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
Reliance IndustriesRefineries & MarketingGrowing₹17.81 L CrP/E 25.0 vs 5.2ROCE 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₹11.86 L CrP/E 40.6 vs 37.5ROCE 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.”
+1 more quote from the report
“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₹3.87 L CrP/E 33.3ROCE 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₹47,111 CrP/E 37.5 vs 37.5ROCE 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”
Cemindia ProjectsCivil ConstructionGrowing₹21,906 CrP/E 31.0 vs 15.3ROCE 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.”
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.”
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”
How this list is built
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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