Synopsis: Over the coming years, structural shifts are set to reshape key sectors of the Indian economy, creating potential investment opportunities. This article examines these emerging trends and highlights companies strategically positioned to benefit, providing investors with insights into long-term growth prospects and evolving market dynamics.
Some investment opportunities do not come from market cycles, valuations or quarterly numbers, but from long-term changes that slowly reshape entire industries. These shifts play out over several years, often away from the market’s immediate focus. As such long-duration forces begin to build momentum, they are worth tracking early by investors with a long-term perspective.
GLP-1 (Semaglutide): The Next Big Pharma Growth Curve
Semaglutide, the active ingredient used in diabetes drug Ozempic and obesity treatment Wegovy, has emerged as one of the most powerful growth drivers in global pharmaceuticals. It is currently the world’s second-best selling prescription medicine, with combined sales of USD 26 billion in 2024 and annual growth of around 40 percent.
While the drug remains under patent protection in several markets until the early 2030s, patent expiries are set to begin from 2026 in multiple large countries including India, Canada, China, Brazil and Turkey. These markets together account for roughly 40 percent of the global population and about 33 percent of the world’s adult population living with obesity, creating a massive addressable opportunity as generic versions enter.
The broader GLP-1-based weight loss drug market is projected to grow rapidly over the rest of the decade. According to Grand View Research, the global market is expected to expand from USD 13.84 billion in 2024 to USD 48.84 billion by 2030, implying a CAGR of 18.5 percent. Goldman Sachs, places the anti-obesity drug market as high as USD 95 billion by 2030, underlining the scale of the opportunity.
India’s growth trajectory is even steeper. The domestic GLP-1 receptor agonist market, valued at USD 110.55 million in 2024, is expected to grow at a CAGR of 34.3 percent between 2025 and 2030, nearly double the global pace. This acceleration is happening alongside a short competitive window in India, where off-patent semaglutide is expected to enter within a year of the launches of Lilly’s Mounjaro in March 2025 and Novo Nordisk’s Wegovy in June 2025, limiting the time available for originators to build patient share before generics arrive.
What’s Driving the Demand?
The surge in demand is being driven by a combination of rising diabetes and obesity prevalence, upcoming patent expiries, and increased focus on domestic manufacturing. The International Diabetes Federation’s 2024 report estimates that around 9 million Indian adults are currently at risk of diabetes, a number projected to rise sharply to 185 million by 2050. At the same time, India’s role as a global hub for generic pharmaceuticals positions domestic companies well to capitalise on semaglutide going off-patent.
Policy support such as the government’s Production-Linked Incentive scheme has further encouraged Indian drug makers to invest in developing their own versions, benefiting manufacturers, healthcare providers and patients through improved access and affordability.
Stocks to Watch
Shaily Engineering Plastics is a Gujarat-based manufacturer of high-precision injection-moulded plastic components and sub-assemblies used across pharmaceuticals, FMCG, auto components and electronics. The company designs and manufactures plastic pens and pen components for pre-filled injection devices used in semaglutide delivery. According to its FY25 annual report, Dr. Reddy’s Laboratories is among its key pharmaceutical clients. Shaily’s healthcare division has seen strong traction, with its revenue share doubling to 31 percent in Q1FY26, supported by rising demand for semaglutide pens.
Dr. Reddy’s Laboratories is a leading India-based pharmaceutical company with operations spanning APIs, generics, biosimilars, custom pharmaceutical services and differentiated formulations. The company is actively preparing to enter the global semaglutide and GLP-1 market by manufacturing its own generic version, having started production in 2025 after securing regulatory approvals.
The Delhi High Court has allowed Dr. Reddy’s to export semaglutide to countries where Novo Nordisk’s patent has expired, while domestic sales in India remain restricted until the secondary patent expiry in March 2026 due to ongoing litigation. Earlier this year, the company’s CEO stated that Dr. Reddy’s plans to launch its generic version of Wegovy in 87 countries in 2026, beginning with markets such as Canada, India, Brazil and Turkey, subject to patent expiry.
Data Centres & AI: The Backbone of India’s Digital and AI-Led Economy
India’s data centre industry is entering a phase of rapid capacity expansion, driven by surging digital consumption and the rising adoption of artificial intelligence. Data centre demand is projected to grow from 1.3 GW in FY25 to 4.7-5.7 GW by FY30, translating into a CAGR of 30.1-35.1 percent over the period.
