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
HDFC BankPrivate Sector BankGrowing₹11.19 L CrP/E 27.9 vs 24.9
HDFC Bank operationally deploys AI/ML through its in-house 'Neev' enterprise platform, with AI embedded across customer service, credit decisioning, document processing, trade operations and fraud/analytics workflows, but AI is an enabler of its banking business rather than a standalone revenue driver.
“Neev, our in-house enterprise AI platform that provides a unified, secure foundation of model access, governance and workflow integration.”
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“Cutting-edge architecture and advanced in-house AI capabilities drive a secure, intelligent, and seamless digital experience at scale.”
Larsen & ToubroCivil ConstructionGrowing₹5.63 L CrP/E 33.0 vs 15.4ROCE 11.9%
L&T Vyoma has launched an AI-first sovereign cloud platform and L&T is pivoting LTM/LTTS to an AI-led operating model, making AI a deployed capability in products and services.
“Larsen & Toubro Vyoma also launched its sovereign cloud platform, positioned as an AI‑first cloud infrastructure solution, designed to address the growing requirements of enterprises and public sector institutions for data sovereignty, regulatory compliance and secure adoption of artificial intelligence”
Hindustan UnileverDiversified FMCGGrowing₹4.74 L CrP/E 24.7 vs 16.4ROCE 21.5%
HUL operationally deploys AI across its value chain via digital twins, AI-led predictive models in its LLoTF lab, a supply chain nerve centre, and five WEF 4IR Lighthouse factories.
“AI and advanced analytics are transforming our supply chain—making it more responsive, more agile and more resilient. Initiatives such as digital twins, advanced analytics and our supply chain nerve centre are helping us build an increasingly intelligent, interconnected manufacturing network.”
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“We have set up an AI enabled content ecosystem through the Unilever AI Studio enabling teams to produce social-first assets at 10X the previous volume, in a fraction of the time.”
Kotak is operationally deploying AI across its banking operations — voice agents for customers, knowledge assistants for staff, and AI for developer productivity — as part of its Technology, Digital & AI pillar, though banking remains its core business.
“For our colleagues, we have deployed knowledge assistants and sales enablement tools. For our customers, we have voice agents interacting with them directly. And on the technology side, we are seeing real gains in developer productivity.”
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“We help protect customers through machine-learning based fraud monitoring that enables real-time anomaly detection.”
JSW SteelIron & SteelGrowing₹3.95 L CrP/E 8.5 vs 16.6ROCE 14.8%
JSW Steel operationally deploys AI/ML platforms across manufacturing and supply chain, including Project Drishti (mine-to-metal AI), JSW Vision.AI, TEJAS optimisation, and predictive maintenance using 20,000+ sensors.
“Real-time data, predictive insights and AI-powered recommendations are helping teams anticipate issues, optimise performance and improve decision-making across the value chain.”
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“the year also marked a structural shift towards AI-led process optimisation, predictive maintenance, Digital Twins, and enterprise-wide IT–OT integration, enabling a level of operational responsiveness that is an emerging competitive advantage.”
Adani Port & SezPort & Port servicesGrowing₹3.92 L CrP/E 29.8 vs 14.6ROCE 8.6%
APSEZ operationally deploys AI across its core port, logistics and marine operations — NAVIS port systems, AI-driven Strategic Command Centre for logistics, and AI-powered VTMS at Vizhinjam — but AI is an embedded enabler of its port/logistics business rather than a standalone revenue line.
“AI-based NAVIS systems have unlocked additional capacity from existing assets, safeguarding our industry-leading margins.”
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“A deliberate journey toward an intelligent, self-optimising infrastructure platform, where AI-led systems drive decisions, and operations run autonomously”
HCL TechnologiesComputers - Software & ConsultingGrowing₹3.54 L CrP/E 20.9 vs 19.5ROCE 26.2%
HCLTech reports $620M in Advanced AI revenue (spanning AI Factory, Physical AI, Robotics, AI Engineering, Custom Silicon) with stated ambition to be the world's best AI solutions provider, but AI remains a portion of the broader IT services portfolio.
“we ended the year with $620 million in Advanced AI revenue, a measure of our fast-maturing AI play.”
