Ratings summary

Ratings key, used consistently across every company report in this document and identical to the methodology used in this report's sister volume, "India's AI Compute Stack":

Every rating in this series is anchored to a stated reference price and date, derived from a named multiple on a named forward year, cross-checked against named brokerage targets where they exist, and carries explicit upgrade/downgrade triggers. BUY/HOLD/SELL are an educational device for summarising public information — not a regulated recommendation. See the Notes section and each company's own report for full disclosure.

Status of this rating series

All twenty companies now carry a formal rating, each with the full valuation exhibit described in the company report template — target price, scenario range, and a named methodology.

7 BUY, 7 HOLD, 6 SELL across all twenty companies — an outcome shaped directly by §9's finding: management-confirmed, quantified data-centre evidence correlates only loosely with rating, because valuation and financial-disclosure quality matter as much as the underlying demand story. The seven BUYs split into two distinct groups — genuine, quantified DC-driven pricing power (Voltamp, Siemens Energy India) and high-quality businesses with the DC angle as a secondary tailwind (Polycab, KEI Industries, Amara Raja, Techno Electric, Kalpataru). The six SELLs likewise split — commodity-EPC margin compression (KEC International, Ahluwalia Contracts), valuation disconnected from fundamentals (Schneider Electric Infrastructure, GE Vernova T&D India, Voltas), and one name (Sterlite Technologies) whose best-in-report DC revenue story is undermined by unreliable earnings disclosure. See each company's own report for the distinction.