Looking for Artificial Intelligence (AI) stocks in India? According to the State of the Education Report (2022), Artificial Intelligence Market in India is expected to grow at a CAGR of 20.2% to reach US$7.8 billion by 2025 from US$ 3.1 billion in 2020. India has a significant share in AI as the global market in this space is anticipated to reach US$422.37 billion by 2028.
A considerable number of start-ups are entering the space, and between 2000 and 2022, the number of AI start-ups has increased by 14X. Having said that, a handful of artificial intelligence stocks in India are changing the game. Here are ten such artificial intelligence stocks, the top AI company stocks per market capitalization, products, and services they offer.
AI Stocks List: Top 10 Artificial Intelligence Stocks at a Glimpse
| Artificial Intelligence Stocks | Market Capitalisation as on 8 Dec (Rs. Cr) |
| Tata Elxsi | 52,055.32 |
| Persistent System | 49,210.85 |
| Oracle Financial | 35,755.81 |
| Cyient | 21,684.81 |
| Affle India | 15,814.80 |
| Happiest Minds | 13,272.27 |
| Zensar Tech. | 12,006.78 |
| Rategain Travel Tech. | 7,725.05 |
| Saksoft | 3,220.00 |
| Kellton Tech | 855.62 |
Top AI Stocks in India
1. Tata Elxsi:
As per market capitalization of artificial intelligence stocks in India, Tata Elxsi has topped the list with a market cap of Rs. 52. 05 Tcr. The AI offerings of Tata Elxsi include Video Analytics solutions, AIDMS, CMS services, Symantec, and more. During the quarter ending on 30 September 2023, this leading AI Company was chosen as the partner for strategic software development for Global Automotive OEM, a leading telecom company in Latin America, and other projects.
All these are multi-year projects, which may translate into significant revenue generation for the company in the upcoming years. On a YoY basis, the company’s revenue increased by 16.8% in Q2 FY24, while its profits increased by 14.8% during the same period. In the past five years, i.e., from 11 December 2018 to 7 December 2023, the Tata Elxsi share price has increased by 733.76%.
2. Persistent Systems Limited:
Very few stocks have returned more than a thousand percent return between December 2018 and December 2023, and one of them is Persistent Systems Limited. The stock price has increased by 932.57% in the last five years, making investors more attracted to this artificial intelligence stock in India. Persistent Systems has all the services about AI that one can imagine.
It offers Generative AI solutions, software engineering products, Digital designs, CX strategies and transformation, Intelligent Automation, Cloud services, and cloud infrastructure. The industries that the company has already made ground into include BFSI, Healthcare, Consumer tech, Industrial, and others. The FY23 was great for the company, with a revenue increase of 35.3% YoY and a 33.4% increase in its PAT. In the previous quarter, Q2FY24, the company revenue increased by 14.1% on a YoY basis, while its TTM PAT increased by 21.3%.
3. Oracle Financial Services Software Limited
Oracle Financial Services Software Limited: Oracle has always been known for its software services to the financial sector, and now it is a predominant artificial intelligence stock in India. They offer multiple solutions with their AI products for different needs of financial services, such as AML solutions and anti-money laundering solutions. Then, they offer cloud infrastructure services, CX, and more.
This AI Company’s stock price has increased by 17.33% between 11 December 2018 and 7 December 2023. The revenues for the financial year 2023 went up by 9%, and the profits surged by a whopping 56%. The company has been consistent with its dividend payer. Oracle paid Rs. 225/share as interim dividend in May 2023.
4. Cyient
This is India’s fourth top artificial intelligence stock as per market capitalization of Rs. 21.68 Tcr. The stock increased by 222.66% between 11 December 2018 and 7 December. This company offers digital, technology, and engineering solutions to industries ranging from Aerospace and Defense to oil & gas and mining.
In the previous financial year, FY23, the company’s revenue grew by 32.7% on a YoY basis, and PAT grew by 8.2% for the same period.
5. Affle India
This Company deals in a specific segment using its AI offerings. Affle India primarily works on customer experience solutions where it evaluates and analyzes potential users, acquires and re-engages them with its clients using AI solutions like AI-powered algorithms, which transform the ads the potential users see, and similar solutions.
This artificial intelligence stock in India has surged by 584.03% between December 2018 and December 2023, and its revenue has gone up by 32.6% in the previous FY23, while the PAT has increased by 33.8% during the same period.
