E2E Networks (E2E) Q3 25/26 earnings summary

Executive summary

• Achieved strong operational performance in Q3 FY2026, with robust revenue growth and improved operating leverage driven by higher capacity utilization and increased enterprise workloads.

• Provides end-to-end cloud infrastructure, storage, and support solutions across multiple countries via four data centers in India, serving AI startups, enterprises, government, and educational institutions.

• Majority of workloads are AI/ML-focused, with significant traction from IndiaAI Mission and enterprise partnerships, notably with L&T.

• Completed Jarvis Labs asset acquisition in December 2025, positioning for global market expansion and rapid scaling.

• Board approved shifting the registered office within New Delhi, effective January 15, 2026.

Financial highlights

• Q3 FY26 operational revenue reached INR 700 million (₹7,002.23 lakhs), up 68.3% year-over-year and 59.8% quarter-on-quarter.

• EBITDA stood at INR 396 million, up 60.9% year-over-year and 120.2% quarter-on-quarter; EBITDA margin at 56.6%.

• PAT/net loss for Q3 FY26 was INR 57 million (₹751.20 lakhs), improved sequentially but down from a profit in Q3 FY25, mainly due to higher depreciation and finance costs.

• Diluted EPS for Q3 FY26 was negative at (2.80) to (2.85), compared to positive 7.0–7.35 in Q3 FY25.

• Capex for Q3 FY26 was INR 1,853 million, with major investments in GPU deployment.

Outlook and guidance

• Targeting MRR of INR 35-40 crore by March 2026, with current progress at 70-80% of the goal.

• GPU capacity expected to exceed 5,000 units by March 2026, with significant Blackwell B200 deployments.

• EBITDA margins expected to approach 70% as scale is established.

• Ongoing phased deployment of IndiaAI Mission contracts worth ₹265 crore.

• Special resolution approved for raising funds through issuance of equity shares or other eligible securities.