The distinction this list exists for: operating data-center capacity is exposure; using cloud services is not. The tiers and quotes keep the two apart.
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
Data center infrastructure is a core vertical via DC&T Global and Metafin — the company builds modular/containerized data centers, edge data centers, racks and cabinets, plus full EPC deployment for hyperscale, enterprise and mission-critical clients.
“The Company designs, manufactures, and deploys modular data centers, containerized infrastructure solutions, electrical systems, structured cabling networks, and associated EPC services.”
+1 more quote from the report
“Edge Data Centres – Development and delivery of brick-and-mortar as well as prefabricated and containerised edge data centre solutions.”
Data Centre Solutions is one of Orient's two principal revenue segments (₹418.37 Cr in FY26), covering design, deployment and modernisation of enterprise data centres, plus the company's own Service Delivery Centre at Turbe with NOC and SOC.
“Design, deployment and modernisation of enterprise data centres spanning hyperconverged infrastructure, virtualisation, compute and storage, backup and disaster recovery, optimising every byte and workload for scalability and resilience.”
Reliance IndustriesRefineries & MarketingGrowing₹15.94 L CrP/E 21.3 vs 7.5ROCE 7.5%
Reliance Industries operates data centres and provides IDC space, power and related services to subsidiary Jio Platforms as a continuing business line with estimated annual transactions of up to ~₹5,300 crore.
“Internet Data Centre (IDC) Services: The Company has data centres and provides the data centre space, power and related services to JPL.”
Bharti AirtelTelecom - Cellular & Fixed line servicesGrowing₹11.02 L CrP/E 36.8 vs 41.1ROCE 11.9%
Nxtra is Airtel's data centre subsidiary and a stated new growth engine, with multi-fold capacity expansion underway and hyperscaler investment.
“In the data centre space, Nxtra is on track to build 1 GW of capacity over the next few years.”
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“At Nxtra, our data centre business, we are deploying AI to build next‑generation digital facilities with capabilities including predictive maintenance, enhanced efficiency, automated operations and optimised capital utilisation.”
Adani EnterprisesTrading - MineralsGrowing₹3.38 L CrP/E 40.9ROCE 6.7%
AdaniConneX JV operates data centers with 55+ MW operational capacity, 560+ MW tied-up capacity, and a Google partnership for India's largest AI data centre campus in Visakhapatnam.
“Strong traction was also seen in our Data Centre business (AdaniConneX), with its operational capacity crossing the notable 55+ MW milestone.”
Tata CommunicationsTelecom - Cellular & Fixed line servicesGrowing₹48,026 CrP/E 50.8 vs 41.1ROCE 10.0%
Tata Communications Vayu Cloud and Cloud Fabric deliver cloud/hosting infrastructure at scale (compute, storage, networking) along with a new Edge Distribution Platform for low-latency enterprise workloads.
“Core Infrastructure Services, which provide a resilient foundation of enterprise‑grade compute, networking, storage, security and connectivity to streamline cloud adoption”
Amber Enterprises (I)Household AppliancesGrowing₹23,118 CrP/E 240.2 vs 41.6ROCE 5.3%
Division markets Precision ACs for Data Centres as a listed product line, leveraging precision cooling expertise into the data centre sector.
“At the same time, the Division is leveraging its precision cooling expertise to serve growth opportunities in the defence and data centre sectors.”
Cemindia ProjectsCivil ConstructionGrowing₹19,499 CrP/E 32.4 vs 14.6ROCE 31.7%
Cemindia operates a dedicated Data Centre EPC vertical with Rs 1,738 Cr (7.1%) of order book, delivering integrated civil, MEPF and commissioning for data centres including an EPC project in Maharashtra for Adani Infra.
“We have established a dedicated data centre vertical to tap into the burgeoning demand for digital infrastructure in India and global markets. Leveraging our expertise in complex construction and electro-mechanical integration, we deliver precision-engineered, energy-efficient facilities aligned with evolving cloud and AI requirements.”
Waaree Renewable TechOther Electrical EquipmentGrowing₹8,325 CrP/E 16.4 vs 24.6ROCE 61.2%
Data Centre EPC is explicitly listed among WRTL's five operating segments, though MD's message frames it as an 'emerging adjacency' being evaluated selectively.
“Headquartered in Mumbai, the Company operates across solar EPC, operations and maintenance, T&D EPC, BESS EPC and Data Centre EPC, while also developing, owning and operating solar projects as an IPP.”
