Data Centre Stocks in India 2026: Suppliers and Operators

In 2020, India had about 375 MW of data-centre power capacity. By August 2026, it had about 1.57 GW, more than four times as much, and India's Central Electricity Authority says data-centre power demand could reach 17 GW by 2031-32. Google has laid the foundation of a 1 GW AI data-centre hub at Visakhapatnam, and Meta has signed up for a 168 MW data centre that Reliance is building at Jamnagar.

Every one of those buildings needs a substation, transformers, cables, backup gensets, batteries, cooling and fibre before a single server is switched on. Many of these come from listed Indian companies, and some of them now sell the same equipment to data centres in the US. This page lists the companies we have studied in depth that have a real data-centre business, with each one's latest data-centre figure, and then other listed names in the chain. Each linked row leads to our full research on that company.

Figures as of 13 November 2026. This page is research, not a recommendation to buy or sell any stock.

Data Centre Stocks in India at a Glance

For most of these companies, data centres are still a smaller part of revenue than their older businesses. At KRN Heat Exchanger, they were already about 36% of revenue in Jul-Sep 2026.

What a Data Centre Needs

A data centre is a building full of servers that must never stop. Its size is usually given in IT load, which means the power available to the servers themselves, not to cooling or lighting. The building as a whole needs more than that. If a site has 10 MW of IT load and a PUE (power usage effectiveness, total power divided by IT power) of 1.5, it needs 15 MW from the grid. A Tier III data centre built for air cooling costs about ₹50-55 Cr per MW in India.

That money goes into four things outside the servers:

1. Power. A large data centre needs its own high-voltage substation, power transformers, switchgear and kilometres of cable. This is where Techno Electric, APAR and Quality Power sit, along with transformer makers such as CG Power and Hitachi Energy.
2. Backup. A Tier III data centre is designed to be available 99.982% of the time, or about 1.6 hours of downtime a year. So it keeps rows of large gensets ready to start within seconds, and batteries that carry the load until they do. This is Kirloskar Oil Engines', Cummins' and HBL's market. In the US, some data centres that cannot wait for a grid connection build their own power plants, using gas engines, turbines or fuel cells, which is where TD Power and MTAR come in.
3. Cooling. Cooling can take 10-30% of a data centre's power. Air cooling reaches its limit above about 15 kW per rack, and AI racks are expected to go above 30 kW, so new halls are moving to liquid cooling, where a coolant is piped right up to the chips. Chillers need coils from makers such as KRN, and liquid cooling needs pipes, hoses and skids from companies such as Aeroflex and Venus Pipes.
4. Connectivity. Servers talk to each other and to users through fibre. AI data centres use cables with thousands of fibres each, which HFCL and STL make.

Why Data Centre Demand Is Rising in India

Capacity is growing fast. India's installed data-centre capacity rose from about 375 MW in 2020 to about 1.57 GW in August 2026, on the government's count. Property consultants count about 1.8 GW in operation in mid-2026, with nearly 3.9 GW more under construction or planned. The government projects close to 8 GW by 2030. Different sources measure capacity in different ways, so read each number with its basis.

The largest cloud companies are building here. Google plans to invest USD 15 bn over 2026-2030 in an AI hub at Visakhapatnam, with AdaniConneX and Airtel, and laid its foundation in April 2026. Microsoft has committed USD 17.5 bn over 2026-29 to cloud and AI infrastructure in India, and Amazon has raised its India investment for 2026-2030 to USD 48 bn. The government says investments of nearly USD 70 bn are already under way, with another USD 90 bn announced.

Policy helps. Data centres were given infrastructure status in the 2022-23 Budget, which makes long-term loans easier. The 2026-27 Budget gave a tax holiday until 2047 to eligible foreign cloud companies that serve global customers from data centres in India.

Power is the hard part. The Ministry of Power estimated in March 2026 that data-centre demand could reach 13.56 GW by 2031-32, and the Central Electricity Authority now puts it at 17 GW. That power has to be generated, carried and backed up, which is what most of the companies on this page sell.

The US market is even bigger. Data centres worldwide used about 415 TWh of electricity in 2024, about 1.5% of all electricity, and this is projected to reach about 945 TWh by 2030, with the US adding the most. That is why APAR, TD Power, MTAR and Quality Power have won data-centre orders from the US before most Indian ones.

Other Listed Companies in Data Centres

These companies also supply or run data centres but are not yet covered in our in-depth research. The details come from their own filings, calls and releases.

How to Read a Data Centre Stock

1. Is there a real order, or only a plan? Many companies name data centres as a target before they win anything. Atlanta Electricals had no data-centre orders in its July 2026 order book, and Cyient DLM plans to enter AI data-centre hardware only between FY27 and FY29.
2. What share of revenue is it? A large data-centre order can still be a small part of a big company. Look for the share of revenue or of the order book.
3. India or the US? US data-centre demand is larger today, and several Indian suppliers get most of their data-centre orders from there. Indian orders depend on how fast hyperscale campuses here are built and leased.
4. Supplier or owner? Suppliers are paid when they deliver. Owners such as Techno Electric spend large sums first and earn rent only as customers move in, so watch leasing as well as capacity.
5. Who is the buyer? Many suppliers sell through one partner or one large customer, such as MTAR through Bloom Energy and Aeroflex through a global cooling company. That makes growth fast but concentrated.

Key Risks for Data Centre Stocks

• Guidance can change quickly: Techno Electric expected about ₹125 Cr of data-centre revenue for FY27 in November 2025, and cut that to ₹40-50 Cr in May 2026. Leasing at its Chennai campus has been gradual.
• Customer concentration: a single customer or partner, such as Bloom Energy for MTAR, can drive most of a company's data-centre business.
• Capacity numbers differ: the government counts about 1.57 GW of installed capacity, while the IEA counted about 2 GW in 2024 on a different basis. Projections of future demand vary even more.
• The cycle can turn: data-centre spending depends on cloud and AI spending by a handful of global companies. If they slow down, suppliers' orders slow too.
• Power and water limits: a data centre cannot open without a firm power connection, and new sites face rules on power, water use and energy efficiency.

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Conclusion

India's data-centre capacity has grown more than four times since 2020, and the largest cloud companies have announced tens of billions of dollars of new investment. That spending reaches Indian makers of cables, gensets, batteries, cooling parts and power equipment, and several of them are also winning orders from US data centres. But for most of them, data centres are still a young business, and plans do not always turn into orders. Use the tables above to see where each company sits, then read our research on each one for its orders, margins and risks.

Shashank Mahajan

High growth stock specialist, Value Educator

Shashank Mahajan is an equity research professional with over 12 years of experience in identifying high-potential SME and micro-cap stocks at an early stage. He follows a rigorous scuttlebutt research–driven approach, combining on-ground insights with deep financial analysis. Shashank specializes in uncovering under-researched and under-owned companies with strong management quality and long-term growth potential. Through disciplined research and early identification, he focuses on spotting tomorrow’s market leaders before they enter the mainstream investor radar.