E2E Networks Ltd — Q4 FY26
E2E Networks delivered a standout Q4 FY26 with revenue surging 186% YoY to ₹95.6 crore, driven by strong GPU utilization (~80% in March) and operating leverage.
bullish
high
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
46%Questions answered4Evaded / deflected12Questions audited
Evasive
High priority
How will the asset-light partnership with L&T work and what arrangement?
Asked by Bhavy Gandhi, Bajage Alternate Investment Management Limited
Management said it's exploratory and too early to provide details, avoiding any concrete answer.
too early to sayno specifics on structuredeferred to future
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Question
first question is regarding the asset light model that we are looking out for with L & D. Uh could you throw some light how will the asset light partnership fractify what sort of arrangement we have?
Management (unidentified)
we have a MOU with L&T to monetize the GPU infrastructure that they are building. So now that is still in exploratory stage... it's very very early to say like how those things would look like.
Evasive
High priority
Will the asset-light model be margin-accretive since capex is on partner?
Asked by Bhavy Gandhi, Bajage Alternate Investment Management Limited
Management declined to provide any margin outlook, citing early stage.
too early to sayno numbers given
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Question
But will it be like margin accurative or because because the capex is going to be on other partners.
Management (unidentified)
It's too early to say Baba like how would the numbers look like? So obviously it's very very early to say like how those things would look like.
Declined
High priority
Can you provide MRR guidance for next year given capex from own pocket?
Asked by Bhavy Gandhi, Bajage Alternate Investment Management Limited
Management explicitly declined to provide MRR guidance, citing rapid changes.
refused to guidecited rapid change
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Question
And the on and the MR would you like to guide for the next year because you've been doing uh this capex uh from your own pocket also this year.
Management (unidentified)
I think it would not do justice to do a MR guidance for like one year in the future. I think like the future is changing very very rapidly week on week.
Deflected
Medium priority
Can you provide asset turns or capex understanding?
Asked by Bhavy Gandhi, Bajage Alternate Investment Management Limited
Management redirected from asset turns to framing as a technology business.
reframed the questionavoided metric
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Question
If you if you can just throw some light on the asset turn for the capex that we are doing at least some sort of uh understanding we can get in terms of
Management (unidentified)
I think we want to uh get the framing away from things like asset terms. So essentially like don't look at us as a asset monetization business. Look at us as a technology business.
Partial answer
High priority
Why are Blackwell GPUs delayed? Are there procurement issues?
Asked by Kesha, Nasha
Management acknowledged delays but gave only a vague reason and a target date.
blamed supply chainno specific reason
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Question
So like we procured the blacks like way back in the early quarter and you know data not license. So what's the reason behind you know the develop are we facing some some kind of procurement issues or something from the
Management (unidentified)
global supply chains have been impacted somewhat... we are targeting like the first deployment to go live before uh mid of May.
Partial answer
Medium priority
What is the reason for employee cost increase this quarter?
Asked by Kesha, Nasha
Management gave a qualitative reason but no quantitative breakdown of cost increase.
no specific numbersqualitative only
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Question
And one last question from my side that employee cost increase uh you know this quarter. So if you could give some color on that like what's the key drivers behind this size.
Management (unidentified)
as we grow we kind of like start figuring out more and more interesting problems that need to be solved... requires the application of a high level of talent.
Answered
High priority
Can you provide GPU utilization levels for this quarter?
Asked by Kesha, Nasha
Management provided a specific utilization range (80-85%) for the quarter.
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Question
And one last thing like if we could also provide the GP utilization levels rate if possible like for this quarter.
Management (unidentified)
across our entire infrastructure not just GPUs I think we are looking at 80% plus utilization... certainly less than 85%.
Partial answer
High priority
What is the MRR split between India mission, enterprise, and GPU vs CPU?
Asked by Barat Gulati, Dalal A and Rocha
Management gave a future directional GPU share but refused current split, citing small base.
deferred to futuresaid sample too small
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Question
just wanted to get a breakup of what kind what is our MR breakup currently? Can you give a split between India mission enterprise and also a split between what would the GPU contribution of that MR be as compared to CPU?
Management (unidentified)
in another couple of quarters I think GPU contribution would exceed closer to 85 90%... the sample size today is fairly small. So like what's the split is something that like we don't want to worry about today.
Partial answer
High priority
What caused the MRR spike to 37.4 cr in March and is it sustainable?
Asked by Barat Gulati, Dalal A and Rocha
Management attributed spike to utilization but did not address sustainability directly.
no sustainability commentvague reason
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Question
our MR for the previous two months if we average it would come to like a 290 million kind of MR. So just trying to understand that spike that come in the came in the last month. What was the reason for that spike and also how sustainable is this 374?
Management (unidentified)
It's broadly an increase in overall utilization that has led to the increase in the spike in the March month.
Partial answer
Medium priority
What is the revenue split between India mission and other clients?
Asked by Barat Gulati, Dalal A and Rocha
Management provided government business share but not the full split requested.
only gave government share, not full split
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Question
So, so could you just give a MR split between the India mission and our enterprise or our theme clients you know just trying to get an idea of what kind of visibility do we have
Management (unidentified)
the overall government business like across this portfolio has not exceeded more than like say 35 40%.
Answered
High priority
What is capacity utilization and on what capacity base?
Asked by Deepak Podar, Sapphire Capital
Management provided specific utilization (80%) and capacity base (3,900).
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Question
I just wanted to understand now um at a March MMR MR of 37.4 four cross. So what is our capacity utilization and on what capacity?
Management (unidentified)
this is closer to overall capacity utilization of around 80% is in the March month and on a capacity base of 3,900.
Answered
Medium priority
What percentage of revenue came from customers outside India vs domestic?
Asked by Hardik Gandhi, HPMG share and securities
Management provided a specific percentage range (35-37%) for international revenue.
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Question
Just a small data point again. Uh what percentage of revenue did uh come from uh customers outside India versus uh domestic demand for the last quarter?
Nathan (CFO)
So the international revenue for the last quarter is roughly around uh 351%. 35 to 37% is the international customer revenue.