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Three stocks with strong order books to watch amid India's data-centre boom

By Livemint Markets · Published by Everything Blog

In short

The nation's operating capacity recently passed 1.8 GW following a 258 MW addition in the first half of FY27, with forecasts pointing toward 10.5 GW by 2031. To capture this growth, Larsen & Toubro is targeting a near-term pipeline of approximately ₹10 lakh crore, while Power Mech Projects pursues ₹12,000 crore in annual inflows. Additionally, optical solution provider Sterlite Technologies has leveraged hyperscaler contracts to expand its backlog 4.6 times since the beginning of the year.

Key points

Data centres contributed 33% of Sterlite Technologies' revenue during the first half of F…: Data centres contributed 33% of Sterlite Technologies' revenue during the first half of FY27.
India's data-centre capacity is projected to expand significantly to roughly 10.5 GW by 2…: India's data-centre capacity is projected to expand significantly to roughly 10.5 GW by 2031.
Sterlite Technologies holds approximately 9% of the global optical fibre cable market out…: Sterlite Technologies holds approximately 9% of the global optical fibre cable market outside of China.

Sources checked by our analysis pipeline: 1

With India's data-centre capacity set for a sharp expansion, investors are looking beyond quarterly earnings to identify the companies positioned to benefit from the infrastructure spending. Their order books offer a window into that opportunity, providing a measure of future revenue visibility as the artificial intelligence (AI) build-out gathers pace.

One of the defining themes of the Q2 FY27 earnings season is the capital expenditure cycle linked to India's data-centre and AI infrastructure build-out. The country's live data-centre capacity has crossed roughly 1.8 GW, following a record addition of 258 MW in the first half of FY27, and is projected to reach about 10.5 GW by 2031.

For investors, the scale of this expansion makes order books an important metric alongside revenue and profit growth. They indicate the volume of business companies have secured and offer clues to the potential trajectory of future revenues.

Three companies stand out for their exposure to different parts of this infrastructure chain: building facilities, powering projects and providing the optical connectivity that data centres need.

Larsen & Toubro

Larsen & Toubro (L&T), India's largest…

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In short

Key Points

Data centres contributed 33% of Sterlite Technologies' revenue during the first half of F…: Data centres contributed 33% of Sterlite Technologies' revenue during the first half of FY27.
India's data-centre capacity is projected to expand significantly to roughly 10.5 GW by 2…: India's data-centre capacity is projected to expand significantly to roughly 10.5 GW by 2031.
Sterlite Technologies holds approximately 9% of the global optical fibre cable market out…: Sterlite Technologies holds approximately 9% of the global optical fibre cable market outside of China.

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AI Analysis

Tone

Positive

In short

Key Points

Data centres contributed 33% of Sterlite Technologies' revenue during the first half of F…: Data centres contributed 33% of Sterlite Technologies' revenue during the first half of FY27.
India's data-centre capacity is projected to expand significantly to roughly 10.5 GW by 2…: India's data-centre capacity is projected to expand significantly to roughly 10.5 GW by 2031.
Sterlite Technologies holds approximately 9% of the global optical fibre cable market out…: Sterlite Technologies holds approximately 9% of the global optical fibre cable market outside of China.

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Business

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Three stocks with strong order books to watch amid India's data-centre boom

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