NTPCPower GenerationGrowing₹3.30 L CrP/E 10.3 vs 22.3ROCE 5.5%
NTPC is operationally deploying AI, predictive analytics and advanced forecasting across its generation, renewables, mining and maintenance operations.
“Artificial intelligence, predictive analytics, and advanced forecasting tools are being integrated across our generation, renewable, mining, and maintenance operations.”
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“Digital transformation, including remote monitoring centres, AI/ML-based diagnostics, drone-based inspections, and ERP-enabled workflows, is increasingly woven into day-to-day operations.”
ONGC has operationally deployed AI-driven systems including the SANJAI digital war room, IDAS platform for Mumbai High, and AI-enabled autonomous drilling from RTDOC Dehradun, for its own E&P value chain rather than as a sold product.
“These significant strides in deploying AI-driven systems for exploration, drilling and predictive maintenance shall enable faster decision-making and reduce downtime, thereby enhancing the productivity and efficiency in entire system.”
Power Grid Corp.Power - TransmissionGrowing₹2.53 L CrP/E 14.5ROCE 7.2%
POWERGRID operationally deploys AI/ML in core transmission operations, including AI-based tower defect detection and AI-based Tower Patrolling Application, plus a capability-building programme with an academic partner to grow internal AI talent.
“These outcomes were supported by advanced digital technologies, including AI-based tower defect detection, drone-based patrolling and continuous condition monitoring of critical assets.”
Tata SteelIron & SteelGrowing₹2.28 L CrP/E 20.3 vs 16.6ROCE 7.6%
Tata Steel operationally deploys 860+ AI models across its steel manufacturing value chain for predictive maintenance, yield optimization, safety, and energy efficiency, plus GenAI for workforce and reporting.
“We have deployed over 860 AI models across the value chain, driving real-time improvements in yield, safety, and energy efficiency. Our AI-driven predictive maintenance has reduced delays in super-critical equipment by 92%.”
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“two of our crown jewels simultaneously earned the prestigious World Economic Forum Lighthouse status — the technologically advanced IJmuiden plant in the Netherlands and the dynamic Kalinganagar plant in India, both celebrated for their groundbreaking integration of Artificial Intelligence, Big Data, and Machine Learning.”
Adani Green EnergyPower GenerationGrowing₹2.17 L CrP/E 338.5 vs 22.3ROCE 1.3%
AGEL develops and operationally deploys proprietary AI/ML platforms including O&M.ai, patented Solar Digital Twin, pyranometer anomaly detection, and an industrial cloud partnership with Google for AI/ML capabilities.
“Proprietary AI-powered assistant (O&M.ai – solar.ai and wind.ai) for real-time performance monitoring and analysis, early anomaly detection, and faster decision-making”
IndiGo has operationally deployed 6Eskai, an AI-powered conversational chatbot using GPT-4, for customer service and internal employee queries.
“Last year 6Eskai was introduced for our customers, an AI conversational direct channel, powered by the GPT-4 technology. 6Eskai is now available for employees for resolving internal queries.”
Chola operationally deploys AI across its lending business — including AI agents, OCR, facial verification and risk models — for credit assessment, onboarding, collections and customer engagement, but AI is an enabler, not its principal NBFC business.
“Artificial intelligence is an important area of investment across sales, onboarding, credit assessment, operations, collections and customer engagement. AI agents, vernacular voice agents, OCR, document validation, facial verification and risk models are helping improve lead nurturing, credit profiling, verification and collections.”
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“Our investments in a high-tech, paperless, AI-driven infrastructure go beyond strategic operational efficiencies and are tools designed to democratize and accelerate credit delivery to the last mile, converting institutional momentum into tangible grassroots prosperity.”
LTMComputers - Software & ConsultingGrowing₹1.33 L CrP/E 28.1 vs 19.5ROCE 24.8%
AI is a core business line via the BlueVerse ecosystem and dedicated Business AI practice, with 75,000+ Gen AI-trained associates and a pivot to becoming an 'AI-centric organization'.
“We empower enterprises with transformative artificial intelligence solutions that drive innovation and business growth. Anchored in the BlueVerse AI ecosystem, proprietary IP, and global partnerships, our AI practice enables enterprises to adopt AI in ways that support meaningful business transformation.”
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“Our AI-led Engineering practice enables enterprises to outcompete through a cloud-centric approach focused on accelerating cloud adoption, modernizing core systems, and enabling the design and development of digital products.”
