Coverage
Who is building, and who has announced
Indian listed exposure to data centres and AI infrastructure is messy. The largest builders are conglomerates where the asset is buried, most pure plays are unlisted, and the accessible mid caps have re-rated on announcements. This is the coverage, with the announcement and the delivery kept in separate columns.
Announced
10.6GW
Across 8 operators. Every figure is a company statement about the future.
Live
619MW
5.8 per cent of what has been announced.
Announced, nothing live
2of 8
Reliance Industries and Adani Enterprises, carrying 8 GW between them.
Traced to a filing
2of 8
The rest are research note figures, tagged secondary or unverified on every row.
14 of 14 names. 8 carry megawatts and appear on the Execution against Ambition plot. The rest are measured on order books, revenue mix or backlog, which are not megawatts and do not plot against them.
| Company | Ticker | Bucket | Verdict | Where it actually is | Sourcing |
|---|---|---|---|---|---|
 Reliance Jamnagarvia Reliance Industries | RELIANCE | Dc ai infra | Planning | 0 MW live of 3000 announcedGigawatt scale AI campus using NVIDIA Blackwell, reportedly scalable to 3 GW. More than 120 MW expected online in the second half of 2026. Nothing live at the time of writing. | secondary |
 AdaniConneXvia Adani Enterprises | ADANIENT | Dc ai infra | Planning | 0 MW live of 5000 announcedFifty fifty joint venture with EdgeConneX targeting 5 GW, anchored by Google at Visakhapatnam and Microsoft at Hyderabad and Pune. The research note describes an existing platform and pipeline of roughly 2 GW without separating live capacity from pipeline, so live is carried at zero rather than guessed. The weakest row in this table. | unverified |
 Nxtra by Airtelvia Bharti Airtel | BHARTIARTL | Dc ai infra | Executing | 125 MW live of 1000 announcedRoughly 120 to 130 MW live against a 1 GW target, aiming to lift market share from about 12 per cent to 25 per cent. Carlyle holds about 25 per cent of Nxtra. Live is carried at the midpoint of the disclosed range. | secondary |
 STT GDC Indiavia Tata Communications, 26 per cent holding | TATACOMM | Dc ai infra | Executing | 318 MW live of 868 announcedAbout 318 MW operational with a 3.2 billion dollar, 550 MW expansion plan, so announced is live plus the stated expansion. Tata Communications holds 26 per cent, which makes the listed exposure indirect. | secondary |
 Anant Raj Cloudvia Anant Raj | ANANTRAJ | Dc ai infra | Ambition over execution | 28 MW live of 307 announcedonly 8 MW handed overReal estate to data centre pivot. 28 MW of IT load across Manesar and Panchkula against a 307 MW target by Fiscal 2032 at roughly 2.1 billion dollars of capex. Only 8 MW had been completely handed over, the rest still in the handover process. Operational capacity is not the same as handed over capacity, and this is the clearest instance of that gap in the universe. | secondary |
 Techno Electric data centresvia Techno Electric & Engineering | TECHNOE | Dc ai infra | Planning | 24 MW live of 250 announcedPower engineering and construction contractor moving into data centres. The annual report for FY2025-26 names three hyperscale campuses: Chennai at 24 MW, called commissioned and live with a second phase still being planned, Kolkata at 8 MW under development, and Noida at 16 MW whose first phase is 500 kW. Live is the Chennai figure, 12 MW below what this row carried while it rested on the research note. The RailTel edge network is disclosed as 102 locations across 23 states with no megawatt figure beside it, so it adds sites rather than capacity. | primary |
 Sify Infinit Spacesvia Sify Technologies | SIFY | Dc ai infra | Executing | 113.67 MW live of 188.04 announcedThe deepest read of any row here, and the only one whose capacity is certified rather than described. 188.04 MW of built capacity against 113.67 MW sold to customers, both certified by an independent chartered engineer. Announced is the issuer's own built capacity figure, which its own footnotes define two different ways. | primary |
 E2E Networks | E2E | Dc ai infra | Executing | 10 MW live of 25 announcedits own filing states no megawatt figureGPU cloud rather than colocation, and a tenant rather than an owner. The unit its own report publishes is monthly recurring revenue: 11.2 crore in March 2025 against 10.90 crore in March 2024, up 2.75 per cent, while revenue from operations for the year rose 73.57 per cent to 163.96 crore. Annualising that exit rate gives 134.4 crore, below the year it has just finished, so the growth sits behind it rather than in front. Other income of 39.43 crore is 1.69 times the 23.36 crore the operations produced before tax.Its annual report for FY2024-25 has been read and states no megawatt or kilowatt figure anywhere in 148 pages. It does not own the estate it operates from: the report describes expanding capacity by setting up GPU clusters at L&T's data centre in Chennai, and serves compute from facilities in Noida, Chennai and Mumbai. It calls itself a hyperscaler and an IaaS provider, never a data centre operator. The megawatts beside this row are a research estimate of its own compute draw, and reading the filing cannot upgrade them, because the company does not publish in that unit. | unverified |
 Netweb Technologies | NETWEB | Dc ai infra | Executing | AI systems 64 per cent of Q3 FY26 revenue; order book 2,507 crore; 1,734 crore IndiaAI Mission orderNo megawatts to plot. Measured on order book and revenue mix, not capacity. | secondary |
 Tata Consultancy Services | TCS | It services | Planning | HyperVault joint venture with TPG, up to 18,000 crore combined equity, 1 GW targetA strategy break for a historically capex light firm. Sub 10 per cent return on capital estimated against roughly 51 per cent group return on equity. | secondary |
 Black Box | BBOX | Dc ai infra | Advancing | Targets roughly 2 billion dollars of revenue by FY29; won a tier one United States hyperscaler orderBuilds for others and owns nothing. | secondary |
 RailTel Corporation | RAILTEL | Dc ai infra | Planning | Roughly 102 edge sites planned with Techno Electric; 60,000 route km of fibrePlan only. | secondary |
 Cummins India | CUMMINSIND | Picks and shovels | Advancing | Data centres 30 to 35 per cent of domestic power generation revenue in FY26Sells into the buildout regardless of which operator wins it. | secondary |
 Hitachi Energy India | POWERINDIA | Picks and shovels | Advancing | Order backlog 29,555 crore as at March 2026, up 54 per centRoughly half of India high voltage direct current. | secondary |
How to read the sourcing
Primary
Traced to a document filed with a regulator and cited by its printed page. One name qualifies: Sify Infinit Spaces, read from its draft red herring prospectus.
Secondary
A researched figure from company announcements, brokerage notes or press reporting, not yet traced to a filing. Most of the universe sits here.
Unverified
Either the sources disagree or the figure is an estimate rather than a company statement. AdaniConneX and E2E Networks are marked this way, and the reason is written on the row.
Nothing is averaged across disagreeing sources and no cell is imputed. Where this repository already held a figure that conflicts with the research note, both are recorded and the row is downgraded rather than reconciled quietly. The plot is on the front page.