AI Stocks in India: 10 Listed Companies Worth Researching

AI stocks in India are listed companies that earn a measurable share of revenue from building, running or selling artificial intelligence, such as AI servers, GPU cloud capacity, AI-led software services and AI-driven advertising platforms. The 10 below are examples worth researching because their filings show real AI revenue or products, but for most of them AI is still a minority of sales, and two trade at P/E multiples above 100.

This article explains the theme first, including the IndiaAI Mission and why AI is both an opportunity and a threat for Indian IT. It then gives a dated fact file for each company, a comparison table, a section on “AI-washing”, the valuation risk and a checklist you can use on any AI stock. This is educational material, not a recommendation to buy or sell any security.

Why AI is an investment theme in India

The IndiaAI Mission and public GPU compute

The Union Cabinet approved the IndiaAI Mission in March 2024 with an outlay of ₹10,372 crore (₹10,371.92 crore) over five years. Its largest pillar is shared computing: the government pays private data-centre operators to make GPUs (graphics processing units, the chips used to train and run AI models) available to Indian start-ups, researchers and government bodies at subsidised rates.

According to the Ministry of Electronics and IT, more than 38,000 GPUs had been onboarded through the AI compute portal by March 2026, and 190 projects had been approved under the mission. In February 2026, at the India AI Impact Summit, the minister announced another 20,000 GPUs and said the existing pool was being offered at about ₹65 per GPU-hour. For listed companies, this matters in two ways: some (such as E2E Networks) rent GPU capacity to the scheme, and others (such as Netweb) build the servers.

Enterprise AI adoption shows up in company numbers

Broad surveys of “AI adoption” vary widely, so company disclosures are a better guide. LTIMindtree said its AI revenue was about $150 million a quarter in Q1 FY27, roughly 12% of its $1.22 billion quarterly revenue. Netweb said AI systems made up 62% of its Q1 FY27 revenue. LatentView said AI was the primary solution in about 35% of its projects. These are the kind of figures you should look for before calling any company an AI stock.

AI also threatens Indian IT services

For IT services firms, AI cuts both ways. Code-generation and agentic AI tools can automate work that used to be billed by headcount, which squeezes effort-based contracts. In September 2026 the Nifty IT index fell about 11%, against a 6% fall in the Nifty 50, and Infosys, Wipro, Tata Elxsi, KPIT and Happiest Minds hit 52-week lows, according to Business Standard. So an IT company launching an AI platform is not automatically an AI winner. The question is whether AI work grows faster than traditional work shrinks.

Four ways to get AI exposure in Indian stocks

• IT and engineering services: firms that build AI systems for clients. Large revenue bases, but AI is usually a small slice, and AI automation can cut their old revenue.
• AI platforms: companies whose core product uses machine learning, such as ad-tech that prices campaigns on predicted conversions.
• Data and analytics: firms that clean, organise and model data, which every AI project needs first.
• Hardware and compute: server makers and GPU cloud providers. The most direct link to AI spending, and usually the most expensive and volatile.

10 AI stocks in India worth researching

Unless stated otherwise, market cap, P/E and ROCE (return on capital employed, a measure of how much operating profit a company earns on the money invested in it) are as of the 1 October 2026 close from Screener.in, on consolidated figures. Revenue growth is FY26 (year to March 2026) over FY25. AI details come from each company’s Q1 FY27 results and presentations. The order is by segment, not by preference.

1. Netweb Technologies (AI servers and supercomputers)

Netweb designs and manufactures high-performance computing systems, AI servers and private cloud hardware in India. Market cap is about ₹26,872 crore, P/E 103 and ROCE 37.5%, with FY26 revenue up about 90%. In Q1 FY27, revenue rose 172% year on year to about ₹820 crore, and AI systems brought in about ₹511 crore, or 62% of the total. The order book was about ₹2,507 crore at 30 June 2026. Most of the growth story is already in the P/E, and government and large-customer orders can be lumpy.

2. E2E Networks (GPU cloud)

E2E rents cloud computing, including Nvidia H100, H200 and B200 GPU clusters, to Indian businesses and to the IndiaAI Mission. In September 2025 it won a ₹177 crore IndiaAI order to supply H200 and H100 GPU capacity for 360 days. Market cap is about ₹13,321 crore and the trailing P/E is about 427, because profits are only just returning: it lost ₹16 crore in FY26 (standalone), then earned ₹44 crore in Q1 FY27 on revenue of ₹157 crore. ROCE was slightly negative (−0.5%). FY26 revenue grew 50%. Heavy GPU purchases mean high depreciation and the risk that chips age faster than they pay back.

3. Persistent Systems (AI-led software engineering)

Persistent builds software products and platforms for clients in banking, healthcare and technology, and sells its own AI tools, including SASVA (an AI platform for software engineering) and GenAI Hub. Market cap is about ₹84,664 crore, P/E 42.5 and ROCE 34.4%. FY26 revenue grew 23.5%, and Q1 FY27 revenue was $452.4 million, up 16.1%, with record order bookings (total contract value) of $1.146 billion. It does not report a separate AI revenue figure, so its AI share cannot be measured directly.

