Find the companies behind India’s next big theme.
Industries mapped in 3D, policies by beneficiary, and every big IPO’s prospectus in ten slides — with each listed company’s financials, strengths and risks one click away.
- 15
- industries & policies mapped
- 135
- value-chain systems
- 385
- companies profiled
- 312
- listed on Indian exchanges
Data Center / AI Infrastructure
Servers, cooling, power backup and the physical AI buildout
Read the thesis →Why now
- AI training and inference are driving India's fastest data-centre build-out yet.
- Power, cooling, compute and connectivity orders are arriving years ahead of past cycles.
The investable idea
- Data centres turn AI and cloud demand into physical capex.
- Power equipment, cooling, backup, cabling and fibre scale with every new campus.
- That spend comes before AI apps themselves earn money.
Analysis
Every industry and policy we cover: a deep dive into its supply chain and listed companies, a ten-slide report for investors, and a price chart for each of its listed stocks.
Nifty 50
India's 50 largest listed companies, grouped by industry - see which part of the market is moving the index
- Revenue
- ₹75.09L Cr
- Median P/E
- 30.7x
- Median ROCE
- 14.2%
Electric 4-Wheeler
India EV passenger car supply chain
- Revenue
- ₹7.86L Cr
- Median P/E
- 37.1x
- Median ROCE
- 14.2%
Semiconductors (Fab + ATMP)
India's chip fab, OSAT/ATMP and materials supply chain
- Revenue
- ₹62,379 Cr
- Median P/E
- 65.0x
- Median ROCE
- 17.5%
Data Center / AI Infrastructure
Servers, cooling, power backup and the physical AI buildout
- Revenue
- ₹1.22L Cr
- Median P/E
- 40.8x
- Median ROCE
- 21.2%
Railways / Vande Bharat & Metro Rolling Stock
Bogies, traction, signalling, braking and coach fabrication - India's rail 'Make in India' story
- Revenue
- ₹2.56L Cr
- Median P/E
- 38.8x
- Median ROCE
- 18.3%
Naval Shipbuilding & Defence Shipyards
Hull steel, propulsion, combat systems and the shipyards that build India's warships
- Revenue
- ₹1.95L Cr
- Median P/E
- 48.5x
- Median ROCE
- 16.2%
Aerospace Component Manufacturing & MRO
Forgings, composites, landing gear and engine components - and the MRO hangars that keep fleets flying
- Revenue
- ₹92,348 Cr
- Median P/E
- 80.8x
- Median ROCE
- 13.3%
5G/6G Telecom Buildout
Towers, small cells, antennas, fibre and the network gear behind India's mobile buildout
- Revenue
- ₹4.01L Cr
- Median P/E
- 39.4x
- Median ROCE
- 16.4%
Solar Module Manufacturing (ALMM)
The ALMM policy stack: polysilicon to panel - India's domestic solar push
- Revenue
- ₹1.67L Cr
- Median P/E
- 17.0x
- Median ROCE
- 26.0%
Energy Generation
Thermal, solar, wind, hydro & storage - India's power generation mix
- Revenue
- ₹4.84L Cr
- Median P/E
- 24.5x
- Median ROCE
- 10.5%
Real Estate
Developers, REITs, construction, building materials & housing finance
- Revenue
- ₹12.64L Cr
- Median P/E
- 34.4x
- Median ROCE
- 11.4%
Pharmaceuticals
KSMs, APIs, CDMOs, US generics, branded India and biologics - India's medicine value chain
- Revenue
- ₹4.35L Cr
- Median P/E
- 36.8x
- Median ROCE
- 15.5%
Semicon 2.0 + Mobile Phones (MPMS)
India's chip and phone schemes: Semicon 2.0 for fabs and chip packaging, MPMS for phone assembly
- Revenue
- ₹3.74L Cr
- Median P/E
- 67.3x
- Median ROCE
- 14.2%
Rare-Earth Magnets (REPM)
The ₹7,280 Cr sintered rare-earth permanent magnet scheme - from beach-sand minerals to the magnets in EV motors, wind turbines and missiles
- Revenue
- ₹4.35L Cr
- Median P/E
- 31.4x
- Median ROCE
- 17.4%
Defence Procurement (DAC approvals)
DAC approvals, Buy (Indian-IDDM) and import-ban lists - who wins as India buys its weapons at home
- Revenue
- ₹4.68L Cr
- Median P/E
- 79.0x
- Median ROCE
- 16.2%
Electronic Components (ECMS)
The ₹40,000 Cr Electronics Component Manufacturing Scheme - PCBs, camera and display modules, passives and the materials beneath them
- Revenue
- ₹2.01L Cr
- Median P/E
- 60.7x
- Median ROCE
- 14.6%
Smartphone
Display, SoC, camera module & battery supply chain
Coming soonLaptop
Panel, battery, chipset & chassis supply chain
Coming soonBattery storage (PLI-ACC)
Cell gigafactories benefiting from the Advanced Chemistry Cell PLI scheme
Coming soonGreen Hydrogen Mission
Electrolyser makers and green ammonia/steel offtakers benefiting from the National Green Hydrogen Mission
Coming soonCritical Minerals Mission
Lithium, cobalt and rare-earth processors benefiting from the National Critical Mineral Mission
Coming soonIPOs
Upcoming
Recently listed
Stock screens
Rule-based screens across every company we profile. Each shows its rule, so you can see exactly why a name is on the list.
