Data Centers & Cloud

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₹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.”

Annual Report · p. 24
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.”

Annual Report · p. 14
+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.”

Annual Report · p. 26
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.”

Annual Report · p. 22
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”

Annual Report · p. 19
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.”

Amber Enterprises India Ltd - 540902 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 29
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.”

Annual Report · p. 31
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.”

Waaree Renewable Technologies Ltd - 534618 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 4
Railtel Corp of IndOther Telecom ServicesGrowing₹8,004 CrP/E 39.6ROCE 13.9%

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.”

Annual Report · p. 15
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.”

Pitti Engineering Ltd-$ - 513519 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 5
+1 more quote from the report

“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.”

Pitti Engineering Ltd-$ - 513519 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 23
Aurionpro SolnComputers - Software & ConsultingGrowing₹3,217 CrP/E 15.6 vs 15.6ROCE 14.1%

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”

Annual Report · p. 22
Interarch BLDNG SoltnCivil ConstructionGrowing₹2,823 CrP/E 21.0 vs 14.6ROCE 20.6%

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”

Interarch Building Solutions Ltd - 544232 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 11
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”

Protean eGov Technologies Ltd - 544021 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 18
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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