NSE: E2E · BSE: 544783
E2E NETWORKS LIMITED
Operates a GPU cloud computing platform that rents AI infrastructure capacity to enterprises, AI startups, and international customers running large-scale model training and inference workloads. The platform is built on a three-layer stack — TIR, Jarvis Labs and an agentic framework — and is positioned as a 'sovereign AI' factory where customers can run open-source models inside their own data boundary instead of renting frontier-model APIs. As of Q1 FY27 the live fleet is around 5,100 GPUs, including 1,024 NVIDIA Blackwell B200 chips that went on revenue during the quarter, with another 1,024 B200s expected in roughly two months and B300 and Vera Rubin on the expansion roadmap. Q1 FY27 revenue was ₹1,568M, up 334% YoY and 64% QoQ, with an EBITDA margin of 75.2% as the new fleet ramped to full utilisation. Revenue mix in Q1 FY27 was India AI roughly 20–21%, international roughly 37% and the rest domestic; an international example is a $7.7M (~₹73 crore) six-month GPU cloud order from a US-based AI service provider disclosed in April 2026. Cost structure is dominated by depreciation at 68.9% of FY26 revenue, reflecting the GPU capex load (514.1% of FY26 revenue), which is funded in part by ~₹450 crore of debt outstanding. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. GPU cloud computing services, Sovereign AI platform (TIR + Jarvis Labs + agentic stack), International GPU services. Asset-heavy, capex-intensive GPU cloud and AI infrastructure provider with high depreciation and a swing to operating leverage when utilisation is full
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · consolidated |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q1 FY27 |
|---|---|
| Revenue | 157 |
| Profit before tax | 59 |
| Net profit | 44 |
| EPS (₹) | 2.14 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 43,370 | 32.9 | 6.68 | 20.0 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 28,839 | 37.0 | 10.30 | 26.2 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,430 | 47.4 | 6.74 | 28.7 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 25,071 | 95.9 | 34.66 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,192 | 21.4 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,968 | 41.7 | 5.47 | 27.3 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,418 | 61.8 | 11.20 | 28.7 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 12,888 | 33.8 | 2.09 | 11.7 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 250.8 | 17.9 | 74 of 76 | 3% |
| EBITDA margin | 82.5 | 13.0 | 4 of 69 | 96% |
| Market cap | 11035 | 325 | 10 of 87 | 90% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · E2E Networks plans 5.4 MW NVIDIA Blackwell expansion in India | compliance | low | — | — |
| 26 Oct 2026 · E2E Networks plans 5.4 MW expansion for Nvidia Blackwell AI systems | capex operations | high | — | — |
| 21 Oct 2026 · Q2 FY27 call: revenue up 411% YoY, INR 1,000 cr Blackwell deal signed | investor communications | medium | — | — |
| 17 Oct 2026 · Newspaper publication of Q2 FY27 financial results | compliance | minimal | — | — |
| 16 Oct 2026 · Board notes SEBI fine for delayed board meeting intimation | regulatory legal | medium | — | — |
| 16 Oct 2026 · Audio recording of Q2 FY27 earnings call disclosed | investor communications | low | — | — |
| 16 Oct 2026 · Monitoring Agency reports for Q2 FY27 filed, no deviation noted | compliance | minimal | — | — |
| 16 Oct 2026 · E2E Networks Q2FY27 Presentation: INR 1,000 Cr GPU deal, revenue up 411% YoY | investor communications | medium | — | — |
| 16 Oct 2026 · E2E Networks Q2 FY27 Results: Revenue 5.1x YoY to Rs 2,238 Mn; PAT Rs 727 Mn | results | high | — | — |
| 16 Oct 2026 · L&T nominee Krishnan Mahesh appointed as Non-Executive Director | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.