India data-centre operators lift FY26 revenue as capacity utilisation improves
Nxtra, AdaniConneX, Sify and ESDS reported stronger FY26 growth as cloud, enterprise and data-localisation demand filled existing capacity. India has about 1.5GW installed capacity, with roughly 7GW projected by 2030 amid a pipeline exceeding 15GW.
What happened
Nxtra Data · Indian data-centre operators Nxtra, AdaniConneX, Sify and ESDS posted stronger FY26 revenue and margins as prior capacity filled. Growth was led by
Key facts
- Nxtra FY26 revenue: ₹2,434 crore, up 17.1% YoY
- Sify FY26 revenue: ₹1,760.5 crore, up 23.2%
- AdaniConneX FY26 revenue: ₹1,084 crore
- ESDS FY26 revenue: ₹472.2 crore, up 30.7%
- Nxtra funding: $1 billion
- Combined market share of four operators: over one-third
- India installed data-centre capacity: about 1.5GW
- Projected India capacity by 2030: about 7GW
- Announced capacity pipeline: over 15GW
- Announced India data-centre investments: over $250 billion
Why this matters
The accelerating capacity pipeline creates partnership and acquisition opportunities across cloud, colocation, power, cooling and data-localisation services.
What to watch
- Quarterly capacity utilisation, rack additions and EBITDA margins at Nxtra, AdaniConneX, Sify and ESDS.
- Hyperscaler pre-lease agreements, especially for AI-ready and high-density capacity.
- State-level approvals for land, grid access, captive renewable power and transmission infrastructure.
- Changes in data-localisation, privacy, cloud-security and AI regulations that require more domestic compute capacity.
- Equipment lead times and pricing for transformers, generators, chillers, UPS systems and high-voltage switchgear.
- Evidence that the 7GW 2030 capacity forecast is translating into financed, contracted projects rather than preliminary announcements.
- Prioritise suppliers exposed to data-centre electrical infrastructure, including transformers, switchgear, UPS systems, generators, cooling, cabling and fire-suppression equipment.
- Track listed real-estate, industrial and engineering firms with land banks or construction capabilities near Mumbai, Chennai, Hyderabad, NCR and Bengaluru data-centre clusters.
- Assess whether retailers and consumer brands can lower cloud latency and improve personalisation, inventory forecasting and omnichannel operations as domestic cloud capacity expands.
- Monitor operator capex funding plans, since debt-funded expansion could create pressure for asset monetisation, joint ventures and long-term customer pre-commitments.