RailTel operates Tier III certified Data Centres, is building a 10 MW Noida facility and Edge Data Centres, and offers DC colocation/managed services as a strategic growth pillar.
“Data Centre and Cloud services continue to emerge as strategic growth pillars for RailTel.”
Pitti EngineeringIndustrial ProductsGrowing₹4,022 CrP/E 31.8 vs 28.5ROCE 11.2%
Supplies custom stators, rotors, generator housings and machined castings to OEMs serving data centre backup/prime power applications; expanded customer base by two data-centre clients in FY26 (3% of revenue).
“Data Centres contributed 3% of our revenue in FY26, with rising computing intensity and higher-capacity generator requirements creating demand for specialised electrical components.”
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“We also secured a second alternator platform in the data centre segment, strengthening our presence in a fast-growing market and creating a recurring revenue opportunity.”
Provides data centre consulting, design/engineering and construction services with an in-house MEP team and Tier III/IV certified project experience up to 60MW; a stated core segment alongside Banking, Payments and Transit.
“Data Center Services Team compromises of Industry leaders from Ex IBM, Emerson, Sterling & Wilson, AECOM, Sudlows Around 100 years of cumulative team experience in DC industry Designed and Executed projects which are Certified by Uptime Institute for Tier III & IV standards Experience in design of large DC up to 60MW Data Centre”
Interarch is a PEB/steel construction company that builds the structural buildings for data centers as one of its target growth segments, not a data center operator.
“Building manufacturing capacity to service multi storey buildings/data centres market”
Protean Egov TechnoIT Enabled ServicesGrowing₹2,600 CrP/E 31.4 vs 18.5ROCE 11.1%
Protean owns and operates two Tier-III disaster-resilient data centres that host its mission-critical DPI platforms and underpin its IaaS/STaaS/DaaS cloud offerings sold to enterprise and government clients.
“2 disaster-
resilient
Tier-III Data Centres”
Power Grid Corp.Power - TransmissionAnnounced₹2.28 L CrP/E 14.3ROCE 7.2%
Through subsidiary PowerTel, POWERGRID is expanding into data centres, with its first data centre at Manesar under construction.
“PowerTel is the only telecom service provider to have pan India overhead optic fibre network on Extra High Voltage Transmission Lines and is now expanding its services to Data Centre business.”
Navin Fluorine Int.Specialty ChemicalsAnnounced₹43,105 CrP/E 54.5 vs 24.3ROCE 16.4%
Partnership with Chemours and committed capex (~₹120 crores) to manufacture new-age liquid coolants for hyper data centres as part of an incubating advanced materials vertical; no revenue yet.
“~ ₹ 120 crores for initial manufacturing capacities for advanced coolants for hyper-data centres”
MTAR TechnologiesOther Electrical EquipmentAnnounced₹24,146 CrP/E 180.9 vs 24.6ROCE 12.4%
MTAR has entered the data centre infrastructure solutions segment with a Rs 450 Mn first-article order for sheet metal components and is building a dedicated facility, but no revenue yet.
“MTAR has received a first-article order worth Rs. 450 Mn for the supply of sheet metal components and assemblies for data centre infrastructure solutions. First-article deliveries are expected to commence in FY27.”
Kalpataru Project IntCivil ConstructionAnnounced₹23,895 CrP/E 21.0 vs 14.6ROCE 15.0%
Data centres are a listed core capability under the Buildings & Factories (B&F) division, with 2 data centre projects completed in India and 'data centres' referenced among key growth areas.
“Our portfolio spans residential, commercial, industrial, healthcare, education, hospitality, IT parks, airports, data centres and manufacturing facilities”
Standard Engng TCNLGYIndustrial ProductsAnnounced₹8,146 CrP/E 95.4 vs 28.5ROCE 13.4%
The company announced the acquisition of GScale Energy Private Limited, a proposed subsidiary whose MD has 22+ years in design, engineering, construction and delivery of large-scale data-centre and AI infrastructure projects; no current revenue from this segment is mentioned.
“Kasu Brahma Reddy, aged 46 years, is the Managing Director of our proposed subsidiary, Gscale Energy Private Limited. He brings over 25 years of professional experience, including more than 22 years in the data-centre and allied infrastructure industry, spanning the design, engineering, construction and delivery of large-scale data-centre and critical AI infrastructure projects.”
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“On June 25, 2026, the Board of Directors approved the proposed acquisition of up to 51% of the equity share capital of GScale Energy Private Limited (CIN: U28199TS2026PTC216284), a company engaged in the business of AI Datacenter Engineering and Infrastructure Solutions.”
