E2E Networks (E2E) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 operational revenue reached ₹700 Mn, up 68.3% YoY and 59.8% QoQ; EBITDA was ₹396 Mn, with a 56.6% margin.

• Reported Q3 FY26 net loss was ₹751.20 lakhs, versus profit of ₹1,553.39 lakhs in Q3 FY25; nine-month net loss was ₹2,975.77 lakhs.

• AI/ML workloads, enterprise and government demand, and GPU capacity expansion underpin growth; Jarvis Labs asset acquisition was completed in December 2025.

Financial highlights

• Q3 FY26 revenue from operations was ₹7,002.23 lakhs, compared with ₹4,160.47 lakhs in Q3 FY25 and ₹4,380.49 lakhs in Q2 FY26.

• Q3 FY26 net loss was ₹751.20 lakhs; nine-month revenue was ₹14,993.74 lakhs and net loss was ₹2,975.77 lakhs.

• Depreciation and amortization was ₹4,764.86 lakhs in Q3 FY26, up from ₹1,782.33 lakhs a year earlier; finance costs also increased.

• December 2025 monthly revenue run rate reached ₹280 Mn; total quarterly expenses were ₹304 Mn.

Outlook and guidance

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

• Targeting 5,000+ total GPUs by March 2026, from operational capacity of 3,900+ units.

• Revenue momentum expected to strengthen as IndiaAI Mission and L&T engagements ramp up; EBITDA margins may approach 70% as scale is established.

• Utilization rates projected at 80–90% in FY2027.