Most-Tracked Data Center-Linked Stocks

 Here's a look at some of the most-tracked data center-linked stocks on Indian exchanges right now, given the sector's rapid buildout (installed capacity is projected to hit roughly 1.7 GW by end-2026):

1. Bharti Airtel Its subsidiary Nxtra Data is one of India's largest data center operators. Nxtra recently received $1 billion in funding for capacity expansion from 300 MW to 1 GW in the coming years. Airtel

offers exposure to data centers alongside its core telecom business.

2. Anant Raj Originally a real-estate company, Anant Raj has aggressively pivoted toward data center development using a debt-free land-banking strategy, targeting ₹3,000 crore in annual revenues from the segment. Its share price has been supported by a partnership with Submer for AI-focused data centers.

3. Netweb Technologies Netweb provides high-performance computing, cloud, AI, and enterprise storage infrastructure supporting hyper-scale, enterprise, and government data centers, and has installed over 500 systems to date. The company has seen AI-related sales rise from 15% to 64% of revenue, with organic growth of 35–40% and very low debt (D/E of 0.03).

4. Adani Enterprises Adani Enterprises operates in the space through its AdaniConneX joint venture, one of the "pure operator" data center plays in India, positioning it as a large-scale infrastructure bet as the group builds out capacity across multiple hubs.

5. E2E Networks E2E Networks focuses on cloud computing and AI/ML cloud platforms, offering scalable cloud infrastructure — including GPU-based servers — primarily to startups, SMEs, and enterprises, and counts clients like Zomato, IndiaMART, and MobiKwik.

What's driving the sector: cloud migration, AI/GPU-heavy workloads, data-localization rules, and 5G rollout are the key structural tailwinds, and the 2026 Union Budget's move to a 0% tax on foreign cloud income through 2047 has further boosted sentiment toward the space.

A few other names that come up in sector screens: Cummins India and Polycab India (as infrastructure/power suppliers to data centers), Tata Communications, and Sify Technologies.

A couple of things worth keeping in mind, as you noted: these stocks span very different risk profiles — from pure-play infra names with concentrated data-center revenue (Netweb, Anant Raj) to large diversified conglomerates where data centers are one growth lever among many (Airtel, Adani). Valuations in this theme have run up a lot given the AI narrative, so multiples on some names are already pricing in aggressive growth. I'm not a financial advisor — this is factual/informational, not a recommendation, so it's worth doing your own due diligence (or checking with an advisor) on financials and valuation before acting on any of these.