6. Happiest Minds Technologies Limited
This is one of the new-age artificial intelligence stocks in India, which offers Artificial intelligence and analytics services for business transformation, easy access to business insights, modernization, and more.
The company’s total income for the financial year 2023 went up by 28.27%, while the PAT increased for the same period by 27.48%. Revenue rose by 14.4% during the previous quarter, and PAT decreased by 1.6%.
7. Zensar Technologies Limited
Zensar, one of the artificial intelligence stocks in India, has been redefining AI with its products and services like AI Engineering Buddy, which enhances software development and offers better solutions to customers. Then, there is a range of services related to AI and automation and machine learning for data engineering and analytics.
Coming to the financial performance of this artificial intelligence company, in the previous quarter of Q2FY24, the company’s revenue went up by 0.5% on a YoY basis. However, its PAT went up by 206.3% for the same period. The annual revenue for FY23 went up by 14.2%; however, the profits tanked by 21.3% during the financial year. The share price of this artificial intelligence stock went up by 121.37% between 11 December 2018 and 7 December 2023.
8. RateGain Travel Technologies Limited
This AI company specifically offers its AI and other technology services and solutions only for the travel industry. Its clientele includes airlines, car rentals, hotels, cruise and ferries, travel management companies and others.
In the previous quarter, its revenue increased by a whopping 81.4% on a YoY basis, and the PAT increased even more than 131.7% on a YoY basis. In FY23, its revenue went up by 54.2% on a YoY basis. This artificial intelligence stock’s share price increased by 95.81% between December 2021 and 2023.
9. Saksoft Limited
This Artificial Intelligence Stock in India has surged by 1080.19% between 11 December 2018 and 7 December 2023, similar to Persistent Systems. The company may be in the second-last position per market capitalization in the AI space, but it is quite visible across industries for its AI solutions and technology services.
The industries from which the company generates most of its revenue are the Utilities and Telecommunication industry, Fintech, Transportation, and others. The revenue increased by 16.2% on a YoY basis in the previous quarter, while the PAT increased by 31.1% during the same period.
10. Kellton Tech Solutions Limited
The tenth artificial intelligence stock in India by market cap is Kellton Tech, which has returned 172.82% to investors between 11 December 2018 and 7 December 2023. Kellton Tech’s AI solutions include utilitarian AI, generative AI, and predictive analytics. The revenue for FY23 was up by 8.96%, but the PAT tanked drastically by around 280%.
Read More: Grey Market Premium | Top 10 Artificial Intelligence | Top 6 Solar Energy Stocks In India
Wrapping up
The growth of AI is inevitable across the globe and similarly in the domestic market. Every business sector is transforming with AI solutions; this is just the tip of the iceberg. Given the situation, artificial intelligence stocks in India are catching demand. As you can see, some stocks have even garnered over a thousand percent return in the past five years. However, before investing in any AI stock, you must evaluate the business and company’s performance in detail.
Frequently Asked Questions on Artificial Intelligence Stocks
What is the best AI stock in India?
Identifying the best AI stocks in India requires a meticulous analysis, given the dynamic nature of the market. When selecting artificial intelligence stocks, it’s essential to consider factors like financial stability, growth potential, leadership, and overall market trends. Diversifying investments is prudent, and seeking insights from financial experts can enhance decision-making. A careful and informed approach is key for investors investing in the best AI stocks and artificial intelligence stocks in India.
What are the top 10 AI stocks?
The top 10 AI stocks encompass a diverse range of companies, each contributing to the dynamic landscape of artificial intelligence. These include:
Tata Elxsi
Persistent System
Oracle Financial
Cyient
Affle India
Happiest Minds
Zensar Tech.
Rategain Travel Tech.
Saksoft
Kellton TechCan AI predict the stock market?
AI is equipped with advanced algorithms and machine learning capabilities that enable it to analyze vast amounts of historical data, identify patterns, and make predictions based on that analysis. However, it’s essential to note that while AI can enhance market analysis and decision-making, predicting stock markets with absolute certainty is inherently challenging.
The stock market is influenced by numerous unpredictable factors, including economic conditions, geopolitical events, and unforeseen circumstances. AI systems may provide insights and assist in making more informed investment decisions, but they cannot guarantee accurate predictions due to the financial markets’ inherent complexity and volatility.
