Sep 21, 2026, 09:48:24 AM IST

India’s stock market may be masking a powerful AI opportunity. While the Nifty has declined 12% in 2026, AI-linked companies have surged as demand rises for the power, data centres and semiconductor infrastructure needed to support the global AI build-out. Here are five power-generation stocks that Goldman Sachs says are AI-enablers.

Adani Green Energy has a listed market capitalisation of over $22 billion and 6 month average daily traded volume (ADVT) of $52 million, with earnings growth of 70%, capex intensity of 235%, free cash flow at -109% of sales and a 12-month forward PE of 60x.

THE ECONOMIC TIMES

Tata Power has a listed market capitalisation of about $12 billion and 6 month ADTV of $28 million, while earnings growth stands at 12%, capex intensity at 32%, free cash flow at -5% of sales and 12-month forward PE at 23x.

Agencies

NTPC Green Energy has a listed market capitalisation of $8 billion and 6M ADTV of $9 million, with earnings growth of 106%, capex intensity of 613%, free cash flow at -250% of sales and a 12-month forward PE of 37x.

ANI

ACME Solar Holdings has a listed market capitalization of $3 billion and 6M ADTV of $9 million, with earnings growth of 86%, capex intensity of 487%, free cash flow at -197% of sales and a 12-month forward PE of 22x.

ETMarkets.com

Agencies