Top AI Stocks in India – 2023

Top AI Stocks in India

The world is changing at an unprecedented rate and most of these changes can be attributed to the rapid technological progress being made by humans. Progress in the fields of Artificial Intelligence and Machine Learning has been crucial for making our lives more convenient and better. In order to keep up with this technological progress, the Indian government has increased its investment in Digital India to boost Artificial Intelligence, big data, IoT, machine learning, robotics, and cybersecurity. This has made it lucrative for investors and analysts to look toward the top AI stocks in India for investments.

What is Artificial Intelligence? What are its applications?

Artificial Intelligence is a system that is capable of performing tasks much faster and with greater accuracy without human intervention. These AI systems are smarter than the average human and can take decisions on their behalf, eliminating human error and saving time and money. The use of these systems in businesses can increase their efficiency and lead to higher profitability.

While AI might sound like a futuristic concept, we are already living in a world where AI is being used widely for various functions. Some examples of AI applications in our day-to-day life are Siri, Google Assistants, Alexa, conversational bots, self-driving cars, email spam filters, Robo-advisors, OTT platform recommendations, drones, Metaverse equipment, etc. Furthermore, AI is also being used in healthcare systems, education, financial services, entertainment, etc.

Currently, Japan is the biggest robot manufacturer in the world with a robot export ratio that rose to 78% in 2020, with the USA being the biggest importer. The US government has committed nearly 6 Billion Dollars to Artificial Intelligence research and development projects in 2021. European countries are all set to increase their spending on artificial intelligence by 33% between 2020 and 2023.

The Indian Government aims to employ AI and robotics technology for biometric identification, traffic and crowd management, criminal investigations, digital agriculture, strengthening defence, women’s safety, etc. The aim is to make e-education, e-health and e-banking more accessible to all citizens of the country.

List of 10 Top AI Stocks in India –

The following table lists the top AI stocks in India according to their market capitalization.

StockTicker (on NSE)Market Capitalization (as on 20-07-2022)PE RatioReturn on Capital Employed (ROCE)Debt to Equity Ratio  
Tata Elxsi Ltd.TATAELXSI₹50,529 Cr100.1642.91%0.00
Bosch Ltd.BOSCHLTD₹48,331 Cr34.9613.77%0.00
Oracle Financial Services Software Ltd.OFSS₹28,137 Cr16.3732.79%0.00
Persistent Systems Ltd.PERSISTENT₹26,859 Cr52.7523.44%0.13
Affle India Ltd.AFFLE₹14,068 Cr77.8818.15%0.13
Happiest Minds Technologies Ltd.HAPPSTMNDS₹13,393 Cr79.9934.81%0.28
Cyient Ltd.CYIENT₹8,804 Cr19.4316.75%0.10
Zensar Technologies Ltd.ZENSARTECH₹5,791 Cr19.9120.03%0.09
Saksoft Ltd.SAKSOFT₹1,023 Cr14.1024.06%0.01
Kellton Tech Solutions Ltd.KELLTONTEC₹717 Cr11.3718.42%0.22

Tata Elxsi Ltd

Tata Elxsi Ltd. is among the top AI companies in India since it has been working in this field for the last 25 years or so. It has created unique solutions and systems for numerous applications that range from video analytics to self-driving cars. Cognitive Video Services Framework is one of the biggest AI systems offered by Tata Elxsi. It helps in suggesting new revenue models, personalizing content for users, automating the content analysis, etc. 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. It has also been working on IoT (Internet of Things) enabled products and services as well as on Metaverse.

Bosch Ltd.

Bosch Ltd., 2017, started developing Artificial Intelligence solutions for its various products & services. Being a market leader in automotive and industrial technology, Bosch applies its AI solutions to manufacturing, supply chain management, engineering, and electric vehicles. Its AI strategies have been implemented in more than 185 projects across India, Israel, the US, China, and Germany. It conducts AI research on real-time data collected from various business departments.

Bosch has declared that all of its products will be manufactured with AI or use AI by the year 2025.

Oracle Financial Services Software Ltd.

Oracle Financial Services Software Ltd. has built Artificial Intelligence and data-driven cloud applications. These are used for improving customer experience and saving time and money through accelerated processing. In the finance field, these AI applications can be used to optimize cash flows, automate payables and receivables, and manage procurement and inventory.

It also helps sales personnel to recognize opportunities with the highest probabilities. It enhances HR operations by assessing the quality of prospective candidates and improving employee engagement. Human error is minimized by using AI across different departments of the business.