“GenAI-powered testing ecosystem: Leveraged intelligent automation for test design, execution, and data management”
Bank OF BarodaPublic Sector BankGrowing₹1.28 L CrP/E 7.8 vs 15.1
The bank has operationally deployed multiple AI-driven products including a Gen AI-based Virtual Front Office device and bob SAMVAD multilingual AI conversational platform, and won 'Best AI & ML Adoption' award.
“Bank has launched bob SAMVAD, a multilingual AI-enabled interaction platform application that helps customers and branch staff communicate smoothly across languages. This is an industry first AI-powered multilingual conversational platform aimed at transforming customer interactions at its branches.”
Apollo operationally deploys AI across its healthcare ecosystem for diagnostics, telemedicine, and risk assessments, though AI is not the company's principal business.
“AI-powered telemedicine services, remote monitoring and health records management”
Groww operationally deploys AI across its platform, including in-house customer support AI, AI/ML models for credit underwriting risk assessment, and AI-driven products like the GR-1 assistant and agentic chatbot, though AI is an enabler rather than a principal revenue line.
“we build various layers, like onboarding, payments, risk management systems, customer support AI – all in-house.”
Muthoot FinanceNon Banking Financial Company (NBFC)Growing₹1.21 L CrP/E 9.9 vs 17.5
Muthoot Finance operationally deploys ~20 ML models across sales, collections and risk, plus AI assistants and an AI-enabled hiring platform, though AI supports its core gold-loan business rather than being a standalone revenue line.
“Around twenty plus machine learning models run live across sales, collections and risk: lead scoring, bounce prediction, segmentation and propensity. The propensity models convert at roughly 82%, and the cross-sell underwriting engine surfaces about 4 Mn pre-approved offers a quarter.”
Tata Power COIntegrated Power UtilitiesGrowing₹1.20 L CrP/E 33.8 vs 30.5ROCE 3.4%
Tata Power operationally deploys AI/ML across smart meter analytics, customer engagement bots, AI-led cable identification, and AI/ML-enabled warranty generation.
“Leveraged AI/ML and data analytics to generate smart meter-based insights, enabling customised consumption patterns and energy usage recommendations for customers”
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“we are scaling AI and Agentic frameworks, powered by a robust data platform, across the energy value chain”
GE Vernova T&D IndiaHeavy Electrical EquipmentGrowing₹1.06 L CrP/E 82.2 vs 33.9ROCE 57.9%
The Company sells AI/ML-enabled grid software products (GridOS Digital Grid Platform, AI-enabled Digital Dynamic Line Rating, Digital Twins & Predictive Grid Operations) as part of its grid digitalization portfolio, though its main business remains T&D hardware.
“GridOS® Digital Grid Platform – An AI/ML-enabled software platform for forecasting, automation, and intelligent grid operations.”
GMR AirportsAirport & Airport servicesGrowing₹1.05 L CrP/E 203.3ROCE 0.8%
GMR has operationalised an AI-driven Airport Predictive Operations Centre (APOC) with predictive and prescriptive analytics across its airport portfolio, supported by its GMR Innovex innovation arm and an Integrated Cyber Defence Centre; AI is an enabler for the core airport business, not a separate revenue line.
“A notable accomplishment during the year has been the operationalisation of the next-generation Airport Predictive Operation Centre (APOC). This integrated operations management system leverages advanced AI-driven predictive and prescriptive analytics to optimise airport operations”
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“The Airport Predictive Operation Centre (APOC) at Airport, powered by AI-driven digital twin platform, is a pioneering initiative that integrates airside, landside, and terminal operations into a unified system.”
One 97 CommunicationsFinancial Technology (Fintech)Growing₹1.04 L CrP/E 127.7 vs 90.9ROCE 3.6%
Paytm operationally deploys in-house AI platforms (Paytm ARMS for merchant lifecycle insights, Periscope for fraud/risk detection) across merchant onboarding, risk management, customer support, and pricing, but its principal business remains payments and financial services distribution.
“The Company considers AI as a core investment and integrated across our platform to streamline merchant onboarding, strengthen risk management, elevate customer support, and unlock revenue growth through Paytm ARMS-driven cross-sell and merchant insights.”
