Three Indian firms with large order books ride the data-centre boom

what happened

According to Moody's, India's data-centre capacity is expanding quickly. Live capacity has passed roughly 1.8 GW after a record 258 MW was added in the first half of FY27, and it is projected to reach about 10.5 GW by 2031. The report argues that order books give investors a useful read on the future revenue of companies involved in this build-out.

Three companies are singled out. Larsen & Toubro, India's largest engineering and construction group, posted record second-quarter results, with revenue up 16% to Rs.78,700 crore and profit after tax up 33% to Rs.5,200 crore. Its consolidated backlog reached Rs.8,53,500 crore on September 30, 28% higher. Power Mech Projects, whose clients include NTPC and BHEL, reported a backlog of Rs.56,650 crore as of September 30, 2026, and has set a target of Rs.12,000 crore in order inflows for FY27. Sterlite Technologies, according to the report, holds orders worth Rs.35,274 crore, up 4.6 times since the start of the year, and targets revenue of Rs.20,000 crore by FY29.

why it matters

For markets, this is closer to stock selection than to macro news. A large order book points to future revenue but does not guarantee execution or profit. The main risk for the whole chain is whether hyperscale cloud companies keep committing heavy capital, and higher funding costs could slow that spending.

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