Artificial Intelligence – Cross Sector Thematic – Powering AI Supercycle: Decoding Data center capex
Published on 16 Apr 2026
In this report, we assess the opportunity for the capital goods ecosystem from India’s accelerating data center build-out, with companies such as ABB India, Siemens Energy, CG Power, GE Vernova T&D, Hitachi Energy India, Cummins India, Schneider Electric, Vertiv India, Siemens, Larsen & Toubro, and Apar Industries, well-positioned to benefit from rising demand for power and infrastructure solutions. We believe these players are poised to gain from a structural, multi-year capex cycle driven by hyperscale and AI-led demand, with India unlocking ~INR1.5trn opportunity over the next 5 years, supported by localization and increasing investments. However, execution will depend on progress in power availability, grid connectivity, and infrastructure readiness.
