India · Data centres and AI infrastructure
India is planning in gigawatts.
Three customers are buying them.
The sector is being priced on announcements. Announced capacity and live capacity are both counted in megawatts, and across 8 operators they differ by a factor of 17. On the one operator whose filings are public, only 60 per cent of the capacity it calls built is sold to a customer.
Announced
10.6GW
Across 8 operators. Every figure is a statement about the future.
Live
619MW
5.8 per cent of what has been announced.
Bought by
67%three clients
On the one operator whose client table is filed, three Hyperscalers are two thirds of revenue.
Traced to a filing
2of 8
The rest are research note figures, tagged as such on every row.
Exhibit 1
India has announced 10.6 GW. 619 MW of it is live.
Announced against live capacity by operator, megawatts, both axes logarithmic. Operators only.
The vertical drop under each point is announced capacity minus what is live. Every one of the 8 sits below parity. 2 are on the floor, holding 8 GW of announcements between them and nothing live.
| Operator | Listed via | Announced | Live | Delivered | Sourcing |
|---|---|---|---|---|---|
 AdaniConneX | ADANIENT | 5000 | 0 | 0% | unverified |
 Reliance Jamnagar | RELIANCE | 3000 | 0 | 0% | secondary |
 Nxtra by Airtel | BHARTIARTL | 1000 | 125 | 13% | secondary |
 STT GDC India | TATACOMM | 868 | 318 | 37% | secondary |
 Anant Raj Cloud | ANANTRAJ | 307 | 28 | 9% | secondary |
 Techno Electric data centres | TECHNOE | 250 | 24 | 10% | primary |
 Sify Infinit Spaces | SIFY | 188.04 | 113.67 | 60% | primary |
 E2E Networks | E2E | 25 | 10 | 40% | unverified |
Announced capacity is an ambition, not a result: every one of these figures is a company statement about the future. Only Sify is traced to a filed document. The rest are research note figures carried at secondary or unverified and marked as such on the row.
Source: Blueprint research note, BharatAI Infra Scope, compiled from company filings, brokerage notes and press reporting. None of these figures has been traced to a primary filing.
Coverage
Eight operators carry megawatts. One has filings you can check.
Sify Infinit Spaces filed a draft red herring prospectus, so its capacity, clients, cost base and offer are all readable. The rest are research note figures, carried at secondary or unverified and tagged that way on every row.
- Adani Enterprises0of 5000 MW0 per cent deliveredNo deep dive
- Reliance Industries0of 3000 MW0 per cent deliveredNo deep dive
- Bharti Airtel125of 1000 MW13 per cent deliveredNo deep dive
- Tata Communications, 26 per cent holding318of 868 MW37 per cent deliveredNo deep dive
- Anant Raj28of 307 MW9 per cent deliveredRead the deep dive
- Techno Electric & Engineering24of 250 MW10 per cent deliveredNo deep dive
- Sify Technologies113.67of 188.04 MW60 per cent deliveredRead the deep dive
- E2E Networks10of 25 MW40 per cent deliveredNo deep dive
What the gap implies
The unit does not earn
Supply is counted in built capacity. On the one estate measurable from a filing, 60 per cent of built capacity is sold. A 4.7 to 5.7 GW national forecast stated in the same unit is not 4.7 to 5.7 GW of revenue.
Demand is three counterparties
Two thirds of that operator's revenue is three Hyperscalers, and one of them alone is 44.68 per cent. The AI buildout, at company level, is a very small number of customers getting larger.
The returns went the wrong way
Operating margin improved while return on capital fell, because capacity was capitalised and financed faster than it was sold. Energy is the consequence, not the subject.