India AI winners: Bernstein lists 3 stocks set to benefit from rising data centre capex
#India data centers#Bernstein research#AI infrastructure#L&T stock#Adani Green#NTPC#Hyperscalers investment#Data center capex
📌 Key Takeaways
Bernstein identified three Indian companies poised to benefit from data center investments
India's data center market attracted approximately $57 billion in investments
L&T is positioned as the most direct beneficiary due to its construction and engineering role
Adani Green and NTPC are seen as indirect beneficiaries through increased power demand
📖 Full Retelling
Bernstein Research identified three Indian stocks set to benefit from rising data center capital expenditure in India on February 20, 2026, citing the country's position as the ninth-largest data center market by installed capacity despite having one of the world's largest AI user bases. The investment bank highlighted approximately $57 billion in announced data center investments across India, excluding Reliance, with major hyperscalers committing substantial capital to establish more local computing infrastructure. India's data center market has reached an inflection point driven by the country's massive AI user base and recent government tax relief for data center buildouts, attracting tens of billions in investments during the India AI Impact Summit held in New Delhi. The wave of investment is creating opportunities across construction, engineering, and power infrastructure segments as hyperscalers expand their presence in the rapidly growing market. Bernstein rated Larsen and Tourbo (L&T) as Outperform and identified it as the most direct beneficiary due to its role as an engineering, procurement, and construction contractor for data centers, while Adani Green and NTPC were seen as indirect beneficiaries through increased power demand, though through different mechanisms.
🏷️ Themes
Data Center Investment, AI Infrastructure, Market Opportunities
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Deep Analysis
Why It Matters
India's AI data centre boom is attracting billions in investment, creating growth opportunities for construction, engineering and power companies, and positioning the country as a key player in the global AI infrastructure race.
Context & Background
India ranks ninth in installed data centre capacity worldwide
Over $57 billion in data centre investments announced in 2026
Major hyperscalers are committing capital to the market
Government tax relief encourages local data centre buildouts
Rising power demand is driving new renewable and thermal projects
What Happens Next
Construction firms like L&T are likely to win more contracts to build data centres, while renewable power players such as Adani Green may secure solar-plus-storage deals, and traditional power companies like NTPC could see higher utilization of existing plants. Investors may adjust portfolios to capture these opportunities.
Frequently Asked Questions
Why are L&T, Adani Green and NTPC expected to benefit from data centre investment?
L&T provides engineering and construction services for data centres, Adani Green supplies renewable power and storage solutions, and NTPC offers thermal capacity that will be used more as data centre power demand rises.
What role does government tax relief play in this growth?
Tax incentives lower the cost of building data centres, making investment more attractive and accelerating the construction of new facilities.
Will the shift to renewable power affect traditional coal plants?
Yes, higher data centre demand may delay coal retirement and increase load factors on existing plants, but long‑term reliance on nuclear is still a decade away.
Original Source
try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Nvidia and OpenAI close to finalizing smaller, $30 bln investment- FT U.S. stocks end lower after hawkish Fed minutes; Walmart guidance falls short Gold largely flat as investors weigh geopolitical tensions, hawkish Fed minutes Berenberg sees more than 50% upside in this small-cap software stock (South Africa Philippines Nigeria) India AI winners: Bernstein lists 3 stocks set to benefit from rising data centre capex By Investing.com Editor Ambar Warrick Stock Markets Editor Ambar Warrick Published 02/20/2026, 02:03 AM India AI winners: Bernstein lists 3 stocks set to benefit from rising data centre capex 0 LART 2.14% NTPC 2.19% ADNA 0.06% Investing.com -- Bernstein flagged three Indian stocks within its coverage which are poised to benefit from a sharp ramp-up in capital spending on artificial intelligence data centres in the country. India’s data centre market was at an inflection point, Bernstein said, describing the country as the ninth-largest market by installed capacity despite being among the three largest customer bases for many AI platforms. Find out more Indian AI winners by upgrading to InvestingPro The country’s massive AI user base, coupled with recent government tax relief for data centre buildouts, drew in tens of billions in investments to establish more local computing infrastructure. Several of these commitments were announced during the India AI Impact Summit held in New Delhi in February. Bernstein highlighted approximately $57 billion in announced data centre investments across India, excluding Reliance, with major hyperscalers committing substantial capital to the market. This wave of investment is creating opportunities across construction, engineering, and power infrastructure segments. Larsen and Tourbo (L&T) Bernstein identified L&T (rated at Outperform) as the most direct beneficiary of the data centre buildout in India, given its role as an engineering, procurement, and constructio...
