India's data-centre capacity nears 1.8 GW, and three order books show who cashes in
India's live data-centre capacity has crossed roughly 1.8 GW after a record 258 MW was added in the first half of FY27, and is projected to reach about 10.5 GW by 2031, according to Token Times. For investors, that build-out has turned order books into the number to watch alongside revenue and profit, because they show how much work companies have already locked in as the artificial intelligence infrastructure cycle gathers pace.
Larsen & Toubro, the engineering and construction group whose technology arm houses its data-centre, semiconductor and digital-platform businesses, reported record second-quarter results: revenue up 16% year on year to ₹78,700 crore, profit after tax up 33% to ₹5,200 crore, and order inflows up 28% to a quarterly record of ₹1,47,700 crore. Its consolidated order book stood at ₹8,53,500 crore on 30 September, up 28%. Management credited a "resilient portfolio and disciplined growth", with record inflows led by Ultra Mega and Mega orders in energy, and pointed to an addressable pipeline of about ₹10 lakh crore in the near term.
Power Mech Projects, which builds and maintains plants for clients including NTPC, BHEL, the Adani Group, JSW and Vedanta, grew revenue at more than 17% a year to ₹6,060 crore in FY26 and carried that momentum into Q1 FY27, when revenue rose 26% to ₹1,624 crore. Its order backlog including mining development and operations stood at ₹56,650 crore on 30 September 2026, against inflows of ₹3,113 crore so far in FY27 and a full-year target of ₹12,000 crore. Management expects margins to recover as the mining business scales and the company shifts towards integrated balance-of-plant delivery and higher-margin maintenance work.
Sterlite Technologies, which describes itself as India's largest end-to-end optical manufacturer and holds roughly 9% of the global optical fibre cable market outside China, saw its order book reach ₹35,274 crore on 30 September 2026, up 4.6 times since the start of the year on multi-year hyperscaler agreements. Data centres already made up 33% of its first-half FY27 revenue, and the company is targeting ₹20,000 crore of revenue by FY29 with an EBITDA margin ambition above 30%.
The opportunity spans construction, power and connectivity, but its durability rests on hyperscalers continuing to commit substantial capital, and spending could moderate if funding costs rise. A large order book improves revenue visibility without guaranteeing execution, profitability or returns, so order quality, timelines, margins, governance and valuations still need independent scrutiny.
