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Revenue
₹70 Cr
verified against source
Revenue YoY
68.3%
reported change
EBITDA
₹39.6 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
E2E Networks delivered a strong Q3 FY26 with revenue of ₹70 crore, up 68.3% YoY, driven by higher GPU utilization, enterprise workloads, and early India AI mission traction. EBITDA came in at ₹39.6 crore (margin 56.6%), reflecting operating leverage. PAT loss narrowed 58% QoQ to ₹5.7 crore due to higher depreciation and finance costs from capacity expansion. Management reiterated its March 2026 MRR target of ₹35-40 crore, with 60-65% utilization exiting December. The 1,024 Blackwell GPUs (₹600-650 crore capex) are being deployed in Chennai, targeting ₹250 crore ARR. Risks include execution delays in Blackwell deployment and potential customer churn from the December Mumbai outage. Overall, the company is well-positioned to benefit from India's AI infrastructure buildout.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated achieving a monthly revenue run rate of ₹35-40 crore by March 2026, driven by India AI mission ramp-up and enterprise conversions.
- The 1,024 Blackwell GPUs are expected to be deployed and generating revenue before the end of Q4 FY26.
- Management indicated that EBITDA margins should trend towards ~70% as scale improves, from the current 56.6%.
- Management noted that the India AI mission payment cycle is expected to shift from quarterly to monthly, improving cash flows.
Risks flagged
- A major outage in Mumbai servers in December 2025 could lead to customer churn, though management expects no material revenue impact.
- Any delay in commissioning the 1,024 Blackwell GPUs could push revenue recognition beyond Q4 FY26.
- Management confirmed near-term reliance on NVIDIA, but rising competition from ASICs (e.g., Google TPUs) could pressure pricing or demand.
- PAT remains negative due to elevated depreciation and interest costs from aggressive capex; profitability inflection depends on utilization ramp.
Key quotes
- We continue to hold our target of being able to hit somewhere close to 35 to 40 crores of MRR around March 2026 or thereabouts.
- From a ARR perspective we are looking at like somewhere close to maybe about 250 odd crores per year or so, with 1,024 Blackwell.
- The additional EBITDA for the new GPU would tend to around 75 to 80%. So there is a very good headroom across in terms of with a small capacity utilization they would be breaking even at EBITDA levels.
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