E2E Networks (E2E) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 operational revenue was INR 2,238 Mn, up 410.8% YoY; PAT was INR 727 Mn.

• A binding term sheet worth ~INR 1,000 Cr, excluding taxes, covers Blackwell GPUs and allied services for a sovereign AI customer through June 2029.

• ~5,100 cloud GPUs were live at quarter-end, including 1,024 B200s.

Financial highlights

• Q2 revenue from operations was ₹22,376.43 lakh vs ₹4,380.49 lakh YoY; Q2 net profit was ₹7,270.47 lakh vs a ₹1,346.08 lakh loss.

• Q2 EBITDA was INR 1,715 Mn, up 45.4% QoQ; PAT rose 65.7% QoQ to INR 727 Mn.

• H1 revenue was ₹38,052.42 lakh vs ₹7,991.52 lakh; net profit was ₹11,658.68 lakh vs a ₹1,630.21 lakh loss.

• Q2 PBT was ₹9,712.61 lakh; H1 PBT was ₹15,575.25 lakh vs a ₹2,224.54 lakh loss YoY.

Outlook and guidance

• Management expected 1,024 additional B200s to be deployed in the quarter; planning for B300 and Vera Rubin compute was underway.

• Medium- and long-term EBITDA margin outlook remained 70%+; management gave no revenue, MRR, utilization or CapEx guidance.

• GPU order-to-deployment cycles typically ranged from three to six months, with vendor advance-payment terms varying by market conditions and order books.

• Uncontracted or short-term contracted capacity was expected to add earnings from existing assets, without quantified timing or outlook.