Nomura Backs India Datacentre Boom, Names Top Picks
According to reporting by ETMarkets (Economic Times), Nomura projects India is entering a multi-year data centre growth phase, with IT load expanding from about 350 MW in 2019 to nearly 1.5-1.6 GW in 2025, implying a CAGR of roughly 29% (data Nomura cites from Cushman & Wakefield and Bloomberg). ETMarkets reports Nomura identified GE Vernova T&D India and CG Power among its top beneficiaries and set a target price of Rs 5,675 on GE Vernova T&D India (about 17% upside) and Rs 1,050 on CG Power (about 19.4% upside). Other companies Nomura highlighted include Cummins and additional industrial equipment suppliers, per ETMarkets. Editorial analysis: For practitioners, expanded Indian data centre capacity increases demand for power architecture, switchgear, and cooling equipment, raising opportunities for vendors and system integrators.
What happened
According to reporting by ETMarkets (Economic Times), Nomura projects India is entering a multi-year data centre expansion driven by accelerating digitalisation and rising AI-related workloads. Nomura, citing data from Cushman & Wakefield and Bloomberg, reports India's data centre IT load grew from about 350 MW in 2019 to nearly 1.5-1.6 GW in 2025, implying a compound annual growth rate of about 29% versus roughly 20% globally. ETMarkets reports Nomura named GE Vernova T&D India and CG Power among top plays and set a target price of Rs 5,675 for GE Vernova T&D India (about 17% upside) and Rs 1,050 for CG Power (about 19.4% upside). The coverage also cites other industrial equipment suppliers, including Cummins.
Editorial analysis - technical context
Industry-pattern observations: rapid data centre capacity growth typically drives outsized demand for three infrastructure categories: high-voltage grid interface and switchgear, uninterruptible power supplies and generators, and precision cooling systems. Scaling to gigawatt-level IT loads changes design constraints, increasing emphasis on substation-level equipment, medium-voltage switchgear, and export-quality manufacturing for AIS/GIS products. For vendors and integrators, this pattern usually magnifies requirements for local engineering, construction, and standard-compliance capabilities.
Context and significance
Industry context: the reported India growth rate above global averages places the market on investors and suppliers maps that have historically focused on North America, Europe, and East Asia. Observers following the sector will note that localisation of manufacturing and export competitiveness, which ETMarkets reports Nomura highlighted for GE Vernova T&D India, can become a differentiator where global hyperscalers and regional utilities intersect. Increased AI-driven compute deployments translate to longer-term power system investments rather than one-off racks or servers.
What to watch
For practitioners: monitor announced hyperscaler buildouts, procurement tenders for medium-voltage switchgear and transformers, and localisation investment news for export-oriented manufacturing. Also watch third-party datasets from Cushman & Wakefield and industry analysts for quarterly revisions to installed IT load and capacity forecasts, since those inputs drive vendor order pacing and capex decisions.
Scoring Rationale
The story flags a sizable India data centre buildout and specific vendor beneficiaries, which matters to infrastructure suppliers and practitioners. It is notable for procurement and vendor strategy but not a technological paradigm shift.
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