E2E Networks (E2E) Q4 25/26 earnings summary

Executive summary

• Achieved significant milestones in scaling and monetizing large-scale GPU clusters, supporting LLM training and AI workloads on NVIDIA-powered infrastructure, with a focus on scalable, cost-efficient solutions for AI, startups, enterprises, and research workloads across multiple countries.

• Demonstrated full-stack capability for both bare metal and container-based deployments, with major software improvements enhancing reliability and scalability.

• Validated strategy as AI infrastructure demand surges globally, positioning as a key provider with speculative GPU capacity and preferred partnerships with NVIDIA and L&T.

• Strong track record of financial growth and operational excellence over 16+ years, with a vision of India as a global AI factory.

• Q4 FY'26 revenue surged 186% year-over-year to ₹956 Mn, with a 37% sequential increase, driven by GPU capacity scale-up and inventory optimization.

Financial highlights

• Q4 FY26 revenue reached INR 956 million, up 186% year-on-year and 37% quarter-on-quarter; full-year FY26 revenue was INR 2,456 million, up 50% year-on-year.

• Q4 EBITDA was INR 581 million, with margin expanding to 60.7%; full-year EBITDA was INR 1,263 million, up 30.6% year-on-year.

• Q4 PAT was INR 64 million (PAT margin 6.7%), with profit before tax turning positive at INR 86 million; full-year PAT loss was INR 156 million, mainly due to high depreciation from GPU investments.

• Diluted EPS for Q4FY26 was INR 3.1; full-year basic EPS was -₹7.75.

• Capex for FY26 was INR 8,700 Mn, with major investments in GPU infrastructure.

Outlook and guidance

• Significant GPU capacity expansion underway, with Cluster 1 B200-1024 to go live by mid-May and another 1024-cluster planned; targeting a minimum of 6,000 GPUs by FY27.

• Continued focus on AI/ML platform growth, strategic partnerships, and infrastructure optimization.

• No specific MRR or long-term revenue guidance due to rapid market changes; focus remains on quarter-on-quarter growth and balancing contract flexibility.