Goldman Sachs Identifies Seven Indian AI Enablers as Nifty Pulls Back

Goldman Sachs has identified seven Indian industrial and manufacturing firms positioned to benefit from the global artificial intelligence infrastructure build-out, even as broader domestic equities experience a correction. While the Nifty benchmark index has declined by 12% through 2026, market attention has increasingly pivoted toward supply chain enablers supporting power generation, data center construction, and semiconductor manufacturing.

The global transition toward high-density computing has catalyzed capital expenditures across physical infrastructure layers. According to the tracking data, the identified firms span power equipment manufacturing, specialized cabling, and electronics assembly, capturing demand from AI-driven data center expansion.

Among the highlighted corporations, Polycab India leads in total valuation scale, holding a listed market capitalization exceeding $13 billion alongside a six-month average daily traded volume of $39 million. The company reports earnings growth of 18%, a capital expenditure intensity of 4%, free cash flow representing 5% of sales, and a 12-month forward price-to-earnings multiple of 34x.

KEI Industries matches Polycab's forward earnings valuation at 34x while operating at a $5 billion market capitalization tier and a $26 million daily traded volume. Its operational metrics reflect 22% earnings growth, a 5% capex intensity, and free cash flow standing at 1% of sales. Meanwhile, Sterlite Technologies registers a higher growth trajectory with 78% earnings expansion, an 11% capex intensity, and free cash flow at 6% of sales, underpinned by a $5 billion market cap, an 18-million-dollar average daily volume, and a 37x forward price-to-earnings ratio.

Described in market reporting as a 2026 multibagger, HFCL commands a market capitalization above $4 billion accompanied by a robust six-month average daily traded volume of $68 million. The telecommunications and infrastructure firm records 50% earnings growth, a capex intensity of 10%, free cash flow at 2% of sales, and a 12-month forward price-to-earnings ratio of 30x.

Blue Star maintains a market valuation above $3 billion with an 11-million-dollar average daily traded volume, 27% earnings growth, a conservative capex intensity of 2%, free cash flow at 3% of sales, and a 48x forward price-to-earnings multiple. Craftsman Automation operates at a similar capitalization scale above $3 billion with a $10 million daily volume, 46% earnings growth, a 13% capex intensity, and free cash flow at baseline zero percent of sales, trading at a 37x forward price-to-earnings ratio.

Syrma SGS Technology rounds out the group with a market capitalization exceeding $3 billion and a six-month average daily traded volume of $22 million. The electronics manufacturing services provider exhibits 38% earnings growth, a capex intensity of 6%, a negative free cash flow rate at minus 1% of sales, and the highest forward price-to-earnings valuation among the cohort at 60x.

Market participants evaluating these equities have been advised by financial commentators to review individual brokerage research notes independently. The compilation was prepared by Veer Sharma, who confirmed holding no financial interest in the featured entities, operating independently of SEBI-registered research analyst credentials.