Artificial Intelligence (AI) has emerged as one of the most promising industries, mirroring human cognitive abilities. The incorporation of AI technologies such as Machine Learning (ML), Natural Language Processing (NLP), and Computer Vision has resulted in the development of intelligent systems capable of analyzing vast datasets, automating mundane tasks, and making informed decisions. With India being the fastest-growing economy with a massive population, the country plays a crucial role in the AI revolution. In this article, we will delve into the top Artificial Intelligence stocks in India.
According to market research estimates, India’s AI market size was pegged at USD 672.11 million in 2022. During the forecast period between 2023 and 2029, the size of India’s AI market is projected to grow at a robust CAGR of 32.26% reaching a value of USD 3.97 billion by 2029.
What is Artificial Intelligence (AI)?
AI refers to the ability of machines to perform tasks that typically require human intelligence, such as speech recognition, decision-making, and experiential learning. By developing computer programs and algorithms for AI, businesses can examine enormous amounts of data to identify trends and insights that might otherwise be overlooked by human analysis.
The pervasive influence of AI is reshaping how businesses operate and the services they offer. Through innovations like chatbots and self-driving vehicles, AI is enhancing the convenience and effectiveness of our lives. Therefore, investing in the top artificial intelligence stocks in India presents promising growth prospects.
Top AI Stocks in India
Let’s take a closer look at the leading AI stocks in India, ranked by their Market Capitalization:
|Company Name||Market Cap |
(in INR Crore)
|Book Value |
|P/E Ratio||5-year CAGR (%)||1 Year returns (%)|
|Persistent Systems Limited||36,386||519||30.3||25.3||37.9||22.4||33.3|
|Oracle Financial Services Software Ltd||33,350||863||35.1||24.8||18.5||4.71||20.6|
|Happiest Minds Technologies Ltd||14,261||56.2||27.4||28.9||65.9||24.6||(3.64)|
|Affle India Ltd||13,954||110||20.2||18.5||57.0||53.7||0.79|
|Zensar Technologies Ltd||11,004||131||15.0||11.6||26.9||9.30||86.0|
|Kellton Tech Solutions Ltd||831||38.6||14.5||10.4||18.7||3.20||15.8|
#1 Bosch Ltd – Best AI Stocks in India
Bosch Ltd, though not the first name that comes to mind when discussing AI, has strategically positioned itself to benefit from this technology. As a prominent electronics and white-goods manufacturer, Bosch has leveraged AI to develop innovative solutions for its range of products and services. Since 2017, Bosch has been actively incorporating AI in various aspects, including engineering, production, supply chain management, and electric vehicles. The company’s ambitious goal is to produce all its goods using AI or integrating AI by 2025.
#2 Tata Elxsi – Among the Best AI based Stocks in India
Based in Bengaluru, Tata Elxsi has been a major player in the AI domain for the past 25 years. The company has earned its position as one of the top AI stocks in India by creating unique solutions and systems for various applications, ranging from video analytics to self-driving cars. Among its remarkable offerings is the “Cognitive Video Services Framework,” empowering new revenue models, personalized content, automated content analysis, and more. Additionally, Tata Elxsi is actively engaged in IoT-enabled products and services, as well as exploring the potential of the Metaverse.
Tata Elxsi also offers solutions like video summaries, scene and actor recognition, automatic subtitle generation, filtering objectionable content, and content metrics for Ad Analytics for OTT platforms.
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#3 Persistent Systems Limited
Persistent Systems is a valuable resource for companies seeking software engineering and strategy services to modernize their businesses. It has its own software and frameworks with pre-built integration and acceleration. As a strategic partner, the company specializes in secure Generative AI solutions and collaborates with major tech giants like AWS, Microsoft, and Google. With a platform-agnostic suite of Generative AI solutions, Persistent Systems facilitates the safe adoption of Generative AI for enterprises, ensuring data security and intellectual property protection.
