The hook
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India's data center market is supercharging
India's data center capacity is projected to grow from about 1.5 GW to 10 GW by 2030, with market value rising past $25 billion and capital spending above $30 billion.
India's data center capacity is projected to grow from about 1.5 GW to 10 GW by 2030, with market value rising past $25 billion and capital spending above $30 billion.
Three forces drive the build-out: the IndiaAI Mission's sovereign compute push, the Data Protection Act's localisation mandate, and greenfield data center investment where India captures over 20% of $270 billion globally.
The value chain runs from operators and developers, AI compute, power backup, thermal management, EPC and cabling, to managed IT. Each layer has different capital intensity, pricing power, and listed players.
Once a real estate developer, Anant Raj pivoted in 2022 and returned 477% from lows. It targets 357 MW of IT load, with 21 MW live in Manesar and 7 MW in Panchkula, and signed a ₹4,500 crore Andhra Pradesh MoU.
Facilities need diesel backup, high-voltage gear, and precision thermal management because downtime is catastrophic. Cummins India, Kirloskar Oil Engines, Hitachi Energy, ABB, Blue Star, and Voltas sit in these oligopolistic niches.
Netweb's FY26 revenue rose 90.12% to ₹2,183.56 crore; its AI systems segment grew 459.6% and is now 62.3% of revenue. E2E Networks signed a ₹1,000 crore sovereign NVIDIA Blackwell cloud deal but posted losses on heavy depreciation.
India's domestic data center capacity was about 1.5 GW and is forecast to hit 10 GW by 2030. That physical expansion requires more than $30 billion in capital spending across the value chain.
Whichever hyperscaler wins, facilities still need 765kV engineering, transformers, precision cooling, and diesel backup. That neutrality across power, cooling, and EPC layers offers broad exposure without single-tenant or software obsolescence risk.
Silicon obsolescence, working capital strain, and lumpy project phasing can compress valuations. Netweb and E2E diluted equity via QIPs of ₹1,200 crore and ₹1,500 crore; E2E's net profit stayed negative despite strong EBITDA.
The 10 GW build-out is a structural story, but the risks are as real as the order books. For the full company-by-company map, read the complete article.
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