4. LTIMindtree (IT services with disclosed AI revenue)

LTIMindtree (now branded LTM) is a large IT services company from the L&T group with its own agentic AI platform, BlueVerse. Market cap is about ₹1,18,856 crore, P/E 21.2 and ROCE 29.6%, with FY26 revenue up 11.3%. It is one of the few Indian IT firms to put a number on AI: about $150 million a quarter across business, creative and industrial AI in Q1 FY27. The stock was about 38% below its 52-week high, which shows how the wider IT sell-off has hit even firms with visible AI revenue.

5. Happiest Minds Technologies (digital engineering, GenAI unit)

Happiest Minds is a mid-sized digital engineering firm that set up a separate Generative AI Business Services (GBS) unit in FY25. In Q1 FY27 that unit was about 5.4% of revenue, so AI is still small. Market cap is about ₹4,640 crore, P/E 19.8 and ROCE 13.3%, with FY26 revenue up 12.3%. Borrowings of about ₹1,494 crore (March 2026, Screener) are high for an IT company and worth checking in the annual report.

6. Zensar Technologies (IT services, ZenseAI)

Zensar, an RPG group company, packages its AI tools as ZenseAI and uses them in client projects such as insurance and grants-management platforms. Market cap is about ₹9,885 crore, P/E 12.4 and ROCE 22.8%, with FY26 revenue up 7.7%. The low P/E reflects slow growth: Q1 FY27 revenue rose only 1.1% quarter on quarter in constant currency. It does not disclose AI revenue, so the AI link is about capability rather than measurable sales.

7. Tata Elxsi (design and engineering for auto, media, health)

Tata Elxsi designs software for cars (software-defined vehicles), broadcasters and medical devices, and has launched AI platforms such as AnaTEL for medtech software development. On standalone figures, market cap is about ₹19,270 crore, P/E 27.3 and ROCE 30.0%. FY26 standalone revenue was nearly flat (up 0.8%), though Q1 FY27 consolidated revenue rose 14.5% year on year to ₹1,021 crore. The share price was about 48% below its 52-week high on 1 October 2026.

8. KPIT Technologies (automotive software and AI)

KPIT writes software for carmakers, including autonomous driving, electric powertrains and in-vehicle AI. Market cap is about ₹13,488 crore, P/E 21.6 and ROCE 26.3%, with FY26 revenue up 10.5%. Q1 FY27 was weak: revenue fell 0.6% year on year in dollars and profit fell 28% from the previous quarter, mainly due to Europe. Management expects AI-led productivity to help margins. The stock was about 62% below its 52-week high, a reminder that “AI” in a description does not protect a stock when its core market slows.

9. Affle 3i (AI-driven mobile advertising)

Affle runs a consumer platform that uses machine learning to predict which users will install an app or buy something, and it is paid per conversion (the CPCU model, cost per converted user), which made up 99.8% of Q1 FY27 revenue. Market cap is about ₹20,427 crore, P/E 42.8 and ROCE 16.8%, with FY26 revenue up 19.5%. In Q1 FY27 it delivered 123.9 million conversions, up from 107.0 million a year earlier. Here AI is built into the core product rather than sold as a service, but the business depends on ad budgets and app-store and privacy rules.

10. LatentView Analytics (data analytics and AI consulting)

LatentView builds data platforms and analytics models for large US companies, with a fast-growing Databricks partnership. Market cap is about ₹4,856 crore, P/E 24.8 and ROCE 15.8%, with FY26 revenue up 25.0%. Q1 FY27 revenue rose 21.6% to ₹287 crore, but profit fell about 7% on wage hikes. The company says AI is the primary solution in about 35% of projects. A new CEO took charge in 2026, so execution under new leadership is a point to track.

Comparison table

Company	Segment	Market cap (₹ cr)	P/E	ROCE	FY26 revenue growth	Disclosed AI metric
LTIMindtree	IT services	1,18,856	21.2	29.6%	11.3%	~$150m AI revenue a quarter
Persistent Systems	IT services	84,664	42.5	34.4%	23.5%	None separately
Netweb Technologies	AI hardware	26,872	103	37.5%	90.1%	62% of Q1 revenue from AI systems
Affle 3i	AI ad platform	20,427	42.8	16.8%	19.5%	ML-priced conversions, 99.8% of revenue
Tata Elxsi*	Engineering	19,270	27.3	30.0%	0.8%	None separately
KPIT Technologies	Auto software	13,488	21.6	26.3%	10.5%	None separately
E2E Networks*	GPU cloud	13,321	427	−0.5%	50.0%	IndiaAI GPU orders
Zensar Technologies	IT services	9,885	12.4	22.8%	7.7%	None separately
LatentView Analytics	Data analytics	4,856	24.8	15.8%	25.0%	AI primary in ~35% of projects
Happiest Minds	Digital engineering	4,640	19.8	13.3%	12.3%	GenAI unit ~5.4% of revenue

Source: Screener.in, 1 October 2026 close; company Q1 FY27 results. *Standalone figures. A P/E of 427 for E2E reflects very low trailing profit, not a normal valuation.