#4 Oracle Financial Services Software
Oracle Financial Services Software is also among the top AI based stocks in India. It offers IT solutions and business processing services to the financial sector. The company has embraced cutting-edge technologies such as blockchain, artificial intelligence, and machine learning to empower financial institutions to become more responsive, agile, collaborative, and insightful. By leveraging these advancements, Oracle Financial Services Software aims to drive innovation in the financial services industry.
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#5 Cyient Limited
Cyient operates primarily as an outsourcing company, focusing on engineering, industrial products, data and network operations, and product realization. It has made significant investments in Digital Engineering, with particular emphasis on AI, ML, and cloud computing. Cyient’s products, such as CyFAST, an AI-powered test automation platform, have witnessed success by covering a vast number of test cases and reducing time-to-market. Another product is CyARC which helps regulatory experts by bringing a 40% reduction in time and cost through AI technology. The company’s dedication to innovation is evident in its continuous development of groundbreaking AI solutions.
#6 Happiest Minds Technologies
Incorporated in 2011, Happiest Minds Technologies claims to be a next-generation IT solutions & services company. The company offers IPs and domain expertise across Digital Transformation & Enterprise Solutions, Product Engineering, Infrastructure Management, Security, Testing, and Consulting.
Happiest Minds’ analytics/AI offerings include implementation of advanced analytics using artificial intelligence, machine learning and statistical models, engineering big data platforms to deal with large volumes of data, creating actionable insights with data warehousing, modernization of data infrastructure and process automation through AI. It also offers solutions such as Video Analytics, Audio Classification, Damage Detection, Video Highlights Generation. In FY 2022-23, its revenues from analytics/AI stood at 12.2% which makes it one of the best AI stocks in India.
#7 Affle India
Incorporated in 1994, Affle is a global technology company with a proprietary consumer intelligence platform that transforms ads into recommendations, empowering marketers to effectively identify, engage, acquire, and drive transactions with potential and existing users. Utilizing AI and ML, Affle drives user conversions across connected devices and excels in audience segmentation and predictive modeling for identifying relevant users in fintech and online transactions.
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#8 Zensar Technologies
Zensar Technologies entered the artificial intelligence field in August 2019. The company has developed deep learning-based solutions for industries such as BFSI, retail, and manufacturing. Zensar leverages AI in data engineering, analytics, and demand forecasting for products based on historical sales and real-world data. Additionally, Zensar has created a groundbreaking solution that combines AI with Geographic Information Systems (GIS) to identify potential excavation hazards, thereby preventing accidents.
The business is making investments in blockchain, IoT (Internet of Things), new and exponential technology (NeXT), and natural language processing. The company’s R&D section, Zensar AIRLabs, has applied for 100 patents in the previous two years.
Saksoft Ltd specializes in providing business intelligence and information management solutions primarily to mid-tier companies. As a leading Digital Transformation Solution Partner, the company offers a range of services, including application development, testing, quality control, cloud-based solutions, mobility, Internet of Things (IoT), Information Management (IM), and Business Intelligence (BI). Saksoft’s expertise in these areas positions it as a significant player in the AI landscape.
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#10 Kellton Tech Solutions
Kellton Tech Solutions excels in digital transformation, ERP, and other IT services, catering to clients’ digital needs through different platforms. The company’s diverse services cover agile software development, digital commerce & marketing, digital integration, outsourced product development, platform modernization, professional services, technology consulting, testing & automation, among others.
In conclusion, India’s AI market is projected to experience substantial growth in the coming years. Investing in the top Artificial Intelligence stocks in India offers an excellent opportunity for investors to participate in this promising technological revolution. These top AI companies in India, with their relentless focus on innovation and cutting-edge AI solutions, are well-positioned to thrive in the evolving AI landscape.
FAQs on AI based Stocks in India
What is Artificial Intelligence (AI) and how is it reshaping industries?
AI can perform tasks that typically require human intelligence, such as speech recognition and decision-making. Additionally, the technology enhances convenience and effectiveness through innovations like chatbots and self-driving vehicles.
Which are the Top Artificial Intelligence Stocks in India?
Best AI based stocks in India include Bosch Ltd, Tata Elxsi, Persistent Systems Limited, Oracle Financial Services Software Ltd, and Cyient Limited.