Goldman Sachs Global Investment Research has identified 42 Indian “AI enablers” — companies in power infrastructure, data-centre hardware and semiconductors — that averaged about 60% stock gains since January 1, 2026, against a 12% fall in the Nifty 50. The note, dated September 17, 2026, received fresh coverage on September 28.

The 42 companies, with a combined market capitalisation of about $670 billion, were screened from around 1,800 listed companies on size, liquidity, revenue growth, capex, R&D intensity and AI-related investments. They represent roughly 2% of listed companies but about 13% of cumulative market capitalisation.

All three layers rose 40-80% year-to-date, with healthcare the next-best sector at about 10%. Named companies include Adani Green Energy, Tata Power, Cummins India, Kirloskar Oil Engines, CG Power, Kaynes Technology and Syrma SGS, alongside Larsen & Toubro, Reliance Industries, Adani Enterprises and Bharti Airtel.

Goldman noted that only about 16% of MSCI India is classified as AI-exposed, versus 70-80% in South Korea and Taiwan. India attracted over $250 billion in data-centre investments in the past 12 months, and an HDFC Securities analyst estimated one gigawatt of capacity needs roughly Rs 70,000 crore of investment, with about 40% of that an opportunity for Indian firms.