We left out some names often linked to AI. Oracle Financial Services Software and Saksoft are often tagged as AI stocks, but their latest results do not separate AI revenue in a way that shows AI is driving growth. Treat any list, including this one, as a starting point for your own reading of the filings.

AI-washing: how to spot a fake AI stock

“AI-washing” means overstating how much a company uses or earns from AI to attract investors. In India it usually shows up as a small company renaming itself, issuing a press release about an “AI partnership” or announcing a vague AI product, after which the share price jumps on volume. Warning signs include:

• AI appears in the name or press releases but not as a revenue line, segment or customer count in the results.
• An “MoU” or “partnership” with no rupee value, no named customer and no timeline.
• Revenue that is tiny or falling while the market cap multiplies.
• Preferential share allotments, promoter selling or frequent changes of business line around the AI announcement.
• Stock tips on social media or messaging apps urging you to buy before an “AI order” is announced.

The simplest test: open the latest quarterly investor presentation and find the AI number. If there is no AI revenue, order value, GPU count or client metric, the AI story is a label, not a business.

Be careful with “AI stocks under ₹10”

Searches for “AI stocks under ₹10” mostly turn up penny stocks: tiny companies with thin trading, weak disclosures and little or no AI revenue. A low share price says nothing about value; a ₹5 share can be far more expensive than a ₹5,000 share once you compare earnings. Such stocks are also easier to manipulate. Read our guide on the reasons to stay away from penny stocks before buying anything in this price range.

Valuation risk: when a good story is a bad price

The P/E ratio tells you how many rupees you pay for each rupee of annual profit. When it is very high, the company must grow fast for years just to justify today’s price, and any slowdown can cut the multiple sharply.

Hypothetical example. Suppose Priya invests ₹1,00,000 in an AI hardware stock at a P/E of 100. Its earnings grow an impressive 30% a year for three years, so earnings rise 1.30 × 1.30 × 1.30 = 2.197 times. But as growth normalises, the market cuts the P/E to 40. Her shares are now worth ₹1,00,000 × 2.197 × (40 ÷ 100) = ₹87,880, a loss of about 12% even though profits more than doubled.

Now suppose she instead buys a slower IT company at a P/E of 25, its earnings grow 12% a year and the P/E stays at 25. After three years, ₹1,00,000 × 1.12 × 1.12 × 1.12 = ₹1,40,493. The slower business wins because she paid less for it. For more on this, see how to tell if a stock is overvalued.

Other risks to weigh are technology change (GPUs and models age quickly), customer concentration in a few US clients, rupee-dollar swings for exporters, and lumpy government orders for hardware firms.

Checklist before you research any AI stock

1. Find the AI number in the latest results: AI revenue, AI share of orders, GPU count or AI clients.
2. Check whether total revenue is growing, not just the AI slice. For IT firms, ask whether AI is cannibalising older work.
3. Compare the P/E with the company’s own 5-year history and with peers.
4. Look at ROCE (above about 15% is healthy for a services firm) and borrowings.
5. Read the order book or deal wins and how much of it is from one customer or government.
6. Check promoter holding, pledges and any recent preferential issues.
7. Decide position size first. Keep any single theme a modest part of your portfolio.

If you plan to hold for years rather than trade the news, our guide to long-term investment strategies covers how to build a theme like this into a wider portfolio.

Not a recommendation

The companies above are examples for research, chosen because their disclosures show a real AI link. They are not buy or sell recommendations, and the data will change after 1 October 2026. Check the latest results and prices, and consider a SEBI-registered investment adviser if you need personal advice.

FAQ

Which are the top AI stocks in India?

There is no official list. Companies with the most direct, disclosed AI revenue include Netweb (AI servers were 62% of Q1 FY27 revenue), E2E Networks (GPU cloud) and LTIMindtree (about $150 million of AI revenue a quarter). “Top” should mean measurable AI business, not the biggest share-price gain.

Is there a pure-play AI stock in the Indian stock market?

Very few. Netweb and E2E Networks come closest because most of their recent growth comes from AI hardware and GPU capacity. Most IT companies earn only a small share of revenue from AI so far.

Why are IT stocks falling if AI is booming?

Investors worry that AI tools will reduce the number of people clients pay for, hurting traditional IT revenue faster than new AI projects replace it. Slow global tech spending adds to the pressure. In September 2026 the Nifty IT index fell about 11%, compared with about 6% for the Nifty 50.

Are there AI mutual funds or ETFs in India?

Some AMCs offer technology or digital-theme funds, and NSE publishes a Nifty AI Catalysts index. Check what such a fund actually holds, because many hold mainstream IT companies. Thematic funds are concentrated and should be a small part of a portfolio.

Should I buy AI stocks under ₹10?

Be very cautious. Shares in this range are usually penny stocks with thin trading, weak disclosures and little real AI revenue, which makes them prone to price manipulation. A low share price does not mean a cheap valuation.