Best Artificial Intelligence Stocks in India
(The stocks mentioned in the blog are as per Analyst Ratings and Market Capitalization)
Artificial intelligence (AI) is a cutting-edge technology that is becoming very crucial across different industries. It has the power to revolutionise businesses and make them more efficient by automating tasks, personalising customer experiences and optimising operations.
In India, the AI industry is rapidly evolving, with several companies leveraging AI technologies for various applications, from healthcare and finance to retail and manufacturing.
Artificial Intelligence Industry in India - A Brief Overview
Artificial Intelligence (AI) is becoming increasingly popular among Indian companies as a tool to improve business outcomes. AI offers many opportunities to help people work better and improve their lives. It is used in various ways to change how businesses operate. In 2018, India spent a lot, around US$ 665 million, on AI, and it is expected to grow even more, reaching US$ 11,781 million by 2025.
India has a long history with AI, and its market has grown exponentially in recent decades. AI systems have become more important because they can create economic value and solve social problems. The adoption and development of AI have increased a lot lately. A report by NITI Aayog in 2018 said that AI could add $957 billion to India's economy by 2035.
AI is useful in many sectors like education, agriculture and healthcare. It can help with things like precision farming advice or remote medical diagnosis. It also makes it easier for people to access government services. According to a report by BCG and Nasscom, the AI market in India is growing quickly, projected to reach around $17 billion by 2027.
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Best Artificial Intelligence Stocks in India 2024 as per Analyst Ratings
The following table mentions the top listed artificial intelligence companies in India as per analyst ratings. We have chosen analyst rating as a criterion because stock analysts rate a stock after running a thorough study of the market:
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S.No. |
Artificial Intelligence Stocks in India (as per analyst ratings) |
BUY Analyst Rating (in %) |
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1. |
60 |
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2. |
63 |
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3. |
45 |
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Our stock selection criteria for top stocks based on analyst ratings are mentioned at the bottom of this blog. |
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Top Artificial Intelligence Stocks in India in 2024 as per Market Capitalisation
Here is a table mentioning the best AI Stocks in India in 2024 as per market capitalisation:
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S.No. |
Top AI Stocks in India (as per market capitalisation) |
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1. |
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2. |
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3. |
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4. |
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5. |
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*Our stock selection criteria for top stocks based on Market Capitalisation are mentioned at the bottom of this blog. |
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Overview of Best Artificial Intelligence Stocks in India as per Analyst Ratings and Market Capitalisation
Here is a comprehensive overview of artificial intelligence shares in India as per analyst ratings and market capitalisation in 2024:
1) Affle India
Founded in 1994, Affle India Limited is a multinational technology company. It mainly aims to transform marketers' ads into suggestions by assisting them in identifying, engaging, acquiring, and driving potential users. The company works in two segments: the enterprise and the consumer platform. Its enterprise platform offers various digital transformation services to create audience-focused digital assets. It includes platforms like MAAS, RevX, Vizury, Appnext, and Jampp.
The company also provides complete solutions for businesses to improve their interaction with mobile users, such as app development and helping offline businesses move online. Additionally, their consumer platform gives recommendations and drives conversions through targeted mobile advertising. Affle India Limited has its headquarters in Mumbai and offers services to more than 20 countries.
2) Zensar Technologies
Headquartered in Pune, Zensar Technologies Limited provides digital solutions and technology services. The company offers services in 5 segments - advanced engineering services, data engineering & analytics, foundation, application and experience services.
The advanced engineering services include digital engineering, cloud strategy and operating model, cloud transformation and operations, etc. Zensar’s data engineering & analytics consists of automation, AI and ML, visualisation and analytics, generative AI services, etc.
Additionally, its foundation services comprise digital infrastructure, digital workplace, digital operations, digital security, etc. It also provides experience services, banking and financial services, health care and life sciences, Hi-Tech engineering services, telecom, manufacturing and consumer services. Furthermore, Zensar aims to promote sustainability via its power of technology and has set a target to achieve net zero GHG emissions by 2040.
3) Persistent Systems
Incorporated in 1990, Persistent Systems Limited is an Indian technological services company that engages in developing and maintaining software products and solutions. The company provides services like cloud and infrastructure, CX transformation, application development and management, data and analytics, consulting, intelligent automation, enterprise integration, software product engineering, enterprise IT security, etc.
Persistent Systems Limited also provides services in various industries like insurance, banking and financial services, industrial, software and Hi-tech, healthcare, consumer tech, life sciences, software, telecom and media.
Moreover, it also offers Persistent.AI solutions that help customers enhance software development, lower costs, reduce manual operations, stimulate faster growth of revenue and improve customer experiences. Its cloud and infrastructure section includes Persistent Intelligent IT Operations (PiOps), hybrid & multi-cloud transformation, data centre modernisation and cloud advisory services. Persistent Systems operates in the US, France, Singapore, South Africa, Australia and Japan.
