Goldman Sachs maps India’s hidden AI economy: See top 42 firms across power, data centres, semiconductors

India’s artificial intelligence story may be less visible than that of the US, China, Taiwan or South Korea, but a large part of the country’s AI opportunity is developing away from the companies that directly build AI models.

A Goldman Sachs research report has identified 42 Indian listed companies that it describes as “AI Enablers”, spanning power, data centres and semiconductors. Together, these companies have a combined market capitalisation of around $670 billion, pointing to the growing importance of the physical infrastructure required to support AI adoption.

The report, India AI Complex, Part 1: AI Enablers Hiding Beneath A Laggard Index, said India’s benchmark indices have relatively limited exposure to the global AI theme. MSCI India’s AI exposed market capitalisation is around 16%, compared with much higher exposure in markets such as Korea and Taiwan. But Goldman Sachs argues that looking only at benchmark exposure misses an emerging infrastructure opportunity.

From 1,800 companies to 42 AI Enablers

Goldman Sachs started with around 1,800 listed domestic companies with a combined market capitalisation of about $5 trillion. It then applied filters covering size, liquidity, revenue growth, capital expenditure, research and development intensity and AI related management commentary.

The exercise eventually produced a universe of 42 companies with visible revenue opportunities, order book pipelines, capital commitments or partnerships linked to the AI supply chain. The companies are spread across three broad layers: power, data centres and semiconductors.

The power segment includes generation, transmission and power equipment. The data centre segment covers developers, operators and hardware suppliers, while the semiconductor layer includes outsourced semiconductor assembly and testing, semiconductor materials and semiconductor hardware.

Data centres are at the centre of the ecosystem

Data centre operators account for the largest share of the group’s market capitalisation, at about $398 billion. Power equipment companies account for around $95 billion, followed by power generation at $47 billion and power transmission at $45 billion.

The composition also shows that India’s AI infrastructure opportunity is not concentrated only among large companies. Goldman Sachs identifies 12 large cap, nine mid cap, 13 small cap and eight micro cap companies in its 42 company universe. Capital goods account for 21 of the 42 companies.

AI is becoming a power and infrastructure story

One of the report’s key findings is the sharp increase in corporate spending linked to the AI infrastructure buildout. Goldman Sachs estimates that capital expenditure by the AI Enabler group will grow 65% in 2026, compared with 18% in 2025. It expects the growth rate to moderate to 12% in 2027. The group is expected to contribute around six percentage points to Nifty 500 capex growth in 2026.

Power generation, power transmission, data centre operators and semiconductor OSATs are among the key contributors to this investment cycle. The report also highlights a broader shift in corporate conversations. Mentions of AI in management commentary have risen sharply over the past two years, while discussions increasingly include data centres, power purchase agreements, fibre infrastructure, transformers, switchgear, GPUs, hyperscale facilities and semiconductor manufacturing.

Data centre hardware sees sharp earnings upgrades

The earnings picture is another important part of the report. Goldman Sachs says CY27 earnings estimates for the AI Enabler group have been upgraded 22% so far in 2026, while estimates for the broader Nifty 500 have been cut 2%. Data centre hardware has recorded the biggest upgrade, with CY27 earnings estimates rising 95%. Power equipment follows with a 15% upgrade, while semiconductor materials have seen an 8% increase.

Goldman Sachs expects earnings growth for the AI Enabler group at 53% in 2026, 39% in 2027 and 29% in 2028. The report’s broader message is that India’s AI opportunity may not necessarily sit with companies developing foundation models. It is also emerging among the companies supplying the electricity, equipment, data centre infrastructure and semiconductor capabilities needed to make large scale AI deployment possible.

Goldman Sachs 42-AI Enablers