AI Stocks in India: No Pure-Plays, But Goldman Sachs’ 42 AI Enablers in Power, Data Centres and Semiconductors Have Surged 60% in 2026
- October 1, 2026
- Posted by: Harsh Piplani
- Category: News
Goldman Sachs: 42 Indian AI enablers up about 60% in 2026 vs Nifty down 12%. Trade at about 36x forward earnings. AI-exposed share of MSCI India: just 16%. Combined market value about USD 670 bn.
Quick Answer
AI stocks in India are not pure-play AI developers like those in the US. Instead, investors are buying AI enablers, the companies that supply power, data centres, equipment and semiconductor components. Goldman Sachs identified 42 such stocks in a 17 September 2026 note, and the basket rose about 60% this year to mid-September while the Nifty 50 fell 12%. Earnings growth of about 29% a year through 2028 supports the trend, but the group trades at about 36 times forward earnings, near the top of its historical range.
AI stocks in India look very different from the US. There are few listed companies building AI models or chips, yet investors have found other ways to play the AI boom. A group of AI enablers, from power and data centre stocks to semiconductor stocks, has surged even as the broader Indian market has struggled.
To map AI stocks in India, Goldman Sachs in a 17 September 2026 note listed 42 Indian AI enablers across power infrastructure, data centre hardware and semiconductors. These stocks rose about 60% on average from 1 January to mid-September, compared with a 12% decline in the Nifty 50 over the same period.
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Why India Has No Pure-Play AI Stocks
In the US, a small group of AI-linked giants dominates the market. Since ChatGPT’s launch in late 2022, about 42 companies linked to generative AI have accounted for roughly 65% to 75% of the S&P 500’s returns, earnings growth and capital spending increase, according to JP Morgan. India does not have listed equivalents of these model developers and chip designers.
Goldman Sachs estimates that AI-exposed companies make up only about 16% of the MSCI India index’s market value, compared with 70% to 80% in Korea and Taiwan and 30% to 50% in China and Japan. That is one reason India has been seen as an anti-AI trade this year, with foreign investors rotating to AI-heavy markets. Traditional IT services firms have also faced pressure from AI-led disruption.
What Are AI Enablers?
AI enablers are companies that make money from building the physical infrastructure that AI needs. Goldman Sachs screened about 1,800 Indian companies worth about USD 5 trillion and picked those with visible revenue, order pipelines, capital commitments and partnerships tied to the AI supply chain. The 42 selected stocks have a combined market value of about USD 670 billion.
| Layer | What it includes | Example companies mentioned |
|---|---|---|
| Power | Power generation, power transmission, equipment | Adani Green, Tata Power, NTPC Green, Acme Solar, Power Grid, GE Vernova T&D, ABB India, Siemens, Waaree |
| Data centres | Development, operations, hardware | Bharti Airtel, Reliance Industries, Anant Raj, Brigade Enterprises, Netweb Technologies |
| Semiconductors | Assembly and testing, materials, hardware | Kaynes Technology, Syrma SGS, Sterlite Technologies, Gujarat Fluorochemicals, Navin Fluorine |
All three layers of AI stocks in India have gained between 40% and 80% in 2026, according to Goldman Sachs. Within AI stocks in India, power stands out because data centres consume huge amounts of electricity, creating demand for generation, transmission lines, transformers and switchgear.
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Why AI Enablers Are Rising
The rally in AI stocks in India is backed by earnings, not just themes. Goldman Sachs expects the AI enablers to grow earnings by about 29% a year through 2028, and said most of the returns since 2025 have come from improved profitability. AI-linked infrastructure capex is projected to rise about 65% in 2026, and Nifty 500 capex growth is expected to more than double to 16% in 2026 from 7% in 2025, with AI enablers contributing about 6 percentage points.
Corporate disclosures reflect this shift. Earnings calls increasingly mention data centres, power purchase agreements, fibre infrastructure, transformers, switchgear, substations, GPUs and OSAT. This week alone, Interarch Building Solutions announced an Rs 89 crore order for a data centre structure, and Acme Solar commissioned another phase of its battery storage project.
Valuation Check on AI Stocks in India
The strong run has made AI stocks in India expensive. Goldman Sachs said the AI enablers trade at about 36 times forward earnings, an 85% premium to MSCI India and close to the upper end of their five-year range of 28 to 39 times. The brokerage said the premium largely reflects stronger earnings growth, but it leaves little room for disappointment.
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Risks Investors Should Watch
- Valuations: At about 36 times forward earnings, any slowdown in orders could trigger sharp corrections.
- Execution: Power and data centre projects are capital-heavy and can face delays.
- Global AI cycle: A slowdown in global AI spending would hit sentiment across the theme.
- Theme crowding: Popular themes can attract momentum buying that reverses quickly.
How to Approach AI Stocks in India
Investors looking at AI stocks in India can focus on companies with visible orders, healthy balance sheets and reasonable valuations within the AI enabler space, rather than chasing names only because of the AI label. Diversifying across power stocks, data centre stocks and semiconductor stocks can reduce stock-specific risk.
Bottom Line
India may not have pure-play AI stocks, but AI enablers in power, data centres and semiconductors have become the market’s AI trade, with Goldman Sachs’ basket of 42 stocks up about 60% in 2026. Strong earnings growth supports the theme, but valuations near historical highs call for selectivity. Consult a SEBI-registered advisor before investing in AI stocks in India.
Disclaimer: Data and figures in this article are sourced from publicly available information and reflect intraday levels at the time of writing. These may or may not be accurate. Please verify all data independently before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions on AI Stocks in India
Are there pure-play AI stocks in India?
Ans. India has very few listed pure-play AI companies like those in the US. Instead, investors are betting on AI enablers, companies that supply power, data centres, equipment and semiconductor components needed for the AI build-out.
What are Goldman Sachs’ AI enablers in India?
Ans. Goldman Sachs identified 42 Indian companies in a 17 September 2026 note as AI enablers, spanning power generation, transmission and equipment, data centre development and hardware, and semiconductor assembly, testing and materials.
How much have AI enabler stocks gained in 2026?
Ans. Goldman Sachs’ basket of 42 AI enablers rose about 60% on average from 1 January to mid-September 2026, compared with a 12% decline in the Nifty 50.
Which stocks are in Goldman Sachs’ AI enablers list?
Ans. Names mentioned in reports include Adani Green Energy, Tata Power, NTPC Green Energy, Acme Solar, Power Grid, GE Vernova T&D, ABB India, Siemens, Waaree Energies, Netweb Technologies, Sterlite Technologies, Kaynes Technology, Syrma SGS, Anant Raj, Bharti Airtel and Reliance Industries.
Are AI stocks in India expensive?
Ans. Goldman Sachs said the AI enablers trade at about 36 times forward earnings, an 85% premium to the MSCI India index and near the top of their five-year range of 28 to 39 times.
How exposed is India’s market to AI?
Ans. Goldman Sachs estimates AI-exposed companies make up only about 16% of MSCI India’s market cap, compared with 70% to 80% in Korea and Taiwan and 30% to 50% in China and Japan.
Should I invest in AI stocks in India?
Ans. AI enablers have strong earnings growth and order books, but valuations are high and the theme can be volatile. Consider diversification and consult a SEBI-registered advisor before investing.
