E2E Networks (E2E) Q4 25/26 earnings summary

Executive summary

• Q4FY26 operational revenue reached ₹956.4 Mn, up 185.7% YoY and 36.6% QoQ, driven by GPU capacity scale-up and inventory optimization.

• FY26 revenue rose 49.8% to ₹2,456 Mn; the year ended with a ₹156 Mn PAT loss, primarily due to higher depreciation from GPU investments.

• Q4 PBT turned positive at ₹86 Mn, reversing the previous quarter’s loss; EBITDA margin reached 60.7%.

• Platform offerings combine cloud GPUs, sovereign cloud and TIR, an integrated AI/ML environment; the presentation cites ~5,050 cloud GPUs.

• Focused on AI product companies, digital natives and enterprises, with India positioned as a potential global AI factory.

Financial highlights

• Q4FY26 EBITDA was ₹581 Mn, up 335.6% YoY and 46.7% QoQ; margin was 60.7%.

• Q4 PAT was ₹64 Mn, with a 6.7% PAT margin; diluted EPS was ₹3.1 and basic EPS was ₹3.21.

• FY26 EBITDA was ₹1,263 Mn, up 30.6%; FY26 PAT was a loss of ₹156 Mn versus a profit of ₹475 Mn in FY25.

• FY26 finance costs were ₹122 Mn, down from ₹132 Mn in FY25.

Outlook and guidance

• Cluster 1 B200-1024 was expected to go live by mid-May; another 1,024-GPU B200 cluster was planned or in process.

• Targeting a minimum of 6,000 GPUs by FY27, with potential for further expansion.

• No specific MRR or long-term revenue guidance given amid rapid market changes; focus remains on quarter-on-quarter growth.

• Exploring short-, medium- and long-term contracts to balance flexibility and revenue visibility.

• TIR provides pre-configured AI environments, model stacks and GPU-accelerated tools spanning development, training, deployment and inference.