4) Bosch
Bosch Limited, located in Bengaluru, is a subsidiary of Robert Bosch GmbH, which is a German multinational engineering and technology company. The company is a supplier of technology and services in industrial technology, mobility solutions, energy and building solutions, engineering and business solutions, security solutions, power tools for professionals, etc.
Bosch Limited is involved in manufacturing and selling things like fuel injection systems for diesel and gasoline, automotive aftermarket products, industrial equipment, electrical power tools, security systems and energy products for both industries and consumers.
Its consumer goods part focuses on trading power tools and related items. Furthermore, Bosch is mainly involved in supplying, selling, and distributing automotive parts for vehicle servicing and workshops, among other things. It has around 17 manufacturing sites along with 7 development and application centres in India.
5) Oracle Financial Services Software
Headquartered in Mumbai, Oracle Financial Services Software (OFSS) Limited is an IT company that offers information technology services to the finance industry. The company provides solutions like AML and financial crime compliance banking, payments, risk and finance, revenue management, insurance, human capital management, cloud infrastructure, data management, customer acquisition, etc.
Its Products section manages banking software products and product-related activities like implementing and enhancing banking activities. Some of the banking products the company offers include Oracle FLEXCUBE for Islamic Banking, Oracle FLEXCUBE Universal Banking, and others.
Its Services part offers different services for banks, like consulting services, prime sourcing, business process outsourcing and application support. The company operates in many places around the world, including the Asia-Pacific, the Middle East, Europe and Africa.
Factors to Consider Before Investing in Artificial Intelligence Stocks in India
Here are the factors you need to consider before investing in the AI stocks in India:
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Financial Health
Before buying AI stocks in India, you must look at the financial health of such AI companies. Look for their balance sheets, cash flow statements, debt-to-equity ratios, revenue, etc. You must pick companies with strong finances that have better chances of growth.
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Competition
Understand how AI companies compete in India. Consider their technology, their market size, and if they own valuable ideas. Strong competition skills mean better growth and lasting success.
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Ethical Considerations
You must make sure the AI companies you invest in, use AI in a fair and ethical manner. Since unethical practices can damage a company's reputation and stock price.
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Regulations
Keep an eye on the government regulations for the use of AI in India. You must make sure the companies you invest in follow the rules set by the government. Changes in rules can affect how these companies work and, ultimately, their market performance.
Should You Invest in Artificial Intelligence Stocks?
When considering whether to invest in AI stocks, it is important to be aware of the risks involved. One major risk is the volatility of the stock market, which can cause AI stocks to fluctuate rapidly in price. Additionally, regulatory changes, competition and technological limitations also pose challenges to the AI industry.
Regulatory changes could impact the industry's growth, while competition may reduce profits for AI companies. Moreover, the industry's high competitiveness means that established companies with significant resources can quickly disrupt existing players, leading to potential losses for investors.
The Bottom Line
When investing in the AI stocks, it is important to remember that there are growth opportunities along with risks involved.
By diversifying your investments, doing thorough research and staying updated on industry news, you can make smart decisions. Moreover, remember to conduct your own due diligence or seek advice from a financial expert before making any investments.
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*Stock Selection Criteria for Top Stocks Based on Analyst Rating Investors must carefully read through the following information on stock selection criteria while running through the stocks based on analyst ratings- These stocks have been shortlisted as per Analyst ratings provided by the I/B/E/S (The Institutional Broker’s Estimate System) database, further aggregated by Refinitiv. Ratings are determined by analysts' forecasts of company performance, taking into account metrics like earnings per share, sales, and net income. These ratings should not be construed as investment advice/recommendations/offer/solicitation of an offer to buy/sell any securities by Groww Invest Tech Pvt. Ltd. (formerly known as Nextbillion Technology Pvt. Ltd.). Before investing, investors must conduct independent research and not solely rely on the information provided here. This will allow investors to make appropriate investment decisions based on their financial goals, investment objectives and risk tolerance. |
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*Stock Selection Criteria for Top Stocks Based on Market Capitalisation These stocks are chosen based on their market capitalization, which represents the total value of a company's outstanding shares. The selection is arranged in descending order, placing the largest companies first and the smaller ones later. This helps prioritize stocks based on their market size. It is important to note that market capitalization in no way guarantees a company’s performance or the returns from its stocks. However, it can be used as a criterion for shortlisting companies from within a sector. Investors should recognize that other factors, such as financial health, management efficiency, and market trends, play crucial roles in determining the actual success of an investment. This stock selection should not be construed as investment advice/recommendations/offer/solicitation of an offer to buy/sell any securities by Groww Invest Tech Pvt. Ltd. (formerly known as Nextbillion Technology Pvt. Ltd.). |
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Disclaimer: This blog is solely for educational purposes. The securities/investments quoted here are not recommendatory. To read the RA disclaimer, please click here |