Tata Consumer Products has operationally deployed multiple agentic AI models across sales, R&D and marketing, with named internal platforms such as AI Launchpad, Saathi (voice AI companion), R&D Genie, Zara enterprise assistant, and an AI Academy.
“we have deployed AI to capture micro trends and compress product development cycles, commercialised multiple agentic models across functions and put several more in advanced field testing”
Ambuja CementsCement & Cement ProductsGrowing₹1.02 L CrP/E 25.6 vs 23.2ROCE 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”
Oracle Fin Serv SoftSoftware ProductsGrowing₹1.02 L CrP/E 35.1 vs 19.6ROCE 43.2%
OFSS integrates AI across its banking and financial services software portfolio, with its products recognized as leaders in AI-Enabled embedded trade financing, loan origination, risk management and digital banking platforms, though AI is a feature of its core banking software business rather than a standalone revenue line.
“During the year, we were recognized as a leader by IDC MarketScape in the Worldwide AI-Enabled Embedded Trade Financing Applications, and Loan Origination & Loan Management Systems.”
Ashok LeylandCommercial VehiclesGrowing₹1.02 L CrP/E 27.7ROCE 7.5%
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.”
Indus TowersTelecom - InfrastructureGrowing₹99,127 CrP/E 13.9 vs 12.6ROCE 15.4%
Indus Towers operationally deploys AI/ML-enabled systems in its Tower Operations Centre for real-time monitoring, predictive analytics and automated diagnostics, and uses AI-led analytics across its national network to maintain uptime.
“AI/ML-Enabled Systems: Predictive analytics and automated diagnostics”
Operationally deploys AI-driven products and platforms including the Aurigene.AI drug discovery platform, MyFlexa AI-driven digital therapeutics (300,000+ patients) and MeningAware AI-powered WhatsApp bot, though not a principal revenue driver.
“MyFlexa: An AI-driven digital therapeutics platform in Russia for musculoskeletal health offering personalised exercise coaching and mobility tracking alongside the Nise portfolio, serving 300,000+ patients in FY2026 with 64% reporting significant pain relief at an average 48% reduction.”
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”
Nykaa operationally deploys multiple AI-driven products — Ask Nykaa assistant, AI Skin Scan, Fragrance GPT, Foundation Finder, ChatGPT integration and a custom multimodal AI built with OpenAI — but AI is a feature of its commerce platform rather than a separately reported revenue line.
“A key driver of this stronger consumer engagement in FY2026 was our landmark strategic partnership with OpenAI. This collaboration made Nykaa India's first truly AI-native beauty and lifestyle platform.”
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“One Nykaa AI brings customer understanding, product intelligence, content, reviews, catalogue depth, commerce signals and enterprise data into a shared intelligence foundation.”
Idbi BankPrivate Sector BankGrowing₹88,578 CrP/E 22.3 vs 24.9
IDBI Bank has operationally deployed an upgraded Enterprise Fraud Risk Management Solution that integrates Explainable AI, behavioural biometrics and predictive analytics for real-time fraud monitoring across customer transactions.
“A key milestone in this modernisation journey is the upgrade of our Enterprise Fraud Risk Management Solution (EFRMS). This system now integrates Explainable AI (XAI), advanced behavioural biometrics, and predictive analytics to secure customer transactions in real-time.”
Info Edge (I)Internet & Catalogue RetailGrowing₹87,451 CrP/E 52.2 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”
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₹47,111 CrP/E 37.5 vs 23.1ROCE 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.”
Indian Rail Tour CorpTour Travel Related ServicesGrowing₹38,784 CrP/E 26.6 vs 37.6ROCE 40.8%
IRCTC operationally deploys AI-enabled CCTV cameras (1,652 installed by March 2025) and AI-integrated monitoring with system-generated AI tickets for real-time kitchen quality control.
“IRCTC has made a significant progress toward the safety and hygiene of its food operations by installing AI enabled CCTV cameras in kitchens across the country.”
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.”
CrisilOther Financial ServicesGrowing₹33,114 CrP/E 34.9 vs 16.7
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₹31,660 CrP/E 71.1 vs 22.8ROCE 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”
Iifl FinanceNon Banking Financial Company (NBFC)Growing₹29,044 CrP/E 15.3 vs 17.5
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”
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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