MUMBAI: India AI Enablers have entered an earnings-upgrade cycle even as broader market estimates weaken, according to Goldman Sachs.
Consensus CY27 earnings-per-share estimates for the 42-company AI infrastructure basket rose 22%. By comparison, estimates for the Nifty 500 fell 2%.
The basket includes companies linked to data centres, power equipment and semiconductor infrastructure. The group has gained about 60% in 2026, while the headline Nifty has fallen roughly 11%, according to Goldman Sachs’ analysis.
Goldman Sachs recorded the sharpest earnings revision in data-centre hardware, where estimates increased 95%. Power equipment and electricals rose 15%, while semiconductor materials gained 8%. However, estimates for data-centre developers fell 15%. Power generators recorded a 14% downgrade.
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Goldman Sachs expects earnings for the AI Enablers group to grow 53% in CY26, 39% in CY27 and 29% in CY28, compared to those projections with an MSCI India baseline of about 16%.
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Capital expenditure across the 42 companies is expected to rise 65% in 2026. Goldman Sachs said the cohort could contribute six percentage points to the Nifty 500’s projected 16% capex growth.