Figures as of 30 Oct 2026, from public sources. These are screens on reported numbers, not recommendations.
What’s new
Results, deals and announcements for the companies in our maps — each linked to its source.
See all updates →Start with a question. We’ll show you the path.
Pick the question closest to yours and follow it step by step. The bar shows which parts of the site each flow uses, from industry to basket.
- Industry (used in this flow)
- Supply chain (used in this flow)
- Company (used in this flow)
- Watchlist (not used)
- Basket (used in this flow)
AI data centers are booming. Who in India gets paid?
- 1Open the Data Center deep diveDeep dive
The whole build, from site and power to compute, and where India’s listed companies fit.
- 2Open the Site & Power layer on the 3D map3D map
Grid interconnect, transformers, switchgear and backup power, with the bottlenecks marked.
- 3See who sits in that layer3D map
Every listed company in it, with how directly it earns from the layer.
- 4Open a companyCompany page
Five years of revenue and profit, P/E and ROCE, strengths and risks, and peers in the same layer.
- 5Copy the industry basket and backtest itBaskets
Five years against the Nifty 50, then Bear, Base and Bull for the next 1 and 2 years.
You end with a shortlist of power-side suppliers and a basket you can track.
Start with data centers →How the numbers are madeData, the one-off filter, backtests, projections and how our model has done when tested.
DataOne snapshot of results, 5 years of daily prices
- Annual results FY22 to FY26 from one company table, refreshed together, so a figure is the same on every page.
- Daily closing prices for 5 years, updated each trading evening and fully reloaded weekly. Full history for the Nifty 50.
Exposure and scenariosHow companies are ranked inside a chain
- Each listed company is tagged by how it takes part in a layer (direct or indirect supplier, operator, owner, enabler, emerging entrant) and how strongly: high, medium or low.
- A what-if scenario names the layers it touches and how hard. Companies in them are ranked by that severity times their exposure. It is a reading of the chain, not a price forecast.
One-off filterWhy some companies are left out of screens
- A company is left out of screens and rule-based baskets when its results show a one-off: a lone loss year between profitable ones, or profit moving by more rupees than revenue did.
- You can still add it to your own basket. It carries a “one-off” note with the reason.
BacktestsBought once, held, price change only
- Weights drift with prices, the way a real holding does. Rebalancing (monthly, quarterly, or on drift) is optional and counts trades and turnover.
- Dividends, taxes and costs are not included.
ProjectionsBear, Base and Bull for 1 and 2 years
Base1Y = rf + β × ERP − dividend yield + 0.05 × σ × z
Base2Y = (1 + Base1Y) × (1 + rf + β × ERP − dividend yield) − 1 // year two without the tilt
Bear, Bull: 10th and 90th percentile at the stock’s own 1-year volatility
(1 + Base) · e−σ²h/2 ∓ 1.28 σ√h − 1 // h = 1 or 2 years
- rf 7.47% (10-year G-sec, 23 Oct 2026), ERP 7.08% (Damodaran, Jan 2026), β pulled 33% of the way to 1, σ never below 20%.
- z is the stock’s growth-and-margin score against every covered company, capped at ±3.
- Needs 3 years of results and 3 years of trading. Loss-makers get the market return only.
Track recordWe test our own model and publish the misses
of outcomes landed between Bear and Bull. Target: 80%.
Range worksRank correlation with actual returns, three periods. Not significant.
Weak rankingTypical gap between the actual return and Base. Most of it is the market’s move that year, which the model can’t foresee.
Not a forecastWhat you see on every company
The checklist most investors run by hand, in one panel.
Financial snapshot
Five-year revenue and net profit, plus P/E, ROCE, ROE, market cap and 52-week range.
Strengths & risks
A written view of what supports the business and what could go wrong, per company.
Segment exposure
How directly a company is tied to each layer — direct supplier, enabler, operator — and how strongly.
Peer comparison
Line up every company in a layer side by side on the metrics that matter for that segment.
Bottlenecks & drivers
Industry-level choke points and demand drivers, each linked back to the layer they come from.
Analysis
A deep dive into each industry and policy's supply chain, a 10-slide report for investors, a prospectus deck per upcoming IPO, and charts that backtest an industry's listed stocks as a basket against the Nifty 50.
Straight answers
What we cover, where it comes from, and what it is not. Investing involves risk, including loss of capital.
Is NextResearch giving buy or sell recommendations?+
No. We map industries and the companies in them so you can see where the opportunity and the risks sit. Everything here is for information and research only — it is not investment advice, and you should do your own diligence or consult a registered adviser before investing.
Where does the data come from?+
Supply-chain maps and company exposure are authored from publicly available information; company financials and ratios are drawn from public filings and market data pages. Each industry, policy and company shows a data-status label, so you can tell what is verified and what is not.
How is this different from a screener?+
A screener starts from numbers. We start from the industry: which layer of the chain a company actually sits in, how exposed it is, and what its peers in that layer look like. Then we give you the numbers.
Do I need an account?+
You can browse every industry, report, chart and company without one. An account is only needed to save companies to a watchlist and to keep your own baskets.
Build your basket around a theme, not a tip.
Create an account to keep your own baskets, backtested against the Nifty 50, and a watchlist of the companies you follow.