A key structural shift within this growth is the rapid rise of AI-related workloads, which are expected to expand from less than 1 percent of total data centre workloads in FY25 to 15–20 percent by FY30. This surge is being reinforced by strict data localisation norms, a steady migration from enterprise-owned server rooms to large-scale colocation facilities, and India’s emergence as a cost-efficient and policy-supported global destination for data centre investments.
On the supply side, India’s data centre ecosystem is scaling up to meet this demand. Data centre supply has grown at a CAGR of 25.47 percent between 2021 and 2025 and is expected to maintain its momentum, crossing 4.1 GW of installed capacity by CY30. Key hubs such as Mumbai, Chennai, Delhi-NCR, Hyderabad, Bengaluru, Pune and Kolkata continue to anchor capacity additions, attracting sustained interest from operators, real estate developers and global investors.
With new entrants, joint ventures and international players expanding their footprint, competition is intensifying, but India’s combination of strong demand visibility and attractive return prospects is keeping investment momentum intact.
What’s Driving the Demand?
India’s expanding digital economy, coupled with strong operational readiness, is creating a highly conducive environment for data centre growth. Supportive data localisation policies, rising digital usage, and a young, connected population are reinforcing long-term demand. Structural enablers such as reliable power availability, growing integration of renewable energy, expanding network connectivity, and state-level incentives including land facilitation, tax benefits and power subsidies are improving project viability.
Competitive construction costs, favourable regulatory frameworks, and a supportive macro environment around power, real estate and climate considerations are enabling efficient execution and sustainable expansion of data centre infrastructure across the country.
Stocks to Watch
Adani Enterprises is a key player in India’s data centre build-out through AdaniConneX, its 50:50 joint venture with EdgeConneX, aimed at developing a 1 GW data centre platform in the country. The joint venture combines Adani Group’s infrastructure capabilities with EdgeConneX’s global data centre operating expertise.
AdaniConneX has entered into a landmark partnership with Google to develop India’s largest AI-focused data centre campus in Visakhapatnam, Andhra Pradesh, alongside green energy infrastructure. Google’s AI hub represents an estimated investment of around USD 15 billion over 2026-2030, featuring gigawatt-scale data centre operations supported by subsea cable connectivity and clean energy to power high-intensity AI workloads.
Anant Raj is expanding its presence in the data centre space, particularly in the NCR region, through its Anant Raj Cloud platform and Tier III-aligned facilities in Manesar, Panchkula and Rai. The company recently secured a 3 MW private client deal at Manesar and is targeting expansion of its data centre, co-location and cloud services capacity to 117 MW of IT load by FY28 across its three locations.
Through its partnership with Orange Business, Anant Raj is also moving beyond co-location to offer a full cloud stack, including PaaS and SaaS offerings.
TD Power Systems manufactures AC generators and electric motors and has installed over 7,600 generators across 111 countries. The data centre segment has emerged as a key growth driver for the company. In the gas engine generator segment, TD Power Systems completed system integration testing for a 5 MW, 13.8 kV, high-inertia generator at a European OEM facility, with a large follow-up order expected in Q3 and Q4 for a major U.S. data centre project. The company also received a repeat order for 44 units of 4.5 MW generators from a German gas engine OEM.
In the gas turbine generator segment, it secured multiple orders from a leading U.S.-based OEM for data centre power projects, with a healthy order pipeline expected in the second half of FY26.
Netweb Technologies is a provider of high-end computing solutions spanning high-performance computing, private cloud HCI, AI systems and data centre servers. In September 2025, the company received two significant orders for AI systems based on NVIDIA Blackwell and Tyrone AI GPU platforms.
Its positioning is strengthened through strategic alliances with NVIDIA, Intel and AMD, along with support from the India AI Mission. Management expects revenue growth of 35-40 percent CAGR over the next two to three years with EBITDA margins of 13-14 percent, supported by continued R&D investment of around 3 percent of revenue and LC-backed orders that provide cash flow visibility.
