AI & Data Center Value Chain Theme

This smallcase is designed for investors who want systematic exposure to one of India's most important emerging infrastructure themes - the buildout of data centers & AI infrastructure.

India's installed data center capacity is expected to expand significantly over the coming years, supported by rising cloud adoption, AI-driven compute demand, data localisation requirements, hyperscaler investments & government support for digital infrastructure.

Rather than attempting to identify which individual data center operator will emerge as the biggest winner, the portfolio focuses on companies across the broader ecosystem that benefit from the expansion of data center infrastructure.

The selection framework works across four layers:

• We identify companies with meaningful exposure to the data center ecosystem through analysis of earnings calls, investor presentations, company disclosures, industry reports & news.
• The ecosystem includes data center operators & developers, electrical infrastructure providers, cooling & thermal management companies, AI compute and equipment suppliers. 
• Exposure is validated through a qualitative review that seeks evidence of actual business participation rather than one-off references or marketing claims.
• Shortlisted companies are assessed on the strength and visibility of their data center opportunity, favouring businesses with measurable or increasing exposure, order wins, capacity expansion & long-term participation in the data center value chain.