Omnitech EngineeringIndustrial ProductsAnnounced₹7,780 CrP/E 88.7 vs 28.5ROCE 13.4%
Omnitech has begun First Article development and qualification work for precision components serving data center cooling and flow-control infrastructure, with no revenue yet.
“The Company has commenced First Article development and qualification work across Gas Turbine and Data Center infrastructure value chains, including opportunities linked to Power Generation, cooling and flow-control systems.”
AvenuesaiFinancial Technology (Fintech)Announced₹5,249 CrP/E 14.9 vs 70.9ROCE 6.2%
The company has launched 'Infibeam Quantum Edge' data-centre infrastructure and allocated rights-issue proceeds to scale it, primarily to support its AI stack; no standalone data-centre revenue is yet disclosed.
“the Board has approved a ₹700 crore rights issue, strategically allocated to scale our AI and data centre infrastructure (Quantum Edge)”
KNR ConstruCivil ConstructionAnnounced₹3,133 CrP/E 7.9 vs 14.6ROCE 6.9%
The company is advancing MoUs for development of an Agentic AI data centre, indicating early-stage commitment though no revenue yet.
“advancing model MoUs for power-assured Agentic AI data centre development”
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“India is asking more of its infrastructure builders than carriageways alone, and the Company is answering across mining, railways and metro, with solar EPC and AI-enabled data centre infrastructure under active study.”
Vikran EngineeringCivil ConstructionAnnounced₹1,474 CrP/E 24.6 vs 14.6ROCE 9.4%
Data Centres and Telecom Infrastructure are being added to the Object Clause via Special Resolution at this AGM; no current revenue or executed data centre projects disclosed.
“To build, establish, maintain, operate, lease or transfer Projects comprising Substations, Transmission Lines, Distribution Networks, Renewable Energy, Data Centres, Telecom Infrastructure, Smart Metering and Water Infrastructure”
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“To be recognized as a leading infrastructure solutions company and India's premier fast-track EPC partner, delivering complex and critical projects across power, renewable energy, water, transportation, data center and telecommunication sectors through engineering excellence, innovation and sustainable development.”
Ceinsys TechIT Enabled ServicesAnnounced₹1,393 CrP/E 9.3 vs 18.5ROCE 21.0%
Approved JV with AI Fabrik to set up an 'AI Neo Cloud' in India, with a phased INR 25 crore investment committed, but no revenue yet from cloud/data-center operations.
“The Board of Directors of Ceinsys Tech approved the formation of a joint venture with AI Fabrik, Inc., USA, to explore business opportunities related to the creation of a sovereign AI infrastructure and services platform in India.”
Prostarm Info SystemsOther Electrical EquipmentAnnounced₹751 CrP/E 19.0 vs 24.6ROCE 14.9%
Proposed amendment to the Objects Clause adds data center infrastructure as part of the company's IT infrastructure solutions business.
“networking, communication, cloud, data center, cybersecurity, storage, computing, surveillance, audio-visual, automation, Internet of Things (IOT), Artificial Intelligence (AI), Machine Learning (ML)”
Company has a proposed IT Park / Data Centre project at Dombivli under active development, but no operational data center capacity or revenue yet.
“Parallelly, in light of the ongoing digital transformation, the Company's proposed IT Park/ Data Centre initiative”
+2 more quotes from the report
“the Company continued to progress its proposed IT Park/Data Centre project at Dombivli, recognising the growing demand for digital infrastructure and data management services.”
“The Company's long-term growth strategy includes the proposed Mahad Agro Processing Project and IT Park/Data Centre project.”
The board is putting a special resolution to shareholders to amend the MOA object clause to permit data centre, cloud and HPC infrastructure businesses; no current operations or revenue in this theme.
“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”
Gallops EnterpriseResidential, Commercial ProjectsAnnounced₹20 CrP/E 782.0 vs 18.4ROCE 3.4%
Plans BTS-led shell data centre development at its Palava project as a future annuity income stream over the next six years; no current revenue indicated.
“We target a significant expansion in recurring annuity income over the next six years, with BTS-led shell data centres at Palava expected to be a key contributor.”
GravityOther Textile ProductsAnnounced₹14 CrP/E 0.5 vs 16.4ROCE 100.5%
Board is proposing MOA alteration to add data centre ownership/operations and cloud infrastructure as a new main object, indicating committed entry plan with no current revenue.
