India’s stock market is showing a strong contrast between its broader benchmark performance and companies linked to the artificial intelligence infrastructure boom. According to a recent Goldman Sachs analysis, a basket of 42 Indian AI-enabler companies has gained around 60% in 2026, while the Nifty 50 has declined about 12% over the same period.
Power, Data Centres and Semiconductors Drive Growth
Goldman Sachs identified companies involved in areas such as power generation and transmission, data centres, semiconductor equipment and technology hardware. The brokerage said all three major AI-enabler layers—power, data centres and semiconductors—have recorded gains of roughly 40% to 80% year-to-date.
The basket is also concentrated outside the largest benchmark companies. Goldman Sachs found that many of the AI-enabler companies are small- and mid-cap businesses, particularly across capital goods, utilities and technology hardware.
AI Infrastructure Emerges as a Key Theme
The analysis suggests that India’s exposure to AI extends beyond software companies. Growing demand for computing infrastructure is creating opportunities across electricity supply, cooling systems, data-centre equipment, connectivity and semiconductor manufacturing.
Goldman Sachs also said the performance of its AI-enabler basket has been supported primarily by earnings growth rather than valuation expansion. However, the brokerage noted that valuations remain an important consideration for investors.
Overall, the report highlights how India’s AI-related market exposure may be broader than what major stock-market indices alone suggest, with infrastructure businesses playing an increasingly important role in the country’s AI ecosystem.
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