.
