Synopsis: Four listed Indian companies – spanning HPC systems, fiber cables, power infrastructure, and data center connectivity – posted strong Q4 FY26 results, riding the structural tailwind from surging AI and data center investments.
India’s data center boom is reshaping the fortunes of companies across the technology and infrastructure value chain. From high-performance computing systems to fiber optic cables and power distribution equipment, a diverse set of listed players are riding this structural wave – and their Q4 FY26 results reflect that momentum clearly.
Netweb Technologies India
Netweb Technologies India is one of India’s leading high-performance computing (HCS) providers, with fully integrated design and manufacturing capabilities. The company offers a broad portfolio spanning supercomputing systems, data centre servers, AI systems built in partnership with Nvidia and AMD, private cloud and hyperconverged infrastructure, high-performance storage solutions, and cloud-managed services.
Its AI GPU systems, designed and manufactured in India, are built on advanced NVIDIA Blackwell platforms, positioning Netweb as a key domestic supplier as generative AI infrastructure investment accelerates.
The company’s FY26 performance was nothing short of explosive. Annual revenue surged 90.08% year-on-year to ₹2,184 crore from ₹1,149 crore, while EBITDA climbed 78.13% to ₹285 crore. Net profit jumped 80.70% to ₹206 crore in FY26 against ₹114 crore in the previous year. The Q4 FY26 quarter was equally strong – sales grew 86.51% to ₹774 crore from ₹415 crore, EBITDA expanded 64.41% to ₹97 crore, and PAT rose 65.12% to ₹71 crore.
On the product front, Netweb has been steadily expanding its data center addressable market. The company has commissioned a 15,000 sq ft production facility for dense GPU AI systems, launched new products including the Tyrone Camarero Spark and GB200 AI edge supercomputing systems, and introduced Tyrone ParallelStor Velox – a unified data platform designed to eliminate bottlenecks in HPC and AI/private cloud infrastructure.
It has also entered a strategic collaboration with Vertiv to design and deliver advanced liquid-cooled AI systems for large-scale deployments. With a pipeline of ₹4,431 crore and L1 orders of ₹327.8 crore as of March 2026, topline visibility remains strong.
HFCL
HFCL is a diversified technology company with a strong presence across optical fiber cables, telecom systems, defence electronics, and EPC services. The company has been repositioning itself as a high-margin, product-led business, with revenue from private customers now accounting for approximately 84% of FY26 revenue.
In the data center space, HFCL is particularly well-placed – AI data centres require up to 36 times more fiber per rack compared to conventional CPU racks, and surging hyperscaler investment is driving both volume demand and pricing power for specialty cables.
FY26 marked a decisive turnaround for HFCL. Full-year revenue grew 21.75% to ₹4,949 crore from ₹4,065 crore, while EBITDA surged 69.71% to ₹762 crore from ₹449 crore, reflecting meaningful margin expansion. Net profit nearly doubled, rising 90.17% to ₹329 crore from ₹173 crore. The Q4 FY26 quarter was the standout period – revenue more than doubled, rising 127.72% to ₹1,824 crore from ₹801 crore, EBITDA swung sharply from a loss of ₹37 crore to a profit of ₹314 crore, and PAT recovered to ₹184 crore against a net loss of ₹83 crore in Q4 FY25.
Structurally, HFCL’s order book has tripled from ₹7,010 crore in FY23 to over ₹21,200 crore in FY26. The company is targeting exports of 50%+ from FY27, with ₹12,248 crore in export orders already in hand. A ₹580 crore preform capex initiative is underway to improve margin control and supply chain sovereignty, and a defence export order book of approximately ₹1,930 crore adds another growth dimension. With AI data center investment from hyperscalers expected to exceed $100 billion in India by 2035, HFCL sees itself at the intersection of multiple demand vectors simultaneously.
ABB India
ABB India is a leading power and automation technology company, offering a comprehensive portfolio for the data center infrastructure market. Its offerings span the entire electrical value chain within a data center campus – from medium-voltage substations, switchgear, and protection relays to low-voltage power distribution, UPS systems, power distribution units, cooling system components, installation products, and ABB’s own data center automation solutions. This end-to-end capability makes it a critical enabler for the large-scale data center builds being commissioned across India.
For Q4 FY26, ABB India reported a 5.78% year-on-year increase in revenue to ₹3,184 crore from ₹3,010 crore. EBITDA, however, declined 27.14% to ₹408 crore from ₹560 crore, reflecting pressure from higher material costs and margin compression during the quarter. Net profit came in at ₹1,784 crore, a jump of 275.58% over ₹475 crore in Q4 FY25 – though this was entirely driven by a one-time exceptional gain of ₹1,541 crore.
Sterlite Technologies (STL)
Sterlite Technologies, now operating its data center connectivity business under the STL Neuralis brand, is positioning itself as the “central nervous system” for modern AI-era data centers. Through Neuralis, STL offers pre-terminated fiber trunks, fiber array cords and assemblies, Celesta IBR cables optimised for 400G and 800G networks, and fiber enclosures and panels – covering both AI whitespace internal connectivity (ultra-high-density MMC/MPO cabling for GPU clusters) and high-speed data centre interconnect for campus-edge and petabyte-scale data movement. The platform is built around speed, scale, and simplicity, and has been launched in the United States to strengthen STL’s global strategic presence.
After a difficult FY25, STL’s FY26 results mark a meaningful recovery. Full-year revenue rose 18.74% to ₹4,745 crore from ₹3,996 crore, and EBITDA expanded 36.78% to ₹569 crore from ₹416 crore. Most significantly, the company swung from a net loss of ₹123 crore in FY25 to a net profit of ₹56 crore in FY26 – a 145.53% turnaround. In Q4 FY26, the momentum was sharper – sales grew 36.98% to ₹1,441 crore, EBITDA surged 56% to ₹195 crore, and PAT recovered to ₹59 crore against a net loss of ₹40 crore in the year-ago quarter.
Taken together, these four companies illustrate how broadly the data center investment cycle is playing out across India’s listed space. Whether it is GPU-based computing systems, fiber connectivity, power distribution, or storage infrastructure, the common thread is clear – AI-driven data center demand is translating into real revenue and profit growth for companies that have built the right capabilities. With hyperscaler commitments in India running into hundreds of billions of dollars over the coming decade, this structural tailwind appears far from exhausted.
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