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But beneath the benchmark indices, a sizeable pocket of Indian companies is emerging as a play on the build-out of AI infrastructure .
Goldman Sachs has identified 42 such ' AI Enablers ' across power, data centres and semiconductors.While the Nifty has fallen 12% in 2026 till mid-September, this cohort has surged about 60%.
Goldman Sachs said the AI Enablers trade at about 36 times forward earnings, an 85% premium to MSCI India and close to the upper end of their five-year valuation range of 28-39 times.
ET shortlisted 14 out of the 42 companies identified by Goldman on the basis of a minimum capex intensity of 20%.
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Mumbai: The absence of a meaningful AI trade in India is often cited as one reason for the relative lack of foreign investor interest in the market, particularly as AI-linked stocks have powered returns in several other major markets such as the US, Taiwan and South Korea. But beneath the benchmark indices, a sizeable pocket of Indian companies is emerging as a play on the build-out of AI infrastructure . Goldman Sachs has identified 42 such ' AI Enablers ' across power, data centres and semiconductors.While the Nifty has fallen 12% in 2026 till mid-September, this cohort has surged about 60%. Many of these companies are small- and mid-caps in capital goods, utilities and technology hardware, which means their presence is not adequately captured by the large-cap-heavy benchmark indices.Valuations, though, are not cheap. Goldman Sachs said the AI Enablers trade at about 36 times forward earnings, an 85% premium to MSCI India and close to the upper end of their five-year valuation range of 28-39 times. The brokerage said that the premium largely reflects their stronger earnings growth. ET shortlisted 14 out of the 42 companies identified by Goldman on the basis of a minimum capex intensity of 20%.