“establishment, development, ownership, operation, management and maintenance of data centres, data storage and data processing facilities, cloud computing infrastructure, edge computing infrastructure and allied digital infrastructure”
Gujarat FluorochemSpecialty ChemicalsMention-only₹48,950 CrP/E 79.9 vs 24.3ROCE 8.7%
GFL's new R-32 refrigerant capacity expansion is partly justified by cooling demand from AI data centres, but the company does not build, own or operate data centers itself.
“we are doubling it to 20,000 tonnes to meet the surge in demand from residential air-conditioning and the cooling infrastructure that AI data centres and commercial refrigeration now require.”
RedingtonTrading & DistributorsMention-only₹30,351 CrP/E 17.8 vs 15.8ROCE 15.7%
Data center demand is cited as a tailwind for Redington's IT distribution revenue, but Redington distributes products to data center builders rather than operating data centers itself.
“Favorable market conditions, higher growth in mobility segment and emergence of data centers contributed to higher revenue growth during the year, in addition to double digit growth across all segments.”
Power Mech ProjectsCivil ConstructionMention-only₹7,681 CrP/E 19.6 vs 14.6ROCE 17.6%
Data centre construction is identified as a forward market the Company is monitoring rather than actively pursuing, contingent on overlap with existing capability.
“Data centre construction, driven by cloud adoption, data localisation and artificial intelligence workloads, resembles a utility island more than a conventional building, requiring large cooling water systems, redundant power infrastructure and often captive generation.”
Transrail LightingHeavy Electrical EquipmentMention-only₹6,331 CrP/E 12.4 vs 36.5ROCE 23.0%
Data Centre infrastructure is mentioned only as an adjacent opportunity being evaluated; the company does not build or operate data centers.
“we are also evaluating emerging opportunities in the evolving power infrastructure ecosystem, including Battery Energy Storage Systems (BESS) and Data Centre infrastructure.”
Axis SolutionsIndustrial ProductsMention-only₹3,023 CrP/E 99.8 vs 28.5ROCE 24.7%
Data Centers is listed as an industry the company serves, and capabilities were expanded into this sector during FY26, primarily through instrumentation and automation supply.
“During the year, we also expanded our capabilities into strategic sectors including Marine, Offshore, Defence, Railways, Nuclear, Renewable Energy, and Data Centers, reinforcing our position as a trusted engineering partner for mission-critical applications.”
Marathon Nxtgen RealtResidential Commercial ProjectsMention-only₹2,427 CrP/E 12.3 vs 20.8ROCE 10.2%
Data centres are mentioned only as a forward-looking opportunity in the SWOT analysis; the company does not currently build, own or operate data centers.
“Data Centre and Digital Infrastructure Development
Rising demand for data centres, driven by digitalisation, AI adoption, and data localisation, presents a significant opportunity to leverage strategic land holdings and commercial development expertise.”
The report mentions policy support for green data centres but provides no evidence that Ajmera builds, owns, or operates them.
“Beyond housing, initiatives supporting green data centres and greater flexibility in industrial land utilisation are expected to drive economic activity and urban development.”
Texmaco Infra & HoldgDiversified Commercial ServicesMention-only₹1,529 CrP/E 164.4 vs 13.6ROCE 1.2%
Data centers appear only as industry outlook commentary in the real estate opportunities section; the company does not build, own or operate data centers.
“Rising demand for quality residential and commercial spaces, industrial and logistics parks, and data centres is expected to create new avenues for growth.”
Data centres appear only in the context of a Union Budget tax policy for foreign cloud providers, not as DAM Capital's own business.
“the Government announced an income tax exemption until 2047 for eligible foreign companies providing cloud services through data centre infrastructure located in India, subject to serving Indian customers through domestic resellers.”
Data centres were discussed only as a past revival proposal with Hiranandani that the West Bengal government ignored; the company has no current data-centre operations and its plant has been suspended since 2014.
“The Government of West Bengal repeatedly ignored our proposal for revival with the entry in the data centres and warehousing business with Hiranandani”
Tera SoftwareIT Enabled ServicesMention-only₹275 CrP/E 11.1 vs 18.5ROCE 20.8%
Data centers are mentioned only as background industry commentary; the company does not state it builds, owns or operates data center capacity.
“amid spread of generative artificial intelligence wherein data centres have become a critical part of infrastructure that supports a digital society”
Definition used: Builds, owns or operates data centers, or provides cloud/hosting infrastructure at scale. A company merely USING cloud services 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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