Persistent Systems Ltd.

Persistent Systems Ltd. was founded in Pune in 1993 and offers scalable and secure mobile networking capability to its clients. The company makes use of Artificial Intelligence to aid businesses in improving and scaling their operations, designing platform architecture and prioritizing cases. Modern Wave Relay MANET technology is used for this purpose.

The company has shown good financial performance and is a lucrative investment in the AI Industry.

Affle India Ltd.

Affle India Ltd. was founded in 2006 and is a global technology company that focuses on providing end-to-end solutions through AI for App Marketing. They help with consumer acquisition, engagement, and transactions through relevant mobile advertisements.

Marketing attribution, transactional data, and behavioural signals collected through user data are analysed by the AI to predict users’ interests. This helps them to direct ads to the relevant target audience and to elevate ad content and user experience. Affle holds patents related to voice-based intelligence, digital advertising, and fraud detection.

Happiest Minds Technologies Ltd.

Happiest Minds Technologies Ltd. provides data mining, predictive analysis, deep learning, and statistical modelling solutions. It is the top ai stocks in India that made large investments in Artificial Intelligence and machine learning. It is the market leader in video analytics and processing with expertise in image tagging, person tracking, face detection, and object identification.

It uses Artificial Intelligence for video analytics, image analytics, language processing, AR (Augmented Reality) and VR (Virtual Reality). Besides Artificial Intelligence, it also offers services related to IoT (Internet of Things), cloud, blockchain robotics/drones, etc. It was listed on the stock exchange in September 2020.

Cyient Ltd.

Cyient Ltd. is outsourcing, manufacturing, engineering, data analytics, and technology solutions company founded in 1991. They provide Artificial Intelligence Tools to their clients and assist them in achieving their goals. It was previously known as Infotech Enterprises. Its revenues come from critical sectors including defence, aerospace, utilities, and communications.

It does collaborative work with digital map developers to tackle real-world problems in the automotive sector and to make self-driven vehicles smarter and safer. AI-based navigation helpers developed by Cyient aid autonomous vehicles to avoid collisions by detecting changes in the environment and updating maps in real-time.

Zensar Technologies Ltd.

Zensar Technologies Ltd. first ventured into the Artificial Intelligence space in August 2019. It launched platforms for value creation for customers in seven core areas: marketing, sales, IT, human resources, talent supply chain, programs, projects, and collaboration. It has developed deep learning-based solutions for the manufacturing, retail, and BFSI sectors. Its AI carries out better demand forecasting for products by using real-world data and historical sales data.

The company is investing in natural language processing, IoT (Internet of Things), new and exponential technology (NeXT), and blockchain. Zensar AIRLabs, the company’s R&D division, has filed for a hundred patents in the last two years.

Saksoft Ltd.

Saksoft Ltd., an information technology company founded in 1999, provides digital transformation solutions in the Asia Pacific, USA, and Europe. The company offers services in software product engineering, quality assessment, testing, support, advisory and consulting, training, and extended software delivery facility.

It serves FinTech, telecommunication, public, retail, healthcare, e-commerce, and logistics and transportation sectors.

It provides intelligent automation solutions, including data analytics, robotics process automation, machine learning/artificial intelligence, IoT (Internet of Things), and test automation; modernization solutions, such as cloud enablement, architecture design, and application integration; and managed analytics solutions comprising data science and reporting/scripting solutions.

Furthermore, the company offers managed infrastructure solutions, such as cloud support services, IT infrastructure operations, IT infrastructure monitoring operations, application and DB operations, and consulting and implementations.

Kellton Tech Solutions Ltd.

Kellton Tech Solutions Ltd. is a small cap artificial intelligence company. It focuses on digital commerce and marketing, digital transformation, technology consulting and testing, software development, platform and product development, ERP, etc. It operates in India, Asia Pacific, the US, and Europe. The company has developed platforms to help clients with their digital transformation. Kellton Tech serves clients ranging from startups to Fortune 500 companies across various sectors. The key startups it has been associated with include Snapdeal, Flipkart, Yebhi, Jabong, Paytm, PolicyBazaar, and MakeMyTrip.

Above we have listed the top AI companies to invest in. These are lucrative for investors that wish to make investments in the technology of the future. The AI and robotics sector in India is expected to skyrocket to USD 957 Billion by the year 2035. This would be equivalent to nearly 15% of India’s GDP in 2035. Investing in the top AI stocks in India is the logical step for anyone looking to grow their wealth.

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