Cybersecurity: Securing India’s Digital and Financial Backbone
India’s cybersecurity market is scaling rapidly as digital adoption deepens across government, enterprises and financial systems. According to Mordor Intelligence, the Indian cybersecurity market is valued at USD 5.56 billion in 2025 and is projected to reach USD 12.90 billion by 2030, implying a CAGR of 18.33 percent over the period. Spend growth in India is running well above the global average, driven by cloud-first public programs, a sharp rise in breach volumes, and tighter data-protection regulations.
The Digital Personal Data Protection Act has introduced steep penalties for non-compliance, pushing corporate boards to accelerate investments in encryption, continuous monitoring, and incident response capabilities. At the same time, the market is shifting away from fragmented point solutions toward integrated platform-based approaches that offer faster compliance, lower detection times, and stronger network security convergence.
Structural changes in India’s digital infrastructure are further intensifying cybersecurity requirements. Real-time payment systems, particularly UPI, have significantly expanded the attack surface, increasing identity fraud risks and steering enterprise budgets toward zero-trust architectures. Talent shortages in cybersecurity are also reshaping spending patterns, with a growing preference for managed detection and response services.
What’s Driving the Demand?
The Digital India initiative has rapidly digitized citizen services, making cybersecurity a core budget item for central and state government agencies. UPI now processes over 15 billion transactions every month, forcing banks and payment platforms to deploy adaptive authentication and real-time fraud detection systems. CFO surveys indicate that 60 percent of Indian corporates plan to increase cybersecurity spending in 2025, well above the global average of 47 percent, as zero-trust controls become embedded into enterprise modernization efforts.
The rapid growth of digital payments has also attracted sophisticated attack vectors such as credential stuffing and man-in-the-browser attacks. Financial institutions reported more than 2,500 security incidents in the second half of 2024 alone, prompting increased adoption of multi-factor authentication, behavioural biometrics, and identity-and-access-management solutions.
In parallel, nationwide 5G rollout is connecting large volumes of industrial sensors, smart meters and autonomous systems, driving convergence between IT and operational technology security. With weekly cyber-attack volumes in India exceeding 3,300, demand is rising for unified visibility platforms capable of securing cloud environments, enterprise networks, and industrial systems under a single framework.
Stocks to Watch
TechD Cybersecurity Ltd. is a customer-focused cybersecurity solutions provider offering end-to-end services across managed security services, cyber program management, vulnerability assessment and penetration testing, compliance services, specialised offerings and staff augmentation.
The company serves a diversified client base including the Adani Group, Zensar Technologies, Astral, Kedia Capital, and several global enterprises. Its solutions are designed to prevent unauthorized access, mitigate data privacy risks, and ensure operational continuity across enterprise digital environments.
TAC InfoSec Ltd. is a listed global cybersecurity firm specialising in vulnerability management and advanced risk assessment. Its flagship platform, ESOF, delivers cyber scoring, risk quantification, and AI-driven VAPT capabilities. The company holds certifications such as CREST, SOC2 and ISO 27001, and collaborates with global technology leaders including Google, Microsoft and Meta.
In H1FY26, TAC InfoSec has 7,500 clients and has become the 5th largest Vulnerability management company in the world. It has filed four product patents in the U.S. and was appointed an official assessor for Google’s Mobile Application Security Assessment programme in October 2024.
Quick Heal Technologies Ltd. is a global cybersecurity solutions provider with nearly three decades of focus on computer and network security. The company offers cloud-based, machine learning-enabled security products tailored for consumers, small businesses, enterprises and government institutions.
Its indigenously developed solutions are designed to stop threats before they impact systems while reducing resource usage. Recently, the company launched AntiFraud.AI, positioned as India’s first fraud prevention solution, available across Android, iOS and Windows platforms, expanding its presence in identity protection and digital fraud prevention.
Conclusion
Over the next five years, India’s healthcare, digital infrastructure, and cybersecurity sectors are set for significant growth. GLP-1 therapies and semaglutide generics could change the pharma landscape, data centres will play a bigger role in powering AI and digital services, and demand for cybersecurity is likely to keep rising as more of the economy moves online. Keeping an eye on companies like Dr. Reddy’s, Shaily Engineering, AdaniConneX, Netweb Technologies, TechD Cybersecurity, and TAC InfoSec can provide a view into how these trends are shaping India’s evolving market.
